2016 Q2 Form 10-Q Financial Statement

#000088250816000056 Filed on May 11, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q1
Revenue $2.950M $6.159M
YoY Change -40.68% -44.83%
Cost Of Revenue $1.794M $3.280M
YoY Change -36.61% -53.84%
Gross Profit $1.156M $2.879M
YoY Change -46.06% -29.05%
Gross Profit Margin 39.19% 46.74%
Selling, General & Admin $2.693M $2.960M
YoY Change 0.11% -14.57%
% of Gross Profit 232.96% 102.81%
Research & Development $3.447M $3.477M
YoY Change -1.32% 31.65%
% of Gross Profit 298.18% 120.77%
Depreciation & Amortization $310.0K $370.0K
YoY Change -13.89% 2.78%
% of Gross Profit 26.82% 12.85%
Operating Expenses $6.140M $6.437M
YoY Change -3.34% 5.42%
Operating Profit -$4.984M -$3.558M
YoY Change 18.41% 73.73%
Interest Expense $38.00K $14.00K
YoY Change 153.33% -12.5%
% of Operating Profit
Other Income/Expense, Net -$7.000K -$26.00K
YoY Change -78.79% 0.0%
Pretax Income -$5.029M -$3.598M
YoY Change 18.13% 72.15%
Income Tax $64.00K $40.00K
% Of Pretax Income
Net Earnings -$5.093M -$3.638M
YoY Change 19.05% 72.42%
Net Earnings / Revenue -172.64% -59.07%
Basic Earnings Per Share -$0.09 -$0.06
Diluted Earnings Per Share -$0.09 -$0.06
COMMON SHARES
Basic Shares Outstanding 58.37M shares 56.19M shares
Diluted Shares Outstanding 58.37M shares 56.19M shares

Balance Sheet

Concept 2016 Q2 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.30M $28.20M
YoY Change -11.74% -23.99%
Cash & Equivalents $23.30M $28.22M
Short-Term Investments
Other Short-Term Assets $104.0K $104.0K
YoY Change -3.7% 33.33%
Inventory $3.330M $3.349M
Prepaid Expenses $1.076M $946.0K
Receivables $1.555M $1.684M
Other Receivables $0.00 $0.00
Total Short-Term Assets $29.37M $34.30M
YoY Change -7.9% -26.38%
LONG-TERM ASSETS
Property, Plant & Equipment $3.636M $2.974M
YoY Change 35.22% 15.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $229.0K $227.0K
YoY Change 0.0% 5.09%
Total Long-Term Assets $3.865M $3.201M
YoY Change 32.45% 14.98%
TOTAL ASSETS
Total Short-Term Assets $29.37M $34.30M
Total Long-Term Assets $3.865M $3.201M
Total Assets $33.23M $37.50M
YoY Change -4.52% -24.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.300M $1.800M
YoY Change 50.0% -28.0%
Accrued Expenses $1.828M $1.710M
YoY Change -11.65% -35.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $300.0K $200.0K
YoY Change -75.0% -83.33%
Total Short-Term Liabilities $5.428M $3.819M
YoY Change -1.97% -39.74%
LONG-TERM LIABILITIES
Long-Term Debt $3.100M $1.100M
YoY Change 3000.0% 1000.0%
Other Long-Term Liabilities $127.0K $160.0K
YoY Change -18.06% 39.13%
Total Long-Term Liabilities $127.0K $160.0K
YoY Change -18.06% 39.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.428M $3.819M
Total Long-Term Liabilities $127.0K $160.0K
Total Liabilities $8.686M $5.116M
YoY Change 51.11% -21.93%
SHAREHOLDERS EQUITY
Retained Earnings -$225.8M -$206.5M
YoY Change 7.13% 7.61%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.55M $32.38M
YoY Change
Total Liabilities & Shareholders Equity $33.23M $37.50M
YoY Change -4.52% -24.05%

Cashflow Statement

Concept 2016 Q2 2015 Q1
OPERATING ACTIVITIES
Net Income -$5.093M -$3.638M
YoY Change 19.05% 72.42%
Depreciation, Depletion And Amortization $310.0K $370.0K
YoY Change -13.89% 2.78%
Cash From Operating Activities -$4.457M -$1.691M
YoY Change 119.56% -40.56%
INVESTING ACTIVITIES
Capital Expenditures $1.051M $51.00K
YoY Change -1055.45% 325.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$1.051M -$51.00K
YoY Change 855.45% 410.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.00M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $9.674M -$93.00K
YoY Change 2745.29% -103.63%
NET CHANGE
Cash From Operating Activities -$4.457M -$1.691M
Cash From Investing Activities -$1.051M -$51.00K
Cash From Financing Activities $9.674M -$93.00K
Net Change In Cash $4.166M -$1.835M
YoY Change -331.44% 524.15%
FREE CASH FLOW
Cash From Operating Activities -$4.457M -$1.691M
Capital Expenditures $1.051M $51.00K
Free Cash Flow -$5.508M -$1.742M
YoY Change 186.88% -39.03%

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CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1180000 USD
CY2016Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1184000 USD
CY2016Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1076000 USD
CY2013Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
23100000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
8800000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
8800000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2016Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10000000 USD
CY2015Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2016Q2 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1000000 USD
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18490000 USD
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
19122000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3315000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3636000 USD
CY2015Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
47000 USD
CY2016Q2 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
75000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3477000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3447000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-220756000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-225849000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
6159000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
2950000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2960000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2693000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
497000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
534000 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
68000 shares
CY2016Q2 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
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
312000 shares
CY2016Q2 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
1.26
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1435000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1543000 shares
CY2016Q1 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
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.19
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
136000 shares
CY2016Q2 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
1.26
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
209000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.90
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
66000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5266000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5057000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.64
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.66
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
66000 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4968000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.65
CY2016Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.33
CY2016Q2 us-gaap Share Price
SharePrice
1.06
CY2016Q1 us-gaap Share Price
SharePrice
1.00
CY2013Q4 us-gaap Share Price
SharePrice
2.90
CY2016Q1 us-gaap Share Price
SharePrice
1.00
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
66000 USD
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y9M29D
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y3M15D
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y2M16D
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
20325000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
24546000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
36000000 USD
CY2016Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
36000 USD
CY2016Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
18000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56190000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58371000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56190000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58371000 shares
CY2016Q2 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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;">Concentration of Risk</font></div><div style="line-height:120%;text-align:left;padding-left:14px;text-indent:-14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's accounts receivable are denominated in U.S. dollars and are derived primarily from sales to customers located in North America, Asia Pacific, and Europe. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. See Note 11 for information regarding concentrations associated with accounts receivable.</font></div></div>
CY2016Q2 us-gaap Fiscal Period
FiscalPeriod
<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 and the fiscal quarters each end on the Sunday closest to the end of each calendar quarter. QuickLogic's </font><font style="font-family:inherit;font-size:10pt;">first</font><font style="font-family:inherit;font-size:10pt;"> fiscal quarters for </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2016</font><font style="font-family:inherit;font-size:10pt;"> and for </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:inherit;font-size:10pt;"> ended on Sunday, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">April&#160;3, 2016</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;">March&#160;29, 2015</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
CY2016Q2 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 U.S. 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 materially 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>

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