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QuickLogic's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: QUIK

For the second quarter of 2012, total revenue was $4.1 million, which was just above the midpoint of our guidance of $4 million. New product revenues totaled $1.7 million, which was up 5% from the Q1 level. Mature product revenue in the quarter totaled $2.4 million, which represents a 6% sequential decrease from Q1, but was slightly above the midpoint of our guidance.

Our non-GAAP gross profit margin for Q2 was 51% and was above the midpoint of our guidance. The higher than forecasted margin is due to lower inventory reserves and a benefit from selling previously reserved inventory.

Non-GAAP operating expenses for Q2 totaled $4.8 million, which was just below the midpoint of our guidance. As we have previously discussed, the decline in spending is primarily due to lower engineering expenses for two new platform developments as these platforms are now being introduced to the market.

On a non-GAAP basis, the total for other income and expenses and taxes was $82,000. This resulted in a non-GAAP loss of $2.8 million or $0.07 per share. We ended the quarter with approximately $26.9 million in cash. During the quarter, we’ve raised approximately $11.9 million in an equity offering, which was partially offset by cash usage of $2.3 million. This usage was consistent with our guidance.

Our Q2 GAAP net loss was $3.2 million or $0.08 per share. Our GAAP results include stock-based compensation charges of $434,000. 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. Following this, I’ll rejoin the call to present our Q3 guidance.

Andy Pease – Chief Executive Officer

Thank you for joining us this afternoon. As Ralph mentioned, our new product revenue was aligned with our expectations. As forecasted, we saw an increase in the broadband data card demand, the ramp of the Kyocera URBANO PROGRESSO smartphone, and shipments to support Micron’s PoP Video pico projector during the second quarter. These proved to be effective offsets to the production shipments of the Pantech Vega 5 and Kyocera DIGNO smartphones that were completed in Q1.

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