QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Year Ended
---------------------------- ------------------
January January October January January
1, 2017 3, 2016 2, 2016 1, 2017 3, 2016
-------- -------- -------- -------- --------
Revenue $ 2,945 $ 3,630 $ 2,809 $ 11,421 $ 18,956
Cost of revenue 1,995 2,349 1,918 7,648 11,411
-------- -------- -------- -------- --------
Gross profit 950 1,281 891 3,773 7,545
Operating expenses:
Research and development 2,380 3,490 2,755 12,265 14,144
Selling, general and
administrative 2,322 2,461 2,704 10,310 10,619
Restructuring cost -- 49 -- -- 295
-------- -------- -------- -------- --------
Total operating expense 4,702 6,000 5,459 22,575 25,058
-------- -------- -------- -------- --------
Loss from operations (3,752) (4,719) (4,568) (18,802) (17,513)
Interest expense (66) (18) (37) (175) (82)
Interest income and other
(expense), net (43) (9) (41) (106) (107)
-------- -------- -------- -------- --------
Loss before income taxes (3,861) (4,746) (4,646) (19,083) (17,702)
Provision for (benefit
from) income taxes (3) 100 (23) 65 146
-------- -------- -------- -------- --------
Net loss $ (3,858) $ (4,846) $ (4,623) $(19,148) $(17,848)
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Net loss per share:
Basic $ (0.05) $ (0.09) $ (0.07) $ (0.29) $ (0.32)
======== ======== ======== ======== ========
Diluted $ (0.05) $ (0.09) $ (0.07) $ (0.29) $ (0.32)
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Weighted average shares:
Basic 67,941 56,729 67,781 65,377 56,472
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Diluted 67,941 56,729 67,781 65,377 56,472
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QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
January 1, January 3,
2017 2016 (1)
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 14,870 $ 19,136
Accounts receivable, net 839 1,601
Inventories 2,017 2,878
Other current assets 1,123 1,312
----------- -----------
Total current assets 18,849 24,927
Property and equipment, net 2,765 3,315
Other assets 230 219
----------- -----------
TOTAL ASSETS $ 21,844 $ 28,461
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Revolving line of credit $ 6,000 $ --
Trade payables 2,018 4,032
Accrued liabilities 1,580 1,482
Current portion of capital lease obligations 209 281
----------- -----------
Total current liabilities 9,807 5,795
Long-term liabilities:
Revolving line of credit -- 2,000
Capital lease obligations, less current portion -- 208
Other long-term liabilities 49 133
----------- -----------
Total liabilities 9,856 8,136
----------- -----------
Stockholders' equity:
Common stock, at par value 68 57
Additional paid-in capital 251,824 241,024
Accumulated deficit (239,904) (220,756)
----------- -----------
Total stockholders' equity 11,988 20,325
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 21,844 $ 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 Year Ended
------------------------- ------------------
January January October January January
1, 2017 3, 2016 2, 2016 1, 2017 3, 2016
------- ------- ------- -------- --------
GAAP loss from operations $(3,752) $(4,719) $(4,568) $(18,802) $(17,513)
Adjustment for stock-based
compensation within:
Cost of revenue 13 14 34 132 109
Research and
development 55 213 137 658 826
Selling, general and
administrative 57 306 286 793 1,065
Adjustment for the write-
off of equipment within:
Cost of revenue 17 -- 33 50 8
Research and
development -- -- 1 313 --
Selling, general and
administrative -- -- 5 5 --
Adjustment for
restructuring costs -- 49 -- -- 295
------- ------- ------- -------- --------
Non-GAAP loss from
operations $(3,610) $(4,137) $(4,072) $(16,851) $(15,210)
======= ======= ======= ======== ========
GAAP net loss $(3,858) $(4,846) $(4,623) $(19,148) $(17,848)
Adjustment for stock-based
compensation within:
Cost of revenue 13 14 34 132 109
Research and
development 55 213 137 658 826
Selling, general and
administrative 57 306 286 793 1,065
Adjustment for the write-
off of equipment within:
Cost of revenue 17 -- 33 50 8
Research and
development -- -- 1 313 --
Selling, general and
administrative -- -- 5 5 --
Adjustment for
restructuring costs -- 49 -- -- 295
Adjustment for tax effect
on other comprehensive
income -- -- -- -- --
------- ------- ------- -------- --------
Non-GAAP net loss $(3,716) $(4,264) $(4,127) $(17,197) $(15,545)
======= ======= ======= ======== ========
GAAP net loss per share $ (0.05) $ (0.09) $ (0.07) $ (0.29) $ (0.32)
Adjustment for stock-based
compensation * 0.01 0.01 0.03 0.04
Adjustment for the write-
off of equipment * * * * *
Adjustment for
restructuring costs -- * -- -- *
------- ------- ------- -------- --------
Non-GAAP net loss per share $ (0.05) $ (0.08) $ (0.06) $ (0.26) $ (0.28)
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GAAP gross margin percentage 32.3% 35.3% 31.7% 33.0% 39.8%
Adjustment for stock-based
compensation 0.4% 0.4% 1.2% 1.2% 0.6%
Adjustment for the write-
off of equipment 0.6% --% 1.2% 0.4% *
Adjustment for
restructuring costs --% * --% --% *
======= ======= ======= ======== ========
Non-GAAP gross margin
percentage 33.3% 35.7% 34.1% 34.6% 40.4%
======= ======= ======= ======== ========
* Figures were not considered for reconciliation due to the insignificant
amount.
QUICKLOGIC CORPORATION
SUPPLEMENTAL DATA
(Unaudited)
Change in
Percentage of Revenue Revenue
---------------------------------- ----------------
Q3 2016 2015
Fiscal Fiscal to to
Q4 2016 Q3 2016 2016 2015 Q4 2016 2016
------- ------- ------- ------- ------- ------
COMPOSITION OF
REVENUE
Revenue by product:
(1)
New products 54% 48% 49% 63% 19% (53)%
Mature products 46% 52% 51% 37% (8)% (16)%
Revenue by geography:
Asia Pacific 64% 62% 63% 67% 10% (44)%
North America 26% 24% 25% 23% 12% (35)%
Europe 10% 14% 12% 10% (30)% (25)%
(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.
