QuickLogic Announces First Quarter Results; Revenue Increases 21% Year-on-Year and Company Returns to Profitability
SUNNYVALE, Calif.
QuickLogic Corporation
Carl M. Mills, 408-990-4000
cmills@quicklogic.com
Ann McMichael, 905-940-4149 (Investor Relations)
amcmichael@quicklogic.com
QuickLogic Corporation (Nasdaq:QUIK), the inventor and pioneer of Embedded Standard Products (ESPs), today announced its financial results for the first quarter ended March 31, 2005.
Revenue for the first quarter of 2005 was $12.5 million, up 21% from revenue of $10.4 million in the first quarter of 2004, and up 13% sequentially as compared to the fourth quarter of 2004. ESP and Advanced ESP products contributed 34% of revenue in the first quarter of 2005. Under generally accepted accounting principles (GAAP), net income for the first quarter of 2005 was $0.9 million, or $0.03 per share, as compared to a net loss of $1.4 million, or $0.06 per share, in the first quarter of 2004, and as compared to a net loss of $6.0 million, or $0.23 per share, in the fourth quarter of 2004.
The pro forma net income for the first quarter of 2005 was $0.9 million, or $0.03 per share, as compared to a net loss of $1.4 million, or $0.06 per share, in the first quarter of 2004, and as compared to a net loss of $1.3 million, or $0.05 per share, in the fourth quarter of 2004.
QuickLogic reports net income (loss) and net income (loss) per share in accordance with GAAP and additionally on a non-GAAP, or pro forma, basis. Pro forma results, where applicable, exclude write-downs of the Company's investment in Tower Semiconductor Ltd., the write-off of long-lived assets and long-lived asset impairments. There was no difference between GAAP and pro forma net income (loss) in the first quarter of 2005 or in the first quarter of 2004.
"We are very pleased with 13% sequential revenue growth and particularly our return to profitability in the first quarter," said Tom Hart, Chairman, President and CEO. "Net bookings in the quarter were at an all time high. In addition, our new QuickPCI II and Eclipse II FPGAs -- the lowest power FPGAs in the industry -- continue to build design momentum with our customers and partners. Our confidence in the revenue potential from these products continues to grow."
Conference Call
Our conference call is being webcast by CCBN and can be accessed via QuickLogic's website at www.quicklogic.com. For access to the conference call, please call 1-866-761-0748 or 1-617-614-2706 (international) by 2:20 p.m. Pacific Time on April 27, 2005. You will need to reference the pass code: 92426352. A recording of the call will be available starting one hour after completion of the call. To access the recording, please call 1-888-286-8010 or 1-617-801-6888 (international). You will need to reference the pass code: 36758781. Both the webcast and the call recording will be archived until May 11th, 2005.
About QuickLogic
QuickLogic Corporation (Nasdaq:QUIK) invented and has pioneered the Embedded Standard Product (ESP) architecture, with the introduction of our first products in 1998. ESPs are semiconductor devices that deliver the guaranteed performance, lower cost and lower risk of standard products, coupled with the flexibility and time-to-market benefits of programmable logic. QuickLogic's proprietary ViaLink metal-to-metal interconnect technology offers significant benefits -- including very low power at high performance levels -- to our customers and is the foundation of our ESP product families, as well as our core FPGA products. Founded in 1988, the Company is located at 1277 Orleans Drive, Sunnyvale, CA 94089-1138. For more information, please visit the QuickLogic web site at www.quicklogic.com. |
