0001193125-13-192386.txt : 20130501 0001193125-13-192386.hdr.sgml : 20130501 20130501161105 ACCESSION NUMBER: 0001193125-13-192386 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130501 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130501 DATE AS OF CHANGE: 20130501 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: 13803285 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 d530073d8k.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) May 1, 2013

 

 

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 May 1, 2013, QuickLogic Corporation (“QuickLogic”) issued a press release regarding QuickLogic’s financial results for the fiscal 2013 first quarter ended March 31, 2013. 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 fiscal 2013 first quarter ended March 31, 2013.

 

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: May 1, 2013   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 fiscal 2013 first quarter ended March 31, 2013.

 

4

EX-99.1 2 d530073dex991.htm EX-99.1 EX-99.1

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 Fiscal 2013 First Quarter Results

SUNNYVALE, Calif. – May 1, 2013 – QuickLogic Corporation (NASDAQ: QUIK), the innovator of ultra-low-power Customer Specific Standard Products (CSSPs), today announced the financial results for its fiscal first quarter ended March 31, 2013.

Total revenue for the first quarter of 2013 was $3.0 million, down 2% from the fourth quarter of 2012 and down 27% from the first quarter of 2012. During the first quarter, new product revenue decreased 6% to $941,000 from $1.0 million in the fourth quarter of 2012. New product revenue accounted for 31% of the total revenue in the first quarter. During the first quarter, mature product revenue remained flat at $2.1 million sequentially. Mature product revenue accounted for 69% of the total revenue in the first quarter.

Under generally accepted accounting principles (GAAP), the net loss for the first quarter of 2013 was $3.6 million, or $0.08 per share, compared with a net loss of $2.6 million, or $0.06 per share, in the fourth quarter of 2012 and a net loss of $3.7 million, or $0.10 per share, in the first quarter of 2012. Non-GAAP net loss for the first quarter of 2013 was $3.1 million, or $0.07 per share, compared with a non-GAAP net loss of $2.0 million, or $0.04 per share, in the fourth quarter of 2012 and a non-GAAP net loss of $3.3 million, or $0.09 per share, in the first quarter of 2012.

“New product revenue in the first quarter was lower than expected due to a delay in the receipt of an expected large order from a tier one consumer electronics company. This order has since been received and we are on track to meet our forecast for the first half of the year,” stated Andy Pease, QuickLogic’s President and CEO.

 

-- more --

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Daylight Time today, May 1, 2013, to discuss its current financial results. The conference call is being webcast and can be accessed via QuickLogic’s website at http://ir.quicklogic.com/events.cfm. To join the live conference, please dial (877) 377-7094 by 2:20 p.m. Pacific Daylight Time today. A recording of the call will be available starting one hour after completion of the call. To access the recording, please call (404) 537-3406 and reference the passcode: 41216066. The call recording will be archived until Wednesday, May 8, 2013, 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 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.

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

This press release contains forward-looking statements relating to new product revenue meeting forecast for the first half of the year, 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

QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended  
     March 31,
2013		     April 1,
2012		     December 30,
2012		  

Revenue

    $ 3,017      $ 4,130      $ 3,086   

Cost of revenue, excluding inventory write-down

      1,643        2,042        1,546   

Inventory write-down

      343        329        19   
  

 

 

    

 

 

    

 

 

  

Gross profit

      1,031        1,759        1,521   

Operating expenses:

       

Research and development

      2,008        2,802        1,624   

Selling, general and administrative

      2,530        2,697        2,377   

Restructuring cost

      7        —          —     
  

 

 

    

 

 

    

 

 

  

Income (loss) from operations

      (3,514 )      (3,740 )      (2,480 ) 

Interest expense

      (9 )      (13 )      (12 ) 

Interest income and other (expense), net

      (4 )      (13 )      (32 ) 
  

 

 

    

 

 

    

 

 

  

Income (loss) before income taxes

      (3,527 )      (3,766 )      (2,524 ) 

Provision for (benefit from) income taxes

      57        (45 )      35   
  

 

 

    

 

 

    

 

 

  

Net income (loss)

    $ (3,584 )    $ (3,721 )    $ (2,559 ) 
  

 

 

    

 

 

    

 

 

  

Net income (loss) per share:

       

Basic

    $ (0.08 )    $ (0.10 )    $ (0.06 ) 
  

 

 

    

 

 

    

 

 

  

Diluted

    $ (0.08 )    $ (0.10 )    $ (0.06 ) 
  

 

 

    

 

 

    

 

 

  

Weighted average shares:

       

Basic

      44,517        38,495        44,400   
  

 

 

    

 

 

    

 

 

  

Diluted

      44,517        38,495        44,400   
  

 

 

    

 

 

    

 

 

  

QUICKLOGIC CORPORATION

SUPPLEMENTAL RECONCILIATIONS OF GAAP AND NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended  
     March 31,
2013		     April 1,
2012		     December 30,
2012		  

GAAP income (loss) from operations

    $ (3,514 )    $ (3,740 )    $ (2,480 ) 

Adjustment for stock-based compensation within:

       

Cost of revenue

      30        32        39   

Research and development

      166        93        116   

Selling, general and administrative

      256        259        429   

Adjustment for restructuring costs

      7        —          —     
  

 

 

    

 

 

    

 

 

  

Non-GAAP income (loss) from operations

    $ (3,055 )    $ (3,356 )    $ (1,896 ) 
  

 

 

    

 

 

    

 

 

  

GAAP net income (loss)

    $ (3,584 )    $ (3,721 )    $ (2,559 ) 

Adjustment for stock-based compensation within:

       

Cost of revenue

      30        32        39   

Research and development

      166        93        116   

Selling, general and administrative

      256        259        429   

Adjustment for restructuring costs

      7        —          —     
  

 

 

    

 

 

    

 

 

  

Non-GAAP net income (loss)

    $ (3,125 )    $ (3,337 )    $ (1,975 ) 
  

 

 

    

 

 

    

 

 

  

GAAP net income (loss) per share

    $ (0.08 )    $ (0.10 )    $ (0.06 ) 

Adjustment for stock-based compensation

      0.01        0.01        0.02   

Adjustment for restructuring costs

      *        —          —     
  

 

 

    

 

 

    

 

 

  

Non-GAAP net income (loss) per share

    $ (0.07 )    $ (0.09 )    $ (0.04 ) 
  

 

 

    

 

 

    

 

 

  

GAAP gross margin percentage

      34.2 %      42.6 %      49.3 % 

Adjustment for stock-based compensation

      1.0 %      0.8 %      1.3 % 

Adjustment for restructuring costs

      *        —          —     
  

 

 

    

 

 

    

 

 

  

Non-GAAP gross margin percentage

      35.2 %      43.4 %      50.6 % 
  

 

 

    

 

 

    

 

 

  

 

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

QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

     March 31, 2013     December 30,  2012(1)  
ASSETS     

Current assets:

     

Cash and cash equivalents

    $ 19,659      $ 22,578   

Short-term investment in TowerJazz Semiconductor Ltd.

      303        345   

Accounts receivable, net

      1,392        1,242   

Inventories

      2,525        3,028   

Other current assets

      846        986   
  

 

 

    

 

 

  

Total current assets

      24,725        28,179   

Property and equipment, net

      2,404        2,659   

Other assets

      207        186   
  

 

 

    

 

 

  

TOTAL ASSETS

    $ 27,336      $ 31,024   
  

 

 

    

 

 

  
LIABILITIES AND STOCKHOLDERS’ EQUITY     

Current liabilities:

     

Trade payables

    $ 1,393      $ 1,965   

Accrued liabilities

      1,289        1,214   

Current portion of capital lease obligations

      239        160   
  

 

 

    

 

 

  

Total current liabilities

      2,921        3,339   
  

 

 

    

 

 

  

Long-term liabilities:

     

Capital lease obligations, less current portion

      135        266   

Other long-term liabilities

      167        141   
  

 

 

    

 

 

  

Total liabilities

      3,223        3,746   
  

 

 

    

 

 

  

Stockholders’ equity:

     

Common stock, at par value

      45        45   

Additional paid-in capital

      205,259        204,797   

Accumulated other comprehensive income

      (54 )      (11 ) 

Accumulated deficit

      (181,137 )      (177,553 ) 
  

 

 

    

 

 

  

Total stockholders’ equity

      24,113        27,278   
  

 

 

    

 

 

  

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

    $ 27,336      $ 31,024   
  

 

 

    

 

 

  

 

(1) Derived from the December 30, 2012 audited balance sheet included in the 2012 Annual Report on Form 10-K of QuickLogic Corporation.

QUICKLOGIC CORPORATION

SUPPLEMENTAL DATA

(Unaudited)

 

     Percentage of Revenue     Change in Revenue  
     Q1
    2013    		     Q1
    2012    		     Q4
    2012    		     Q1 2012 to
    Q1 2013    		     Q4 2012 to
    Q1 2013    		  

COMPOSITION OF REVENUE

           

Revenue by product (1):

           

New products

      31 %      40 %      33 %      (43 )%      (6 )% 

Mature products

      69 %      60 %      67 %      (17 )%      0 % 

Revenue by geography:

           

United States

      31 %      32 %      41 %      (28 )%      (25 )% 

Malaysia

      23 %      15 %      11 %      13 %      95 % 

Japan

      20 %      21 %      21 %      (32 )%      (9 )% 

Europe

      15 %      12 %      20 %      (7 )%      (26 )% 

Rest of North America

      6 %      2 %      4 %      65 %      66 % 

China

      4 %      12 %      3 %      (74 )%      32 % 

Rest of Asia Pacific

      1 %      6 %      0 %      (86 )%      236 % 

 

(1)

New products represent products introduced since 2005, and include ArcticLink®, ArcticLink II, ArcticLink III, Eclipse™ II, PolarPro®, PolarPro II, and QuickPCI® II. Mature products include Eclipse, EclipsePlus, pASIC® 1, pASIC 2, pASIC 3, QuickFC, QuickMIPS, QuickPCI, QuickRAM®, and V3, as well as royalty revenue, programming hardware and software.

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