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QuickLogic CEO Discusses Q2 2011 Results - Earnings Call Transcript

For the second quarter of 2011, total revenue was $5.7 million, which was $200,000 above the midpoint of our guidance of $5.5 million. New product revenue totaled $1.2 million, which was flat from Q1 and aligned with the midpoint of our guidance. Our investors should note that while we are pleased about the release of the Pantech's Vega 5 Tablet-Phone, we face challenges in other segments that will affect new product revenue in the third quarter. Andy will discuss this in more detail during his remarks.

Mature product revenue in the quarter totaled $4.5 million, which represents a 5% sequential increase over Q1. Our non-GAAP gross profit margin for Q2 was 66% and was above our guidance due to the mix of products shipped. Non-GAAP operating expenses for Q2 total $5.5 million, which was $1.1 million above our guidance.

The increase in operating expenses was due to the timing of two significant engineering expenses from our third party developers. As we have discussed, we are working on multiple platform development efforts this year and we rely on third parties to provide key elements for these platforms. The higher expenses we incurred in the second quarter included the early delivery of an IP block for a next-generation product, which had been expected in early Q3 of this year.

In addition we incurred higher than expected expenses on development work being done on a previously discussed ArticLink II CX solution platform family. Our other income in the second quarter totaled $24,000. Our total non-GAAP loss for the quarter was $1.6 million or $0.04 per share.

Our cash usage for the quarter was $1.1 million, which was just above our guidance of $1 million. Cash usage was slightly higher than expected due to the higher loss that was partially offset by an 11 day decrease in DSOs to 50 days in the second quarter.

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