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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.”

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