Close

Form 8-K QUICKLOGIC CORPORATION For: Oct 28

October 28, 2015 4:06 PM EDT


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) October 28, 2015
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))





1



Section 2 – Financial Information
Item 2.02 Results of Operation and Financial Condition.
On October 28, 2015, QuickLogic Corporation (“QuickLogic”) issued a press release regarding QuickLogic’s financial results for the fiscal 2015 third quarter ended September 27, 2015. 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.


2



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 2015 third quarter ended September 27, 2015.


3



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: October 28, 2015
 
QuickLogic Corporation
 
 
 
 
/s/ Suping (Sue) Cheung
 
 
 
 
 
Suping (Sue) Cheung
Principal Accounting Officer and Corporate Controller


4



EXHIBIT INDEX
 
 
 
 
Exhibit
No.
  
Description
 
 
99.1
  
Press release of QuickLogic Corporation announcing financial results for the fiscal 2015 third quarter ended September 27, 2015.




Exhibit 99.1
 
 
 
 
 
 
 
  
Contacts:
Andy Pease
President and Chief Executive Officer
(408) 990-4000
  
Andrea Vedanayagam
(408) 656-4494

QuickLogic Announces Fiscal 2015 Third Quarter Results

SUNNYVALE, Calif. – October 28, 2015 – QuickLogic Corporation (NASDAQ: QUIK), the innovator of ultra-low power programmable sensor processing solutions, announced today the financial results for its fiscal third quarter ended September 27, 2015.
Total revenue for the third quarter of 2015 was $4.2 million, representing a decrease of 16% compared to total revenue of $5.0 million in the second quarter of 2015 and an increase of $0.1 million, or 2% compared to the third quarter of 2014. New product revenue for the third quarter of 2015 was $2.9 million, representing a decrease of 3% compared to $3.0 million in the second quarter of 2015 and an increase of 28% compared to $2.2 million in the third quarter of 2014. During the third quarter, mature product revenue was $1.3 million a decrease of $0.7 million, or 34% compared to the second quarter of 2015 and down $0.5 million or 29% compared to the third quarter of 2014. New product revenue accounted for 68% of the total revenue in the third quarter of 2015 compared to 59% in the second quarter of 2015 and 54% in the third quarter of 2014.
Under generally accepted accounting principles in the United States of America (GAAP), the net loss for the third quarter of 2015 was $5.1 million, or $0.09 per share, compared with a net loss of $4.3 million, or $0.08 per share in the second quarter of 2015 and a net loss of $3.9 million, or $0.07 per share, in the third quarter of 2014. Non-GAAP net loss for the third quarter of 2015 was $4.5 million, or $0.08 per share, compared with a non-GAAP net loss of $3.6 million, or $0.06 per share in the second quarter of 2015, and a non-GAAP net loss of $3.5 million, or $0.06 per share, in the third quarter of 2014.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Daylight Time / 5:30 p.m. Eastern Daylight Time today, October 28, 2015, 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, you may dial (877) 377-7094 by 2:20 p.m. Pacific Standard 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

1



reference the passcode: 58659789. The call recording will be archived until Wednesday, November 4, 2015 and the webcast will be available for 12 months.

About QuickLogic

QuickLogic Corporation (NASDAQ: QUIK) is the leading provider of ultra-low power, customizable Sensor processing platforms, Display, and Connectivity semiconductor solutions for smartphone, tablet, wearable, and mobile enterprise OEMs. Called Customer Specific Standard Products (CSSPs), these programmable ‘silicon plus software’ solutions enable our customers to bring hardware-differentiated products to market quickly and cost effectively. 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. 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,

2



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; and capacity constraints. 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. 


























3




QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
 
 
 
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






















4




QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
 
 
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.









5




QUICKLOGIC CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF GAAP AND NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts and percentages)
(Unaudited)
 
 
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
%

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














6




QUICKLOGIC CORPORATION
SUPPLEMENTAL DATA
(Unaudited)
 
 
 
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.



7


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings