QuickLogic Reports Fiscal 2017 Third Quarter Results

QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)


	October 1, 2017			January 1, 2017 ⁽¹⁾
ASSETS
Current assets:
Cash and cash equivalents	$	19,029		$	14,870
Accounts receivable, net	1,654			839
Inventories	3,307			2,017
Other current assets	1,031			1,123
Total current assets	25,021			18,849
Property and equipment, net	2,247			2,765
Other assets	253			230
TOTAL ASSETS	$	27,521		$	21,844
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Revolving line of credit	$	6,000		$	6,000
Trade payables	1,647			2,018
Accrued liabilities	1,781			1,580
Deferred Revenue	—			—
Current portion of capital lease obligations	145			209
Total current liabilities	9,573			9,807
Long-term liabilities:
Capital lease obligations, less current portion	129			—
Other long-term liabilities	25			49
Total liabilities	9,727			9,856
Stockholders’ equity:
Common stock, par value	80			68
Additional paid-in capital	268,340			251,824
Accumulated deficit	(250,626		)	(239,904		)
Total stockholders’ equity	17,794			11,988
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	27,521		$	21,844

________________________

(1)

Derived from the January 1, 2017 audited balance sheet included in the 2016 Annual Report on Form 10-K of QuickLogic Corporation.

QUICKLOGIC CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF US GAAP AND NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts and percentages)
(Unaudited)


	Three Months Ended									Nine Months Ended
	October 1, 2017			October 2, 2016			July 2, 2017			October 1, 2017			October 2, 2016
US GAAP loss from operations	$	(3,455	)	$	(4,568	)	$	(3,553	)	$	(10,476	)	$	(15,050	)
Adjustment for stock-based compensation within:
Cost of revenue	32			34			20			85			119
Research and development	151			137			134			424			603
Selling, general and administrative	212			286			193			551			736
Adjustment for the write-off of equipment within:
Cost of revenue	—			33			—						33
Research and development	10			1			—			10			313
Selling, general and administrative	—			5			—						5
Adjustment for restructuring costs	—			—			—			—			—
Non-GAAP loss from operations	$	(3,050	)	$	(4,072	)	$	(3,206	)	$	(9,406	)	$	(13,241	)
US GAAP net loss	$	(3,550	)	$	(4,623	)	$	(3,607	)	$	(10,722	)	$	(15,290	)
Adjustment for stock-based compensation within:
Cost of revenue	32			34			20			85			119
Research and development	151			137			134			424			603
Selling, general and administrative	212			286			193			551			736
Adjustment for the write-off of equipment within:
Cost of revenue	—			33			—			—			33
Research and development	10			1			—			10			313
Selling, general and administrative	—			5			—						5
Non-GAAP net loss	$	(3,145	)	$	(4,127	)	$	(3,260	)	$	(9,652	)	$	(13,481	)
US GAAP net loss per share	$	(0.04	)	$	(0.07	)	$	(0.05	)	$	(0.14	)	$	(0.24	)
Adjustment for stock-based compensation	*			0.01			0.01			0.01			0.02
Adjustment for the write-off of equipment	*			*			—			*			0.01
Non-GAAP net loss per share	$	(0.04	)	$	(0.06	)	$	(0.04	)	$	(0.13	)	$	(0.21	)
US GAAP gross margin percentage	42.6		%	31.7		%	45.6		%	43.8		%	33.3		%
Adjustment for stock-based compensation	1.1		%	1.2		%	0.7		%	1.0		%	1.4		%
Adjustment for the write-off of equipment	*			1.2		%	—		%	*			0.4		%
Non-GAAP gross margin percentage	43.7		%	34.1		%	46.3		%	44.8		%	35.1		%

* Figures were not considered for reconciliation due to the insignificant amount.

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