Plus   Neg

QuickLogic Announces Restructuring; Reaffirms Q4 Revenue Guidance

QuickLogic Corp. (QUIK) announced a restructuring plan which is estimated to result in annualized operating expense savings of approximately $4.0 million. QuickLogic will reduce total personnel by approximately 30% by the end of the first quarter of fiscal 2020. The company expects to incur approximately $600 thousand of restructuring expenses, of which approximately $500 thousand will be cash expenditures.

Brian Faith, QuickLogic CEO, said: "The restructuring is expected to further accelerate our path to improved bottom line financial performance in fiscal 2020. We continue to forecast revenue growth this year."

QuickLogic also reaffirmed its fourth quarter revenue guidance of $3.0 million, plus or minus 10%.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Moderna said Tuesday that it has reached an agreement with the U.S. to initially supply 100 million doses of its experimental vaccine for COVID-19, mRNA-1273. The U.S. government has awarded up to $1.525 billion for the vaccine. Las Vegas, Nevada-based Mr. Wok Foods has recalled about 200,000 pounds of meat and poultry products for misbranding and undeclared allergens, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS said. The recalled products may contain known allergens such as milk, wheat, soy, peanuts, or oysters. They may also contain MSG, sesame products, or sulfites. The U.S. Food and Drug Administration approved the first oral drug to treat patients two months of age and older with spinal muscular atrophy (SMA) that can be taken at home. Roche subsidiary Genentech's Evrysdi (risdiplam) is also the second FDA-approved drug to treat this rare and often fatal genetic disease affecting muscle strength and movement.
Follow RTT