Q4 resurgence puts gloss on QuickLogic year end

QuickLogic has today announced its financial results for the fourth quarter and year ended 31st December 2001.

QuickLogic has today announced its financial results for the fourth quarter and year ended 31st December 2001.

Net revenue for the fourth quarter of 2001 was $6.8 million, up 4% from net revenue of $6.6 million in the third quarter of 2001 and down 44% from net revenue of $12.2 million reported in the fourth quarter of 2000.

Net revenue for 2001 was $32.3 million, down 39% from net revenue of $53.3 million in 2000.

Revenue from ESP products grew by 46% and increased from 12% of revenue in 2000 to 29% of revenue in 2001.

Revenue in other product families declined during the year.

The net loss for the fourth quarter of 2001 was $5.6 million compared with a profit of $1.9 million in the fourth quarter of 2000 and a $12.4 million loss in the third quarter of 2001.

The fourth quarter loss includes a $0.6 million restructuring charge and the third quarter loss includes a $6.8 million write-down of marketable securities associated with a strategic investment in a wafer foundry.

The net loss per share was $0.24 on approximately 23.1 million shares outstanding in the fourth quarter of 2001.

The net loss for 2001 was $26.5 million compared with a net profit of $9.6 million in 2000.

The net loss per share for 2001 was $1.24 on approximately 21.4 million shares outstanding, compared with diluted earnings per share of $0.45 on approximately 21.6 million shares outstanding in 2000.

"2001 was a very challenging year in the semiconductor industry and for our company as well.

While revenue in the fourth quarter exceeded expectations, the best news is how well embedded standard products are being received by our customers", said Tom Hart, chairman, president and CEO.

"Our overall ESP revenue growth of 46% for the year is very encouraging, especially in light of the entire programmable logic sector downturn during 2001.

The fact that ESPs accounted for 29% of this year's revenue is a clear indication of market acceptance of our pioneering efforts with embedded standard products.

New ESP design activity also accelerated during 2001, another good sign of the value of our solutions and a good foundation for the future".

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