UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2004 |
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Or |
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . |
COMMISSION FILE NUMBER: 000-22671
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QUICKLOGIC CORPORATION |
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(Exact name of registrant as specified in its charter) |
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DELAWARE |
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77-0188504 |
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(State or other jurisdiction of
incorporation or |
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(I.R.S. Employer Identification No.) |
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1277 ORLEANS DRIVE SUNNYVALE, CA 94089 |
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(Address of principal executive offices, including Zip Code) |
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(408) 990-4000 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
As of April 26, 2004, 24,887,632 shares of the Registrant’s common stock were outstanding.
QUICKLOGIC CORPORATION
FORM 10-Q
MARCH 31, 2004
2
QUICKLOGIC CORPORATION
CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
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Three
Months Ended |
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2004 |
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2003 |
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Revenue |
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$ |
10,368 |
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$ |
9,401 |
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Cost of revenue |
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4,555 |
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4,537 |
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Gross profit |
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5,813 |
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4,864 |
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Operating expenses: |
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Research and development |
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3,248 |
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2,328 |
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Selling, general and administrative |
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3,909 |
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4,135 |
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Loss from operations |
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(1,344 |
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(1,599 |
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Interest expense |
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(68 |
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(61 |
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Interest income and other, net |
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44 |
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26 |
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Net loss |
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$ |
(1,368 |
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$ |
(1,634 |
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Net loss per share: |
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Basic and diluted |
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$ |
(0.06 |
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$ |
(0.07 |
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Weighted average shares: |
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Basic and diluted |
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24,846 |
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23,745 |
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See accompanying Notes to Condensed Unaudited Consolidated Financial Statements
3
QUICKLOGIC CORPORATION
CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value amount)
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March 31, |
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December 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
25,071 |
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$ |
26,443 |
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Short term investment in Tower Semiconductor Ltd. |
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6,244 |
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— |
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Accounts receivable, net of allowances for doubtful accounts of $1,100 and $1,100 |
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4,427 |
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3,924 |
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Inventory |
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6,008 |
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5,255 |
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Other current assets |
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1,522 |
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1,727 |
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Total current assets |
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43,272 |
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37,349 |
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Property and equipment, net |
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9,592 |
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9,070 |
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Investment in Tower Semiconductor Ltd. |
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3,141 |
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5,697 |
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Other assets |
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6,211 |
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6,247 |
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TOTAL ASSETS |
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$ |
62,216 |
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$ |
58,363 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Trade payables |
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$ |
3,624 |
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$ |
3,555 |
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Accrued liabilities |
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1,979 |
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1,940 |
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Deferred income on shipments to distributors |
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1,739 |
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1,305 |
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Current portion of long-term obligations |
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5,625 |
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4,972 |
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Total current liabilities |
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12,967 |
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11,772 |
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Long-term obligations |
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2,955 |
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2,723 |
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Total liabilities |
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15,922 |
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14,495 |
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Commitments and contingencies (see notes 11 and 12) |
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Stockholders’ equity: |
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Common stock, $0.001 par value; 100,000 shares authorized, 24,888 and 24,830 shares issued and outstanding, respectively |
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25 |
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25 |
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Additional paid-in capital |
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153,688 |
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153,582 |
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Accumulated other comprehensive income |
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4,814 |
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1,126 |
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Accumulated deficit |
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(112,233 |
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(110,865 |
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Total stockholders’ equity |
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46,294 |
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43,868 |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
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$ |
62,216 |
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$ |
58,363 |
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See accompanying Notes to Condensed Unaudited Consolidated Financial Statements
4
QUICKLOGIC CORPORATION
CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
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Three
Months Ended |
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2004 |
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2003 |
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Cash flows from operating activities: |
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Net loss |
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$ |
(1,368 |
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$ |
(1,634 |
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Adjustments to reconcile net loss to net cash provided by (used for) operating activities: |
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Depreciation and amortization |
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1,163 |
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975 |
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Write-off of long-lived assets |
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251 |
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Loss on disposal of property and equipment |
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20 |
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5 |
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Amortization of deferred compensation |
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— |
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62 |
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Utilization of wafer credits |
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52 |
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— |
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