2014 Q1 Form 10-Q Financial Statement

#000088250814000006 Filed on May 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $11.16M $3.017M
YoY Change 270.04% -30.64%
Cost Of Revenue $7.106M $1.986M
YoY Change 257.8% -14.76%
Gross Profit $4.058M $1.031M
YoY Change 293.6% -48.96%
Gross Profit Margin 36.35% 34.17%
Selling, General & Admin $3.465M $2.530M
YoY Change 36.96% -0.78%
% of Gross Profit 85.39% 245.39%
Research & Development $2.641M $2.008M
YoY Change 31.52% -18.04%
% of Gross Profit 65.08% 194.76%
Depreciation & Amortization $360.0K $320.0K
YoY Change 12.5% 18.52%
% of Gross Profit 8.87% 31.04%
Operating Expenses $6.106M $4.545M
YoY Change 34.35% -9.1%
Operating Profit -$2.048M -$3.514M
YoY Change -41.72% 17.92%
Interest Expense $16.00K $9.000K
YoY Change 77.78% -190.0%
% of Operating Profit
Other Income/Expense, Net -$26.00K -$4.000K
YoY Change 550.0% -95.56%
Pretax Income -$2.090M -$3.527M
YoY Change -40.74% 14.51%
Income Tax $20.00K $57.00K
% Of Pretax Income
Net Earnings -$2.110M -$3.584M
YoY Change -41.13% 15.24%
Net Earnings / Revenue -18.9% -118.79%
Basic Earnings Per Share -$0.04 -$0.08
Diluted Earnings Per Share -$0.04 -$0.08
COMMON SHARES
Basic Shares Outstanding 54.43M shares 44.52M shares
Diluted Shares Outstanding 54.43M shares 44.52M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.10M $20.00M
YoY Change 85.5% -2.91%
Cash & Equivalents $37.11M $19.66M
Short-Term Investments $300.0K
Other Short-Term Assets $78.00K $31.00K
YoY Change 151.61% -18.42%
Inventory $5.224M $2.525M
Prepaid Expenses $846.0K $815.0K
Receivables $3.327M $1.392M
Other Receivables $0.00 $0.00
Total Short-Term Assets $46.59M $24.73M
YoY Change 88.42% -6.95%
LONG-TERM ASSETS
Property, Plant & Equipment $2.568M $2.404M
YoY Change 6.82% 10.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $216.0K $207.0K
YoY Change 4.35% -1.9%
Total Long-Term Assets $2.784M $2.611M
YoY Change 6.63% 9.16%
TOTAL ASSETS
Total Short-Term Assets $46.59M $24.73M
Total Long-Term Assets $2.784M $2.611M
Total Assets $49.37M $27.34M
YoY Change 80.61% -5.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.500M $1.400M
YoY Change 78.57% -44.0%
Accrued Expenses $2.644M $1.289M
YoY Change 105.12% 15.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.200M $200.0K
YoY Change 500.0% 100.0%
Total Short-Term Liabilities $6.338M $2.921M
YoY Change 116.98% -21.71%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $100.0K
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $115.0K $167.0K
YoY Change -31.14% 12.84%
Total Long-Term Liabilities $115.0K $167.0K
YoY Change -31.14% 12.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.338M $2.921M
Total Long-Term Liabilities $115.0K $167.0K
Total Liabilities $6.553M $3.223M
YoY Change 103.32% -19.93%
SHAREHOLDERS EQUITY
Retained Earnings -$191.9M -$181.1M
YoY Change 5.96% 9.62%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $42.82M $24.11M
YoY Change
Total Liabilities & Shareholders Equity $49.37M $27.34M
YoY Change 80.61% -5.62%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$2.110M -$3.584M
YoY Change -41.13% 15.24%
Depreciation, Depletion And Amortization $360.0K $320.0K
YoY Change 12.5% 18.52%
Cash From Operating Activities -$2.845M -$2.829M
YoY Change 0.57% 106.5%
INVESTING ACTIVITIES
Capital Expenditures $12.00K $62.00K
YoY Change -80.65% -126.96%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$10.00K -$62.00K
YoY Change -83.87% -73.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.561M $7.000K
YoY Change 36485.71%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.561M -$28.00K
YoY Change -9246.43% -112.17%
NET CHANGE
Cash From Operating Activities -$2.845M -$2.829M
Cash From Investing Activities -$10.00K -$62.00K
Cash From Financing Activities $2.561M -$28.00K
Net Change In Cash -$294.0K -$2.919M
YoY Change -89.93% 113.07%
FREE CASH FLOW
Cash From Operating Activities -$2.845M -$2.829M
Capital Expenditures $12.00K $62.00K
Free Cash Flow -$2.857M -$2.891M
YoY Change -1.18% 153.6%

Facts In Submission

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ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2014Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17771000 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17993000 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2568000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2840000 USD
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2013Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
31000 USD
CY2014Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
0 USD
CY2013Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
35000 USD
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2008000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2641000 USD
CY2014Q1 us-gaap Restructuring Costs
RestructuringCosts
0 USD
CY2013Q1 us-gaap Restructuring Costs
RestructuringCosts
7000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-189829000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-191940000 USD
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
3017000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
11164000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3465000 USD
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2530000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
452000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
732000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
1000 shares
CY2014Q1 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
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
275000 shares
CY2014Q1 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
4.79
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
225000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
257000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
3.17
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
3.35
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
242000 shares
CY2014Q1 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
4.82
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4670000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.54
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2800000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
14000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
8000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
38000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.27
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.92
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
15464000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6105000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7242000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.62
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.65
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
15061000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5908000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.64
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.53
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.28
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.28
CY2013Q4 us-gaap Share Price
SharePrice
2.90
CY2014Q1 us-gaap Share Price
SharePrice
5.18
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
12349000 USD
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y0M11D
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y10M24D
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y9M15D
CY2012Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5122000 shares
CY2013Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
8740000 shares
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1167000 shares
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
42818000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
40598000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
79000 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
78000 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
41000 USD
CY2014Q1 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>
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54433000 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44517000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44517000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54433000 shares
CY2013Q4 quik Proceeds From Issuance Of Common Stock And Warrants Net Of Stock Issuance Costs
ProceedsFromIssuanceOfCommonStockAndWarrantsNetOfStockIssuanceCosts
23100000 USD
CY2012Q2 quik Proceeds From Issuance Of Common Stock And Warrants Net Of Stock Issuance Costs
ProceedsFromIssuanceOfCommonStockAndWarrantsNetOfStockIssuanceCosts
11900000 USD
CY2014Q1 quik Purchase Of Equipment Included In Accounts Payable
PurchaseOfEquipmentIncludedInAccountsPayable
79000 USD
CY2013Q1 quik Purchase Of Equipment Included In Accounts Payable
PurchaseOfEquipmentIncludedInAccountsPayable
0 USD
CY2013Q3 quik Shelf Registration Maximum Offering
ShelfRegistrationMaximumOffering
40000000 USD
CY2014Q1 quik Unrecognized Tax Benefits Expiringfrom Lapseof Applicable Statuteof Limitationin Next Twelve Months
UnrecognizedTaxBenefitsExpiringfromLapseofApplicableStatuteofLimitationinNextTwelveMonths
36000 USD
CY2014Q1 quik Unrecognized Tax Benefitsand Accrued Interestand Penalties
UnrecognizedTaxBenefitsandAccruedInterestandPenalties
120000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-28
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-30
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000882508
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
55143777 shares
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
QUICKLOGIC CORPORATION

Files In Submission

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0000882508-14-000006-index-headers.html Edgar Link pending
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0000882508-14-000006.txt Edgar Link pending
0000882508-14-000006-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
quik-20140330.xml Edgar Link completed
quik-20140330.xsd Edgar Link pending
quik-20140330_cal.xml Edgar Link unprocessable
quik-20140330_def.xml Edgar Link unprocessable
quik-20140330_lab.xml Edgar Link unprocessable
quik-20140330_pre.xml Edgar Link unprocessable
quik_20140330x10q.htm Edgar Link pending
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