QuickLogic revenue takes a hit

During the fourth quarter, new product revenue of USD 1.7 million was up 39% sequentially and down 25% from the fourth quarter of 2010. Under generally accepted accounting principles (GAAP), the net loss for the fourth quarter of 2011 was USD 3.1 million, compared with a net loss of USD 1.5 million in the third quarter of 2011, and a net loss of USD 69,000 in the fourth quarter of 2010. Non-GAAP net loss for the fourth quarter of 2011 was USD 2.7 million, compared with a non-GAAP net loss of USD 1.0 million in the third quarter of 2011, and a non-GAAP net income of USD 496,000 in the fourth quarter of 2010. Total Revenue for 2011 was down 20% to USD 21.0 million, compared with revenue of USD 26.2 million in 2010. GAAP net loss for 2011 was USD 7.6 million, compared with a net income of USD 123,000 in 2010. Non-GAAP net loss for 2011 was USD 5.8 million, compared with a non-GAAP net income of USD 1.3 million in 2010.