Quadlogic Controls Corporation Reports Financial Results for the years ended February 29, 2012 and F
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 receivable | 2,173 | 1,925 | |||||||||
Inventories | 2,778 | 1,730 | |||||||||
Prepaid expenses and other current assets | 521 | 493 | |||||||||
Total current assets | 5,715 | 4,546 | |||||||||
Property and equipment, net | 1,355 | 1,564 | |||||||||
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 obligations | 61 | 123 | |||||||||
Secured line of credit | 662 | 1,041 | |||||||||
Debt obligations - preferred shareholders | 777 | 1,069 | |||||||||
Accounts payable | 1,518 | 1,800 | |||||||||
Customer deposits | 298 | - | |||||||||
Accrued expenses and other liabilities | 788 | 511 | |||||||||
Current portion of accrued compensation | 733 | 798 | |||||||||
Total current liabilities | 5,197 | 5,865 | |||||||||
Capital lease obligations, net of current maturities | 30 | 61 | |||||||||
Installment debt, net of current maturities | 64 | 294 | |||||||||
Accrued compensation | 658 | 620 | |||||||||
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 2011 | 11 | 11 | |||||||||
Additional paid-in capital | 9,370 | 9,370 | |||||||||
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 revenues | 9,435 | 8,591 | |||||||||||
Gross Margin | 7,866 | 6,628 | |||||||||||
Operating expenses: | |||||||||||||
Selling | 2,459 | 2,070 | |||||||||||
Research and development | 1,352 | 1,186 | |||||||||||
General and administrative | 1,832 | 1,578 | |||||||||||
Total operating expenses | 5,643 | 4,834 | |||||||||||
Operating income | 2,223 | 1,794 | |||||||||||
Other expense, net | |||||||||||||
Interest expense | (347) | (392) | |||||||||||
Other expense, net | (41) | (32) | |||||||||||
Total other expense | (388) | (424) | |||||||||||
Net income | 1,835 | 1,370 | |||||||||||
Basic earnings per share (unaudited) | $ | 0.17 | $ | 0.12 | |||||||||
Shares used in computing basic earnings per share | 11,013,351 | 11,013,351 | |||||||||||
Diluted net earnings per share (unaudited) | $ | 0.16 | $ | 0.12 | |||||||||
Shares used in computing diluted earnings per share | 11,619,611 | 11,561,611 | |||||||||||
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 accounts | 52 | 23 | |||||||||||
Depreciation and amortization | 305 | 277 | |||||||||||
Stock based compensation | 36 | - | |||||||||||
Write-off of patents pending | 12 | 65 | |||||||||||
Loss from disposal of fixed asset | 2 | - | |||||||||||
Changes in assets and liabilities: | |||||||||||||
Accounts receivable | (300) | (460) | |||||||||||
Inventories | (1,049) | 16 | |||||||||||
Prepaid expenses and other current assets | 13 | 19 | |||||||||||
Accounts payable | (282) | (943) | |||||||||||
Customer deposits | 298 | - | |||||||||||
Accrued expenses and other liabilities | 241 | (243) | |||||||||||
Accrued compensation | (26) | 219 | |||||||||||
Other non-current liabilities | 64 | 63 | |||||||||||
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 beginning | 398 | 298 | |||||||||||
Cash ending | 243 | 398 | |||||||||||
Investor questions:
Michael J. Wirth, Controller, 212-930-9300
InvestorRelations@Quadlogic.com
KEYWORDS: United States North America New York
INDUSTRY KEYWORDS:
The article Quadlogic Controls Corporation Reports Financial Results for the years ended February 29, 2012 and February 28, 2011 originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
