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QuickLogic CEO Discusses Q4 2010 Results - Earnings Call Transcript

During this call, we will make statements that are forward-looking. These forward-looking statements involve risks and uncertainties, including but not limited to stated expectations relating to revenue growth from our new products, the impact of inventory rebalancing in the channel, statements pertaining to our design activity and our ability to convert new design opportunities into customer activity, market acceptance of our customer’s products, our expected results and our financial expectations for revenue, gross margin, operating expenses, profitability and cash.

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 a 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 fourth quarter of 2010, total revenue is 7 million. Although total revenue was within our guidance range, this does represent a sequential decline of approximately 5%. New product revenue totaled 2.3 million which represented a 19% sequential decrease. New product revenue is impacted by much lower bookings than we anticipated due to the inventory rebalancing and the wireless broadband data card channel.

The Tier product revenue on the quarter totaled 4.7 million which was at 3% sequential increase. Our non-GAAP gross profit margin for Q4 was 68% and was above our guidance due to the mix of product shipped.

Non-GAAP operating expenses for Q4 totaled 4.2 million, which was within our guidance. As forecasted, non-GAAP operating expenses increased compared to Q3 primarily due to an increase in expenses for a new platform development.

On a non-GAAP basis, other income and expenses and taxes for Q4 were net positive totalling approximately 10,000, primarily due to income tax benefits related to our overseas operations. This resulted in a non-GAAP net income of 496,000 or $0.01 per diluted share.

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