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 |
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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 |
COMMISSION FILE NUMBER: 000-22671
QUICKLOGIC CORPORATION
(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.) |
1277 ORLEANS DRIVE SUNNYVALE, CA 94089
(Address of principal executive offices, including Zip Code)
(408) 990-4000
(Registrant’s telephone number, including area code)
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 November 4, 2004, 25,805,481 shares of the Registrant’s common stock were outstanding.
QUICKLOGIC CORPORATION
FORM 10-Q
SEPTEMBER 30, 2004
2
PART I. Financial Information
Item 1. Financial Statements
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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Nine Months Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Revenue |
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$ |
11,944 |
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$ |
11,171 |
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$ |
33,533 |
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$ |
31,175 |
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Cost of revenue |
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6,059 |
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5,416 |
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15,079 |
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14,993 |
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Gross profit |
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5,885 |
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5,755 |
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18,454 |
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16,182 |
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Operating expenses: |
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Research and development |
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3,046 |
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2,712 |
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9,346 |
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7,460 |
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Selling, general and administrative |
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3,729 |
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3,771 |
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11,832 |
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11,748 |
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Loss from operations |
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(890 |
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(728 |
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(2,724 |
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(3,026 |
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Gain on sale of investment in Tower Semiconductor Ltd. |
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— |
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23 |
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— |
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719 |
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Interest expense |
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(69 |
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(33 |
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(199 |
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(149 |
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Interest income and other, net |
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60 |
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29 |
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127 |
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89 |
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Net loss |
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$ |
(899 |
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$ |
(709 |
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$ |
(2,796 |
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$ |
(2,367 |
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Net loss per share: |
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Basic and diluted |
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$ |
(0.03 |
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$ |
(0.03 |
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$ |
(0.11 |
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$ |
(0.10 |
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Weighted average shares: |
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Basic and diluted |
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25,786 |
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24,194 |
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25,300 |
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23,948 |
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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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September 30, |
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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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$ |
27,022 |
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$ |
26,443 |
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Short term investment in Tower Semiconductor Ltd. |
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2,997 |
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— |
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Accounts receivable, net of allowances for doubtful accounts of $1,088 and $1,100 |
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2,678 |
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3,924 |
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Inventory |
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6,936 |
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5,255 |
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Other current assets |
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1,044 |
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1,727 |
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Total current assets |
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40,677 |
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37,349 |
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Property and equipment, net |
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8,207 |
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9,070 |
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Investment in Tower Semiconductor Ltd. |
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1,507 |
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5,697 |
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Other assets |
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5,884 |
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6,247 |
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TOTAL ASSETS |
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$ |
56,275 |
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$ |
58,363 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Revolving line of credit |
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$ |
2,000 |
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$ |
2,900 |
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Trade payables |
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3,437 |
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3,555 |
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Accrued liabilities |
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2,904 |
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1,981 |
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Deferred income on shipments to distributors |
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1,868 |
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1,305 |
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Current portion of debt and capital lease obligations |
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2,333 |
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2,031 |
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Total current liabilities |
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12,542 |
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11,772 |
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Long-term liabilities: |
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Debt and capital lease obligations, less current portion |
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1,297 |
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1,781 |
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Deferred royalty revenue |
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1,156 |
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942 |
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Total long-term liabilities |
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2,453 |
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2,723 |
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Total liabilities |
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14,995 |
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14,495 |
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