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QuickLogic Corporation Q2 2010 Earnings Call Transcript

QuickLogic's future results could differ materially from the results described in these forward-looking statements. We refer you to the risk factors listed in our Annual Report on Form 10-K, quarterly reports on Form 10-Q, and prior press releases for description of these and other risk factors. QuickLogic assumes no obligation to update any such forward-looking statements. For your information, this conference call is open to all and is being webcast live.

For the second quarter 2010, total revenue was 6.5 million; this represents a sequential increase of 19% and was at the high end of our guidance range. New product revenue was 2.3 million; this represents a sequential increase of 11% and was within the lower half of our guidance range. During Q2, there were capacity constraints with our packaging, tests and assembly subcontractor. If we had enabled to obtain timely deliveries, we would have reported new product revenue at the midpoint of our guidance.

The good news is that these delays didn't impact our customers and the 200,000 we would have shipped in Q2 will be reported in Q3 in addition to the new product revenue growth forecast I'll share with you in a few minutes.

Our second quarter legacy product revenue was 4.2 million. This represents a sequential increase of 25% and was above the high end of our guidance. As we experienced in Q1, we saw an increase in demand for our legacy products for multiple customers during the quarter.

Our non-GAAP gross profit margin for Q2 was 61%, due primarily to the higher mix of legacy product sales; this was above the midpoint of our guidance. Non-GAAP operating expenses for Q2 totaled 3.5 million. This was better than our guidance of approximately 4 .1 million and when combined with the higher than expected gross profit margin and higher than expected total revenue produced a non-GAAP operating profit of 508,000.

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