QuickLogic Corporation (QUIK) saw its loss narrow to $3.86 million, or $0.05 a share for the quarter ended Jan. 01, 2017. In the previous year period, the company reported a loss of $4.85 million, or $0.09 a share. On the other hand, adjusted net loss for the quarter narrowed to $3.72 million, or $0.05 a share from a loss of $4.26 million or $0.08 a share, a year ago. Revenue during the quarter dropped 18.87 percent to $2.94 million from $3.63 million in the previous year period. Gross margin for the quarter contracted 303 basis points over the previous year period to 32.26 percent.
Operating loss for the quarter was $3.75 million, compared with an operating loss of $4.72 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $3.61 million compared to operating loss of $4.14 million in prior year period.
“During the fourth quarter of 2016, we made significant progress on our strategic initiatives for our sensor processing solutions and launched our new ArcticProTM eFGPA IP licensing,” stated Brian Faith, QuickLogic’s president and Chief executive officer. “Given this progress and the momentum we have already developed this year, I believe we are on track to realize our goal of greater than 50% year-over-year revenue growth in 2017.”
Working capital drops significantly
QuickLogic Corporation has witnessed a decline in the working capital over the last year. It stood at $9.04 million as at Jan. 01, 2017, down 52.74 percent or $10.09 million from $19.13 million on Jan. 03, 2016. Current ratio was at 1.92 as on Jan. 01, 2017, down from 4.30 on Jan. 03, 2016. Debt increases substantially
QuickLogic Corporation has witnessed an increase in total debt over the last one year. It stood at $6.21 million as on Jan. 01, 2017, up 149.46 percent or $3.72 million from $2.49 million on Jan. 03, 2016. Total debt was 28.42 percent of total assets as on Jan. 01, 2017, compared with 8.75 percent on Jan. 03, 2016. Debt to equity ratio was at 0.52 as on Jan. 01, 2017, up from 0.12 as on Jan. 03, 2016.
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