Product category:
Programmable Logic Devices
News Release from: QuickLogic
Edited by the Electronicstalk Editorial
Team on 30 October 2001
V3 acquisition puts QuickLogic results
down
QuickLogic has announced its financial results for the third quarter ended 30th September 2001.
QuickLogic has announced its financial results for the third quarter ended 30th September 2001 Net revenue for the third quarter of 2001 was $6.6 million, down 19% from net revenue of $8.1 million reported in the second quarter of 2001 and down 56% from net revenue of $14.9 million in the third quarter of 2000
This article was originally published on Electronicstalk on 27 Mar 2001 at 8.00am (UK)
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QuickLogic product revenue declined 14% sequentially, with the remainder resulting from decreased V3 product revenue.
The company reported a net loss of $12.4 million for the third quarter of 2001 compared with a net loss of $7.8 million in the second quarter of 2001 and a net profit of $3.3 million in the third quarter of 2000.
Third quarter losses include a $6.8 million write-down of marketable securities associated with a strategic investment in a wafer foundry.
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The third quarter loss per share was $(0.56), compared with a loss per share of $(0.38) in the second quarter of 2001.
In the third quarter of 2000, diluted earnings per share were $0.15.
On a pro forma basis, the company's net loss for the third quarter of 2001 was $5.0 million, compared with a pro forma net loss of $4.3 million in the second quarter of 2001.
Pro forma net income excludes the effects of the V3 acquisition, which was completed in the third quarter, the write-down of $6.8 million of marketable securities and an inventory write-down in the prior quarter.
The third quarter pro forma loss per share was $(0.22), compared with a pro forma loss per share of $(0.21) in the prior quarter.
"We faced another challenging quarter, but continued to make significant progress in fulfilling our vision for embedded standard product market leadership", said Tom Hart, chairman, president and CEO.
"Though bookings through the second week of September were promising, lack of significant orders in the last three weeks of September contributed to our revenue shortfall.
In the face of limited visibility and continued softness in the market, we took substantial steps to reduce expenses, including a 20% reduction in workforce".
QuickLogic completed the acquisition of the assets of V3 Semiconductor on 1st August, transferring approximately 2.5 million common shares to V3 to close the transaction.
QuickLogic management has rationalised the company's product roadmap, charging the engineering team in Toronto with primary responsibility for system-level product development and the Sunnyvale team with development of programmable fabrics.
The acquisition of V3 product inventories led to an increase in overall finished goods inventories, although the company successfully reduced die inventories.
"We expect our die inventory to continue to decline in the fourth quarter.
Additionally, distributors' inventory at the end of Q3 was only ten days", continued Hart.
"Owing to purchase accounting rules, until V3 inventories are sold off over the next few quarters, overall gross margins will continue to be negatively impacted".
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