Delaware | 000-22671 | 77-0188504 | ||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||
1277 Orleans Drive, Sunnyvale, CA | 94089-1138 | |||||
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press release of QuickLogic Corporation announcing financial results for the fiscal 2014 third quarter ended September 28, 2014. |
Date: October 29, 2014 | QuickLogic Corporation | |
/s/ Ralph S. Marimon | ||
Ralph S. Marimon Vice President of Finance and Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press release of QuickLogic Corporation announcing financial results for the fiscal 2014 third quarter ended September 28, 2014. |
![]() | Contacts: | Ralph S. Marimon Vice President of Finance Chief Financial Officer (408) 990-4000 rsmarimon@quicklogic.com | Andrea Vedanayagam (408) 656-4494 ir@quicklogic.com |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 28, 2014 | September 29, 2013 | June 29, 2014 | September 28, 2014 | September 29, 2013 | ||||||||||||||||
Revenue | $ | 4,124 | $ | 9,066 | $ | 6,836 | $ | 22,124 | $ | 17,209 | ||||||||||
Cost of revenue, excluding inventory write-down | 2,364 | 5,907 | 3,785 | 13,191 | 10,831 | |||||||||||||||
Inventory write-down | (3 | ) | 130 | 35 | 96 | 379 | ||||||||||||||
Gross profit | 1,763 | 3,029 | 3,016 | 8,837 | 5,999 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | 3,057 | 2,052 | 3,056 | 8,754 | 5,902 | |||||||||||||||
Selling, general and administrative | 2,579 | 3,207 | 2,848 | 8,892 | 8,648 | |||||||||||||||
Restructuring cost | — | (32 | ) | — | — | 181 | ||||||||||||||
Total operating expense | 5,636 | 5,227 | 5,904 | 17,646 | 14,731 | |||||||||||||||
Loss from operations | (3,873 | ) | (2,198 | ) | (2,888 | ) | (8,809 | ) | (8,732 | ) | ||||||||||
Gain on sale of TowerJazz Semiconductor Ltd. shares | — | — | — | — | 181 | |||||||||||||||
Interest expense | (34 | ) | (8 | ) | (17 | ) | (67 | ) | (37 | ) | ||||||||||
Interest income and other (expense), net | (17 | ) | (74 | ) | (36 | ) | (79 | ) | (130 | ) | ||||||||||
Loss before income taxes | (3,924 | ) | (2,280 | ) | (2,941 | ) | (8,955 | ) | (8,718 | ) | ||||||||||
Provision for (benefit from) income taxes | 6 | (18 | ) | (44 | ) | (18 | ) | 369 | ||||||||||||
Net loss | $ | (3,930 | ) | $ | (2,262 | ) | $ | (2,897 | ) | $ | (8,937 | ) | $ | (9,087 | ) | |||||
Net loss per share: | ||||||||||||||||||||
Basic | $ | (0.07 | ) | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.16 | ) | $ | (0.20 | ) | |||||
Diluted | $ | (0.07 | ) | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.16 | ) | $ | (0.20 | ) | |||||
Weighted average shares: | ||||||||||||||||||||
Basic | 55,812 | 44,761 | 55,379 | 55,208 | 44,640 | |||||||||||||||
Diluted | 55,812 | 44,761 | 55,379 | 55,208 | 44,640 |
September 28, 2014 | December 29, 2013 (1) | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 31,159 | $ | 37,406 | ||||
Accounts receivable, net | 1,747 | 3,261 | ||||||
Inventories | 6,878 | 4,136 | ||||||
Other current assets | 964 | 1,272 | ||||||
Total current assets | 40,748 | 46,075 | ||||||
Property and equipment, net | 2,889 | 2,840 | ||||||
Other assets | 228 | 211 | ||||||
TOTAL ASSETS | $ | 43,865 | $ | 49,126 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Revolving line of credit | $ | 1,000 | $ | 1,000 | ||||
Trade payables | 1,724 | 3,578 | ||||||
Accrued liabilities | 1,839 | 3,519 | ||||||
Current portion of capital lease obligations | 223 | 177 | ||||||
Total current liabilities | 4,786 | 8,274 | ||||||
Long-term liabilities: | ||||||||
Capital lease obligations, less current portion | 225 | 133 | ||||||
Other long-term liabilities | 64 | 121 | ||||||
Total liabilities | 5,075 | 8,528 | ||||||
Stockholders’ equity: | ||||||||
Common stock, at par value | 56 | 54 | ||||||
Additional paid-in capital | 237,500 | 230,373 | ||||||
Accumulated deficit | (198,766 | ) | (189,829 | ) | ||||
Total stockholders’ equity | 38,790 | 40,598 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 43,865 | $ | 49,126 |
(1) | Derived from the December 29, 2013 audited balance sheet included in the 2013 Annual Report on Form 10-K of QuickLogic Corporation. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 28, 2014 | September 29, 2013 | June 29, 2014 | September 28, 2014 | September 29, 2013 | ||||||||||||||||
GAAP loss from operations | $ | (3,873 | ) | $ | (2,198 | ) | $ | (2,888 | ) | $ | (8,809 | ) | $ | (8,732 | ) | |||||
Adjustment for stock-based compensation within: | ||||||||||||||||||||
Cost of revenue | 32 | 24 | 36 | 110 | 76 | |||||||||||||||
Research and development | 176 | 74 | 221 | 750 | 286 | |||||||||||||||
Selling, general and administrative | 244 | 232 | 309 | 890 | 705 | |||||||||||||||
Adjustment for the write-off of equipment within: | ||||||||||||||||||||
Selling, general and administrative | 5 | 3 | — | 5 | 3 | |||||||||||||||
Adjustment for restructuring costs | — | (32 | ) | — | — | 181 | ||||||||||||||
Non-GAAP loss from operations | $ | (3,416 | ) | $ | (1,897 | ) | $ | (2,322 | ) | $ | (7,054 | ) | $ | (7,481 | ) | |||||
GAAP net loss | $ | (3,930 | ) | $ | (2,262 | ) | $ | (2,897 | ) | $ | (8,937 | ) | $ | (9,087 | ) | |||||
Adjustment for stock-based compensation within: | ||||||||||||||||||||
Cost of revenue | 32 | 24 | 36 | 110 | 76 | |||||||||||||||
Research and development | 176 | 74 | 221 | 750 | 286 | |||||||||||||||
Selling, general and administrative | 244 | 232 | 309 | 890 | 705 | |||||||||||||||
Adjustment for the write-off of equipment within: | ||||||||||||||||||||
Selling, general and administrative | 5 | 3 | — | 5 | 3 | |||||||||||||||
Adjustment for restructuring costs | — | (32 | ) | — | — | 181 | ||||||||||||||
Adjustment for gain on sale of TowerJazz Semiconductor Ltd. shares | — | — | — | — | (181 | ) | ||||||||||||||
Adjustment for tax effect on other comprehensive income | — | — | — | — | 273 | |||||||||||||||
Non-GAAP net loss | $ | (3,473 | ) | $ | (1,961 | ) | $ | (2,331 | ) | $ | (7,182 | ) | $ | (7,744 | ) | |||||
GAAP net loss per share | $ | (0.07 | ) | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.16 | ) | $ | (0.20 | ) | |||||
Adjustment for stock-based compensation | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | |||||||||||||||
Adjustment for the write-off of equipment | * | * | — | * | * | |||||||||||||||
Adjustment for restructuring costs | — | * | — | — | 0.01 | |||||||||||||||
Adjustment for gain on sale of TowerJazz Semiconductor Ltd. shares | — | — | — | — | (0.01 | ) | ||||||||||||||
Adjustment for tax effect on other comprehensive income | — | — | — | — | 0.01 | |||||||||||||||
Non-GAAP net loss per share | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.04 | ) | $ | (0.13 | ) | $ | (0.17 | ) | |||||
GAAP gross margin percentage | 42.7 | % | 33.4 | % | 44.1 | % | 39.9 | % | 34.9 | % | ||||||||||
Adjustment for stock-based compensation | 0.8 | % | 0.3 | % | 0.5 | % | 0.5 | % | 0.4 | % | ||||||||||
Non-GAAP gross margin percentage | 43.5 | % | 33.7 | % | 44.6 | % | 40.4 | % | 35.3 | % |
Percentage of Revenue | Change in Revenue | ||||||||||||||
Q3 2014 | Q3 2013 | Q2 2014 | Q3 2013 to Q3 2014 | Q2 2014 to Q3 2014 | |||||||||||
COMPOSITION OF REVENUE | |||||||||||||||
Revenue by product: (1) | |||||||||||||||
New products | 54 | % | 79 | % | 66 | % | (69 | )% | (50 | )% | |||||
Mature products | 46 | % | 21 | % | 34 | % | (2 | )% | (20 | )% | |||||
Revenue by geography: | |||||||||||||||
Asia Pacific | 57 | % | 83 | % | 66 | % | (69 | )% | (48 | )% | |||||
Europe | 17 | % | 6 | % | 20 | % | 22 | % | (48 | )% | |||||
North America | 26 | % | 11 | % | 14 | % | 6 | % | 11 | % |
(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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