QuickLogic (QUIK) 8-K QuickLogic Announces Fourth Quarter and Fiscal 2011 Results

Exhibit 99.1

Contacts: Ralph S. Marimon Vice President of Finance Chief Financial Officer (408) 990-4000 rsmarimon@quicklogic.com Andrea Vedanayagam (408) 656-4494 ir@quicklogic.com

QuickLogic Announces Fourth Quarter and Fiscal 2011 Results

SUNNYVALE, Calif. — February 7, 2012 — QuickLogic Corporation (NASDAQ: QUIK), the lowest power programmable semiconductor solutions leader, today announced the financial results for its fourth quarter and fiscal year ended January 1, 2012.

Total revenue for the fourth quarter of 2011 was $4.3 million, down 19% sequentially and down 38% from the fourth quarter of 2010. During the fourth quarter, new product revenue of $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 $3.1 million or $0.08 per diluted share, compared with a net loss of $1.5 million, or $0.04 per diluted share, in the third quarter of 2011, and a net loss of $69,000, or $0.00 per diluted share, in the fourth quarter of 2010. Non-GAAP net loss for the fourth quarter of 2011 was $2.7 million, or $0.07 per diluted share, compared with a non-GAAP net loss of $1.0 million, or $0.03 per diluted share, in the third quarter of 2011, and a non-GAAP net income of $496,000, or $0.01 per diluted share, in the fourth quarter of 2010.

Total Revenue for 2011 was down 20% to $21.0 million, compared with revenue of $26.2 million in 2010. GAAP net loss for 2011 was $7.6 million, or $0.21 per diluted share, compared with a net income of $123,000, or $0.00 per diluted share, in 2010. Non-GAAP net loss for 2011 was $5.8 million, or $0.16 per diluted share, compared with a non-GAAP net income of $1.3 million, or $0.03 per diluted share, in 2010.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Standard Time today, February 7, 2012, to discuss its current financial results. The conference call is being webcast and can be accessed via QuickLogic’s website at www.quicklogic.com. To join the live conference, please dial (877) 377-7094 by 2:20 p.m. Pacific Standard Time today. A recording of the call will be

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available starting one hour after completion of the call. To access the recording, please call (404) 537-3406 and reference the passcode: 46017221. The call recording will be archived until Friday, February 10, 2012 and the webcast will be available for 12 months.

About QuickLogic

QuickLogic Corporation (NASDAQ: QUIK) is the inventor and pioneer of innovative, customizable semiconductor solutions for mobile and portable electronics original equipment manufacturers (OEMs) and original design manufacturers (ODMs). These silicon plus software solutions are called Customer Specific Standard Products (CSSPs). CSSPs enable our customers to bring their products to market more quickly and remain in the market longer, with the low power, cost and size demanded by the mobile and portable electronics market. For more information about QuickLogic and CSSPs, visit www.quicklogic.com. Code: QUIK-G

Non-GAAP Financial Measures

QuickLogic reports financial information in accordance with GAAP, but believes that non-GAAP financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the Company excludes charges related to stock-based compensation, restructuring, the write-down of the Company’s investment in TowerJazz Semiconductor Ltd., the effect of the write-off of long-lived assets and the tax effect on other comprehensive income in calculating non-GAAP (i) income (loss) from operations, (ii) net income (loss), (iii) net income (loss) per share, and (iv) gross margin percentage. The Company provides this non-GAAP information to enable investors to evaluate its operating results in a manner similar to how the Company analyzes its operating results and to provide consistency and comparability with similar companies in the Company’s industry.

Management uses the non-GAAP measures, which exclude gains, losses and other charges that are considered by management to be outside of the Company’s core operating results, internally to evaluate its operating performance against results in prior periods and its operating plans and forecasts. In addition, the non-GAAP measures are used to plan for the Company’s future periods, and serve as a basis for the allocation of Company resources, management of operations and the measurement of profit-dependent cash and equity compensation paid to employees and executive officers.

Investors should note, however, that the non-GAAP financial measures used by QuickLogic may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. QuickLogic does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with GAAP. A reconciliation of GAAP financial measures to non-GAAP financial measures is included in the financial statements portion of this press release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures with their most directly comparable GAAP financial measures.

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Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements relating to the revenue generating potential of new products, which is dependent on the market acceptance of our products and the level of customer orders. Actual results could differ materially from the results described in these forward-looking statements. Factors that could cause actual results to differ materially include: delays in the market acceptance of the Company’s new products; the ability to convert design opportunities into customer revenue; our ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of our customers’ products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products based on advanced wafer technology on a timely basis; our ability to adequately market the low power, competitive pricing and short time-to-market of our new products; intense competition, including the introduction of new products by competitors; our ability to hire and retain qualified personnel; changes in product demand or supply; capacity constraints; and general economic conditions. These factors and others are described in more detail in the Company’s public reports filed with the Securities and Exchange Commission, including the risks discussed in the “Risk Factors” section in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in the Company’s prior press releases.

ArcticLink, pASIC, PolarPro, QuickLogic, QuickPCI and QuickRAM are registered trademarks and Eclipse and the QuickLogic logo are trademarks of QuickLogic Corporation. All other brands or trademarks are the property of their respective holders and should be treated as such.

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Note to Editors: Financial Tables Follow

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QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended									Year Ended
	January 1, 2012			January 2, 2011			October 2, 2011			January 1, 2012			January 2, 2011
Revenue	$	4,346		$	6,958		$	5,339		$	20,969		$	26,199
Cost of revenue, excluding inventory write-down and related charges and long-lived asset impairment		2,181			2,283			1,897			7,807			9,498
Inventory write-down and related charges		148			21			386			710			111
Gross profit		2,017			4,654			3,056			12,452			16,590
Operating expenses:
Research and development		2,450			2,048			2,271			9,836			7,458
Selling, general and administrative		2,548			2,685			2,267			9,965			10,073
Income (loss) from operations		(2,981	)		(79	)		(1,482	)		(7,349	)		(941	)
Gain on sale of TowerJazz Semiconductor Ltd. shares		—			—									993
Interest expense		(5	)		(10	)		(5	)		(36	)		(67	)
Interest income and other (expense), net		(93	)		—			(49	)		(159	)		(46	)
Income (loss) before income taxes		(3,079	)		(89	)		(1,536	)		(7,544	)		(61	)
Provision for (benefit from) income taxes		31			(20	)		10			50			(184	)
Net income (loss)	$	(3,110	)	$	(69	)	$	(1,546	)	$	(7,594	)	$	123
Net income (loss) per share:
Basic	$	(0.08	)	$	(0.00	)	$	(0.04	)	$	(0.21	)	$	0.00
Diluted	$	(0.08	)	$	(0.00	)	$	(0.04	)	$	(0.21	)	$	0.00
Weighted average shares:
Basic		38,482			36,228			38,418			36,792			35,729
Diluted		38,482			36,228			38,418			36,792			39,038

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QUICKLOGIC CORPORATION

SUPPLEMENTAL RECONCILIATIONS OF GAAP AND NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended									Years Ended
	January 1, 2012			January 2, 2011			October 2, 2011			January 1, 2012			January 2, 2011
GAAP loss from operations	$	(2,981	)	$	(79	)	$	(1,482	)	$	(7,349	)	$	(941	)
Adjustment for stock-based compensation within:
Cost of revenue		27			49			34			131			169
Research and development		104			143			114			458			645
Selling, general and administrative		254			373			264			1,087			1,604
Adjustment for the write-off of equipment within:
Selling, general and administrative		—			—			102			102			—
Non-GAAP loss from operations	$	(2,596	)	$	486		$	(968	)	$	(5,571	)	$	1,477
GAAP net loss	$	(3,110	)	$	(69	)	$	(1,546	)	$	(7,594	)	$	123
Adjustment for stock-based compensation within:
Cost of revenue		27			49			34			131			169
Research and development		104			143			114			458			645
Selling, general and administrative		254			373			264			1,087			1,604
Adjustment for the write-off of equipment within:
Selling, general and administrative		—			—			102			102			8
Adjustment for write-down of investment in Tower Semiconductor Ltd.		—			—			—			—			(993	)
Adjustment for tax effect on other comprehensive income		—			—			—			—			(209	)
Non-GAAP net loss	$	(2,725	)	$	496		$	(1,032	)	$	(5,816	)	$	1,347
GAAP net loss per share	$	(0.08	)	$	0.00		$	(0.04	)	$	(0.21	)	$	0.00
Adjustment for stock-based compensation		0.01			0.01			0.01			0.05			0.06
Adjustment for write-off of equipment		—			—			*			*			*
Adjustment for write-down of investment in Tower Semiconductor Ltd.		—			—			—			—			(0.02	)
Adjustment for tax effect on other comprehensive income		—			—			—			—			(0.01	)
Non-GAAP net loss per share	$	(0.07	)	$	0.01		$	(0.03	)	$	(0.16	)	$	0.03
GAAP gross margin percentage		46.4	%		66.9	%		57.2	%		59.4	%		63.3	%
Adjustment for stock-based compensation		0.6			0.7			0.7			0.6			0.7
Adjustment for write-off of equipment		—			—			*			*			*
Non-GAAP gross margin percentage		47.0	%		67.6	%		57.9	%		60.0	%		64.0	%

* Figures were not considered in the reconciliation of Non-GAAP net loss per share due to the insignificant amount.

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QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	January 1, 2012			January 2, 2011
ASSETS
Current assets:
Cash and cash equivalents	$	20,203		$	21,956
Short-term investment in TowerJazz Semiconductor Ltd.		406			909
Accounts receivable, net		1,585			4,143
Inventories		3,764			3,344
Other current assets		613			772
Total current assets		26,571			31,124
Property and equipment, net		2,181			2,312
Other assets		211			192
TOTAL ASSETS	$	28,963		$	33,628
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Revolving line of credit	$	—		$	—
Trade payables		2,464			2,152
Accrued liabilities		1,118			1,303
Deferred royalty revenue		8			328
Current portion of debt and capital lease obligations		141			408
Total current liabilities		3,731			4,191
Long-term liabilities:
Capital lease obligations, less current portion		146			—
Other long-term liabilities		148			124
Total liabilities		4,025			4,315
Stockholders’ equity:
Common stock, at par value		39			38
Additional paid-in capital		190,025			186,304
Accumulated other comprehensive income		113			616
Accumulated deficit		(165,239	)		(157,645	)
Total stockholders’ equity		24,938			29,313
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	28,963		$	33,628

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QUICKLOGIC CORPORATION

SUPPLEMENTAL DATA

(Unaudited)

	Percentage of Revenue												Change in Revenue
	Q4 2011			Q3 2011			Fiscal 2011			Fiscal 2010			Q3 2011 to Q4 2011			2010 to 2011
COMPOSITION OF REVENUE
Revenue by product(1):
New products		39	%		23	%		25	%		36	%		39	%		(43	)%
Mature products		61	%		77	%		75	%		64	%		(36	)%		(7	)%
Revenue by geography:
North America		45	%		35	%		41	%		35	%		6	%		(5	)%
Europe		9	%		31	%		20	%		17	%		(76	)%		(10	)%
Japan		22	%		11	%		13	%		11	%		63	%		(6	)%
China		13	%		11	%		14	%		27	%		(8	)%		(56	)%
Rest of world		11	%		12	%		12	%		10	%		(22	)%		(7	)%

(1) New products represent products introduced since 2005, and include ArcticLink, ArcticLink II, Eclipse II, PolarPro, PolarPro II, and QuickPCI II products. Mature products include Eclipse, pASIC1, pASIC2, pASIC3, QuickDSP, QuickFC, QuickMIPS, QuickPCI, QuickRAM and V3 products, as well as royalty revenue, programming hardware and software.

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