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Quadlogic Controls Corporation Reports Financial Results For The Interim Six Months Ended August 31, 2012 And August 31, 2011

Quadlogic Controls Corporation (OTC Markets: QDLC), today announced its financial results for the interim six months ended August 31, 2012 and August 31, 2011.

Total revenues for the six months ended August 31, 2012 were $6.3 million as compared to $8.3 million for the six months ended August 31, 2011. The Company reported net income for the six months ended August 31, 2012 of approximately $433,000, or 6.9% of total revenues, as compared to net income of approximately $806,000, or 9.8% of total revenues, for the six months ended August 31, 2011.

Detailed interim six months financial information may be downloaded at www.quadlogic.com or http://www.otcmarkets.com .

About Quadlogic

The Company has been engaged in the business of electricity metering, monitoring and control since 1982. All Quadlogic metering products feature the Company’s proprietary robust power line communications technology. The business consists of three segments. First is the design, manufacture and sale of the Transmeter® “smart” metering system, a line of digital, microprocessor-controlled meters that, in communication with the Quadlogic Transponder, measures and remotely monitors the time and amount of electricity consumption and other diagnostics. The second segment supports the first and consists of technical services including meter reading, customer billing, and system repair and maintenance. The third segment, the Energy Guard ™ system of concentrated metering, is sold primarily to utilities in countries where electricity theft is common. It consists of pole-mounted sealed panels of meters, remote data concentrators and sub-station based data collectors capable of remote metering, theft and tamper detection and remote power disconnect and reconnect. The Company's customers include real estate development and construction companies, owners and operators of multi-tenant commercial and residential buildings, distributors and foreign electric utility companies.

Future financial statement releases : The Company intends to release financial results twice per year upon completion of our audited annual financial statements and our unaudited interim six month financial statements. Dates to be determined and will be posted on our website.

Forward Looking Statements : This press release may contain forward-looking information concerning Quadlogic's plans, objectives, future expectations, forecasts and prospects. These statements may include those regarding Quadlogic’s past financial performance including but not limited to lists of customers, revenue and profit, use of cash, investments, relationships and the actual or potential impact of stock option expense, and the results of its product development efforts. Quadlogic’s future results will depend on many factors, including Quadlogic’s ability to attract new customers and preserve or expand its relationship with existing clients, its ability to retain and attract high quality employees, including its management staff, the ability to deliver new innovative products in a timely manner, changing accounting treatments, and other risks applicable to the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

               

QUADLOGIC CONTROLS CORPORATIONUNAUDITED CONDENSED BALANCE SHEETS (In thousands, except per share data)

 

August 31, 2012

August 31, 2011

 

 

ASSETS

Current assets
Cash $ 908 $ 684
Accounts receivable 2,011 3,377
Inventories 2,578 2,630
Prepaid expenses and other current assets   630   677
Total current assets   6,127   7,368
 
Property and equipment, net 1,254 1,452
Other assets   514   423
 
Total Assets $ 7,895 $ 9,243

 

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

Current maturities of installment debt $ 265 $ 360
Current maturities of capital lease obligations 33 102
Secured line of credit 1,133 1,386
Debt obligations - preferred shareholders 692 912
Accounts payable 1,702 2,766
Customer deposits 156 915
Accrued expenses and other liabilities 671 711
Current portion of accrued compensation   524   736
Total current liabilities   5,176   7,888
 

Non-current liabilities

Capital lease obligations, net of current maturities

13 20
Installment debt, net of current maturities - 173
Accrued compensation 679 633

Other non-current liabilities

  1,454   1,417
Total liabilities   7,322   10,131
Shareholders' equity (deficit):
Common stock, $0.001 par value; 20,000,000 shares authorized,
11,013,351 shares issued and outstanding 11 11
Additional paid-in capital 9,370 9,370
Accumulated deficit   (8,808)   (10,269)
Total shareholders' equity (deficit)   573   (888)
 

Total Liabilities and shareholders’ equity

$ 7,895 $ 9,243
 
               

QUADLOGIC CONTROLS CORPORATION UNAUDITED CONDENSED STATEMENTS OF OPERATIONS (In thousands, except per share data)

 

August 31, 2012

August 31, 2011

 
Revenues
Meter Sales

$

4,348

$

6,462

Billing and technical services  

1,903

 

1,804

Total revenues  

6,251

 

8,266

 
Cost of revenues
Cost of meters sold

2,605

3,629

Cost of billing and technical services  

996

 

1,045

Total cost of revenues

3,601

4,674

 
Gross Margin

2,650

3,592

 
Operating expenses:
Selling

703

1,153

Research and development

506

679

General and administrative  

838

 

757

Total operating expenses

2,047

2,589

 
Operating income

603

1,003

 
Other expense, net
Interest expense

(156)

 (179)

Other expense, net  

(14)

 

(18)

Total other expense

(170)

 (197)

 
Net income

$

433

$

806

 
 
Basic earnings per share

$

0.04

$

0.07

Shares used in computing basic earnings per share

11,013,351

11,013,351

Diluted net earnings per share

$

0.04

$

0.07

Shares used in computing diluted earnings per share

11,668,111

11,561,611

 
               

QUADLOGIC CONTROLS CORPORATION UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS (In thousands)

 

August 31, 2012

August 31, 2011

 
Cash flows from operating activities:
Net income

$

433

$

806

Adjustments to reconcile net income to net cash provided by
operating activities:
Provision for doubtful accounts

15

20

Depreciation and amortization

129

143

Stock based compensation

20

-

Changes in assets and liabilities:
Accounts receivable

147

(1,472)

Inventories

200

(901)

Prepaid expenses and other current assets

(109)

(183)

Accounts payable

184

966

Customer deposits

(143)

915

Accrued expenses and other liabilities

(137)

199

Accrued compensation

(188)

(48)

Other non-current liabilities  

10

 

38

Net cash provided by operating activities  

561

 

483

Cash flow from investing activities:
Purchases of property and equipment

(23)

(27)

Patent acquisition costs  

(57)

 

(11)

Net cash used in investing activities  

(80)

 

(38)

Cash flows from financing activities:
Payments on debt obligations

(243)

(442)

Net borrowings from line of credit

471

345

Principal payments on capital lease obligations  

(44)

 

(62)

Net provided by (used in) financing activities  

184

 

(159)

Net increase in cash

665

286

Cash beginning  

243

 

398

 

Cash ending

$

908

$

684

 




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