Welcome!

Microsoft Cloud Authors: Lori MacVittie, Elizabeth White, Yeshim Deniz, Serafima Al, Janakiram MSV

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
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Archi...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
The best way to leverage your CloudEXPO | DXWorldEXPO presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering CloudEXPO | DXWorldEXPO will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at CloudEXPO. Product announcements during our show provide your company with the most reach through our targeted audienc...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
DXWorldEXPO LLC announced today that the upcoming DXWorldEXPO | CloudEXPO New York event will feature 10 companies from Poland to participate at the "Poland Digital Transformation Pavilion" on November 12-13, 2018.
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.