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Share Name | Share Symbol | Market | Type |
---|---|---|---|
QuickLogic Corporation | NASDAQ:QUIK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.49 | 3.65% | 13.92 | 13.00 | 30.00 | 14.2194 | 13.5011 | 13.61 | 210,899 | 05:00:05 |
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Delaware
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77-0188504
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification Number)
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Title of Each Class
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Name of Exchange on which Registered
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Common Stock, $0.001 par value
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The NASDAQ Stock Market LLC
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Large accelerated filer
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[ ]
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Accelerated Filer
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[x]
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Non-accelerated filer
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[ ] (Do not check if a smaller reporting company)
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Smaller Reporting Company
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[ ]
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Emerging growth company
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[ ]
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Page
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Item 1B
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Item 4.
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•
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Microcontrollers, or MCUs, are typically small, low power devices on a single integrated circuit that contain a processor core, memory and a number of peripherals. They are designed to be programmed with software for embedded applications;
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•
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Application Specific Standard Products, or ASSPs, other than processors, are fixed function devices designed to address a relatively narrow set of applications. These devices typically integrate a number of common peripherals or functions and the functionality of these devices is fixed prior to wafer fabrication;
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•
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Programmable Logic Devices, or PLDs, are general-purpose devices, which can be used by a variety of electronic systems manufacturers and are customized after purchase for a specific application. FPGAs are a subset of PLDs and are typically used to implement complex system functions; and
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•
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Application Specific Integrated Circuits, or ASICs, are custom devices designed and fabricated to meet the needs of one specific application for one end-customer. Structured ASICs, a sub-category of ASICs, provide a limited amount of custom content to broaden the applicability of a device for additional applications.
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•
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Sensor Processing IPs
such as Flexible Fusion Engine, or FFE, Sensor Manager, or Communications Manager;
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•
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Display and Visual Enhancement s
such as VEE, DPO or LCD controller interfaces, LVDS and MIPI;
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•
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Network IPs
such as high speed Universal Asynchronous Receiver/Transmitters, or UARTs, to enable connectivity to Bluetooth devices;
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•
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Storage IPs
such as Secure Digital High Capacity, or SDHC; and
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•
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Other IPs
such as I2S, PCM, I2C, IRDA, PWM, and other general purpose interfaces.
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•
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Our system software group creates the drivers and other system code required to connect our silicon devices to Application Processors, drivers and microcode to support our sensor hubs.
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•
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Our platform engineering group develops low power programmable devices and system IP targeted for mobile or battery powered embedded systems that can be used in standalone solution platforms such as PolarPro 3E, or combined in solution platforms such as EOS S3.
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•
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Our EDA software group develops the design libraries, interface routines and place and route software that allow our engineers to use third party design environments to develop designs that are incorporated into our programmable devices, and develops the design tools that support algorithm development for our sensor hubs.
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•
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Our hardware group develops and verifies IP Blocks that can be programmed into our programmable logic and develops reference designs to showcase and verify our solutions.
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•
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Our product engineering group oversees product manufacturing and process development with our third party foundries, and is involved in ongoing process improvements to increase yields and optimize device characteristics.
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•
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The Office of the CTO investigates future trends and requirements in order to define the next generation of solutions and platforms.
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Name
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Age
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Position
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Brian C. Faith
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43
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President and Chief Executive Officer; Director
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Suping (Sue) Cheung
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54
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Chief Financial Officer and Vice President, Finance
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Rajiv Jain
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57
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Vice President, Worldwide Operations
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Timothy Saxe
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62
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Senior Vice President Engineering and Chief Technology Officer
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E. Thomas Hart
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76
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Chairman of the Board
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Andrew J. Pease
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67
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Director
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Michael R. Farese
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71
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Director
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Arturo Krueger
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78
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Director
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Daniel A. Rabinovitsj
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53
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Director
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Christine Russell
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68
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Director
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Gary H. Tauss
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63
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Director
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High
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|
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Low
|
|
||
Fiscal Year Ended December 31, 2017:
|
|
|
|
||||
Fourth Quarter (through December 31, 2017)
|
$
|
1.87
|
|
|
$
|
1.48
|
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Third Quarter (through October 1, 2017)
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$
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1.75
|
|
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$
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1.25
|
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Second Quarter (through July 2, 2017)
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$
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1.72
|
|
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$
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1.16
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First Quarter (through April 2, 2017)
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$
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2.34
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|
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$
|
1.15
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Fiscal Year Ended January 1, 2017:
|
|
|
|
||||
Fourth Quarter (through January 1, 2017)
|
$
|
1.51
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|
|
$
|
0.76
|
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Third Quarter (through October 2, 2016)
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$
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1.03
|
|
|
$
|
0.76
|
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Second Quarter (through July 3, 2016)
|
$
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1.20
|
|
|
$
|
0.89
|
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First Quarter (through April 3, 2016)
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$
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1.62
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$
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1.04
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Fiscal Years
|
||||||||||||||||||
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2017
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2016
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2015
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2014
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2013
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||||||||||
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(in thousands, except per share amount)
|
||||||||||||||||||
Statements of Operations:
|
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|
|
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||||||||||
Revenue
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$
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12,149
|
|
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$
|
11,421
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|
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$
|
18,956
|
|
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$
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27,845
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$
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26,072
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Cost of revenue
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6,627
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7,648
|
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|
11,411
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|
16,796
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17,305
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|||||
Gross profit
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5,522
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3,773
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7,545
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|
11,049
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8,767
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|||||
Operating expenses:
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|
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|
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||||||||||
Research and development
|
9,572
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12,265
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14,144
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|
12,186
|
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|
8,375
|
|
|||||
Selling, general and administrative
|
9,900
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|
10,310
|
|
|
10,619
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|
|
11,663
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|
12,002
|
|
|||||
Restructuring costs
(1)
|
—
|
|
|
—
|
|
|
295
|
|
|
—
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|
|
181
|
|
|||||
Loss from operations
|
(13,950
|
)
|
|
(18,802
|
)
|
|
(17,513
|
)
|
|
(12,800
|
)
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|
(11,791
|
)
|
|||||
Gain on sale of TowerJazz Semiconductor Ltd. shares
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
181
|
|
|||||
Interest expense
|
(115
|
)
|
|
(175
|
)
|
|
(82
|
)
|
|
(85
|
)
|
|
(54
|
)
|
|||||
Interest income and other expense, net
|
21
|
|
|
(106
|
)
|
|
(107
|
)
|
|
(126
|
)
|
|
(157
|
)
|
|||||
Loss before income taxes
|
(14,044
|
)
|
|
(19,083
|
)
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|
(17,702
|
)
|
|
(13,011
|
)
|
|
(11,821
|
)
|
|||||
Provision for income taxes
|
87
|
|
|
65
|
|
|
146
|
|
|
68
|
|
|
455
|
|
|||||
Net loss
|
$
|
(14,131
|
)
|
|
$
|
(19,148
|
)
|
|
$
|
(17,848
|
)
|
|
$
|
(13,079
|
)
|
|
$
|
(12,276
|
)
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
(0.18
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.32
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.27
|
)
|
Diluted
|
$
|
(0.18
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.32
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.27
|
)
|
Weighted average shares:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
77,291
|
|
|
65,377
|
|
|
56,472
|
|
|
55,401
|
|
|
45,762
|
|
|||||
Diluted
|
77,291
|
|
|
65,377
|
|
|
56,472
|
|
|
55,401
|
|
|
45,762
|
|
|
December 31,
2017 |
|
January 1,
2017 |
|
January 3,
2016 |
|
December 28,
2014 |
|
December 29,
2013 |
||||||||||
|
(in thousands)
|
||||||||||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
16,527
|
|
|
$
|
14,870
|
|
|
$
|
19,136
|
|
|
$
|
30,050
|
|
|
$
|
37,406
|
|
Working capital
|
$
|
12,619
|
|
|
$
|
9,042
|
|
|
19,132
|
|
|
$
|
33,395
|
|
|
$
|
37,801
|
|
|
Total assets
|
$
|
24,636
|
|
|
$
|
21,844
|
|
|
$
|
28,461
|
|
|
$
|
41,139
|
|
|
$
|
49,126
|
|
Long-term obligations, excluding current portion
|
$
|
369
|
|
|
$
|
49
|
|
|
$
|
2,341
|
|
|
$
|
1,267
|
|
|
$
|
254
|
|
Total stockholders' equity
|
$
|
14,878
|
|
|
11,988
|
|
|
$
|
20,325
|
|
|
$
|
35,567
|
|
|
$
|
40,598
|
|
(1)
|
We incurred restructuring costs of $295,000 and $181,000 in 2015 and 2013, respectively. In 2015, we implemented a restructuring plan to re-align the organization to support our sensor processing provider business model and growth strategy. The expenses in 2013 relate to the Company's effort to consolidate and streamline its engineering organization.
|
(2)
|
During the second quarter of 2013, we sold our remaining
42,970
ordinary shares of TowerJazz, which reflect the 1-to-15 reverse stock split. This sale resulted in a gain of
$181,000
.
|
|
Fiscal Years
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Statements of Operations:
|
|
|
|
|
|
|||
Revenue
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Cost of revenue
|
55
|
%
|
|
67
|
%
|
|
60
|
%
|
Gross profit
|
45
|
%
|
|
33
|
%
|
|
40
|
%
|
Operating expenses:
|
|
|
|
|
|
|||
Research and development
|
79
|
%
|
|
107
|
%
|
|
75
|
%
|
Selling, general and administrative
|
81
|
%
|
|
90
|
%
|
|
56
|
%
|
Restructuring costs
|
—
|
%
|
|
—
|
%
|
|
2
|
%
|
Loss from operations
|
(115
|
)%
|
|
(164
|
)%
|
|
(93
|
)%
|
Interest expense
|
(1
|
)%
|
|
(2
|
)%
|
|
—
|
%
|
Interest income and other expense, net
|
—
|
%
|
|
(1
|
)%
|
|
(1
|
)%
|
Loss before income taxes
|
(116
|
)%
|
|
(167
|
)%
|
|
(94
|
)%
|
Provision for income taxes
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
Net loss
|
(117
|
)%
|
|
(168
|
)%
|
|
(95
|
)%
|
|
Fiscal Years
|
|
|
|
|
|||||||||||||||
|
2017
|
|
2016
|
|
|
|
|
|||||||||||||
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
% of Total
Revenues
|
|
Year-Over-Year
Change
|
|||||||||||
Revenue by product family
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
New products
|
$
|
5,853
|
|
|
48
|
%
|
|
$
|
5,622
|
|
|
49
|
%
|
|
$
|
231
|
|
|
4
|
%
|
Mature products
|
6,296
|
|
|
52
|
%
|
|
5,799
|
|
|
51
|
%
|
|
497
|
|
|
9
|
%
|
|||
Total revenue
|
$
|
12,149
|
|
|
100
|
%
|
|
$
|
11,421
|
|
|
100
|
%
|
|
$
|
728
|
|
|
6
|
%
|
|
Fiscal Years
|
|
|
|
|
|||||||||||||||
|
2017
|
|
2016
|
|
|
|
|
|||||||||||||
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
% of Total
Revenues
|
|
Year-Over-Year
Change
|
|||||||||||
Revenue
|
$
|
12,149
|
|
|
100
|
%
|
|
$
|
11,421
|
|
|
100
|
%
|
|
$
|
728
|
|
|
6
|
%
|
Cost of revenue
|
6,627
|
|
|
55
|
%
|
|
7,648
|
|
|
67
|
%
|
|
(1,021
|
)
|
|
(13
|
)%
|
|||
Gross Profit
|
$
|
5,522
|
|
|
45
|
%
|
|
$
|
3,773
|
|
|
33
|
%
|
|
$
|
1,749
|
|
|
46
|
%
|
|
Fiscal Years
|
|
|
|
|
|||||||||||||||
|
2017
|
|
2016
|
|
|
|
|
|||||||||||||
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
% of Total
Revenues
|
|
Year-Over-Year
Change
|
|||||||||||
R&D expenses
|
$
|
9,572
|
|
|
79
|
%
|
|
$
|
12,265
|
|
|
107
|
%
|
|
$
|
(2,693
|
)
|
|
(22
|
)%
|
SG&A expenses
|
9,900
|
|
|
81
|
%
|
|
10,310
|
|
|
90
|
%
|
|
(410
|
)
|
|
(4
|
)%
|
|||
Total operating expenses
|
$
|
19,472
|
|
|
160
|
%
|
|
$
|
22,575
|
|
|
197
|
%
|
|
$
|
(3,103
|
)
|
|
(14
|
)%
|
|
Fiscal Years
|
|
Year-Over-Year
Change
|
|||||||||||
|
2017
|
|
2016
|
|
Amount
|
|
Percentage
|
|||||||
|
|
|
|
|
|
|||||||||
Interest expense
|
$
|
(115
|
)
|
|
$
|
(175
|
)
|
|
$
|
(60
|
)
|
|
(34
|
)%
|
Interest income and other expense, net
|
21
|
|
|
(106
|
)
|
|
(127
|
)
|
|
(120
|
)%
|
|||
|
$
|
(94
|
)
|
|
$
|
(281
|
)
|
|
$
|
(187
|
)
|
|
(67
|
)%
|
|
Fiscal Years
|
|
Year-Over-Year
Change
|
|||||||||||
|
2017
|
|
2016
|
|
Amount
|
|
Percentage
|
|||||||
|
|
|
|
|
|
|||||||||
Income tax provision
|
$
|
87
|
|
|
$
|
65
|
|
|
$
|
22
|
|
|
34
|
%
|
|
Fiscal Years
|
|
|
|
|
|||||||||||||||
|
2016
|
|
2015
|
|
|
|
|
|||||||||||||
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
% of Total
Revenues
|
|
Year-Over-Year
Change
|
|||||||||||
Revenue by product family
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
New products
|
$
|
5,622
|
|
|
49
|
%
|
|
$
|
12,020
|
|
|
63
|
%
|
|
$
|
(6,398
|
)
|
|
(53
|
)%
|
Mature products
|
5,799
|
|
|
51
|
%
|
|
6,936
|
|
|
37
|
%
|
|
(1,137
|
)
|
|
(16
|
)%
|
|||
Total revenue
|
$
|
11,421
|
|
|
100
|
%
|
|
$
|
18,956
|
|
|
100
|
%
|
|
$
|
(7,535
|
)
|
|
(40
|
)%
|
|
Fiscal Years
|
|
|
|
|
|||||||||||||||
|
2016
|
|
2015
|
|
|
|
|
|||||||||||||
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
% of Total
Revenues
|
|
Year-Over-Year
Change
|
|||||||||||
Revenue
|
$
|
11,421
|
|
|
100
|
%
|
|
$
|
18,956
|
|
|
100
|
%
|
|
$
|
(7,535
|
)
|
|
(40
|
)%
|
Cost of revenue
|
7,648
|
|
|
67
|
%
|
|
11,411
|
|
|
60
|
%
|
|
(3,763
|
)
|
|
(33
|
)%
|
|||
Gross Profit
|
$
|
3,773
|
|
|
33
|
%
|
|
$
|
7,545
|
|
|
40
|
%
|
|
$
|
(3,772
|
)
|
|
(50
|
)%
|
|
Fiscal Years
|
|
|
|
|
|||||||||||||||
|
2016
|
|
2015
|
|
|
|
|
|||||||||||||
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
% of Total
Revenues
|
|
Year-Over-Year
Change
|
|||||||||||
R&D expenses
|
$
|
12,265
|
|
|
107
|
%
|
|
$
|
14,144
|
|
|
75
|
%
|
|
$
|
(1,879
|
)
|
|
(13
|
)%
|
SG&A expenses
|
10,310
|
|
|
90
|
%
|
|
10,619
|
|
|
56
|
%
|
|
(309
|
)
|
|
(3
|
)%
|
|||
Restructuring Costs
|
—
|
|
|
—
|
%
|
|
295
|
|
|
2
|
%
|
|
(295
|
)
|
|
100
|
%
|
|||
Total operating expenses
|
$
|
22,575
|
|
|
197
|
%
|
|
$
|
25,058
|
|
|
133
|
%
|
|
$
|
(2,483
|
)
|
|
(10
|
)%
|
|
Fiscal Years
|
|
Year-Over-Year Change
|
|||||||||||
|
2016
|
|
2015
|
|
Amount
|
|
Percentage
|
|||||||
|
|
|
|
|
|
|||||||||
Interest expense
|
$
|
(175
|
)
|
|
$
|
(82
|
)
|
|
$
|
93
|
|
|
113
|
%
|
Interest income and other expense, net
|
(106
|
)
|
|
(107
|
)
|
|
(1
|
)
|
|
(1
|
)%
|
|||
|
$
|
(281
|
)
|
|
$
|
(189
|
)
|
|
$
|
92
|
|
|
(49
|
)%
|
|
Fiscal Years
|
|
Year-Over-Year Change
|
|||||||||||
|
2016
|
|
2015
|
|
Amount
|
|
Percentage
|
|||||||
|
|
|
|
|
|
|||||||||
Income tax provision
|
$
|
65
|
|
|
$
|
146
|
|
|
$
|
(81
|
)
|
|
(55
|
)%
|
|
Fiscal Year
|
||||||||
|
2017
|
2016
|
2015
|
||||||
Net cash (used in) operating activities
|
$
|
(12,938
|
)
|
$
|
(15,259
|
)
|
$
|
(11,829
|
)
|
Net cash (used in) investing activities
|
(642
|
)
|
(1,954
|
)
|
(346
|
)
|
|||
Net cash provided by financing activities
|
15,237
|
|
12,947
|
|
1,261
|
|
|
Payments Due by Period
|
||||||||||||||
|
Total
|
|
Less than 1 year
|
|
1-3 Years
|
|
More than
3 Years |
||||||||
Contractual cash obligations:
|
|
|
|
|
|
|
|
||||||||
Operating leases
|
$
|
1,270
|
|
|
$
|
835
|
|
|
$
|
347
|
|
|
$
|
88
|
|
Wafer purchases
(1)
|
1,094
|
|
|
1,094
|
|
|
—
|
|
|
—
|
|
||||
Other purchase commitments
|
1,727
|
|
|
1,618
|
|
|
109
|
|
|
—
|
|
||||
Total contractual cash obligations
|
4,091
|
|
|
3,547
|
|
|
456
|
|
|
88
|
|
||||
Other commercial commitments
(2):
|
|
|
|
|
|
|
|
||||||||
Revolving line of credit
|
6,000
|
|
|
6,000
|
|
|
—
|
|
|
—
|
|
||||
Capital software lease obligations
|
654
|
|
|
299
|
|
|
355
|
|
|
—
|
|
||||
Total commercial commitments
|
6,654
|
|
|
6,299
|
|
|
355
|
|
|
—
|
|
||||
Total contractual obligations and commercial commitments
(3)
|
$
|
10,745
|
|
|
$
|
9,846
|
|
|
$
|
811
|
|
|
$
|
88
|
|
(1)
|
Certain of our wafer manufacturers require us to forecast wafer starts several months in advance. We are committed to take delivery of and pay for a portion of forecasted wafer volume. Wafer purchase commitments of
$1.1 million
include firm purchase commitments and a portion of our forecasted wafer starts as of the end of
2017
.
|
(2)
|
Other commercial commitments are included as liabilities on our consolidated balance sheets as of the end of
2017
.
|
(3)
|
Does not include unrecognized tax benefits of
$2.1 million
as of the end of
2017
. See Note 7 of the Consolidated Financial Statements.
|
|
Page
|
|
December 31,
2017 |
|
January 1,
2017 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
16,527
|
|
|
$
|
14,870
|
|
Accounts receivable, net of allowances for doubtful accounts of $0
|
925
|
|
|
839
|
|
||
Inventories
|
3,559
|
|
|
2,017
|
|
||
Other current assets
|
997
|
|
|
1,123
|
|
||
Total current assets
|
22,008
|
|
|
18,849
|
|
||
Property and equipment, net
|
2,375
|
|
|
2,765
|
|
||
Other assets
|
253
|
|
|
230
|
|
||
TOTAL ASSETS
|
$
|
24,636
|
|
|
$
|
21,844
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Revolving line of credit
|
$
|
6,000
|
|
|
$
|
6,000
|
|
Trade payables
|
1,437
|
|
|
2,018
|
|
||
Accrued liabilities
|
1,653
|
|
|
1,580
|
|
||
Current portion of capital software lease obligations
|
299
|
|
|
209
|
|
||
Total current liabilities
|
9,389
|
|
|
9,807
|
|
||
Long-term liabilities:
|
|
|
|
||||
Capital software lease obligations, less current portion
|
355
|
|
|
—
|
|
||
Other long-term liabilities
|
14
|
|
|
49
|
|
||
Total liabilities
|
9,758
|
|
|
9,856
|
|
||
Commitments (Note 12)
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value; 200,000 and 100,000 shares authorized; 80,536 and 68,134 shares issued and outstanding as of December 31, 2017 and January 1, 2017, respectively
|
80
|
|
|
68
|
|
||
Additional paid-in capital
|
268,833
|
|
|
251,824
|
|
||
Accumulated deficit
|
(254,035
|
)
|
|
(239,904
|
)
|
||
Total stockholders' equity
|
14,878
|
|
|
11,988
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
24,636
|
|
|
$
|
21,844
|
|
|
Fiscal Years
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
||||||||||
Statements of Operations:
|
|
|
|
|
|
||||||
Revenue
|
$
|
12,149
|
|
|
$
|
11,421
|
|
|
$
|
18,956
|
|
Cost of revenue
|
6,627
|
|
|
7,648
|
|
|
11,411
|
|
|||
Gross profit
|
5,522
|
|
|
3,773
|
|
|
7,545
|
|
|||
Operating expenses:
|
|
|
|
|
|
||||||
Research and development
|
9,572
|
|
|
12,265
|
|
|
14,144
|
|
|||
Selling, general and administrative
|
9,900
|
|
|
10,310
|
|
|
10,619
|
|
|||
Restructuring costs
|
—
|
|
|
—
|
|
|
295
|
|
|||
Loss from operations
|
(13,950
|
)
|
|
(18,802
|
)
|
|
(17,513
|
)
|
|||
Interest expense
|
(115
|
)
|
|
(175
|
)
|
|
(82
|
)
|
|||
Interest income and other expense, net
|
21
|
|
|
(106
|
)
|
|
(107
|
)
|
|||
Loss before income taxes
|
(14,044
|
)
|
|
(19,083
|
)
|
|
(17,702
|
)
|
|||
Provision for income taxes
|
87
|
|
|
65
|
|
|
146
|
|
|||
Net loss
|
$
|
(14,131
|
)
|
|
$
|
(19,148
|
)
|
|
$
|
(17,848
|
)
|
Net loss per share:
|
|
|
|
|
|
||||||
Basic
|
$
|
(0.18
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.32
|
)
|
Diluted
|
$
|
(0.18
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.32
|
)
|
Weighted average shares:
|
|
|
|
|
|
||||||
Basic
|
77,291
|
|
|
65,377
|
|
|
56,472
|
|
|||
Diluted
|
77,291
|
|
|
65,377
|
|
|
56,472
|
|
|
Fiscal Years
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net loss
|
$
|
(14,131
|
)
|
|
$
|
(19,148
|
)
|
|
$
|
(17,848
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
1,373
|
|
|
1,332
|
|
|
1,409
|
|
|||
Stock-based compensation
|
1,441
|
|
|
1,584
|
|
|
2,028
|
|
|||
Write-down of inventories
|
232
|
|
|
296
|
|
|
229
|
|
|||
Write-off of equipment
|
12
|
|
|
368
|
|
|
8
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable
|
(86
|
)
|
|
762
|
|
|
(49
|
)
|
|||
Inventories
|
(1,774
|
)
|
|
565
|
|
|
1,845
|
|
|||
Other assets
|
103
|
|
|
305
|
|
|
300
|
|
|||
Trade payables
|
(145
|
)
|
|
(1,337
|
)
|
|
260
|
|
|||
Accrued liabilities
|
72
|
|
|
124
|
|
|
(94
|
)
|
|||
Deferred income
|
—
|
|
|
(26
|
)
|
|
26
|
|
|||
Other long-term liabilities
|
(35
|
)
|
|
(84
|
)
|
|
57
|
|
|||
Net cash used in operating activities
|
(12,938
|
)
|
|
(15,259
|
)
|
|
(11,829
|
)
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
|||||
Capital expenditures for property and equipment
|
(642
|
)
|
|
(1,954
|
)
|
|
(346
|
)
|
|||
Net cash used in investing activities
|
(642
|
)
|
|
(1,954
|
)
|
|
(346
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Payment of capital software lease obligations
|
(344
|
)
|
|
(280
|
)
|
|
(293
|
)
|
|||
Proceeds from line of credit
|
18,000
|
|
|
4,000
|
|
|
1,000
|
|
|||
Repayment of line of credit
|
(18,000
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from issuance of common stock
|
17,550
|
|
|
10,603
|
|
|
692
|
|
|||
Stock issuance costs
|
(1,771
|
)
|
|
(1,197
|
)
|
|
—
|
|
|||
Taxes paid related to net settlement of equity awards
|
(198
|
)
|
|
(179
|
)
|
|
(138
|
)
|
|||
Net cash provided by financing activities
|
15,237
|
|
|
12,947
|
|
|
1,261
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
1,657
|
|
|
(4,266
|
)
|
|
(10,914
|
)
|
|||
Cash and cash equivalents at beginning of period
|
14,870
|
|
|
19,136
|
|
|
30,050
|
|
|||
Cash and cash equivalents at end of period
|
$
|
16,527
|
|
|
$
|
14,870
|
|
|
$
|
19,136
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||||||
Interest paid
|
$
|
106
|
|
|
$
|
183
|
|
|
$
|
77
|
|
Income taxes paid
|
$
|
157
|
|
|
$
|
128
|
|
|
$
|
121
|
|
Supplemental schedule of non-cash investing and financing activities :
|
|
|
|
|
|
||||||
Capital software lease obligation to finance capital expenditures
|
$
|
654
|
|
|
$
|
209
|
|
|
$
|
489
|
|
Purchase of equipment included in accounts payable
|
$
|
436
|
|
|
$
|
—
|
|
|
$
|
977
|
|
|
Common Stock at
Par Value
|
|
Additional
Paid-In
Capital
|
|
Accumulated
Deficit
|
|
Total
Stockholders'
Equity
|
|||||||||||
|
Shares
|
|
Amount
|
|
|
|
||||||||||||
Balance at December 28, 2014
|
56,182
|
|
|
$
|
56
|
|
|
$
|
238,419
|
|
|
$
|
(202,908
|
)
|
|
$
|
35,567
|
|
Common stock issued under stock plans and employee stock purchase plans
|
722
|
|
|
1
|
|
|
553
|
|
|
—
|
|
|
554
|
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
2,052
|
|
|
—
|
|
|
2,052
|
|
||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,848
|
)
|
|
(17,848
|
)
|
||||
Balance at January 3, 2016
|
56,904
|
|
|
57
|
|
|
241,024
|
|
|
(220,756
|
)
|
|
20,325
|
|
||||
Common stock issued under stock plans and employee stock purchase plans
|
1,230
|
|
|
1
|
|
|
423
|
|
|
—
|
|
|
424
|
|
||||
Common stock offering, net of issuance costs
|
10,000
|
|
|
10
|
|
|
8,793
|
|
|
—
|
|
|
8,803
|
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,584
|
|
|
—
|
|
|
1,584
|
|
||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,148
|
)
|
|
(19,148
|
)
|
||||
Balance at January 1, 2017
|
68,134
|
|
|
68
|
|
|
251,824
|
|
|
(239,904
|
)
|
|
11,988
|
|
||||
Common stock issued under stock plans and employee stock purchase plans
|
1,069
|
|
|
1
|
|
|
350
|
|
|
—
|
|
|
351
|
|
||||
Common stock offering, net of issuance costs
|
11,333
|
|
|
11
|
|
|
15,218
|
|
|
—
|
|
|
15,229
|
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,441
|
|
|
—
|
|
|
1,441
|
|
||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,131
|
)
|
|
(14,131
|
)
|
||||
Balance at December 31, 2017
|
80,536
|
|
|
$
|
80
|
|
|
$
|
268,833
|
|
|
$
|
(254,035
|
)
|
|
$
|
14,878
|
|
|
December 31,
2017 |
|
January 1,
2017 |
||||
|
(in thousands)
|
||||||
Inventories:
|
|
|
|
||||
Work-in-process
|
$
|
2,894
|
|
|
1,538
|
|
|
Finished goods
|
665
|
|
|
479
|
|
||
|
$
|
3,559
|
|
|
$
|
2,017
|
|
Other current assets:
|
|
|
|
||||
Prepaid expenses
|
$
|
836
|
|
|
$
|
960
|
|
Other
|
161
|
|
|
163
|
|
||
|
$
|
997
|
|
|
$
|
1,123
|
|
Property and equipment:
|
|
|
|
||||
Equipment
|
$
|
10,996
|
|
|
$
|
11,524
|
|
Software
|
3,139
|
|
|
2,624
|
|
||
Furniture and fixtures
|
46
|
|
|
41
|
|
||
Leasehold improvements
|
674
|
|
|
708
|
|
||
|
14,855
|
|
|
14,897
|
|
||
Accumulated depreciation and amortization
|
(12,480
|
)
|
|
(12,132
|
)
|
||
|
$
|
2,375
|
|
|
$
|
2,765
|
|
Accrued liabilities:
|
|
|
|
||||
Employee compensation related accruals
|
$
|
1,143
|
|
|
$
|
1,222
|
|
Other
|
510
|
|
|
358
|
|
||
|
$
|
1,653
|
|
|
$
|
1,580
|
|
|
December 31,
2017 |
|
January 1,
2017 |
||||
|
(in thousands)
|
||||||
Debt and capital software lease obligations:
|
|
|
|
||||
Revolving line of credit
|
$
|
6,000
|
|
|
$
|
6,000
|
|
Capital software leases
|
654
|
|
|
209
|
|
||
|
6,654
|
|
|
6,209
|
|
||
Current portion of debt and capital software lease obligations
|
(6,299
|
)
|
|
(6,209
|
)
|
||
Long term portion of debt and capital software lease obligations
|
$
|
355
|
|
|
$
|
—
|
|
•
|
Level 1
– Inputs are quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2
– Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data.
|
•
|
Level 3
– Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.
|
|
As of December 31, 2017
|
|
As of January 1, 2017
|
||||||||||||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Money market funds
(1)
|
$
|
15,635
|
|
|
$
|
7,176
|
|
|
$
|
8,459
|
|
|
$
|
—
|
|
|
$
|
14,692
|
|
|
$
|
1,338
|
|
|
$
|
13,354
|
|
|
$
|
—
|
|
Total assets
|
$
|
15,635
|
|
|
$
|
7,176
|
|
|
$
|
8,459
|
|
|
$
|
—
|
|
|
$
|
14,692
|
|
|
$
|
1,338
|
|
|
$
|
13,354
|
|
|
$
|
—
|
|
(1)
|
Money market funds are presented as a part of cash and cash equivalents on the accompanying consolidated balance sheets as of
December 31, 2017
and
January 1, 2017
.
|
|
Fiscal Years
|
||||||||||
|
2017
|
|
|
2016
|
|
|
2015
|
|
|||
Income (loss) before income taxes:
|
|
|
|
|
|
||||||
U.S.
|
$
|
(14,253
|
)
|
|
$
|
(19,340
|
)
|
|
$
|
(17,897
|
)
|
Foreign
|
209
|
|
|
257
|
|
|
195
|
|
|||
Income (loss) before income taxes
|
$
|
(14,044
|
)
|
|
$
|
(19,083
|
)
|
|
$
|
(17,702
|
)
|
Provision for (benefit from) income taxes:
|
|
|
|
|
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37
|
|
State
|
2
|
|
|
(3
|
)
|
|
2
|
|
|||
Foreign
|
85
|
|
|
75
|
|
|
99
|
|
|||
Subtotal
|
87
|
|
|
72
|
|
|
138
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
—
|
|
|
—
|
|
|
—
|
|
|||
State
|
—
|
|
|
—
|
|
|
—
|
|
|||
Foreign
|
—
|
|
|
(7
|
)
|
|
8
|
|
|||
Subtotal
|
—
|
|
|
(7
|
)
|
|
8
|
|
|||
Provision for income taxes
|
$
|
87
|
|
|
$
|
65
|
|
|
$
|
146
|
|
|
December 31, 2017
|
|
January 1, 2017
|
||||
Deferred tax assets:
|
|
|
|
||||
Net operating losses
|
$
|
37,631
|
|
|
$
|
53,924
|
|
Capital losses
|
1,726
|
|
|
2,938
|
|
||
Accruals and reserves
|
1,487
|
|
|
1,875
|
|
||
Credits carryforward
|
5,743
|
|
|
5,080
|
|
||
Depreciation and amortization
|
9,056
|
|
|
14,415
|
|
||
Stock-based compensation
|
343
|
|
|
968
|
|
||
|
55,986
|
|
|
79,200
|
|
||
Valuation allowances
|
(55,931
|
)
|
|
(79,150
|
)
|
||
Deferred tax asset
|
$
|
55
|
|
|
$
|
50
|
|
Deferred tax liability
|
$
|
—
|
|
|
$
|
—
|
|
|
Fiscal Years
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Income tax (benefit) at statutory rate
|
$
|
(4,775
|
)
|
|
$
|
(6,489
|
)
|
|
$
|
(5,962
|
)
|
State taxes
|
2
|
|
|
(3
|
)
|
|
2
|
|
|||
Stock compensation and other permanent differences
|
75
|
|
|
211
|
|
|
286
|
|
|||
Foreign taxes
|
(30
|
)
|
|
(19
|
)
|
|
41
|
|
|||
Benefit allocated from other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|||
Future benefit of deferred tax assets not recognized
|
4,815
|
|
|
6,365
|
|
|
5,779
|
|
|||
Provision for income taxes
|
$
|
87
|
|
|
$
|
65
|
|
|
$
|
146
|
|
|
December 31, 2017
|
|
January 1, 2017
|
|
January 3, 2016
|
||||||
Beginning balance of unrecognized tax benefits
|
$
|
2,014
|
|
|
$
|
696
|
|
|
$
|
516
|
|
Additions for tax positions related to the prior year
|
16
|
|
|
1,204
|
|
|
(3
|
)
|
|||
Additions for tax positions related to the current year
|
77
|
|
|
150
|
|
|
199
|
|
|||
Lapse of statues of limitations
|
—
|
|
|
(36
|
)
|
|
(16
|
)
|
|||
Ending balance of unrecognized tax benefits
|
$
|
2,107
|
|
|
$
|
2,014
|
|
|
$
|
696
|
|
|
Fiscal Years
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cost of revenue
|
$
|
121
|
|
|
$
|
132
|
|
|
$
|
109
|
|
Research and development
|
614
|
|
|
658
|
|
|
826
|
|
|||
Selling, general and administrative
|
706
|
|
|
794
|
|
|
1,064
|
|
|||
Restructuring costs
(1)
|
—
|
|
|
—
|
|
|
29
|
|
|||
Total costs and expenses
|
$
|
1,441
|
|
|
$
|
1,584
|
|
|
$
|
2,028
|
|
|
Shares
Available for Grant
|
|
|
(in thousands)
|
|
Balance at January 1, 2017
|
2,632
|
|
Authorized
|
1,500
|
|
Options granted
|
—
|
|
Options forfeited or expired
|
1,356
|
|
RSUs granted
|
(1,852
|
)
|
RSUs forfeited
|
263
|
|
Balance at December 31, 2017
|
3,899
|
|
|
Number of Shares
|
|
Weighted Average
Exercise Price
|
|
Weighted Average
Remaining Term
|
|
Aggregate Intrinsic
Value
|
|||||
|
(in thousands)
|
|
|
|
(in years)
|
|
(in thousands)
|
|||||
Balance outstanding at December 28, 2014
|
5,682
|
|
|
$
|
2.67
|
|
|
|
|
|
||
Granted
|
225
|
|
|
1.64
|
|
|
|
|
|
|||
Forfeited or expired
|
(521
|
)
|
|
2.87
|
|
|
|
|
|
|||
Exercised
|
(120
|
)
|
|
0.98
|
|
|
|
|
|
|||
Balance outstanding at January 3, 2016
|
5,266
|
|
|
2.64
|
|
|
4.56
|
|
|
|||
Granted
|
842
|
|
|
0.86
|
|
|
|
|
|
|||
Forfeited or expired
|
(1,129
|
)
|
|
2.61
|
|
|
|
|
|
|||
Exercised
|
—
|
|
|
—
|
|
|
|
|
|
|||
Balance outstanding at January 1, 2017
|
4,979
|
|
|
2.35
|
|
|
4.06
|
|
|
|||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Forfeited or expired
|
(1,356
|
)
|
|
3.07
|
|
|
|
|
|
|||
Exercised
|
(65
|
)
|
|
1.31
|
|
|
|
|
|
|||
Balance outstanding at December 31, 2017
|
3,558
|
|
|
$
|
2.09
|
|
|
4.34
|
|
$
|
976
|
|
Exercisable at December 31, 2017
|
3,001
|
|
|
$
|
2.29
|
|
|
3.56
|
|
$
|
524
|
|
Vested and expected to vest at December 31, 2017
|
3,443
|
|
|
$
|
2.13
|
|
|
4.20
|
|
$
|
879
|
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||
Range of Exercise Prices
|
Options
Outstanding
|
|
Weighted
Average
Remaining
Contractual
Life
|
|
Weighted Average
Exercise Price
|
|
Options Vested and
Exercisable
|
|
Weighted Average
Exercise Price
|
||||||
|
(in thousands)
|
|
(in years)
|
|
|
|
(in thousands)
|
|
|
||||||
$0.78
|
4
|
|
|
1.17
|
|
$
|
0.78
|
|
|
4
|
|
|
$
|
0.78
|
|
$0.86
|
726
|
|
|
8.68
|
|
0.86
|
|
|
227
|
|
|
0.86
|
|
||
$0.90 - $1.32
|
359
|
|
|
2.11
|
|
0.98
|
|
|
327
|
|
|
0.94
|
|
||
$1.63
|
545
|
|
|
1.27
|
|
1.63
|
|
|
545
|
|
|
1.63
|
|
||
$2.17 - $2.65
|
307
|
|
|
4.42
|
|
2.25
|
|
|
307
|
|
|
2.25
|
|
||
$2.78
|
958
|
|
|
2.94
|
|
2.78
|
|
|
958
|
|
|
2.78
|
|
||
$2.82 - $3.36
|
231
|
|
|
5.30
|
|
3.15
|
|
|
211
|
|
|
3.15
|
|
||
$3.39
|
243
|
|
|
5.95
|
|
3.39
|
|
|
243
|
|
|
3.39
|
|
||
$3.48
|
120
|
|
|
3.85
|
|
3.48
|
|
|
120
|
|
|
3.48
|
|
||
$3.82
|
65
|
|
|
6.08
|
|
3.82
|
|
|
59
|
|
|
3.82
|
|
||
$0.78 - $3.82
|
3,558
|
|
|
4.34
|
|
$
|
2.09
|
|
|
3,001
|
|
|
$
|
2.29
|
|
|
Fiscal Years
|
||||||
|
2017
|
|
2016
|
|
2015
|
||
Expected term (years)
|
NA
|
|
7.1
|
|
|
6.3
|
|
Risk-free interest rate
|
NA
|
|
1.40
|
%
|
|
1.75
|
%
|
Expected volatility
|
NA
|
|
52
|
%
|
|
56
|
%
|
Expected dividend
|
NA
|
|
—
|
|
|
—
|
|
•
|
Expected term: The expected term represents the period that the Company's stock-based awards are expected to be outstanding and is estimated based on historical experience.
|
•
|
Risk-free interest rate: The risk-free interest rate assumption is based upon the risk-free rate of a Treasury Constant Maturity bond with a maturity appropriate for the expected term of the Company's employee stock options.
|
•
|
Expected volatility: The Company determines expected volatility based on historical volatility of the Company's common stock according to the expected term of the options.
|
•
|
Expected dividend: The expected dividend assumption is based on the Company's intent not to issue a dividend under its dividend policy.
|
|
RSUs & PRSUs Outstanding
|
|||||
|
Number of Shares
|
|
Weighted Average
Grant Date Fair Value
|
|||
|
(in thousands)
|
|
|
|||
Nonvested at December 28, 2014
|
650
|
|
|
$
|
3.47
|
|
Granted
|
1,128
|
|
|
1.46
|
|
|
Vested
|
(221
|
)
|
|
1.42
|
|
|
Forfeited
|
(122
|
)
|
|
—
|
|
|
Nonvested at January 3, 2016
|
1,435
|
|
|
2.30
|
|
|
Granted
|
1,822
|
|
|
0.97
|
|
|
Vested
|
(649
|
)
|
|
1.07
|
|
|
Forfeited
|
(1,238
|
)
|
|
—
|
|
|
Nonvested at January 1, 2017
|
1,370
|
|
|
1.68
|
|
|
Granted
|
1,852
|
|
|
1.41
|
|
|
Vested
|
(596
|
)
|
|
1.46
|
|
|
Forfeited
|
(263
|
)
|
|
—
|
|
|
Nonvested at December 31, 2017
|
2,363
|
|
|
$
|
1.54
|
|
•
|
Expected term: The expected term represents the length of the purchase period contained in the ESPP.
|
•
|
Risk-free interest rate: The risk-free interest rate assumption is based upon the risk-free rate of a Treasury Constant Maturity bond with a maturity appropriate for the term of the purchase period.
|
•
|
Volatility: The Company determines expected volatility based on historical volatility of the Company's common stock for the term of the purchase period.
|
•
|
Dividend Yield: The expected dividend assumption is based on the Company's intent not to issue a
|
|
Fiscal Years
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenue by product line
(1)
:
|
|
|
|
|
|
||||||
New products
|
$
|
5,853
|
|
|
$
|
5,622
|
|
|
$
|
12,020
|
|
Mature products
|
6,296
|
|
|
5,799
|
|
|
6,936
|
|
|||
Total revenue
|
$
|
12,149
|
|
|
$
|
11,421
|
|
|
$
|
18,956
|
|
(1)
|
For all periods presented: New products include all products manufactured on 180 nanometer or smaller semiconductor processes. Mature products include all products produced on semiconductor processes larger than 180 nanometers. eFPGA IP license revenue is also included in new product revenue.
|
|
Fiscal Years
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenue by geography:
|
|
|
|
|
|
||||||
Asia Pacific
(1)
|
$
|
5,810
|
|
|
$
|
7,131
|
|
|
$
|
12,650
|
|
Europe
|
2,015
|
|
|
1,386
|
|
|
1,859
|
|
|||
North America
(2)
|
4,324
|
|
|
2,904
|
|
|
4,447
|
|
|||
Total revenue
|
$
|
12,149
|
|
|
$
|
11,421
|
|
|
$
|
18,956
|
|
(2)
|
North America includes revenue from the United States of
$4.2 million
or
34%
of total revenue in 2017 and
2.8 million
or
25%
of total revenue in 2016.
|
|
December 31,
2017 |
|
January 1,
2017 |
||
Distributor "A"
|
45
|
%
|
|
32
|
%
|
Distributor "G"
|
—
|
|
|
11
|
%
|
Distributor "H"
|
*
|
|
|
13
|
%
|
Distributor "I"
|
*
|
|
|
15
|
%
|
Customer "G"
|
12
|
%
|
|
*
|
|
Customer "I"
|
*
|
|
|
12
|
%
|
|
Operating Leases
|
||
|
(in thousands)
|
||
Fiscal Years
|
|
||
2018
|
$
|
835
|
|
2019
|
171
|
|
|
2020
|
176
|
|
|
2021
|
88
|
|
|
|
$
|
1,270
|
|
|
Quarter Ended
|
||||||||||||||||||||||||||||||
|
December 31,
2017 |
|
October 1, 2017
|
|
July 2, 2017
|
|
April 2,
2017 |
|
January 1,
2017 |
|
October 2,
2016 |
|
July 3, 2016
|
|
|
April 3,
2016 |
|||||||||||||||
|
(in thousands, except per share amount)
|
||||||||||||||||||||||||||||||
Statements of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenue
|
$
|
2,981
|
|
|
$
|
2,972
|
|
|
$
|
3,026
|
|
|
$
|
3,170
|
|
|
$
|
2,945
|
|
|
$
|
2,809
|
|
|
$
|
2,717
|
|
|
$
|
2,950
|
|
Cost of revenue
|
1,478
|
|
|
1,706
|
|
|
1,646
|
|
|
1,797
|
|
|
1,995
|
|
|
1,918
|
|
|
1,941
|
|
|
1,794
|
|
||||||||
Gross profit
(1)
|
1,503
|
|
|
1,266
|
|
|
1,380
|
|
|
1,373
|
|
|
950
|
|
|
891
|
|
|
776
|
|
|
1,156
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Research and development
|
2,458
|
|
|
2,368
|
|
|
2,319
|
|
|
2,427
|
|
|
2,380
|
|
|
2,755
|
|
|
3,683
|
|
|
3,447
|
|
||||||||
Selling, general and administrative
|
2,519
|
|
|
2,353
|
|
|
2,614
|
|
|
2,414
|
|
|
2,322
|
|
|
2,704
|
|
|
2,591
|
|
|
2,693
|
|
||||||||
Loss from operations
|
(3,474
|
)
|
|
(3,455
|
)
|
|
(3,553
|
)
|
|
(3,468
|
)
|
|
(3,752
|
)
|
|
(4,568
|
)
|
|
(5,498
|
)
|
|
(4,984
|
)
|
||||||||
Interest expense
|
(18
|
)
|
|
(15
|
)
|
|
(21
|
)
|
|
(61
|
)
|
|
(66
|
)
|
|
(37
|
)
|
|
(34
|
)
|
|
(38
|
)
|
||||||||
Interest income and other expense, net
|
23
|
|
|
(3
|
)
|
|
1
|
|
|
—
|
|
|
(43
|
)
|
|
(41
|
)
|
|
(15
|
)
|
|
(7
|
)
|
||||||||
Loss before taxes
|
(3,469
|
)
|
|
(3,473
|
)
|
|
(3,573
|
)
|
|
(3,529
|
)
|
|
(3,861
|
)
|
|
(4,646
|
)
|
|
(5,547
|
)
|
|
(5,029
|
)
|
||||||||
Provision for (benefit from) income taxes
|
(60
|
)
|
|
77
|
|
|
34
|
|
|
36
|
|
|
(3
|
)
|
|
(23
|
)
|
|
27
|
|
|
64
|
|
||||||||
Net loss
|
$
|
(3,409
|
)
|
|
$
|
(3,550
|
)
|
|
$
|
(3,607
|
)
|
|
$
|
(3,565
|
)
|
|
$
|
(3,858
|
)
|
|
$
|
(4,623
|
)
|
|
$
|
(5,574
|
)
|
|
$
|
(5,093
|
)
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic and Diluted
|
$
|
(0.04
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.09
|
)
|
Weighted average shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic and Diluted
|
80,353
|
|
|
80,125
|
|
|
79,799
|
|
|
68,794
|
|
|
67,941
|
|
|
67,781
|
|
|
67,415
|
|
|
58,371
|
|
(1)
|
Gross profit percentage ranged between
29%
to
50%
in the last 8 quarters primarily as a result of changes in customer and product mix, favorable purchase price adjustments, and favorable standard cost variances during these quarters.
|
(a)
|
1.
Financial Statements
|
|
Balance at
Beginning
of Period
|
|
Charged to
Costs and
Expenses
|
|
Deductions/Write-offs
|
|
Balance at
End of Period
|
||||||||
Allowance for Doubtful Accounts:
|
|
|
|
|
|
|
|
||||||||
Fiscal Year 2017
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Fiscal Year 2016
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Fiscal Year 2015
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Allowance for Deferred Tax Assets:
|
|
|
|
|
|
|
|
||||||||
Fiscal Year 2017
|
$
|
79,150
|
|
|
$
|
—
|
|
|
$
|
(23,219
|
)
|
|
$
|
55,931
|
|
Fiscal Year 2016
|
$
|
69,349
|
|
|
$
|
9,801
|
|
|
$
|
—
|
|
|
$
|
79,150
|
|
Fiscal Year 2015
|
$
|
66,618
|
|
|
$
|
2,731
|
|
|
$
|
—
|
|
|
$
|
69,349
|
|
Exhibit
Number
|
|
Description
|
3.1
(19)
|
|
|
3.2
(2)
|
|
|
3.3
(3)
|
|
|
4.1
(1)
|
|
|
4.2
(4)
|
|
|
10.1
(5)
|
|
|
10.2
(1,5)
|
|
|
10.2.1
(6)
|
|
10.2.2
(7)
|
|
|
10.2.3
(8)
|
|
|
10.2.4
(11)
|
|
|
10.2.5
|
|
|
10.3
(1)
|
|
|
10.4
(9)
|
|
|
10.5
(9)
|
|
|
10.6
(10)
|
|
|
10.7
(20)
|
|
|
10.8
(20)
|
|
|
10.9
(12)
|
|
|
10.10
(12)
|
|
|
10.11
(12)
|
|
|
10.12
(13)
|
|
|
10.13
(14)
|
|
|
10.13.1
(15)
|
|
|
10.13.2
(16)
|
|
|
10.13.3
(17)
|
|
|
10.13.4
(18)
|
|
|
10.14
(22)
|
|
|
10.15
(21)
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
(1)
|
Incorporated by reference to QuickLogic's Registration Statement on Form S-1 declared effective October 14, 1999 (Commission File No. 333-28833).
|
(2)
|
Incorporated by reference to QuickLogic's Current Report on Form 8-K (Item 5.03) filed on May 2, 2005).
|
(3)
|
Incorporated by reference to Quicklogic's Current Report on Form 8-K (Item 5.03) filed on November 26, 2013.
|
(4)
|
Incorporated by reference to QuickLogic's Current Report on Form 8-K (Item 1.01) filed on November 17, 2009.
|
(5)
|
Incorporated by reference to QuickLogic's Quarterly Report on Form 10-Q filed on November 13, 2002 (Commission File No. 000-22671).
|
(6)
|
Incorporated by reference to QuickLogic's Quarterly Report on Form 10-Q filed on November 6, 2008 (Commission File No. 000-22671).
|
(7)
|
Incorporated by reference to QuickLogic's Quarterly Report on Form 10-Q filed on August 3, 2012 (Commission File No. 000-22671).
|
(8)
|
Incorporated by reference to QuickLogic's Current Report on Form 8-K (Item 1.01) filed on April 8, 2014.
|
(9)
|
Incorporated by reference to QuickLogic's Annual Report on Form 10-K filed on March 11, 2008 (Commission File No. 000-22671).
|
(10)
|
Incorporated by reference to QuickLogic's Current Report on Form 8-K (Item 1.01) filed on April 28, 2008.
|
(11)
|
Incorporated by reference to QuickLogic's Quarterly Report on Form 10-Q filed on November 3, 2015 (Commission File No. 000-22671).
|
(12)
|
Incorporated by reference to QuickLogic's Current Report on Form 8-K (Item 1.01 and Item 5.02) filed on August 4, 2009.
|
(13)
|
Incorporated by reference to QuickLogic's Current Report on Form 8-K/A (Item 1.01) filed on November 17, 2009.
|
(14)
|
Incorporated by reference to QuickLogic’s Current Report on Form 8-K (Item 1.01) filed on July 2, 2014.
|
(15)
|
Incorporated by reference to the Company's Quarterly Report on Form 10-Q filed on November 4, 2014 (Commission File No. 000-22671).
|
(16)
|
Incorporated by reference to QuickLogic's Current Report on Form 8-K (Item 1.01) filed on October 1, 2015.
|
(17)
|
Incorporated by reference to QuickLogic's Current Report on Form 8-K (Item 1.01) filed on February 10, 2016.
|
(18)
|
Incorporated by reference to QuickLogic's Current Report on Form 8-K (Item 1.01) filed on September 5, 2017.
|
(19)
|
Incorporated by reference to QuickLogic's Current Report on Form 8-K (Item 1.01) filed on April 28, 2017 (Commission file No.000-22671).
|
(20)
|
Incorporated by reference to QuickLogic's Quarterly Report on Form 10-Q filed on May 11, 2017 (Commission File No. 000-22671).
|
(21)
|
Incorporated by reference to QuickLogic's Quarterly Report on Form 8-K filed on March 28, 2017 (Commission File No. 000-22671).
|
(22)
|
Incorporated by reference to QuickLogic's Quarterly Report on Form 10-Q filed on August 10, 2016 (Commission File No. 000-22671).
|
|
Q
UICK
L
OGIC
C
ORPORATION
|
|
|
|
|
|
By:
|
/
S
/ Brian C. Faith
|
|
|
Brian C. Faith
President and Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ B
RIAN
C. F
AITH
Brian C. Faith
|
|
President and Chief Executive Officer; Director
(Principal Executive Officer)
|
|
March 9, 2018
|
|
|
|
|
|
/
S
/ S
UPING
(S
UE
) C
HEUNG
Suping (Sue) Cheung
|
|
Vice President, Finance and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
|
March 9, 2018
|
|
|
|
|
|
/
S
/ E. T
HOMAS
H
ART
E. Thomas Hart
|
|
Chairman of the Board
|
|
March 9, 2018
|
|
|
|
|
|
/s/ A
NDREW
J. P
EASE
Andrew J. Pease
|
|
Director
|
|
March 9, 2018
|
|
|
|
|
|
/
S
/ M
ICHAEL
R. F
ARESE
Michael R. Farese
|
|
Director
|
|
March 9, 2018
|
|
|
|
|
|
/
S
/ A
RTURO
K
RUEGER
Arturo Krueger
|
|
Director
|
|
March 9, 2018
|
|
|
|
|
|
/s/ DANIEL A. RABINOVITSJ
Daniel A. Rabinovitsj
|
|
Director
|
|
March 9, 2018
|
|
|
|
|
|
/
S
/ C
HRISTINE
R
USSELL
Christine Russell
|
|
Director
|
|
March 9, 2018
|
|
|
|
|
|
/
S
/ G
ARY
H. T
AUSS
Gary H. Tauss
|
|
Director
|
|
March 9, 2018
|
1 Year QuickLogic Chart |
1 Month QuickLogic Chart |
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