Welcome!

.NET Authors: Jim Kaskade, Adine Deford, TJ Randall, Sandi Mappic, Ivan Antsipau

News Feed Item

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

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 at www.quadlogic.com or http://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
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that AgilePoint, the leading provider of Microsoft-centric Business Process Management software, will exhibit at SYS-CON's 2nd International @ThingsExpo which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. AgilePoint is the leading provider of Microsoft-based Business Process Management (BPM) software products, has 1,300+ on-premise and cloud deployments in 25+ countries and provides the same advanced BPM feature set as J2EE vendors like IBM and Appian for the Microsoft .NET native environment. AgilePoint customer...
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at Internet of @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., will show what is needed to leverage the IoT to transform your business. He will discuss opportunities and challenges ahead for the IoT from a market and tec...
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customizable platform to easily integrate into existing software solutions, embed business logic and build s...
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, will describe an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device experiences grounded in people’s real needs and desires.
SYS-CON Events announced today that TeleStax, the main sponsor of Mobicents, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. TeleStax provides Open Source Communications software and services that facilitate the shift from legacy SS7 based IN networks to IP based LTE and IMS networks hosted on private (on-premise), hybrid or public clouds. TeleStax products include Restcomm, JSLEE, SMSC Gateway, USSD Gateway, SS7 Resource Adaptors, SIP Servlets, Rich Multimedia Services, Presence Services/RCS, Diame...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: Samsung recognizes that true, accelerated innovation cannot be driven from one source, but requires a...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: Esmeralda Swartz, CMO of MetraTech, has spent 16 years as a marketing, product management, and busin...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
SYS-CON Events announces a new pavilion on the Cloud Expo floor where WebRTC converges with the Internet of Things. Pavilion will showcase WebRTC and the Internet of Things. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices--computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridsto...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at Internet of @ThingsExpo, Andrew Bolwell, Director of Innovation for HP’s Printing and Personal Systems Group, will discuss how key attributes of mobile technology – touch input, senso...
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics...
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption by amplifying "faint signals" from the alpha geeks who are creating the future. An...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.