QuickLogic Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenue of $3.0 million, down 2% from the fourth quarter of 2012 and down 27% from the first quarter of 2012. GAAP net loss was $3.6 million or $0.08 per share compared with a net loss of $2.6 million or $0.06 per share in the fourth quarter of 2012 and a net loss of $3.7 million or $0.10 per share in the first quarter of 2012. Non-GAAP net loss was $3.1 million or $0.07 per share compared with a non-GAAP net loss of $2.0 million or $0.04 per share in the fourth quarter of 2012 and a non-GAAP net loss of $3.3 million or $0.09 per share in the first quarter of 2012. Loss from operations was $3.514 million against $3.740 million a year ago. Loss before income taxes was $3.527 million against $3.766 million a year ago. Non-GAAP loss from operations was $3.055 million against $3.356 million a year ago. New product revenue totaled $941,000. This lower than expected revenue level for new products was due to a large order from tier 1 customer being pushed out into the second quarter. For the second quarter 2013, the company expects total revenue of approximately $4.3 million plus or minus 10%. The $4.3 million in total revenue is expected to be comprised of approximately $2.3 million or new product revenue and $2 million of mature product revenue. The increase in new product revenue is due to increase shipments and display segments. On a non-GAAP basis, the company expects gross margin to be approximately 43%, plus or minus 3%. The gross margin reflects the mix of products shipped and continued inefficiency in the absorption of manufacturing overhead due to the lower revenue level. At the midpoint of its guidance, the company’s non-GAAP loss is expected to be approximately $0.06 per share.

QuickLogic Corporation announced that its VEE-Pico Catalog CSSP gives system designers of embedded, accessory and stand-alone pico projectors a quick and easy way to increase the viewability of their projectors without increasing the power consumption of their handheld devices. This is done by increasing the "effective lumens" through image processing, rather than increasing the actual lumens through the use of a higher-wattage light source. Typical pico projectors suffer from inadequate viewability in any but very dark environments, leading to a poor user experience. Consumers prefer the ability to instantly share content from the projectors of their mobile devices, and are unwilling to wait until they can find a dark environment in which to project their content. Through intelligent local manipulation of the contrast ratio and dynamic range of the projected content, QuickLogic's VEE-Pico device provides projected content that is much more viewable, even in brighter environments.

QuickLogic Corporation, Q1 2013 Earnings Call, May 01, 2013