SUNNYVALE, Calif. -- Programmable logic vendor QuickLogic Corp. today announced revenues for the fourth quarter of 2000 were $12.2 million, up 10% from revenues of $11.1 million in the fourth quarter of 1999 but down 18% from net revenues of $14.9 million reported in the third quarter of 2000.
"We are disappointed by the abrupt change in the new order rate for semiconductors and programmable logic, which has also been experienced by many other companies in the industry," said Tom Hart, president and chief executive officer.
"Because QuickLogic excels in maintaining short lead times -- turns business accounts for 75% of our revenues -- the net effect of the industry-wide inventory correction was more pronounced on our Q4'00 revenues than on other companies in our sector."
"Bookings for the first weeks of January have been encouraging and our new product design wins continue to accelerate. We fully expect to see new product revenues continue to strengthen in 2001, particularly in the second half of the year."
Revenue from Embedded Standard Product (ESP) grew by 161% and increased from 6% of revenues in 1999 to 12% of revenues in 2000 while new product revenues grew 119% during the year. Mature products (pASIC 1 and 2) revenues grew by 10% and now represent 62% of revenues, down from 75% in 1999.
Revenues for 2000 were a record $53.3 million, up 34% from revenues of $39.8 million in 1999.
"During the year, we introduced three new Embedded Standard Product families and our newest line of high-performance FPGAs, called Eclipse. Although none of these three new product families contributed revenue in 2000, we expect them to gain traction in the latter half of 2001," the statement added.
Net income for 2000 was $9.6 million, compared to the $3.2 million reported for 1999. Earnings per share for 2000, on a diluted basis, were 45 cents on approximately 21.6 million shares outstanding, compared to diluted earnings per share of 19 cents on approximately 16.4 million shares outstanding in 1999.
Net income for the fourth quarter of 2000 was $1.9 million, up 45% from $1.3 million in the fourth quarter of 1999 and down 41% from $3.3 million in the third quarter of 2000.