QuickLogic Reports Fourth Quarter and Fiscal Year 2016 Results

-Tables Follow -

                                                                            
                           QUICKLOGIC CORPORATION                           
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS              
                  (In thousands, except per share amounts)                  
                                 (Unaudited)                                
                                                                            
                                Three Months Ended           Year Ended     
                           ----------------------------  ------------------ 
                            January   January   October   January   January 
                            1, 2017   3, 2016   2, 2016   1, 2017   3, 2016 
                           --------  --------  --------  --------  -------- 
Revenue                    $  2,945  $  3,630  $  2,809  $ 11,421  $ 18,956 
Cost of revenue               1,995     2,349     1,918     7,648    11,411 
                           --------  --------  --------  --------  -------- 
Gross profit                    950     1,281       891     3,773     7,545 
Operating expenses:                                                         
  Research and development    2,380     3,490     2,755    12,265    14,144 
  Selling, general and                                                      
   administrative             2,322     2,461     2,704    10,310    10,619 
  Restructuring cost             --        49        --        --       295 
                           --------  --------  --------  --------  -------- 
Total operating expense       4,702     6,000     5,459    22,575    25,058 
                           --------  --------  --------  --------  -------- 
Loss from operations         (3,752)   (4,719)   (4,568)  (18,802)  (17,513)
Interest expense                (66)      (18)      (37)     (175)      (82)
Interest income and other                                                   
 (expense), net                 (43)       (9)      (41)     (106)     (107)
                           --------  --------  --------  --------  -------- 
Loss before income taxes     (3,861)   (4,746)   (4,646)  (19,083)  (17,702)
Provision for (benefit                                                      
 from) income taxes              (3)      100       (23)       65       146 
                           --------  --------  --------  --------  -------- 
Net loss                   $ (3,858) $ (4,846) $ (4,623) $(19,148) $(17,848)
                           ========  ========  ========  ========  ======== 
Net loss per share:                                                                 
    Basic                                        $    (0.05)  $    (0.09)  $    (0.07)  $    (0.29)  $    (0.32)
                                                      ========    ========    ========    ========    ========  
    Diluted                                    $    (0.05)  $    (0.09)  $    (0.07)  $    (0.29)  $    (0.32)
                                                      ========    ========    ========    ========    ========  
Weighted  average  shares:                                                                                                        
    Basic                                            67,941        56,729        67,781        65,377        56,472  
                                                      ========    ========    ========    ========    ========  
    Diluted                                        67,941        56,729        67,781        65,377        56,472  
                                                      ========    ========    ========    ========    ========  
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
                                        CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                      
                                                              (In  thousands)                                                              
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                                                        January  1,      January  3,  
                                                                                                              2017              2016  (1)    
                                                                                                      -----------    -----------  
                                            ASSETS                                                                                                
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                                $        14,870    $        19,136  
    Accounts  receivable,  net                                                                  839                1,601  
    Inventories                                                                                        2,017                2,878  
    Other  current  assets                                                                      1,123                1,312  
                                                                                                      -----------    -----------  
    Total  current  assets                                                                    18,849              24,927  
Property  and  equipment,  net                                                            2,765                3,315  
Other  assets                                                                                              230                    219  
                                                                                                      -----------    -----------  
TOTAL  ASSETS                                                                              $        21,844    $        28,461  
                                                                                                      ===========    ===========  
                LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                
Current  liabilities:                                                                                                                
    Revolving  line  of  credit                                                  $          6,000    $                --  
    Trade  payables                                                                                  2,018                4,032  
    Accrued  liabilities                                                                        1,580                1,482  
    Current  portion  of  capital  lease  obligations                          209                    281  
                                                                                                      -----------    -----------  
        Total  current  liabilities                                                        9,807                5,795  
Long-term  liabilities:                                                                                                            
    Revolving  line  of  credit                                                                    --                2,000  
    Capital  lease  obligations,  less  current  portion                      --                    208  
    Other  long-term  liabilities                                                              49                    133  
                                                                                                      -----------    -----------  
        Total  liabilities                                                                        9,856                8,136  
                                                                                                      -----------    -----------  
Stockholders'  equity:                                                                                                              
    Common  stock,  at  par  value                                                                68                      57  
    Additional  paid-in  capital                                                      251,824            241,024  
    Accumulated  deficit                                                                  (239,904)        (220,756)
                                                                                                      -----------    -----------  
        Total  stockholders'  equity                                                    11,988              20,325  
                                                                                                      -----------    -----------  
TOTAL  LIABILITIES  AND  STOCKHOLDERS'  EQUITY                  $        21,844    $        28,461  
                                                                                                      ===========    ===========  
                                                                                                                                                        
(1)  Derived  from  the  January  3,  2016  audited  balance  sheet  included  in  the    
        2015  Annual  Report  on  Form  10-K  of  QuickLogic  Corporation.                            
                                                                                                                                                        
                                                                                                                                                      
                                                      QUICKLOGIC  CORPORATION                                                    
        SUPPLEMENTAL  RECONCILIATIONS  OF  GAAP  AND  NON-GAAP  FINANCIAL  MEASURES      
                    (In  thousands,  except  per  share  amounts  and  percentages)                  
                                                                (Unaudited)                                                                
                                                                                                                                                      
                                                                  Three  Months  Ended                  Year  Ended          
                                                          -------------------------    ------------------  
                                                          January    January    October      January      January  
                                                          1,  2017    3,  2016    2,  2016      1,  2017      3,  2016  
                                                          -------    -------    -------    --------    --------  
GAAP  loss  from  operations        $(3,752)  $(4,719)  $(4,568)  $(18,802)  $(17,513)
    Adjustment  for  stock-based                                                                                              
      compensation  within:                                                                                                        
            Cost  of  revenue                          13              14              34              132              109  
            Research  and                                                                                                                  
              development                                55            213            137              658              826  
            Selling,  general  and                                                                                                  
              administrative                          57            306            286              793          1,065  
    Adjustment  for  the  write-                                                                                                
      off  of  equipment  within:                                                                                                
            Cost  of  revenue                          17              --              33                50                  8  
            Research  and                                                                                                                  
              development                                --              --                1              313                --  
            Selling,  general  and                                                                                                  
              administrative                          --              --                5                  5                --  
    Adjustment  for                                                                                                                      
      restructuring  costs                        --              49              --                --              295  
                                                          -------    -------    -------    --------    --------  
Non-GAAP  loss  from                                                                                                                  
  operations                                    $(3,610)  $(4,137)  $(4,072)  $(16,851)  $(15,210)
                                                          =======    =======    =======    ========    ========  
GAAP  net  loss                                $(3,858)  $(4,846)  $(4,623)  $(19,148)  $(17,848)
    Adjustment  for  stock-based                                                                                              
      compensation  within:                                                                                                        
            Cost  of  revenue                          13              14              34              132              109  
            Research  and                                                                                                                  
              development                                55            213            137              658              826  
            Selling,  general  and                                                                                                  
              administrative                          57            306            286              793          1,065  
    Adjustment  for  the  write-                                                                                                
      off  of  equipment  within:                                                                                                
            Cost  of  revenue                          17              --              33                50                  8  
            Research  and                                                                                                                  
              development                                --              --                1              313                --  
            Selling,  general  and                                                                                                  
              administrative                          --              --                5                  5                --  
    Adjustment  for                                                                                                                      
      restructuring  costs                        --              49              --                --              295  
    Adjustment  for  tax  effect                                                                                                
      on  other  comprehensive                                                                                                    
      income                                                  --              --              --                --                --  
                                                          -------    -------    -------    --------    --------  
Non-GAAP  net  loss                        $(3,716)  $(4,264)  $(4,127)  $(17,197)  $(15,545)
                                                          =======    =======    =======    ========    ========  
GAAP  net  loss  per  share            $  (0.05)  $  (0.09)  $  (0.07)  $    (0.29)  $    (0.32)
    Adjustment  for  stock-based                                                                                              
      compensation                                        *          0.01          0.01            0.03            0.04  
    Adjustment  for  the  write-                                                                                                
      off  of  equipment                                *                *                *                  *                  *  
    Adjustment  for                                                                                                                      
      restructuring  costs                        --                *              --                --                  *  
                                                          -------    -------    -------    --------    --------  
Non-GAAP  net  loss  per  share    $  (0.05)  $  (0.08)  $  (0.06)  $    (0.26)  $    (0.28)
                                                          =======    =======    =======    ========    ========  
GAAP  gross  margin  percentage        32.3%        35.3%        31.7%          33.0%          39.8%
    Adjustment  for  stock-based                                                                                              
      compensation                                    0.4%          0.4%          1.2%            1.2%            0.6%
    Adjustment  for  the  write-                                                                                                
      off  of  equipment                            0.6%            --%          1.2%            0.4%                *  
    Adjustment  for                                                                                                                      
      restructuring  costs                        --%              *              --%              --%                *  
                                                          =======    =======    =======    ========    ========  
Non-GAAP  gross  margin                                                                                                            
  percentage                                          33.3%        35.7%        34.1%          34.6%          40.4%
                                                          =======    =======    =======    ========    ========  
                                                                                                                                                      
    *  Figures  were  not  considered  for  reconciliation  due  to  the  insignificant  
                                                                      amount.                                                                    
                                                                                                                                                        
                                                                                                                                                        
                                                      QUICKLOGIC  CORPORATION                                                      
                                                            SUPPLEMENTAL  DATA                                                          
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                                                                            Change  in          
                                                Percentage  of  Revenue                                    Revenue            
                                            ----------------------------------    ----------------    
                                                                                                                    Q3  2016        2015      
                                                                                  Fiscal      Fiscal          to              to        
                                            Q4  2016    Q3  2016        2016          2015      Q4  2016        2016      
                                            -------    -------    -------    -------    -------      ------    
COMPOSITION  OF                                                                                                                            
  REVENUE                                                                                                                                        
Revenue  by  product:                                                                                                                  
  (1)                                                                                                                                                
    New  products                          54%            48%            49%            63%            19%          (53)%
    Mature  products                    46%            52%            51%            37%            (8)%        (16)%
Revenue  by  geography:                                                                                                              
    Asia  Pacific                          64%            62%            63%            67%            10%          (44)%
    North  America                        26%            24%            25%            23%            12%          (35)%
    Europe                                      10%            14%            12%            10%          (30)%        (25)%
                                                                                                                                                        
(1)  New  products  include  all  products  manufactured  on  180  nanometer  or            
        smaller  semiconductor  processes.  Mature  products  include  all  products      
        produced  on  semiconductor  processes  larger  than  180  nanometers.                  
                                                                                                                                                        
 

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