QuickLogic results "most encouraging"

QuickLogic Corp has revealed its financial results for the first quarter ended 31st March 2002.

QuickLogic Corp has revealed its financial results for the first quarter ended 31st March 2002.

Net revenue for the first quarter of 2002 was $7.5 million, up 10% from net revenue of $6.8 million in the fourth quarter of 2001 and down 31% from net revenue of $10.8 million reported in the first quarter of 2001.

Revenue from ESP products grew to 35% of net revenue, an increase from 32% in the fourth quarter of 2001.

The net loss for the first quarter of 2002 was $3.7 million compared to a net loss of $5.6 million in the fourth quarter of 2001 and a net loss of $0.7 million in the first quarter of 2001.

The net loss per share was $0.16 on approximately 23.7 million shares outstanding in the first quarter of 2002.

The net loss per share in the prior quarter was $0.24.

"Our first quarter, 2002 financial results were most encouraging.

Bookings and revenue growth, when coupled with tight spending controls, yielded better than expected financial results.

We clearly have room to improve, but the trends are headed in the right direction", said Tom Hart, chairman, president and CEO.

"Our revenue from embedded standard products grew 19% sequentially to a new record high of 35% of our total Q1 revenue.

We invented and pioneered the ESP semiconductor product category to offer our customers significant speed to market benefits by providing an 'out of the box' solution - as opposed to 'some assembly required'.

ESPs provide standard product economic benefits together with custom product differentiation capability - a real winning combination for our OEM customers".

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