QuickLogic Corporation Announces Record Q3 99 Results
SUNNYVALE, Calif.--(BUSINESS WIRE)--Oct. 25, 1999--QuickLogic Corporation (NASDAQ: QUIK), a pioneer of ESP (Embedded Standard
Product) technology, today reported record financial results for its third quarter ended Sept. 30, 1999.
Net revenues for the third quarter of 1999 were $10.3 million, up 5 percent from net revenues of $9.8 million in the second quarter and up 30 percent
from net revenues of $7.9 million reported in the third quarter of 1998. Net income for the third quarter of 1999 was a record $850,000, up 21% from
net income of $705,000 in the second quarter of 1999 and $207,000 in the third quarter of 1998. Third quarter earnings per share, on a diluted basis,
were $0.06 on 15.2 million weighted shares outstanding and $0.12 for the nine months ended Sept. 30, 1999.
"We are very pleased to report record revenue and earnings for the third quarter of 1999," said Tom Hart, president and CEO of QuickLogic. "We
strengthened our product offering by completing the rollout of our pASIC(R) 3 FPGA and QuickRAM(TM) ESP families and by introducing three
new QuickPCI(TM) ESP devices."
About QuickLogic
QuickLogic Corporation began developing the Embedded Standard Product (ESP) architecture in 1998, an innovation on its core Field Programmable
Gate Array (FPGA) technology, that delivers the guaranteed performance and lower cost of standard semiconductor products and the flexibility and
time-to-market benefits of programmable logic. QuickLogic's ViaLink(R) metal-to-metal interconnect technology offers high performance and is the
foundation of the company's ESP families as well as its core FPGA products. Founded in 1988 by the inventors of programmable array logic
(PAL(R)), QuickLogic is located at 1277 Orleans Drive, Sunnyvale, CA 94089-1138. For more information please visit the QuickLogic web site at
www.quicklogic.com
ViaLink, pASIC, QuickWorks and the QuickLogic name and logo are registered trademarks and QuickRAM and QuickPCI are trademarks 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
Sep. 30, Sep. 30, June 30,
1999 1998 1999
Revenue $10,278 $ 7,883 $9,828
Cost of revenue 4,378 3,825 4,236
Research and development 1,849 1,586 1,787
Sales, general and administrative 3,222 2,302 3,144
Operating income 829 170 661
Interest and other income, net 21 37 44
Net income $ 850 $ 207 $705
Net income per share:
Basic $0.20 $0.05 $0.16
Diluted $0.06 $0.01 $0.05
Weighted average shares:
Basic 4,306 4,245 4,282
Diluted 15,177 14,623 15,150
QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Nine months ended
Sep. 30, Sep. 30,
1999 1998
Revenue $28,703 $21,961
Cost of revenue 12,336 10,628
Research and development 5,416 4,518
Sales, general and administrative 9,222 6,950
Operating income (loss) 1,729 (135)
Interest and other income, net 108 153
Net income $ 1,837 $ 18
Net income per share:
Basic $0.43 $0.01
Diluted $0.12 $0.00
Weighted average shares:
Basic 4,296 3,227
Diluted 15,087 13,628
QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
Sep. 30, Dec. 31,
1999 1998
Current assets
Cash & equivalents $ 5,610 $7,595
Accounts receivable, net 5,105 2,031
Inventories 3,781 2,877
Prepaid expense & other 1,265 730
Total current assets 15,761 13,233
Machinery and equipment, net 3,368 2,892
Other assets 43 43
Total assets $19,172 $ 16,168
Current liabilities
Trade payables $ 3,169 $2,204
Accrued liabilities 2,108 2,425
Deferred income on
shipments to distributors 5,589 4,737
Current portion of
long-term obligations 6,265 7,186
Total current liabilities 17,131 16,552
Long-term obligations 509 591
Stockholders' equity (deficit):
Preferred Stock 40,184 40,184
Common stock 22,454 21,218
Notes receivable
from shareholder (121) (121)
Deferred compensation (1,650) (1,084)
Accumulated deficit (59,335) (61,172)
Total stockholders' equity (deficit) 1,532 (975)
Total liabilities and
stockholders' equity $19,172 $ 16,168
Contact:
QuickLogic Corporation
Arthur Whipple, 408/990-4000
or
Stapleton Communications
Ellen Brook/Karen Shapiro, 650/470-0200 |
