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QuickLogic Announces Q1

SUNNYVALE, Calif. — QuickLogic Corporation (NASDAQ: QUIK), the lowest power Customer Specific Standard Products (CSSPs) leader, today announced the financial results for its fiscal first quarter ended April 3, 2011.

Total revenue for the first quarter of 2011 was $5.5 million, down 20% sequentially and up 2% from the first quarter of 2010. During the first quarter, new product revenue decreased to $1.2 million from $2.3 million in the fourth quarter of 2010. New product revenue accounted for 22% of the total revenue in the first quarter. During the first quarter, mature product revenue decreased 8% to $4.3 million from $4.7 million in the fourth quarter of 2010, accounting for 78% of the total revenue in the first quarter.

Under generally accepted accounting principles (GAAP), the net loss for the first quarter of 2011 was $0.9 million, or $0.02 per diluted share, compared with a net loss of $0.1 million, or $0.00 per diluted share, in both the fourth quarter and the first quarter of 2010. Non-GAAP net loss for the first quarter of 2011 was $0.4 million, or $0.01 per diluted share, compared with a non-GAAP net income of $0.5 million, or $0.01 per diluted share, in the fourth quarter of 2010 and a non-GAAP net loss of $0.5 million, or $0.01 per diluted share, in the first quarter of 2010.

“As previously announced, we had a revenue shortfall in the first quarter. While I'm disappointed in our short term results, I am not discouraged about our future success in light of our continued positive progress in the smartphone and tablet markets,” said Andy Pease, QuickLogic's President and CEO. “We continue on track toward a mid-year launch of a previously discussed VEE/DPO-enabled smartphone and we continue to make progress on several new VEE/DPO-enabled tablet designs.”

Conference Call
QuickLogic will hold a conference call at 2:30 p.m. Pacific Daylight Time today, May 3, 2011, to discuss its current financial results. The conference call is being webcast and can be accessed via QuickLogic's website at www.quicklogic.com. To participate in the conference, please call (877) 377-7094 by 2:20 p.m. Pacific Daylight Time. A recording of the call will be available starting one hour after completion of the call. To access the recording, please call (706) 645-9291 and reference the passcode: 61602795. The call recording will be archived until Friday, May 6, 2011 and the webcast will be available for 12 months.

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