Quadlogic Controls Corporation Reports Financial Results for the years ended February 29, 2012 and F

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Quadlogic Controls Corporation Reports Financial Results for the years ended February 29, 2012 and February 28, 2011

LONG ISLAND CITY, N.Y.--(BUSINESS WIRE)-- Quadlogic Controls Corporation (OTC Markets: QDLC), today announced its financial results for the years ended February 29, 2012 and February 28, 2011.

Total revenues for the year ended February 29, 2012 were $17.3 million as compared to $15.2 million for the year ended February 28, 2011. The Company reported net income for the year ended February 29, 2012 of $1.8 million, or 10.6% of total revenues. This was an improvement of approximately $465,000 when compared to net income of $1.4 million, or 9% of total revenues, for the year ended February 28, 2011.


Detailed audited annual financial statements may be downloaded atwww.quadlogic.comorhttp://www.otcmarkets.com.

About Quadlogic

The Company has been engaged in the business of electricity metering, monitoring and control since 1982. All Quadlogic metering products feature the Company's proprietary robust power line communications technology. The business consists of three segments. First is the design, manufacture and sale of the Transmeter® "smart" metering system, a line of digital, microprocessor-controlled meters that, in communication with the Quadlogic Transponder, measures and remotely monitors the time and amount of electricity consumption and other diagnostics. The second segment supports the first and consists of technical services including meter reading, customer billing, and system repair and maintenance. The third segment, the Energy Guard ™ system of concentrated metering, is sold primarily to utilities in countries where electricity theft is common. It consists of pole-mounted sealed panels of meters, remote data concentrators and sub-station based data collectors capable of remote metering, theft and tamper detection and remote power disconnect and reconnect. The Company's customers include real estate development and construction companies, owners and operators of multi-tenant commercial and residential buildings, distributors and foreign electric utility companies.

Future financial statement releases: The Company intends to release financial results twice per year upon completion of our audited annual financial statements and our unaudited interim six month financial statements. Dates to be determined and will be posted on our website.

Forward Looking Statements: This press release may contain forward-looking information concerning Quadlogic's plans, objectives, future expectations, forecasts and prospects. These statements may include those regarding Quadlogic's past financial performance including but not limited to lists of customers, revenue and profit, use of cash, investments, relationships and the actual or potential impact of stock option expense, and the results of its product development efforts. Quadlogic's future results will depend on many factors, including Quadlogic's ability to attract new customers and preserve or expand its relationship with existing clients, its ability to retain and attract high quality employees, including its management staff, the ability to deliver new innovative products in a timely manner, changing accounting treatments, and other risks applicable to the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

    

QUADLOGIC CONTROLS CORPORATION

CONDENSED BALANCE SHEETS

(In thousands, except per share data)

 

February 29,

2012

   

February 28,

2011

ASSETS

Current assets
Cash$243$398
Accounts receivable2,1731,925
Inventories2,7781,730
Prepaid expenses and other current assets 521 493
Total current assets 5,715 4,546
 
Property and equipment, net1,3551,564
Other assets 462 415
 
Total Assets$7,532$6,525

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

Current liabilities

Current maturities of installment debt$360$523
Current maturities of capital lease obligations61123
Secured line of credit6621,041
Debt obligations - preferred shareholders7771,069
Accounts payable1,5181,800
Customer deposits298-
Accrued expenses and other liabilities788511
Current portion of accrued compensation 733 798
Total current liabilities 5,197 5,865
 
Capital lease obligations, net of current maturities3061
Installment debt, net of current maturities64294
Accrued compensation658620
Other non-current liabilities 1,443 1,379
Total liabilities 7,392 8,219
 
Shareholders' equity (deficit):
Common stock, $0.001 par value; 20,000,000 shares authorized,
11,013,351 shares issued and outstanding in both 2012 and 20111111
Additional paid-in capital9,3709,370
Accumulated deficit (9,241) (11,075)

Total shareholders' equity (deficit)

 140 (1,694)
 

Total Liabilities and shareholders' equity

$7,532$6,525
 
         

QUADLOGIC CONTROLS CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

 

February 29, 2012

February 28, 2011

 
Total revenues

$

17,301

$

15,219

Cost of revenues9,4358,591
Gross Margin7,8666,628
 
Operating expenses:
Selling2,4592,070
Research and development1,3521,186
General and administrative1,8321,578
Total operating expenses5,6434,834
 
Operating income2,2231,794
 
Other expense, net
Interest expense

(347)

(392)

Other expense, net

(41)

(32)

Total other expense

(388)

(424)

 
Net income1,8351,370
 
 
Basic earnings per share (unaudited)

$

0.17

$

0.12

Shares used in computing basic earnings per share11,013,35111,013,351
Diluted net earnings per share (unaudited)

$

0.16

$

0.12

Shares used in computing diluted earnings per share11,619,61111,561,611
 
         

QUADLOGIC CONTROLS CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

 

February 29, 2012

February 28, 2011

 
Cash flows from operating activities:
Net income$1,835$1,370

Adjustments to reconcile net income to net cash provided by

operating activities:

 
Provision for doubtful accounts5223
Depreciation and amortization305277
Stock based compensation36-
Write-off of patents pending1265
Loss from disposal of fixed asset2-
Changes in assets and liabilities:
Accounts receivable(300)(460)
Inventories

(1,049)

16
Prepaid expenses and other current assets1319
Accounts payable(282)(943)
Customer deposits298-
Accrued expenses and other liabilities241(243)
Accrued compensation(26)219
Other non-current liabilities6463
Net cash provided by operating activities

1,201

406
Cash flow from investing activities:
Purchases of property and equipment(51)(15)
Patent acquisition costs(67)(50)
Net cash used in investing activities(118)(65)
Cash flows from financing activities:
Principal payments on debt(726)(261)
Net (payments) borrowings from line of credit(379)163
Principal payments on capital lease obligations(133)(143)
Net cash used in financing activities

(1,238)

(241)
Net (decrease) increase in cash(155)100
Cash beginning398298
 
Cash ending243398
 

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Investor questions:

Michael J. Wirth, Controller, 212-930-9300

InvestorRelations@Quadlogic.com

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

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