QuickLogic Announces Fiscal 2016 Third Quarter Results

SUNNYVALE, CA -- (Marketwired) -- Nov 02, 2016 -- QuickLogic Corporation (NASDAQ: QUIK), the innovator of ultra-low power programmable sensor processing solutions, today announced the financial results for its fiscal third quarter ended October 2, 2016.

Total revenue for the third quarter of 2016 was $2.81 million, representing an increase of 3% compared to $2.72 million in the second quarter of 2016 and a decrease of 33% compared to $4.19 million in the third quarter of 2015. New product revenue for the third quarter of 2016 was $1.34 million, an increase of 12% compared to $1.20 million in the second quarter of 2016 and a decrease of 53% compared to $2.85 million in the third quarter of 2015. During the third quarter of 2016, mature product revenue was $1.47 million, a decrease of 3% compared to $1.52 million in the second quarter of 2016 and an increase of 10% compared to $1.34 million in the third quarter of 2015. New product revenue accounted for 48% of the total revenue in the third quarter of 2016 compared to 44% in the second quarter of 2016 and 68% in the third quarter of 2015.

Under generally accepted accounting principles in the United States of America (GAAP), the net loss for the third quarter of 2016 was $4.62 million, or $0.07 per share, compared to a net loss of $5.57 million, or $0.08 per share in the second quarter of 2016 and a net loss of $5.09 million, or $0.09 per share, in the third quarter of 2015. Non-GAAP net loss for the third quarter of 2016 was $4.13 million, or $0.06 per share, compared to a non-GAAP net loss of $4.82 million, or $0.07 per share, in the second quarter of 2016 and a non-GAAP net loss of $4.52 million, or $0.08 per share, in the third quarter of 2015 (see below for an explanation of non-GAAP financial measures).

Conference Call

QuickLogic Corporation (NASDAQ: QUIK) will hold a conference call at 2:30 p.m. Pacific Daylight Saving Time/ 5:30 p.m. Eastern Daylight Saving Time today, November 2, 2016, to discuss its current financial results. The conference call will be webcasted and can be accessed via the Company's website at http://ir.quicklogic.com/events.cfm. To join the live conference, you may dial (877) 377-7094 by 2:20 p.m. Pacific Daylight Saving Time. A recording of the call will be available starting one hour after completion of the call. To access the recording, please call (404) 537-3406 and reference the passcode: 94480585. The call recording will be archived until Wednesday, November 9, 2016 and the webcast will be available for 12 months on the Company's website.

About QuickLogic

QuickLogic Corporation (NASDAQ: QUIK) enables OEMs to maximize battery life for highly differentiated, immersive user experiences with smartphone, wearable and IoT devices. QuickLogic delivers these benefits through industry leading ultra-low power customer programmable SoC semiconductor solutions, embedded software, and algorithm solutions for always-on voice and sensor processing, and enhanced visual experiences. For more information about QuickLogic, please visit www.quicklogic.com.

Non-GAAP Financial Measures

QuickLogic reports financial information in accordance with GAAP, but believes that non-GAAP financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the Company excludes charges related to stock-based compensation, restructuring, the effect of the write-off of long-lived assets and the tax effect on other comprehensive income in calculating non-GAAP (i) income (loss) from operations, (ii) net income (loss), (iii) net income (loss) per share, and (iv) gross margin percentage. The Company provides this non-GAAP information to enable investors to evaluate its operating results in a manner similar to how the Company analyzes its operating results and to provide consistency and comparability with similar companies in the Company's industry.

Management uses the non-GAAP measures, which exclude gains, losses and other charges that are considered by management to be outside of the Company's core operating results, internally to evaluate its operating performance against results in prior periods and its operating plans and forecasts. In addition, the non-GAAP measures are used to plan for the Company's future periods, and serve as a basis for the allocation of the Company's resources, management of operations and the measurement of profit-dependent cash and equity compensation paid to employees and executive officers.

Investors should note, however, that the non-GAAP financial measures used by QuickLogic may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. QuickLogic does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with GAAP. A reconciliation of GAAP financial measures to non-GAAP financial measures is included in the financial statements portion of this press release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures with their most directly comparable GAAP financial measures.

Forward Looking Statements

This press release contains forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: delays in the market acceptance of the Company's new products; the ability to convert design opportunities into customer revenue; our ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of our customers' products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products based on advanced wafer technology on a timely basis; our ability to adequately market the low power, competitive pricing and short time-to-market of our new products; intense competition, including the introduction of new products by competitors; our ability to hire and retain qualified personnel; changes in product demand or supply; capacity constraints; and general economic conditions. These and other potential factors and uncertainties that could cause actual results to differ from the results predicted are described in more detail in the Company's public reports filed with the Securities and Exchange Commission (the "SEC"), including the risks discussed in the "Risk Factors" section in the Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and in the Company's prior press releases, which are available on the Company's Investor Relations website at http://ir.quicklogic.com/and on the SEC website at www.sec.gov. In addition, please note that the date of this press release is November 2, 2016, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

QuickLogic and the QuickLogic logo are registered trademarks of QuickLogic Corporation. All other brands or trademarks are the property of their respective holders and should be treated as such.

                                                                            
                           QUICKLOGIC CORPORATION                           
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS              
                  (In thousands, except per share amounts)                  
                                 (Unaudited)                                        
                                                                                                                                                        
                                                          Three  Months  Ended                    Nine  Months  Ended    
                                            -------------------------------    --------------------  
                                              October      September      July  3,        October      September  
                                              2,  2016        27,  2015          2016          2,  2016        27,  2015  
                                            ---------    ---------    ---------    ---------    ---------  
Revenue                              $      2,809    $      4,194    $      2,717    $      8,476    $    15,326  
Cost  of  revenue                      1,918            2,952            1,941            5,653            9,062  
                                            ---------    ---------    ---------    ---------    ---------  
Gross  profit                                891            1,242                776            2,823            6,264  
Operating  expenses:                                                                                                                  
    Research  and                                                                                                                            
      development                        2,755            3,684            3,683            9,885          10,654  
    Selling,  general                                                                                                                    
      and  administrative          2,704            2,508            2,591            7,988            8,158  
    Restructuring  cost                  --                  77                  --                  --                246  
                                            ---------    ---------    ---------    ---------    ---------  
Total  operating                                                                                                                          
  expense                                    5,459            6,269            6,274          17,873          19,058  
                                            ---------    ---------    ---------    ---------    ---------  
Loss  from  operations          (4,568)        (5,027)        (5,498)      (15,050)      (12,794)
Interest  expense                        (37)              (35)              (34)            (109)              (64)
Interest  income  and                                                                                                                  
  other  (expense),  net              (41)              (39)              (15)              (63)              (98)
                                            ---------    ---------    ---------    ---------    ---------  
Loss  before  income                                                                                                                    
  taxes                                      (4,646)        (5,101)        (5,547)      (15,222)      (12,956)
Provision  for                                                                                                                              
  (benefit  from)                                                                                                                          
  income  taxes                              (23)              (15)                27                  68                  46  
                                            ---------    ---------    ---------    ---------    ---------  
Net  loss                            $    (4,623)  $    (5,086)  $    (5,574)  $  (15,290)  $  (13,002)
                                            =========    =========    =========    =========    =========  
Net  loss  per  share:                                                                                                                  
    Basic                              $      (0.07)  $      (0.09)  $      (0.08)  $      (0.24)  $      (0.23)
                                            =========    =========    =========    =========    =========  
    Diluted                          $      (0.07)  $      (0.09)  $      (0.08)  $      (0.24)  $      (0.23)
                                            =========    =========    =========    =========    =========  
Weighted  average                                                                                                                        
  shares:                                                                                                                                        
    Basic                                    67,781          56,588          67,415          64,522          56,379  
                                            =========    =========    =========    =========    =========  
    Diluted                                67,781          56,588          67,415          64,522          56,379  
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
                                        CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                      
                                                              (In  thousands)                                                              
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                                              October  2,            January  3,      
                                                                                                    2016                    2016  (1)        
                                                                                          --------------    --------------  
ASSETS                                                                                                                                            
    Current  assets:                                                                                                                      
    Cash  and  cash  equivalents                                    $              17,761    $              19,136  
    Accounts  receivable,  net                                                        1,022                      1,601  
    Inventories                                                                                  1,443                      2,878  
    Other  current  assets                                                                1,081                      1,312  
                                                                                          --------------    --------------  
        Total  current  assets                                                          21,307                    24,927  
Property  and  equipment,  net                                                      3,073                      3,315  
Other  assets                                                                                        247                          219  
                                                                                          --------------    --------------  
TOTAL  ASSETS                                                                  $              24,627    $              28,461  
                                                                                          ==============    ==============  
    LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                            
Current  liabilities:                                                                                                                
    Revolving  line  of  credit                                      $                5,000    $                      --  
    Trade  payables                                                                            1,624                      4,032  
    Accrued  liabilities                                                                  2,075                      1,482  
    Deferred  Revenue                                                                              --                            --  
    Current  portion  of  capital  lease                                                                                    
      obligations                                                                                    208                          281  
                                                                                          --------------    --------------  
    Total  current  liabilities                                                      8,907                      5,795  
Long-term  liabilities:                                                                                                            
    Revolving  line  of  credit                                                              --                      2,000  
    Capital  lease  obligations,  less  current                                                                      
      portion                                                                                              22                          208  
    Other  long-term  liabilities                                                        57                          133  
                                                                                          --------------    --------------  
        Total  liabilities                                                                  8,986                      8,136  
                                                                                          --------------    --------------  
Stockholders'  equity:                                                                                                              
    Common  stock,  at  par  value                                                          68                            57  
    Additional  paid-in  capital                                                251,619                  241,024  
    Accumulated  deficit                                                            (236,046)              (220,756)
                                                                                          --------------    --------------  
        Total  stockholders'  equity                                              15,641                    20,325  
                                                                                          --------------    --------------  
TOTAL  LIABILITIES  AND  STOCKHOLDERS'  EQUITY      $              24,627    $              28,461  
                                                                                          ==============    ==============  
(1)  Derived  from  the  January  3,  2016  audited  balance  sheet  included  in  the    
        2015  Annual  Report  on  Form  10-K  of  QuickLogic  Corporation.                            
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
        SUPPLEMENTAL  RECONCILIATIONS  OF  GAAP  AND  NON-GAAP  FINANCIAL  MEASURES        
                    (In  thousands,  except  per  share  amounts  and  percentages)                    
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                          Three  Months  Ended                    Nine  Months  Ended    
                                            -------------------------------    --------------------  
                                              October      September      July  3,        October      September  
                                              2,  2016        27,  2015          2016          2,  2016        27,  2015  
                                            ---------    ---------    ---------    ---------    ---------  
GAAP  loss  from                                                                                                                            
  operations                      $    (4,568)  $    (5,027)  $    (5,498)  $  (15,050)  $  (12,794)
    Adjustment  for                                                                                                                        
      stock-based                                                                                                                            
      compensation                                                                                                                          
      within:                                                                                                                                    
        Cost  of  revenue                    34                  29                  47                119                  95  
        Research  and                                                                                                                        
          development                        137                210                175                603                613  
        Selling,  general                                                                                                                
          and                                                                                                                                        
          administrative                  286                240                217                736                759  
    Adjustment  for  the                                                                                                                
      write-off  of                                                                                                                          
      equipment  within:                                                                                                                
        Cost  of  revenue                    33                    8                  --                  33                    8  
        Research  and                                                                                                                        
          development                            1                  --                312                313                  --  
        Selling,  general                                                                                                                
          and                                                                                                                                        
          administrative                      5                  --                  --                    5                  --  
    Adjustment  for                                                                                                                        
      restructuring                                                                                                                        
      costs                                          --                  77                  --                  --                246  
                                            ---------    ---------    ---------    ---------    ---------  
Non-GAAP  loss  from                                                                                                                    
  operations                      $    (4,072)  $    (4,463)  $    (4,747)  $  (13,241)  $  (11,073)
                                            =========    =========    =========    =========    =========  
GAAP  net  loss                  $    (4,623)  $    (5,086)  $    (5,574)  $  (15,290)  $  (13,002)
    Adjustment  for                                                                                                                        
      stock-based                                                                                                                            
      compensation                                                                                                                          
      within:                                                                                                                                    
        Cost  of  revenue                    34                  29                  47                119                  95  
        Research  and                                                                                                                        
          development                        137                210                175                603                613  
        Selling,  general                                                                                                                
          and                                                                                                                                        
          administrative                  286                240                217                736                759  
    Adjustment  for  the                                                                                                                
      write-off  of                                                                                                                          
      equipment  within:                                                                                                                
        Cost  of  revenue                    33                    8                  --                  33                    8  
        Research  and                                                                                                                        
          development                            1                  --                312                313                  --  
        Selling,  general                                                                                                                
          and                                                                                                                                        
          administrative                      5                  --                  --                    5                  --  
    Adjustment  for                                                                                                                        
      restructuring                                                                                                                        
      costs                                          --                  77                  --                  --                246  
                                            ---------    ---------    ---------    ---------    ---------  
Non-GAAP  net  loss          $    (4,127)  $    (4,522)  $    (4,823)  $  (13,481)  $  (11,281)
                                            =========    =========    =========    =========    =========  
GAAP  net  loss  per                                                                                                                      
  share                                $      (0.07)  $      (0.09)  $      (0.08)  $      (0.24)  $      (0.23)
    Adjustment  for                                                                                                                        
      stock-based                                                                                                                            
      compensation                        0.01              0.01              0.01              0.02              0.03  
    Adjustment  for  the                                                                                                                
      write-off  of                                                                                                                          
      equipment                                    *                    *                    *              0.01                    *  
    Adjustment  for                                                                                                                        
      restructuring                                                                                                                        
      costs                                          --                    *                  --                  --                    *  
                                            ---------    ---------    ---------    ---------    ---------  
Non-GAAP  net  loss  per                                                                                                              
  share                                $      (0.06)  $      (0.08)  $      (0.07)  $      (0.21)  $      (0.20)
                                            =========    =========    =========    =========    =========  
GAAP  gross  margin                                                                                                                      
  percentage                                31.7%            29.6%            28.6%            33.3%            40.9%
    Adjustment  for                                                                                                                        
      stock-based                                                                                                                            
      compensation                          1.2%              0.7%              1.7%              1.4%              0.6%
    Adjustment  for  the                                                                                                                
      write-off  of                                                                                                                          
      equipment                                1.2%              0.2%                --%              0.4%                  *  
                                            =========    =========    =========    =========    =========  
Non-GAAP  gross  margin                                                                                                              
  percentage                                34.1%            30.5%            30.3%            35.1%            41.5%
                                            =========    =========    =========    =========    =========  
    *  Figures  were  not  considered  for  reconciliation  due  to  the  insignificant  
                                                                      amount.                                                                    
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
                                                            SUPPLEMENTAL  DATA                                                          
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                              Percentage  of  Revenue          Change  in  Revenue    
                                                      ----------------------------    -----------------    
                                                                                                                  Q3  2015      Q2  2016    
                                                                                                                        to                to        
                                                        Q3  2016      Q3  2015      Q2  2016    Q3  2016      Q3  2016    
                                                      --------    --------    --------    -------      -------    
COMPOSITION  OF  REVENUE                                                                                                            
Revenue  by  product:  (1)                                                                                                          
    New  products                                      48%              68%              44%          (53)%            12%  
    Mature  products                                52%              32%              56%            10%              (3)%
Revenue  by  geography:                                                                                                              
    Asia  Pacific                                      62%              73%              65%          (43)%            (3)%
    North  America                                    24%              16%              24%            (1)%              7%  
    Europe                                                  14%              11%              11%          (13)%            34%  
                                                                                                                                                        
(1)  New  products  include  all  products  manufactured  on  180  nanometer  or            
        smaller  semiconductor  processes.  Mature  products  include  all  products      
        produced  on  semiconductor  processes  larger  than  180  nanometers.                  
                                                                                                                                                        
                                                                                                                                                        
 

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