Our Q1 GAAP net loss was 878,000 or $0.02 per share. Our GAAP results included stock-based compensation charges of 443,000.
Please see today’s press release for a detailed reconciliation of our GAAP to non-GAAP results.
Now I’ll turn it over to Andy who will update you on the status of our strategic efforts.
Andy PeaseThank you for joining us this afternoon. To say I am disappointed in our first quarter results is an understatement. However, I must underscore that while I am disappointed, I am not discouraged. On the Monday following the release of our preliminary Q1 results, I left for what was literally a trip around the world. It started in China where Brian Faith, QuickLogic’s new VP of Sales and Marketing and I called on existing and potential Tier 1 customers. From there, Brian went to Taiwan and South Korea and I went to Europe. Our goals were to audit our current position with customers, prioritize our near-term efforts, and move our best strategic opportunities forward. Today, I’ll share the results of our audit, what we see as our near-term priorities, and the status of our tactical and strategic objectives. Following this and Ralph’s presentation of our Q2 guidance, we will welcome your questions.In our preliminary Q1 announcement, we noted that shortfalls in our wireless data card market were responsible for roughly 60% of our new product revenue shortfall. Our forecast for wireless data card revenue was based on forecasts from our customers and our Silicon partner, Icera. As recently as the first week of February, the alignment of these two data points gave us confidence in the guidance we presented. However, as we moved through the month of March, it became apparent that the dynamics of the wireless data card market were changing significantly. To clarify what changed and how it impacted us, I’m going to divide the market into two pieces; material markets, which were dominated by North American, Western Europe and emerging markets. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV