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 third quarter ended September 27, 2015. |
Date: October 28, 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 third quarter ended September 27, 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 | Nine Months Ended | |||||||||||||||||||
September 27, 2015 | September 28, 2014 | June 28, 2015, | September 27, 2015 | September 28, 2014 | ||||||||||||||||
Revenue | $ | 4,194 | $ | 4,124 | $ | 4,973 | $ | 15,326 | $ | 22,124 | ||||||||||
Cost of revenue, excluding inventory write-down | 2,951 | 2,364 | 2,834 | 9,048 | 13,191 | |||||||||||||||
Inventory write-down | 1 | (3 | ) | (4 | ) | 14 | 96 | |||||||||||||
Gross profit | 1,242 | 1,763 | 2,143 | 6,264 | 8,837 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | 3,684 | 3,057 | 3,493 | 10,654 | 8,754 | |||||||||||||||
Selling, general and administrative | 2,508 | 2,579 | 2,690 | 8,158 | 8,892 | |||||||||||||||
Restructuring cost | 77 | — | 169 | 246 | — | |||||||||||||||
Total operating expenses | 6,269 | 5,636 | 6,352 | 19,058 | 17,646 | |||||||||||||||
Loss from operations | (5,027 | ) | (3,873 | ) | (4,209 | ) | (12,794 | ) | (8,809 | ) | ||||||||||
Interest expense | (35 | ) | (34 | ) | (15 | ) | (64 | ) | (67 | ) | ||||||||||
Interest income and other (expense), net | (39 | ) | (17 | ) | (33 | ) | (98 | ) | (79 | ) | ||||||||||
Loss before income taxes | (5,101 | ) | (3,924 | ) | (4,257 | ) | (12,956 | ) | (8,955 | ) | ||||||||||
Provision for (benefit from) income taxes | (15 | ) | 6 | 21 | 46 | (18 | ) | |||||||||||||
Net loss | $ | (5,086 | ) | $ | (3,930 | ) | $ | (4,278 | ) | $ | (13,002 | ) | $ | (8,937 | ) | |||||
Net loss per share: | ||||||||||||||||||||
Basic | $ | (0.09 | ) | $ | (0.07 | ) | $ | (0.08 | ) | $ | (0.23 | ) | $ | (0.16 | ) | |||||
Diluted | $ | (0.09 | ) | $ | (0.07 | ) | $ | (0.08 | ) | $ | (0.23 | ) | $ | (0.16 | ) | |||||
Weighted average shares: | ||||||||||||||||||||
Basic | 56,588 | 55,812 | 56,359 | 56,379 | 55,208 | |||||||||||||||
Diluted | 56,588 | 55,812 | 56,359 | 56,379 | 55,208 |
September 27, 2015 | December 28, 2014 (1) | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 23,441 | $ | 30,050 | ||||
Accounts receivable, net | 1,633 | 1,552 | ||||||
Inventories | 2,372 | 4,952 | ||||||
Other current assets | 833 | 1,146 | ||||||
Total current assets | 28,279 | 37,700 | ||||||
Property and equipment, net | 2,563 | 3,217 | ||||||
Other assets | 231 | 222 | ||||||
TOTAL ASSETS | $ | 31,073 | $ | 41,139 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Trade payables | 3,020 | 2,506 | ||||||
Accrued liabilities | 2,029 | 1,574 | ||||||
Deferred revenue | 82 | — | ||||||
Current portion of capital lease obligations | 229 | 225 | ||||||
Total current liabilities | 5,360 | 4,305 | ||||||
Long-term liabilities: | ||||||||
Revolving line of credit | 1,000 | 1,000 | ||||||
Capital lease obligations, less current portion | 120 | 191 | ||||||
Other long-term liabilities | 127 | 76 | ||||||
Total liabilities | 6,607 | 5,572 | ||||||
Stockholders’ equity: | ||||||||
Common stock, at par value | 57 | 56 | ||||||
Additional paid-in capital | 240,319 | 238,419 | ||||||
Accumulated deficit | (215,910 | ) | (202,908 | ) | ||||
Total stockholders’ equity | 24,466 | 35,567 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 31,073 | $ | 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 | Nine Months Ended | |||||||||||||||||
September 27, 2015 | September 28, 2014 | June 28, 2015 | September 27, 2015 | September 28, 2014 | ||||||||||||||
GAAP loss from operations | $ | (5,027 | ) | $ | (3,873 | ) | $ | (4,209 | ) | $ | (12,794 | ) | $ | (8,809 | ) | |||
Adjustment for stock-based compensation within: | ||||||||||||||||||
Cost of revenue | 29 | 32 | 27 | 95 | 110 | |||||||||||||
Research and development | 210 | 176 | 212 | 613 | 750 | |||||||||||||
Selling, general and administrative | 240 | 244 | 252 | 759 | 890 | |||||||||||||
Adjustment for the write-off of equipment within: | ||||||||||||||||||
Cost of revenue | 8 | — | — | 8 | — | |||||||||||||
Selling, general and administrative | — | 5 | — | — | 5 | |||||||||||||
Adjustment for restructuring costs | 77 | — | 169 | 246 | — | |||||||||||||
Non-GAAP loss from operations | $ | (4,463 | ) | $ | (3,416 | ) | $ | (3,549 | ) | $ | (11,073 | ) | $ | (7,054 | ) | |||
GAAP net loss | $ | (5,086 | ) | $ | (3,930 | ) | $ | (4,278 | ) | $ | (13,002 | ) | $ | (8,937 | ) | |||
Adjustment for stock-based compensation within: | ||||||||||||||||||
Cost of revenue | 29 | 32 | 27 | 95 | 110 | |||||||||||||
Research and development | 210 | 176 | 212 | 613 | 750 | |||||||||||||
Selling, general and administrative | 240 | 244 | 252 | 759 | 890 | |||||||||||||
Adjustment for the write-off of equipment within: | ||||||||||||||||||
Cost of revenue | 8 | — | — | 8 | — | |||||||||||||
Selling, general and administrative | — | 5 | — | — | 5 | |||||||||||||
Adjustment for restructuring costs | 77 | — | 169 | 246 | — | |||||||||||||
Non-GAAP net loss | $ | (4,522 | ) | $ | (3,473 | ) | $ | (3,618 | ) | $ | (11,281 | ) | $ | (7,182 | ) | |||
GAAP net loss per share | $ | (0.09 | ) | $ | (0.07 | ) | $ | (0.08 | ) | $ | (0.23 | ) | $ | (0.16 | ) | |||
Adjustment for stock-based compensation | 0.01 | 0.01 | 0.01 | 0.03 | 0.03 | |||||||||||||
Adjustment for the write-off of equipment | * | * | — | * | * | |||||||||||||
Adjustment for restructuring costs | * | — | 0.01 | * | — | |||||||||||||
Non-GAAP net loss per share | $ | (0.08 | ) | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.20 | ) | $ | (0.13 | ) | |||
GAAP gross margin percentage | 29.6 | % | 42.7 | % | 43.1 | % | 40.9 | % | 39.9 | % | ||||||||
Adjustment for stock-based compensation | 0.7 | % | 0.8 | % | 0.5 | % | 0.6 | % | 0.5 | % | ||||||||
Adjustment for the write-off equipment | 0.2 | % | — | % | — | % | * | — | % | |||||||||
Non-GAAP gross margin percentage | 30.5 | % | 43.5 | % | 43.6 | % | 41.5 | % | 40.4 | % |
Percentage of Revenue | Change in Revenue | ||||||||||||||
Q3 2015 | Q3 2014 | Q2 2015 | Q3 2014 to Q3 2015 | Q2 2015 to Q3 2015 | |||||||||||
COMPOSITION OF REVENUE | |||||||||||||||
Revenue by product: (1) | |||||||||||||||
New products | 68 | % | 54 | % | 59 | % | 28 | % | (3 | )% | |||||
Mature products | 32 | % | 46 | % | 41 | % | (29 | )% | (34 | )% | |||||
Revenue by geography: | |||||||||||||||
Asia Pacific | 73 | % | 57 | % | 70 | % | 30 | % | (13 | )% | |||||
North America | 16 | % | 26 | % | 22 | % | (36 | )% | (37 | )% | |||||
Europe | 11 | % | 17 | % | 8 | % | (34 | )% | 14 | % |
(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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