2013 Q2 Form 10-Q Financial Statement

#000088250813000009 Filed on August 06, 2013

View on sec.gov

Income Statement

Concept 2013 Q2
Revenue $5.126M
YoY Change 24.12%
Cost Of Revenue $3.187M
YoY Change 34.42%
Gross Profit $1.939M
YoY Change 10.23%
Gross Profit Margin 37.83%
Selling, General & Admin $2.911M
YoY Change 7.93%
% of Gross Profit 150.13%
Research & Development $1.842M
YoY Change -34.26%
% of Gross Profit 95.0%
Depreciation & Amortization $310.0K
YoY Change 6.9%
% of Gross Profit 15.99%
Operating Expenses $4.959M
YoY Change -9.82%
Operating Profit -$3.020M
YoY Change -19.25%
Interest Expense $20.00K
YoY Change 53.85%
% of Operating Profit
Other Income/Expense, Net -$52.00K
YoY Change 300.0%
Pretax Income -$2.911M
YoY Change -22.7%
Income Tax $330.0K
% Of Pretax Income
Net Earnings -$3.241M
YoY Change -12.9%
Net Earnings / Revenue -63.23%
Basic Earnings Per Share -$0.07
Diluted Earnings Per Share -$0.07
COMMON SHARES
Basic Shares Outstanding 44.64M shares
Diluted Shares Outstanding 44.64M shares

Balance Sheet

Concept 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.80M
YoY Change 0.0%
Cash & Equivalents $17.76M
Short-Term Investments $0.00
Other Short-Term Assets $56.00K
YoY Change -94.66%
Inventory $3.603M
Prepaid Expenses $865.0K
Receivables $2.093M
Other Receivables $0.00
Total Short-Term Assets $24.38M
YoY Change 3.23%
LONG-TERM ASSETS
Property, Plant & Equipment $2.110M
YoY Change -24.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $270.0K
YoY Change 16.88%
Total Long-Term Assets $2.380M
YoY Change -21.79%
TOTAL ASSETS
Total Short-Term Assets $24.38M
Total Long-Term Assets $2.380M
Total Assets $26.76M
YoY Change 0.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.700M
YoY Change 12.5%
Accrued Expenses $2.052M
YoY Change 44.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $200.0K
YoY Change -50.0%
Total Short-Term Liabilities $4.957M
YoY Change 16.94%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K
YoY Change -80.0%
Other Long-Term Liabilities $167.0K
YoY Change 20.14%
Total Long-Term Liabilities $167.0K
YoY Change 20.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.957M
Total Long-Term Liabilities $167.0K
Total Liabilities $5.205M
YoY Change 6.57%
SHAREHOLDERS EQUITY
Retained Earnings -$184.4M
YoY Change 9.13%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.55M
YoY Change
Total Liabilities & Shareholders Equity $26.76M
YoY Change 0.37%

Cashflow Statement

Concept 2013 Q2
OPERATING ACTIVITIES
Net Income -$3.241M
YoY Change -12.9%
Depreciation, Depletion And Amortization $310.0K
YoY Change 6.9%
Cash From Operating Activities -$2.450M
YoY Change -13.55%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K
YoY Change -128.99%
Acquisitions
YoY Change
Other Investing Activities $270.0K
YoY Change
Cash From Investing Activities $240.0K
YoY Change -447.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 310.0K
YoY Change -502.6%
NET CHANGE
Cash From Operating Activities -2.450M
Cash From Investing Activities 240.0K
Cash From Financing Activities 310.0K
Net Change In Cash -1.900M
YoY Change -36.24%
FREE CASH FLOW
Cash From Operating Activities -$2.450M
Capital Expenditures -$20.00K
Free Cash Flow -$2.430M
YoY Change -16.29%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QuickLogic's fiscal year ends on the Sunday closest to December&#160;31. QuickLogic's </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">second</font><font style="font-family:inherit;font-size:10pt;"> fiscal quarter for </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2012</font><font style="font-family:inherit;font-size:10pt;"> ended Sunday, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">July&#160;1, 2012</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
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CY2013Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2110000 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2659000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
10000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
11000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
151000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
72000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5254000 USD
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2452000 USD
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1842000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3850000 USD
us-gaap Restructuring Charges
RestructuringCharges
86000 USD
us-gaap Restructuring Costs
RestructuringCosts
0 USD
us-gaap Restructuring Costs
RestructuringCosts
213000 USD
CY2012Q3 us-gaap Restructuring Costs
RestructuringCosts
0 USD
CY2013Q2 us-gaap Restructuring Costs
RestructuringCosts
206000 USD
CY2013Q2 us-gaap Restructuring Reserve
RestructuringReserve
127000 USD
CY2012Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
us-gaap Restructuring Reserve Accrual Adjustment
RestructuringReserveAccrualAdjustment
213000 USD
CY2013Q1 us-gaap Restructuring Reserve Accrual Adjustment
RestructuringReserveAccrualAdjustment
7000 USD
CY2013Q2 us-gaap Restructuring Reserve Accrual Adjustment
RestructuringReserveAccrualAdjustment
206000 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-177553000 USD
CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-184378000 USD
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
4071000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
8201000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
8143000 USD
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
5126000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5441000 USD
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2749000 USD
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2911000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5446000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
818000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
737000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
25000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
19000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.30
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
17000 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
40000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.29
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.30
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
17000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
2.33
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5395000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.54
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
152000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
28000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
200000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
99000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.30
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.94
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.30
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.82
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1533000 USD
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6960000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6825000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.56
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.55
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1532000 USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
6583000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.56
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.40
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.27
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.32
CY2013Q2 us-gaap Share Price
SharePrice
2.21
CY2013Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1527000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y1M10D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y8M12D
CY2012Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5122000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
34000 shares
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
27278000 USD
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
21553000 USD
CY2013Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
79000 USD
CY2012Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
79000 USD
CY2013Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
37000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Uses of Estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates, particularly in relation to revenue recognition, the allowance for doubtful accounts, sales returns, valuation of investments, valuation of long-lived assets, valuation of inventories including identification of excess quantities, market value and obsolescence, measurement of stock-based compensation awards, accounting for income taxes and estimating accrued liabilities.</font></div></div>
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44641000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44579000 shares
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40154000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39401000 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40154000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39401000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44579000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44641000 shares
CY2013Q2 quik Operating Leases Future Minimum Payments Due In Two Years And Thereafter
OperatingLeasesFutureMinimumPaymentsDueInTwoYearsAndThereafter
931000 USD
CY2012Q2 quik Proceeds From Issuance Of Common Stock And Warrants Net Of Stock Issuance Costs
ProceedsFromIssuanceOfCommonStockAndWarrantsNetOfStockIssuanceCosts
11900000 USD
quik Purchase Of Equipment Included In Accounts Payable
PurchaseOfEquipmentIncludedInAccountsPayable
52000 USD
quik Purchase Of Equipment Included In Accounts Payable
PurchaseOfEquipmentIncludedInAccountsPayable
0 USD
quik Tax Effect From Reclassificationof Unrealized Gainson Investmentsin Available
TaxEffectFromReclassificationofUnrealizedGainsonInvestmentsinAvailable
-63000 USD
quik Tax Effect From Reclassificationof Unrealized Gainson Investmentsin Available
TaxEffectFromReclassificationofUnrealizedGainsonInvestmentsinAvailable
273000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-29
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000882508
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
44758216 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
QUICKLOGIC CORPORATION

Files In Submission

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