0001193125-12-043715.txt : 20120207 0001193125-12-043715.hdr.sgml : 20120207 20120207161100 ACCESSION NUMBER: 0001193125-12-043715 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120207 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120207 DATE AS OF CHANGE: 20120207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: QUICKLOGIC CORPORATION CENTRAL INDEX KEY: 0000882508 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 770188504 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22671 FILM NUMBER: 12578061 BUSINESS ADDRESS: STREET 1: 1277 ORLEANS DR CITY: SUNNYVALE STATE: CA ZIP: 94089-1138 BUSINESS PHONE: 4089904000 MAIL ADDRESS: STREET 1: 1277 ORLEANS DRIVE CITY: SUNNYVALE STATE: CA ZIP: 94089-1138 8-K 1 d296431d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February 7, 2012

 

 

QuickLogic Corporation

(Exact name of registrant as specified in its charter)

 

 

 

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)

Registrant’s telephone number, including area code (408) 990-4000

N/A

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ 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))

 

 

 

Section 2 — Financial Information

 

Item 2.02 Results of Operation and Financial Condition.

On February 7, 2012, QuickLogic Corporation (“QuickLogic”) issued a press release regarding QuickLogic’s financial results for the fourth quarter and fiscal year ended January 1, 2012. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This information, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Section 9 — Financial Statements and Exhibits

 

Item 9.01(d) Exhibits.

The following exhibit is furnished as a part of this report:

 

        99.1    Press release of QuickLogic Corporation announcing financial results for the fourth quarter and fiscal year ended January 1, 2012.

 

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: February 7, 2012     QuickLogic Corporation
   

/s/ Ralph S. Marimon

    Ralph S. Marimon
    Vice President of Finance and Chief Financial Officer

 

3

EXHIBIT INDEX

 

Exhibit

No.

   

Description

99.1    Press release of QuickLogic Corporation announcing financial results for the fourth quarter and fiscal year ended January 1, 2012.

 

4

EX-99.1 2 d296431dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

LOGO

  

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

QuickLogic Announces Fourth Quarter and Fiscal 2011 Results

SUNNYVALE, Calif. — February 7, 2012 — QuickLogic Corporation (NASDAQ: QUIK), the lowest power programmable semiconductor solutions leader, today announced the financial results for its fourth quarter and fiscal year ended January 1, 2012.

Total revenue for the fourth quarter of 2011 was $4.3 million, down 19% sequentially and down 38% from the fourth quarter of 2010. During the fourth quarter, new product revenue of $1.7 million was up 39% sequentially and down 25% from the fourth quarter of 2010.

Under generally accepted accounting principles (GAAP), the net loss for the fourth quarter of 2011 was $3.1 million or $0.08 per diluted share, compared with a net loss of $1.5 million, or $0.04 per diluted share, in the third quarter of 2011, and a net loss of $69,000, or $0.00 per diluted share, in the fourth quarter of 2010. Non-GAAP net loss for the fourth quarter of 2011 was $2.7 million, or $0.07 per diluted share, compared with a non-GAAP net loss of $1.0 million, or $0.03 per diluted share, in the third quarter of 2011, and a non-GAAP net income of $496,000, or $0.01 per diluted share, in the fourth quarter of 2010.

Total Revenue for 2011 was down 20% to $21.0 million, compared with revenue of $26.2 million in 2010. GAAP net loss for 2011 was $7.6 million, or $0.21 per diluted share, compared with a net income of $123,000, or $0.00 per diluted share, in 2010. Non-GAAP net loss for 2011 was $5.8 million, or $0.16 per diluted share, compared with a non-GAAP net income of $1.3 million, or $0.03 per diluted share, in 2010.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Standard Time today, February 7, 2012, to discuss its current financial results. The conference call is being webcast and can be accessed via QuickLogic’s website at www.quicklogic.com. To join the live conference, please dial (877) 377-7094 by 2:20 p.m. Pacific Standard Time today. A recording of the call will be

-- more --

available starting one hour after completion of the call. To access the recording, please call (404) 537-3406 and reference the passcode: 46017221. The call recording will be archived until Friday, February 10, 2012 and the webcast will be available for 12 months.

About QuickLogic

QuickLogic Corporation (NASDAQ: QUIK) is the inventor and pioneer of innovative, customizable semiconductor solutions for mobile and portable electronics original equipment manufacturers (OEMs) and original design manufacturers (ODMs). These silicon plus software solutions are called Customer Specific Standard Products (CSSPs). CSSPs enable our customers to bring their products to market more quickly and remain in the market longer, with the low power, cost and size demanded by the mobile and portable electronics market. For more information about QuickLogic and CSSPs, visit www.quicklogic.com. Code: QUIK-G

Non-GAAP Financial Measures

QuickLogic reports financial information in accordance with GAAP, but believes that non-GAAP financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the Company excludes charges related to stock-based compensation, restructuring, the write-down of the Company’s investment in TowerJazz Semiconductor Ltd., the effect of the write-off of long-lived assets and the tax effect on other comprehensive income in calculating non-GAAP (i) income (loss) from operations, (ii) net income (loss), (iii) net income (loss) per share, and (iv) gross margin percentage. The Company provides this non-GAAP information to enable investors to evaluate its operating results in a manner similar to how the Company analyzes its operating results and to provide consistency and comparability with similar companies in the Company’s industry.

Management uses the non-GAAP measures, which exclude gains, losses and other charges that are considered by management to be outside of the Company’s core operating results, internally to evaluate its operating performance against results in prior periods and its operating plans and forecasts. In addition, the non-GAAP measures are used to plan for the Company’s future periods, and serve as a basis for the allocation of Company resources, management of operations and the measurement of profit-dependent cash and equity compensation paid to employees and executive officers.

Investors should note, however, that the non-GAAP financial measures used by QuickLogic may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. QuickLogic does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with GAAP. A reconciliation of GAAP financial measures to non-GAAP financial measures is included in the financial statements portion of this press release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures with their most directly comparable GAAP financial measures.

 

2

Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements relating to the revenue generating potential of new products, which is dependent on the market acceptance of our products and the level of customer orders. Actual results could differ materially from the results described in these forward-looking statements. Factors that could cause actual results to differ materially include: delays in the market acceptance of the Company’s new products; the ability to convert design opportunities into customer revenue; our ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of our customers’ products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products based on advanced wafer technology on a timely basis; our ability to adequately market the low power, competitive pricing and short time-to-market of our new products; intense competition, including the introduction of new products by competitors; our ability to hire and retain qualified personnel; changes in product demand or supply; capacity constraints; and general economic conditions. These factors and others are described in more detail in the Company’s public reports filed with the Securities and Exchange Commission, including the risks discussed in the “Risk Factors” section in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in the Company’s prior press releases.

ArcticLink, pASIC, PolarPro, QuickLogic, QuickPCI and QuickRAM are registered trademarks and Eclipse and the QuickLogic logo are trademarks of QuickLogic Corporation. All other brands or trademarks are the property of their respective holders and should be treated as such.

###

Note to Editors: Financial Tables Follow

 

3

QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended     Year Ended  
     January 1, 2012     January 2, 2011     October 2, 2011     January 1, 2012     January 2, 2011  

Revenue

    $ 4,346      $ 6,958      $ 5,339      $ 20,969      $ 26,199   

Cost of revenue, excluding inventory write-down and related charges and long-lived asset impairment

      2,181        2,283        1,897        7,807        9,498   

Inventory write-down and related charges

      148        21        386        710        111   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      2,017        4,654        3,056        12,452        16,590   

Operating expenses:

           

Research and development

      2,450        2,048        2,271        9,836        7,458   

Selling, general and administrative

      2,548        2,685        2,267        9,965        10,073   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from operations

      (2,981 )      (79 )      (1,482 )      (7,349 )      (941 ) 

Gain on sale of TowerJazz Semiconductor Ltd. shares

      —          —              993   

Interest expense

      (5 )      (10 )      (5 )      (36 )      (67 ) 

Interest income and other (expense), net

      (93 )      —          (49 )      (159 )      (46 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) before income taxes

      (3,079 )      (89 )      (1,536 )      (7,544 )      (61 ) 

Provision for (benefit from) income taxes

      31        (20 )      10        50        (184 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

    $ (3,110 )    $ (69 )    $ (1,546 )    $ (7,594 )    $ 123   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) per share:

           

Basic

    $ (0.08 )    $ (0.00 )    $ (0.04 )    $ (0.21 )    $ 0.00   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

    $ (0.08 )    $ (0.00 )    $ (0.04 )    $ (0.21 )    $ 0.00   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares:

           

Basic

      38,482        36,228        38,418        36,792        35,729   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

      38,482        36,228        38,418        36,792        39,038   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

4

QUICKLOGIC CORPORATION

SUPPLEMENTAL RECONCILIATIONS OF GAAP AND NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended     Years Ended  
     January 1, 2012     January 2, 2011     October 2, 2011     January 1, 2012     January 2, 2011  

GAAP loss from operations

    $ (2,981 )    $ (79 )    $ (1,482 )    $ (7,349 )    $ (941 ) 

Adjustment for stock-based compensation within:

           

Cost of revenue

      27        49        34        131        169   

Research and development

      104        143        114        458        645   

Selling, general and administrative

      254        373        264        1,087        1,604   

Adjustment for the write-off of equipment within:

           

Selling, general and administrative

      —          —          102        102        —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP loss from operations

    $ (2,596 )    $ 486      $ (968 )    $ (5,571 )    $ 1,477   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

GAAP net loss

    $ (3,110 )    $ (69 )    $ (1,546 )    $ (7,594 )    $ 123   

Adjustment for stock-based compensation within:

           

Cost of revenue

      27        49        34        131        169   

Research and development

      104        143        114        458        645   

Selling, general and administrative

      254        373        264        1,087        1,604   

Adjustment for the write-off of equipment within:

           

Selling, general and administrative

      —          —          102        102        8   

Adjustment for write-down of investment in Tower Semiconductor Ltd.

      —          —          —          —          (993 ) 

Adjustment for tax effect on other comprehensive income

      —          —          —          —          (209 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP net loss

    $ (2,725 )    $ 496      $ (1,032 )    $ (5,816 )    $ 1,347   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

GAAP net loss per share

    $ (0.08 )    $ 0.00      $ (0.04 )    $ (0.21 )    $ 0.00   

Adjustment for stock-based compensation

      0.01        0.01        0.01        0.05        0.06   

Adjustment for write-off of equipment

      —          —          *        *        *   

Adjustment for write-down of investment in Tower Semiconductor Ltd.

      —          —          —          —          (0.02 ) 

Adjustment for tax effect on other comprehensive income

      —          —          —          —          (0.01 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP net loss per share

    $ (0.07 )    $ 0.01      $ (0.03 )    $ (0.16 )    $ 0.03   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

GAAP gross margin percentage

      46.4 %      66.9 %      57.2 %      59.4 %      63.3 % 

Adjustment for stock-based compensation

      0.6        0.7        0.7        0.6        0.7   

Adjustment for write-off of equipment

      —          —          *        *        *   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP gross margin percentage

      47.0 %      67.6 %      57.9 %      60.0 %      64.0 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

* Figures were not considered in the reconciliation of Non-GAAP net loss per share due to the insignificant amount.

 

5

QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

     January 1, 2012     January 2, 2011  
ASSETS     

Current assets:

     

Cash and cash equivalents

    $ 20,203      $ 21,956   

Short-term investment in TowerJazz Semiconductor Ltd.

      406        909   

Accounts receivable, net

      1,585        4,143   

Inventories

      3,764        3,344   

Other current assets

      613        772   
  

 

 

    

 

 

  

Total current assets

      26,571        31,124   

Property and equipment, net

      2,181        2,312   

Other assets

      211        192   
  

 

 

    

 

 

  

TOTAL ASSETS

    $ 28,963      $ 33,628   
  

 

 

    

 

 

  
LIABILITIES AND STOCKHOLDERS’ EQUITY     

Current liabilities:

     

Revolving line of credit

    $ —        $ —     

Trade payables

      2,464        2,152   

Accrued liabilities

      1,118        1,303   

Deferred royalty revenue

      8        328   

Current portion of debt and capital lease obligations

      141        408   
  

 

 

    

 

 

  

Total current liabilities

      3,731        4,191   
  

 

 

    

 

 

  

Long-term liabilities:

     

Capital lease obligations, less current portion

      146        —     

Other long-term liabilities

      148        124   
  

 

 

    

 

 

  

Total liabilities

      4,025        4,315   
  

 

 

    

 

 

  

Stockholders’ equity:

     

Common stock, at par value

      39        38   

Additional paid-in capital

      190,025        186,304   

Accumulated other comprehensive income

      113        616   

Accumulated deficit

      (165,239 )      (157,645 ) 
  

 

 

    

 

 

  

Total stockholders’ equity

      24,938        29,313   
  

 

 

    

 

 

  

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

    $ 28,963      $ 33,628   
  

 

 

    

 

 

  

 

6

QUICKLOGIC CORPORATION

SUPPLEMENTAL DATA

(Unaudited)

 

     Percentage of Revenue     Change in Revenue  
     Q4 2011     Q3 2011     Fiscal 2011     Fiscal 2010     Q3 2011 to
Q4 2011		     2010 to 2011  

COMPOSITION OF REVENUE

             

Revenue by product (1):

             

New products

      39 %      23 %      25 %      36 %      39 %      (43 )% 

Mature products

      61 %      77 %      75 %      64 %      (36 )%      (7 )% 

Revenue by geography:

             

North America

      45 %      35 %      41 %      35 %      6 %      (5 )% 

Europe

      9 %      31 %      20 %      17 %      (76 )%      (10 )% 

Japan

      22 %      11 %      13 %      11 %      63 %      (6 )% 

China

      13 %      11 %      14 %      27 %      (8 )%      (56 )% 

Rest of world

      11 %      12 %      12 %      10 %      (22 )%      (7 )% 

 

(1) New products represent products introduced since 2005, and include ArcticLink, ArcticLink II, Eclipse II, PolarPro, PolarPro II, and QuickPCI II products. Mature products include Eclipse, pASIC1, pASIC2, pASIC3, QuickDSP, QuickFC, QuickMIPS, QuickPCI, QuickRAM and V3 products, as well as royalty revenue, programming hardware and software.

 

7

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