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QuickLogic CEO Discusses Q4 2010 Results - Earnings Call Transcript

Our net ending cash position of 22 million reflects an increase of approximately 4.8 million from the Q3 net ending cash balance. This increase was driven primarily by the exercise of warrants, the exercise on employee stock options, and cash generated by operations.

Our Q4 GAAP net loss was 69,000 or $0.00 per diluted share. Our GAAP results include stock-based compensation charges of 565,000. Please see today’s press release for a detailed reconciliation of our GAAP to non-GAAP result as well as for detailed information on full-year 2010 results.

I’ll rejoin you in a few minutes to discuss our guidance for the first quarter, but first Andy will update you on the status of our strategic efforts.

Andy Pease

Thank you, Ralph. We are very pleased with the solid tangible progress we posted for 2010. Our total revenue increased 74% and our new product revenue increased 93% over 2009. As a result of this growth and the success of our improved operating model, we reported a non-GAAP profit for each of the last three quarters as well as for the full-year of 2010.

This, along with the exercise of warrants and options, helped boost our balance sheet net cash from 16 million at the close of 2009 to 22 million at the close of 2010. While revenue describes the depths of our business, our balance sheet, the strength of our foundation, we believe it is also important to track and measure the breadth of our business which includes the number of active designs, customers and market segments.

During 2010, we shipped 19 active production designs, more than three times the six active designs we had at the close of 2009. We also doubled our active customer base from 6 to 12.

An important implication is we have increased the average number of designs for customer from one at the close of 2009, to 1.5 at the close of 2010. This indicates once a customer uses a CSSP in one design, there is a tendency to use our CSSP solutions in future designs.

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