QuickLogic Corporation (NASDAQ:QUIK) Files An 8-K Regulation FD Disclosure
QuickLogic Corporation (the Company) today announced updates to its previously issued financial guidance for its revenue in the second quarter of 2020. This update is due to continued supply chain delays and timing of orders for certain of the Companys larger mature product customers due to the COVID-19 pandemic. The Companys forecasts were originally provided on May 11, 2020 during the Companys conference call to discuss its results for the three months ended March 29, 2020. The Companys original forecast was that revenue for the second quarter of 2020 would be approximately $2.5 million, plus or minus 10%. The Company now forecasts that its revenue for the second quarter of 2020 will be approximately $2.3 million, plus or minus 10%.
The information contained in this Item 7.01 of this Current Report on Form 8-K is being furnished and shall not be deemed to be filed for the purposes of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in any such filings.
Forward Looking Statements
This Current Report on Form 8-K contains forward-looking statements regarding the Companys future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: delays in the market acceptance of the Companys new products; the ability to convert design opportunities into customer revenue; the Companys ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of the Companys customers products; the risk that new orders may not result in future revenue; the Companys ability to introduce and produce new products based on advanced wafer technology on a timely basis; the Companys ability to adequately market the low power, competitive pricing and short time-to-market of its new products; intense competition, including the introduction of new products by competitors; the Companys ability to hire and retain qualified personnel; the Companys ability to capitalize on synergies with its newly acquired subsidiary SensiML Corporation; changes in product demand or supply; capacity constraints; general economic conditions; political events, international trade disputes, war, terrorism, natural disasters, public health issues (such as the COVID-19 pandemic), and other business interruptions that could disrupt supply or delivery of, or demand for, the Companys products; and changes in tax rates and exposure to additional tax liabilities. These and other potential factors and uncertainties that could cause actual results to differ from the results predicted are described in more detail in the Companys public reports filed with the Securities and Exchange Commission (the SEC), including the risks discussed in the Risk Factors section in the Companys Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and in the Companys prior press releases, which are available on the Companys Investor Relations website at http://ir.quicklogic.com/and on the SEC website at www.sec.gov. In addition, any forward-looking statements contained herein are based on assumptions that the Company believes to be reasonable as of the date hereof. The Company undertakes no obligation to update these statements as a result of new information or future events.