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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
 

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