QUIK » Topics » Gross Profit

This excerpt taken from the QUIK 10-Q filed Nov 6, 2008.
Gross Profit.  Gross profit was $12.4 million and $10.0 million in the first nine months of 2008 and 2007, respectively, which represented 47.8% and 42.2% of revenue for those periods. The $2.5 million increase in gross profit was primarily due to $2.2 million of lower charges for inventory reserves, $1.1 million due to higher revenue and product mix, and $1.1 million for lower unabsorbed overhead costs, partially offset by a $1.5 million long-lived asset impairment charge associated with the write-down of prepaid wafer credits and certain assets used in production and by higher purchase price variances. During the first nine months of 2008, the Company recorded inventory related charges totaling $1.3 million, or 5.1% of revenue, primarily for excess quantities due to a reduction in expected demand for inventories on hand, and cost of revenue was reduced by $440,000, or 1.7% of revenue, through the sale of inventories that were previously written down.

 

This excerpt taken from the QUIK 10-Q filed Aug 7, 2008.
Gross Profit.  Gross profit was $9.0 million and $5.3 million in the first half of 2008 and 2007, respectively, which represented 45.5% and 36.0% of revenue for those periods. The $3.7 million increase in gross profit was primarily due to higher revenue and change in product mix and cost, which contributed $2.5 million, a decrease in the write-down of inventories and related charges of $1.9 million and lower unabsorbed overhead of approximately $1.0 million due to higher production volumes, partially offset by a $1.5 million long-lived asset impairment charge associated with the write-down of prepaid wafer credits and certain assets used in production. During the first half of 2008, the Company recorded inventory related charges totaling $1.1 million, or 5.7% of revenue, primarily for excess quantities due to a reduction in expected demand for inventories on hand, and cost of revenue was reduced by $380,000, or 1.9% of revenue, through the sale of inventories that were previously written down.

 

This excerpt taken from the QUIK 10-Q filed May 8, 2008.
Gross Profit.  Gross profit was $5.8 million and $841,000 in the first quarter of 2008 and 2007, respectively, which represented 52.3% and 13.5% of revenue for those periods. The $4.9 million increase in gross profit was primarily due to higher revenue and change in product mix and cost, which contributed $3.0 million, a decrease in the write-down of inventories and related charges of $1.5 million and lower unabsorbed overhead of approximately $590,000 due to higher production volumes. During the first quarter of 2008, the Company recorded inventory related charges totaling $956,000, or 8.7% of revenue, primarily for excess quantities due to a reduction in expected demand for inventories on hand, and cost of revenue was reduced by $230,000, or 2.1% of revenue, through the sale of previously reserved inventories.

 

This excerpt taken from the QUIK 10-Q filed Nov 8, 2007.
Gross Profit.  Gross profit was $10.0 million and $13.8 million in the first nine months of 2007 and 2006, respectively, which represented 42.2% and 50.9% of revenue for those periods. The $3.8 million decline in gross profit was primarily due to lower revenue and overhead absorption, which contributed $1.8 million, and increased inventory write-down of $1.8 million, primarily for excess quantities.

 

This excerpt taken from the QUIK 10-Q filed Aug 10, 2007.
Gross Profit.  Gross profit was $5.3 million and $10.6 million in the first half of 2007 and 2006, respectively, which represented 36.0% and 57.0% of revenue for those periods. The $5.3 million decline in gross profit was primarily due to: 1) increased inventory write-down of $2.8 million, primarily for excess quantities as a result of a change in forecasted product mix; 2) lower revenue and overhead absorption, which contributed $2.0 million; and 3) $380,000 lower benefit from the sale of previously reserved inventory.

This excerpt taken from the QUIK 10-Q filed May 10, 2007.
Gross Profit.   Gross profit was $841,000 and $5.6 million in the first quarter of 2007 and 2006, respectively, which represented 13.5% and 59.7% of revenue for those periods. The $4.7 million decline in gross profit was primarily due to: 1) increased inventory reserves of $2.2 million, primarily for excess quantities as a result of a change in forecasted product mix; 2) lower revenue and change in product mix and cost, which contributed $1.9 million; and 3) higher unabsorbed overhead of approximately $400,000 as a result of lower production volumes. In the first quarter of 2007, we provided inventory reserves primarily for excess quantities in the amount of $2.5 million and sold approximately $80,000 of inventory that was previously reserved. In the first quarter of 2006, we provided inventory reserves primarily for excess quantities in the amount of $232,000 and sold approximately $320,000 of inventory that was previously reserved.

This excerpt taken from the QUIK 10-K filed Mar 15, 2007.
Gross Profit.   Gross profit was $30.1 million and $23.7 million in 2005 and 2004, respectively, which was 62.4% and 53.2% of revenue for those periods. The $6.4 million improvement in gross profit in 2005 was primarily due to: 1) higher revenue and better product mix, which contributed approximately $3.7 million of this improvement; 2) production variances improved by approximately $1.0 million, as our 2004 costs included significant yield variances associated with the initial production of our new products at Tower; 3) lower inventory reserves and adverse purchase commitments of $870,000 which was due primarily to one-time charges totaling $790,000 in 2004 related to wafers of one product not expected to yield usable die; and 4) lower unabsorbed overhead of approximately $840,000 which was due primarily to lower depreciation and amortization expense of $880,000. Our lower depreciation and amortization expense was largely a result of the $3.2 million impairment of long-lived assets recorded in the fourth quarter of 2004. The sale of previously reserved inventory reduced our cost of revenue by $1.0 million and $1.1 million in 2005 and 2004, respectively.

This excerpt taken from the QUIK 10-Q filed Jan 10, 2007.
Gross Profit.  Gross profit was $13.8 million and $24.1 million in the nine months ended September 30, 2006 and 2005, respectively, which represented 50.9% and 63.6% of revenue for those periods. The $10.3 million decline in gross profit was primarily due to a decline in revenue effecting gross profit by approximately $7.6 million, product mix contributing $1.4 million to the lower gross profit and $1.4 million of higher charges for the write-off of inventory for excess quantities. Cost of revenue for the nine months ended September 30, 2006 includes $138,000 related to the recognition of stock-based compensation in accordance with SFAS No. 123(R). In the nine months ended September 30, 2006, we provided inventory reserves primarily for excess quantities in the amount of $1.7 million and sold $710,000 of inventory that was previously reserved. In the nine months ended September 30, 2005, we provided inventory reserves primarily for excess quantities in the amount of $290,000 and sold $810,000 of inventory that was previously reserved.

This excerpt taken from the QUIK 10-Q filed Dec 22, 2006.
Gross Profit.  Gross profit was $10.6 million and $15.8 million in the six months ended June 30, 2006 and 2005, respectively, which represented 57.0% and 62.4% of revenue for those periods. The $5.2 million decline in gross profit was primarily due to the decline in revenue which effected gross profit by approximately $4.6 million, changes in product mix contributing $470,000 to the lower gross profit and lower absorbed overhead of approximately $510,000 which was partially offset by favorable production variances. Cost of revenue for the six months ended June 30, 2006, includes $102,000 related to the recognition of stock-based compensation in accordance with SFAS No. 123(R). In the six months ended June 30, 2006, we provided inventory reserves primarily for excess quantities in the amount of $470,000 and sold $630,000 of inventory that was previously reserved. In the six months ended June 30, 2005, we provided inventory reserves primarily for excess quantities in the amount of $205,000 and sold $630,000 of inventory that was previously reserved.

This excerpt taken from the QUIK 10-Q filed May 12, 2006.
Gross Profit.  Gross profit was $5.6 million and $7.6 million in the three months ended March 31, 2006 and 2005, respectively, which represented 59.7% and 61.0% of revenue for those periods. The $2.1 million decline in gross profit was primarily due to a decline in revenue, which contributed approximately $2.2 million to the decline, and lower absorbed overhead of approximately $380,000, primarily due to lower production volumes, which was partially offset by better product mix, which improved gross profit by approximately $250,000, and improvements in other production variances. Cost of revenue for the three months ended March 31, 2006, includes $49,000 related to the recognition of stock-based compensation in accordance with SFAS No. 123(R). In the three months ended March 31, 2006, we provided inventory reserves primarily for excess quantities in the amount of $232,000 and sold $323,000 of inventory that was previously reserved. In the three months ended March 31, 2005, we provided inventory reserves primarily for excess quantities in the amount of $205,000 and sold $255,000 of inventory that was previously reserved.

 

This excerpt taken from the QUIK 10-K filed Mar 17, 2006.
Gross Profit.   Gross profit was $23.7 million and $20.9 million in 2004 and 2003, respectively, which was 53.2% and 49.9% of revenue for those periods. The $2.8 million improvement in gross profit in 2004 was primarily due to changes in product mix and lower product costs which contributed to improved gross profit by approximately $2.9 million, higher revenue which contributed to improved gross profit by approximately $1.6 million, and lower additions to the excess and obsolete inventory reserve of $940,000. This was partially offset by higher unfavorable yield and other manufacturing variances of $770,000 primarily due to initial production of our new products, one-time charges totaling $790,000 related to wafers of one product not expected to yield usable die, and higher unabsorbed overhead of $650,000. In 2004 and 2003, charges to inventory reserves were $700,000 and $1.5 million, respectively. The sale of previously reserved inventory reduced our cost of sales by $1.1 million and $1.5 million in 2004 and 2003, respectively.

This excerpt taken from the QUIK 10-Q filed Nov 14, 2005.
Gross Profit.  Gross profit was $24.1 million and $18.5 million in the nine months ended September 30, 2005 and 2004, respectively, which was 63.6% and 55.0% of revenue for those periods. The $5.7 million improvement in gross profit was primarily due to: higher revenue and better product mix, which contributed approximately $4.0 million of this improvement; lower inventory reserves and adverse purchase commitments of $710,000; lower unabsorbed overhead of approximately $670,000 which was primarily due to lower depreciation and amortization expense of $600,000, and approximately $220,000 of lower production variances. The nine months ended September 30, 2004 includes an adverse purchase commitment for product that was determined to provide no usable die and provisions for inventory reserves in the total amount of $1.0 million. Our lower depreciation and amortization expense was largely a result of the impairment of long-lived assets recorded in the fourth quarter of 2004.

 

This excerpt taken from the QUIK 10-Q filed Aug 11, 2005.
Gross Profit.  Gross profit was $15.8 million and $12.6 million in the six months ended June 30, 2005 and 2004, respectively, which was 62.4% and 58.2% of revenue for those periods. The $3.2 million improvement in gross profit was primarily due to higher revenue, which contributed approximately $2.5 million of this improvement, lower depreciation and amortization expense of $380,000, higher absorbed overhead on higher production volumes and lower production variances. Our lower depreciation and amortization expense was largely a result of the impairment of long-lived assets recorded in the fourth quarter of 2004.

 

This excerpt taken from the QUIK 10-Q filed May 12, 2005.
Gross Profit. Gross profit was $7.6 million and $5.8 million in the three months ended March 31, 2005 and 2004, respectively, which was 61.0% and 56.1% of revenue for those periods, respectively. The $1.8 million improvement in gross profit was primarily due to higher revenue and changes in product mix, which contributed $1.6 million of this improvement, and lower production variances, which accounted for the remainder of the gross profit improvement. Our absorbed overhead

 

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variances improved by approximately $290,000 during this period, due largely to lower depreciation and amortization as a result of the impairment of long-lived assets recorded in the fourth quarter of 2004.

 

This excerpt taken from the QUIK 10-K filed Mar 17, 2005.
Gross Profit.   Gross profit was $20.9 million and $13.0 million in 2003 and 2002, respectively, which was 49.9% and 39.9% of revenue for those periods. The $7.9 million improvement in gross profit in 2003 was primarily due to higher revenue which improved gross profit by approximately $6.2 million, $870,000

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as a result of higher sales of reserved inventory, $440,000 due to product mix, $380,000 less scrapped inventory, and $170,000 less reserves for excess and obsolete inventory; partially offset by higher freight and other charges. In 2003 and 2002, charges to inventory reserves were $1.5 million and $1.6 million, respectively. The sale of previously reserved inventory reduced our cost of sales by $1.5 million and $640,000 in 2003 and 2002, respectively.

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