QuickLogic Announces Fiscal 2016 First Quarter Results

SUNNYVALE, CA -- (Marketwired) -- May 04, 2016 -- QuickLogic Corporation (NASDAQ: QUIK), the innovator of ultra-low power programmable sensor processing solutions, today announced the financial results for its fiscal first quarter ended April 3, 2016.

Total revenue for the first quarter of 2016 was $3.0 million, representing a decrease of 19% compared to $3.6 million in the fourth quarter of 2015 and a decrease of 52% compared to $6.2 million in the first quarter of 2015. New product revenue for the first quarter of 2016 was $1.5 million, a decrease of 28% compared to $2.1 million in the fourth quarter of 2015 and a decrease of 64% compared to $4.1 million in the first quarter of 2015. During the first quarter, mature product revenue was $1.5 million, a decrease of 7% compared to $1.6 million sequentially and down 28% compared to $2.0 million in the first quarter of 2015. New product revenue accounted for 51% of the total revenue in the first quarter of 2016 compared to 57% in the fourth quarter of 2015 and 67% in the first quarter of 2015.

"Our strategic progress and engagement activity with top-tier OEMs accelerated during Q1," said Andy Pease, QuickLogic's CEO and President. "We will discuss this progress, and the first scheduled shipments of our newest Sensor Processing Platform, the EOS S3, to a major OEM customer during our conference call today."

Under generally accepted accounting principles in the United States of America (GAAP), the net loss for the first quarter of 2016 was $5.1 million, or $0.09 per share, compared to a net loss of $4.8 million, or $0.09 per share in the fourth quarter of 2015 and a net loss of $3.6 million, or $0.06 per share, in the first quarter of 2015. Non-GAAP net loss for the first quarter of 2016 was $4.5 million, or $0.08 per share, compared to a non-GAAP net loss of $4.3 million, or $0.08 per share in the fourth quarter of 2015 and a non-GAAP net loss of $3.1 million, or $0.06 per share, in the first quarter of 2015.

Conference Call

QuickLogic (NASDAQ: QUIK) will hold a conference call at 2:30 p.m. Pacific Daylight Saving Time/ 5:30 p.m. Eastern Daylight Saving Time today, May 4, 2016, 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, you may dial (877) 377-7094 by 2:20 p.m. Pacific Daylight Saving Time. 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: 94015469. The call recording will be archived until Wednesday, May 11, 2016 and the webcast will be available for 12 months.

About QuickLogic

QuickLogic Corporation (NASDAQ: QUIK) enables OEMs to maximize battery life for highly differentiated, immersive user experiences with Smartphone, Wearable and IoT devices. QuickLogic delivers these benefits through industry leading ultra-low power customer programmable SoC semiconductor solutions, embedded software, and algorithm solutions for always-on voice and sensor processing, and enhanced visual experiences. For more information about QuickLogic, visit www.quicklogic.com.

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. 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.

QuickLogic is a registered trademark and the QuickLogic logo is a trademark of QuickLogic Corporation. All other brands or trademarks are the property of their respective holders and should be treated as such.

                                                                            
                                                                            
                           QUICKLOGIC CORPORATION                           
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS              
                  (In thousands, except per share amounts)                  
                                 (Unaudited)                                   
                                                                                                                                                        
                                                                                              Three  Months  Ended                      
                                                                        ---------------------------------------  
                                                                        April  3,        March  29,            January  3,      
                                                                            2016                  2015                      2016            
                                                                        --------    -------------    --------------  
Revenue                                                          $    2,950    $              6,159    $                3,630  
Cost  of  revenue                                                1,794                    3,280                      2,349  
                                                                        --------    -------------    --------------  
Gross  profit                                                      1,156                    2,879                      1,281  
Operating  expenses:                                                                                                                  
    Research  and  development                          3,447                    3,477                      3,490  
    Selling,  general  and                                                                                                            
      administrative                                            2,693                    2,960                      2,461  
    Restructuring  cost                                            --                          --                            49  
                                                                        --------    -------------    --------------  
Total  operating  expense                                6,140                    6,437                      6,000  
                                                                        --------    -------------    --------------  
Loss  from  operations                                    (4,984)                (3,558)                  (4,719)
Interest  expense                                                  (38)                      (14)                        (18)
Interest  income  and  other                                                                                                      
  (expense),  net                                                      (7)                      (26)                          (9)
                                                                        --------    -------------    --------------  
Loss  before  income  taxes                            (5,029)                (3,598)                  (4,746)
Provision  for  income  taxes                                64                          40                          100  
                                                                        --------    -------------    --------------  
Net  loss                                                        $  (5,093)  $            (3,638)  $              (4,846)
                                                                        ========    =============    ==============  
Net  loss  per  share:                                                                                                                  
    Basic                                                          $    (0.09)  $              (0.06)  $                (0.09)
                                                                        ========    =============    ==============  
    Diluted                                                      $    (0.09)  $              (0.06)  $                (0.09)
                                                                        ========    =============    ==============  
Weighted  average  shares:                                                                                                        
    Basic                                                              58,371                  56,190                    56,729  
                                                                        ========    =============    ==============  
    Diluted                                                          58,371                  56,190                    56,729  
                                                                        ========    =============    ==============  
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
                                        CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                      
                                                              (In  thousands)                                                              
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                                                                                January  3,    
                                                                                              April  3,  2016          2016  (1)      
                                                                                              -------------    -------------  
                                        ASSETS                                                                                                    
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                        $            23,302    $            19,136  
    Accounts  receivable,  net                                                          1,555                    1,601  
    Inventories                                                                                    3,330                    2,878  
    Other  current  assets                                                                  1,180                    1,312  
                                                                                              -------------    -------------  
        Total  current  assets                                                            29,367                  24,927  
Property  and  equipment,  net                                                        3,636                    3,315  
Other  assets                                                                                          229                        219  
                                                                                              -------------    -------------  
TOTAL  ASSETS                                                                      $            33,232    $            28,461  
                                                                                              =============    =============  
        LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                        
Current  liabilities:                                                                                                                
    Trade  payables                                                              $              3,317    $              4,032  
    Accrued  liabilities                                                                    1,828                    1,482  
    Current  portion  of  capital  lease  obligations                      283                        281  
                                                                                              -------------    -------------  
        Total  current  liabilities                                                    5,428                    5,795  
Long-term  liabilities:                                                                                                            
    Revolving  line  of  credit                                                          3,000                    2,000  
    Capital  lease  obligations,  less  current                                                                      
      portion                                                                                              131                        208  
    Other  long-term  liabilities                                                        127                        133  
                                                                                              -------------    -------------  
        Total  liabilities                                                                    8,686                    8,136  
                                                                                              -------------    -------------  
Stockholders'  equity:                                                                                                              
    Common  stock,  at  par  value                                                            67                          57  
    Additional  paid-in  capital                                                  250,328                241,024  
    Accumulated  deficit                                                              (225,849)            (220,756)
                                                                                              -------------    -------------  
        Total  stockholders'  equity                                                24,546                  20,325  
                                                                                              -------------    -------------  
TOTAL  LIABILITIES  AND  STOCKHOLDERS'  EQUITY          $            33,232    $            28,461  
                                                                                              =============    =============  
 

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