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QuickLogic's Earnings In Line, Revs Beat - Analyst Blog

Posted
10/31/2013 5:13:00 PM
By: Zacks.com
Referenced Stocks:NXPI;QUIK;SUPX

Semiconductor solutions provider, QuickLogic Corporation ( QUIK ) reported in-line bottom results for third-quarter 2013, but it beat the estimates on top-line. The company posted net loss of 5 cents per share compared with 6 cents in the year-ago quarter.  

Moreover, quarterly consolidated loss incurred by this company, which invents and establishes customer-friendly solutions for mobile and portable electronics, narrowed 17.8% to $2.3 million from the loss of $2.8 million in the year-ago comparable quarter.

The year-over-year narrowing of loss was primarily due to a boost in company's top-line. However, top-line growth was partially offset by a rise in QuickLogic's operating expenses, which restricted the company to come out of the red.

QuickLogic reported adjusted net loss (excluding stock-based compensation) of $2 million, or 4 cents per share, against net loss of $2.2 million, or 5 cents per share in the year-ago quarter.

Quarter in Detail      

Revenues exceeded the Zacks Consensus Estimate of $6 million by an impressive margin of 50%. Total revenue surged 77.7% sequentially and 148% year over year to $9.1 million, mainly aided by growth in revenues from the company's new product line (contributed 79% of revenues in the quarter).

The boost in the company's top-line was facilitated by increased demand for new products like some Customer Specific Standard Products (CSSPs), used in tablets and smart phones; and shipment of a certain product ahead of the quarter(due to the timing of a national Chinese holiday).  

Majority of the company's revenues are derived from Korea, which contributed 68% to its total revenues, followed by 11% from the U.S. segment.

QuickLogic's gross profit rose 73.8% to $3 million. However gross margins contracted by 14.2% to 33.4% in the third-quarter.

Balance Sheet

As of Sep 29, 2013, the company's cash and cash equivalents and marketable securities totaled $14.9 million, compared with $22.6 million as of Dec 30, 2012.

QuickLogic currently carries a Zacks Rank #3 (Hold). Some better-placed stocks in the same industry are Microchip Technology Inc. ( MCHP ), Supertex Inc. ( SUPX ) and NXP Semiconductors NV ( NXPI ). While Microchip and Supertex carry a Zacks Rank #1 (Strong Buy), NXP Semiconductor holds a Rank #2 (Buy).



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