This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

QuickLogic Announces Fiscal 2010 First Quarter Results – 27% Sequential Revenue Growth

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 4, 2010.

Total revenue for the first quarter of 2010 was $5.4 million, up 27% and 19% from the fourth quarter of 2009 and from the first quarter of 2009, respectively. During the first quarter, new product revenue increased to $2.1 million from $2.0 million in the fourth quarter of 2009. New product revenue accounted for 38% of the total revenue in the first quarter. During the first quarter, legacy product revenue increased 50% to $3.4 million from $2.2 million in the fourth quarter of 2009, accounting for 62% of the total revenue in the first quarter.

Under generally accepted accounting principles (GAAP), the net loss for the first quarter of 2010 was $0.1 million, or $0.00 per share, compared with a net loss of $1.9 million, or $0.06 per share, in the fourth quarter of 2009 and a net loss of $1.6 million, or $0.05 per share, in the first quarter of 2009. Non-GAAP net loss for the first quarter of 2010 was $0.5 million, or $0.01 per share, compared with a non-GAAP net loss of $1.3 million, or $0.04 per share, in the fourth quarter of 2009 and a non-GAAP net loss of $1.2 million, or $0.04 per share, in the first quarter of 2009.

“While we are satisfied we met our guidance on new product revenue and with the modest growth, we are even more pleased with the increase in the number of our customers and application segments we shipped CSSPs to during the first quarter,” said Tom Hart, QuickLogic’s Chairman of the Board and CEO. “Due to the broad OEM and ODM exposure that our CSSPs have received from their use on reference platforms, we are now shipping CSSPs to additional top tier 3G USB modem OEMs. Furthermore, we began production shipments of new CSSPs to customers in the mobile enterprise market segment – one of the fastest growing market segments and a segment where we believe we offer tremendous value, which should generate new product revenue for several years, owing to our customer’s longer product life cycles in this market segment.”

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,501.65 -12.72 -0.08%
S&P 500 1,875.39 -4.16 -0.22%
NASDAQ 4,126.9670 -34.4910 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs