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 2015 second quarter ended June 28, 2015. |
Date: July 29, 2015 | QuickLogic Corporation | |
/s/ Suping (Sue) Cheung | ||
Suping (Sue) Cheung Principal Accounting Officer and Corporate Controller |
Exhibit No. | Description | |
99.1 | Press release of QuickLogic Corporation announcing financial results for the fiscal 2015 second quarter ended June 28, 2015. |
![]() | Contacts: | Andy Pease President and Chief Executive Officer (408) 990-4000 APease@quicklogic.com | Andrea Vedanayagam (408) 656-4494 ir@quicklogic.com |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 28, 2015 | June 29, 2014 | March 29, 2015 | June 28, 2015 | June 29, 2014 | ||||||||||||||||
Revenue | $ | 4,973 | $ | 6,836 | $ | 6,159 | $ | 11,132 | $ | 18,000 | ||||||||||
Cost of revenue, excluding inventory write-down | 2,834 | 3,785 | 3,263 | 6,097 | 10,827 | |||||||||||||||
Inventory write-down | (4 | ) | 35 | 17 | 13 | 99 | ||||||||||||||
Gross profit | 2,143 | 3,016 | 2,879 | 5,022 | 7,074 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | 3,493 | 3,056 | 3,477 | 6,970 | 5,697 | |||||||||||||||
Selling, general and administrative | 2,690 | 2,848 | 2,960 | 5,650 | 6,313 | |||||||||||||||
Restructuring cost | 169 | — | — | 169 | — | |||||||||||||||
Total operating expense | 6,352 | 5,904 | 6,437 | 12,789 | 12,010 | |||||||||||||||
Loss from operations | (4,209 | ) | (2,888 | ) | (3,558 | ) | (7,767 | ) | (4,936 | ) | ||||||||||
Interest expense | (15 | ) | (17 | ) | (14 | ) | (29 | ) | (33 | ) | ||||||||||
Interest income and other (expense), net | (33 | ) | (36 | ) | (26 | ) | (59 | ) | (62 | ) | ||||||||||
Loss before income taxes | (4,257 | ) | (2,941 | ) | (3,598 | ) | (7,855 | ) | (5,031 | ) | ||||||||||
Provision for (benefit from) income taxes | 21 | (44 | ) | 40 | 61 | (24 | ) | |||||||||||||
Net loss | $ | (4,278 | ) | $ | (2,897 | ) | $ | (3,638 | ) | $ | (7,916 | ) | $ | (5,007 | ) | |||||
Net loss per share: | ||||||||||||||||||||
Basic | $ | (0.08 | ) | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.14 | ) | $ | (0.09 | ) | |||||
Diluted | $ | (0.08 | ) | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.14 | ) | $ | (0.09 | ) | |||||
Weighted average shares: | ||||||||||||||||||||
Basic | 56,359 | 55,379 | 56,190 | 56,275 | 54,906 | |||||||||||||||
Diluted | 56,359 | 55,379 | 56,190 | 56,275 | 54,906 |
June 28, 2015 | December 28, 2014 (1) | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 26,415 | $ | 30,050 | ||||
Accounts receivable, net | 1,597 | 1,552 | ||||||
Inventories | 3,001 | 4,952 | ||||||
Other current assets | 873 | 1,146 | ||||||
Total current assets | 31,886 | 37,700 | ||||||
Property and equipment, net | 2,689 | 3,217 | ||||||
Other assets | 229 | 222 | ||||||
TOTAL ASSETS | $ | 34,804 | $ | 41,139 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Revolving line of credit | $ | 1,000 | $ | — | ||||
Trade payables | 2,152 | 2,506 | ||||||
Accrued liabilities | 2,069 | 1,574 | ||||||
Deferred revenue | 114 | — | ||||||
Current portion of capital lease obligations | 202 | 225 | ||||||
Total current liabilities | 5,537 | 4,305 | ||||||
Long-term liabilities: | ||||||||
Revolving line of credit | — | 1,000 | ||||||
Capital lease obligations, less current portion | 56 | 191 | ||||||
Other long-term liabilities | 155 | 76 | ||||||
Total liabilities | 5,748 | 5,572 | ||||||
Stockholders’ equity: | ||||||||
Common stock, at par value | 56 | 56 | ||||||
Additional paid-in capital | 239,824 | 238,419 | ||||||
Accumulated deficit | (210,824 | ) | (202,908 | ) | ||||
Total stockholders’ equity | 29,056 | 35,567 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 34,804 | $ | 41,139 |
(1) | Derived from the December 28, 2014 audited balance sheet included in the 2014 Annual Report on Form 10-K of QuickLogic Corporation. |
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 28, 2015 | June 29, 2014 | March 29, 2015 | June 28, 2015 | June 29, 2014 | |||||||||||||||
GAAP loss from operations | $ | (4,209 | ) | $ | (2,888 | ) | $ | (3,558 | ) | $ | (7,767 | ) | $ | (4,936 | ) | ||||
Adjustment for stock-based compensation within: | |||||||||||||||||||
Cost of revenue | 27 | 36 | 39 | 66 | 78 | ||||||||||||||
Research and development | 212 | 221 | 191 | 403 | 574 | ||||||||||||||
Selling, general and administrative | 252 | 309 | 267 | 519 | 646 | ||||||||||||||
Adjustment for restructuring costs | 169 | — | — | 169 | — | ||||||||||||||
Non-GAAP loss from operations | $ | (3,549 | ) | $ | (2,322 | ) | $ | (3,061 | ) | $ | (6,610 | ) | $ | (3,638 | ) | ||||
GAAP net loss | $ | (4,278 | ) | $ | (2,897 | ) | $ | (3,638 | ) | $ | (7,916 | ) | $ | (5,007 | ) | ||||
Adjustment for stock-based compensation within: | |||||||||||||||||||
Cost of revenue | 27 | 36 | 39 | 66 | 78 | ||||||||||||||
Research and development | 212 | 221 | 191 | 403 | 574 | ||||||||||||||
Selling, general and administrative | 252 | 309 | 267 | 519 | 646 | ||||||||||||||
Adjustment for restructuring costs | 169 | — | — | 169 | — | ||||||||||||||
Non-GAAP net loss | $ | (3,618 | ) | $ | (2,331 | ) | $ | (3,141 | ) | $ | (6,759 | ) | $ | (3,709 | ) | ||||
GAAP net loss per share | $ | (0.08 | ) | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.14 | ) | $ | (0.09 | ) | ||||
Adjustment for stock-based compensation | 0.01 | 0.01 | * | 0.02 | 0.02 | ||||||||||||||
Adjustment for restructuring costs | 0.01 | — | — | * | — | ||||||||||||||
Non-GAAP net loss per share | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.06 | ) | $ | (0.12 | ) | $ | (0.07 | ) | ||||
GAAP gross margin percentage | 43.1 | % | 44.1 | % | 46.7 | % | 45.1 | % | 39.3 | % | |||||||||
Adjustment for stock-based compensation | 0.5 | % | 0.5 | % | 0.7 | % | 0.6 | % | 0.4 | % | |||||||||
Non-GAAP gross margin percentage | 43.6 | % | 44.6 | % | 47.4 | % | 45.7 | % | 39.7 | % |
Percentage of Revenue | Change in Revenue | ||||||||||||||
Q2 2015 | Q2 2014 | Q1 2015 | Q2 2014 to Q2 2015 | Q1 2015 to Q2 2015 | |||||||||||
COMPOSITION OF REVENUE | |||||||||||||||
Revenue by product: (1) | |||||||||||||||
New products | 59 | % | 66 | % | 67 | % | (34 | )% | (29 | )% | |||||
Mature products | 41 | % | 34 | % | 33 | % | (14 | )% | — | % | |||||
Revenue by geography: | |||||||||||||||
Asia Pacific | 70 | % | 66 | % | 62 | % | (23 | )% | (9 | )% | |||||
North America | 22 | % | 14 | % | 30 | % | 12 | % | (41 | )% | |||||
Europe | 8 | % | 20 | % | 8 | % | (70 | )% | (21 | )% |
(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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