quicklogic corp (QUIK) Key Developments
QuickLogic Mulls Acquisitions
Nov 16 13
QuickLogic Corporation (NasdaqGM:QUIK) mulls acquisitions. QuickLogic QuickLogic announced the pricing of its underwritten public offering of an aggregate of 7.6 million newly issued shares of common stock at a price of $2.90 per share and expects to receive gross proceeds of $22.0 million, before deducting underwriting discounts and other estimated offering expenses. The underwriters have also been granted a 30-day option to purchase up to 1.14 million shares of common stock to cover over-allotments, if any. The net proceeds to the QuickLogic from the Offering are expected to be approximately $20.6 million after deduction of underwriting discounts and assuming no exercise of the underwriters' over-allotment option. QuickLogic expects to use the net proceeds from the offering for working capital and other general corporate purposes and may also use a portion of the net proceeds for licensing or acquiring intellectual property or technologies to incorporate in its products, capital expenditures, to fund possible investments in and acquisitions of complementary businesses, partnerships, minority investments or to repay debts.
QuickLogic Seeks Acquisitions
Nov 11 13
QuickLogic Corporation (NasdaqGM:QUIK) is looking for acquisitions opportunities. QuickLogic may also use a portion of the net proceeds from sale of shares for licensing or acquiring intellectual property or technologies to incorporate in its products, capital expenditures, to fund possible investments in and acquisitions of complementary businesses, partnerships, minority investments or to repay debts.
QuickLogic Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 29, 2013; Provides Earnings Guidance for the Fourth Quarter of 2013
Oct 30 13
QuickLogic Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 29, 2013. For the quarter, revenue was $9.066 million against $3.657 million a year ago. Loss from operations was $2.198 million against $2.782 million a year ago. Loss before income taxes was $2.280 million against $2.776 million a year ago. Net loss was $2.262 million or $0.05 per diluted share against $2.798 million or $0.06 per diluted share a year ago. Non-GAAP loss from operations was $1.897 million against $2.156 million a year ago. Non-GAAP net loss was $1.961 million or $0.04 per share against $2.172 million or $0.05 per share a year ago. The increased revenue was primarily due to production shipments of its ArcticLink III VX platform to Samsung. Cash usage during the quarter reflects the operating loss, higher working capital requirements specifically in the timing of payments and collections and the purchase of an asset, which was partially offset by $1 million in borrowing from its Silicon Valley Bank line of credit.
For the nine months, revenue was $17.209 million against $11.858 million a year ago. Loss from operations was $8.732 million against $9.678 million a year ago. Loss before income taxes was $8.718 million against $9.772 million a year ago. Net loss was $9.087 million or $0.20 per diluted share against $9.755 million or $0.24 per diluted share a year ago. Non-GAAP loss from operations was $7.481 million against $8.234 million a year ago. Non-GAAP net loss was $7.744 million or $0.17 per share against $8.311 million or $0.20 per share a year ago.
For the fourth quarter of 2013, the company is forecasting total revenue of approximately $7.5 million plus or minus 10%. The $7.5 million in total revenue is expected to be comprised of approximately $5.7 million of new product revenue and $1.8 million of mature product revenue. New product revenue reflects continued shipments to Samsung as well as shipments to other display and smart connectivity customers. The company is forecasting a slight decline in mature product revenue due to lower bookings from its aerospace, test and instrumentation customers. On a non-GAAP basis, the company expects gross margin to be approximately 38%, plus or minus 3%. Gross margin is driven primarily due to the mix of customers and product shift and continued unfavorable absorption of fixed cost. Non-GAAP R&D expenses are forecasted to be approximately $2.2 million. At the midpoint of its guidance, the company's non-GAAP loss is expected to be approximately $0.05 per share.
QuickLogic Corporation Unveils PolarPro 3 Solution Platform Family
Oct 30 13
QuickLogic Corporation has announced its PolarPro 3 solution platform family. PolarPro 3 is the latest platform family QuickLogic has available to deliver small, efficient, flexible, low-power and cost-effective logic solutions to mobile OEMs that want to add custom functionality to their mobile designs. The family features the most efficient logic utilization per square millimeter of PCB area of any solution on the market. This feature allows developers to integrate more functionality without increasing the size of their devices.
Quicklogic Corporation and Sensor Platforms Inc. Collaborate to Deliver Always-On Context Awareness for Smartphones
Oct 28 13
QuickLogic Corporation announced the company is collaborating with Sensor Platforms Inc. (SPI) to address the mobile device OEM demand for always-on sensor capability enabling context awareness while consuming considerably less than 1% of typical smartphone system battery capacity. The collaboration with SPI is an integral step in QuickLogic's strategic sensor hub initiative to create an extensive ecosystem, and to expand its solutions portfolio that enhances the user experience in the high-growth, high-volume mobile device marketplace. Sensors Platform's FreeMotion Library is a collection of advanced algorithms and heuristics which are optimized for operation in mobile devices. The FreeMotion Library interprets sensor data to determine the position and orientation of the device and the context of the user. QuickLogic's ArcticLink 3 S1 ultra-low power sensor hub contains innovative QuickLogic-developed sensor hub technology, as well as provides a vehicle for the hardware implementation and operation of the FreeMotion libraries within a mobile device.