C.P. Clare Announces Second Quarter Results.BEVERLY Beverly, city (1990 pop. 38,195), Essex co., NE Mass., on Massachusetts Bay; inc. as a city 1894. Its chief manufactures are electronic and scientific equipment, consumer goods, and chemicals. , Mass.--(BUSINESS WIRE)--Oct. 22, 1998--C.P. Clare Clare, county (1991 pop. 90,918), 1,231 sq mi (3,188 sq km), W Republic of Ireland, between Galway Bay and the Shannon River. The county and Roman Catholic seat is Ennis. The terrain is broken and hilly, with many bogs and lakes; the coastline is especially rugged. Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPCL CPCL Chennai Petroleum Corporation Limited CPCL Computer Program Change Library CPCL Computer Program Control Library CPCL Component Prioritized Collection List ), a recognized world leader in the communications components marketplace, announced today that for the second quarter ended September September: see month. 27, 1998, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $33.9 million compared with $39.2 million for the same quarter ended September 28, 1997, a decrease of 13.6%. Excluding certain non-recurring charges, the Company had income from operations of $0.2 million for the quarter ended September 27, 1998 compared with $3.1 million for the same period in the prior year. In the operating results for the second quarter of this year are non-recurring charges of $4.0 million for restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and $9.8 million for the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of in-process research and development, incurred as part of the acquisition of the Micronix Integrated Systems, Inc. Including these non-recurring charges, the Company had a net loss of $12.2 million (loss of $1.30 per share) compared with a net income of $2.1 million (income of $0.21 per share) for the same period in the prior year. These results are in line with our pre-release estimated results announced on September 21, 1998. For the six months ended September 27, 1998, net sales were $70.6 million compared with $73.9 million for the same period last year, a 4.5% decrease. Excluding the non-recurring charges, the Company had income from operations of $2.6 million for the six months ended September 27, 1998 compared with $5.2 million for the same period in the prior year. Including the non-recurring charges described above, the Company had a net loss of $10.5 million (loss of $1.12 per share) for the six months ended September 27, 1998, compared with net income of $3.8 million (income of $0.38 per share) for the same period in the prior year. As previously announced, on July July: see month. 6, 1998, C.P. Clare Corporation acquired Micronix Integrated Systems, Inc. for $15.8 million in cash. Micronix is a leader in the design and manufacture of analog and mixed-signal application specific integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. (ASICs). This acquisition has strengthened the Company's position in the design of high-voltage analog silicon solutions and is expected to enable C.P. Clare to utilize its new semiconductor wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. fab to move more aggressively into the next generation of high-voltage analog solutions for our communication customers required to meet the needs of its core markets. "Despite difficult business conditions, I am optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the medium term future of the communications markets we serve, the new products we are developing, and the technological advantages that the Clare Micronix acquisition, coupled with our new fab, can provide our customers," said Arthur R. Buckland, President and Chief Executive Officer. C.P. Clare Corporation is a leader in the design and manufacture of high-voltage analog circuits analog circuit, electronic circuit that operates with currents and voltages that vary continuously with time and have no abrupt transitions between levels. Generally speaking, analog circuits are contrasted with digital circuits, which function as though currents or . The company's products enable communications by providing the critical interface between high-voltage electrical signals and the low-voltage electronics that process those signals. Leading manufacturers of data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and industrial equipment around the world rely on C.P. Clare for semiconductors and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. electronic components. Except for historical information contained herein, the matters set forth in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined under the federal securities laws. Actual results could differ materially from the information set forth herein and there is no assurance that any anticipated future results will be achieved -0-
C.P. CLARE CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(dollars in thousands)
(Unaudited)
Sept. 27, March 29,
1998 1998
ASSETS
Current assets:
Cash, cash equivalents and investments $ 6,033 $ 26,364
Accounts receivable, net 16,953 21,383
Inventories 25,474 22,083
Other current assets 5,926 3,122
Total current assets 54,386 72,952
Property, plant and equipment, net 41,639 38,777
Other assets, net 8,365 2,457
Total assets $104,390 $114,186
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 22,836 $ 23,029
Long-term debt, net of current portion 389 --
Total liabilities 23,225 23,029
Stockholders' equity 81,165 91,157
Total liabilities and stockholders' equity $104,390 $114,186
C.P. CLARE CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
Sept. 27, Sept. 28, Sept. 27, Sept. 28,
1998 1997 1998 1997
Net sales $ 33,887 $ 39,204 $ 70,581 $ 73,871
Cost of sales 24,712 27,024 50,226 50,534
Gross profit 9,175 12,180 20,355 23,337
Operating expenses:
Selling, general and
administrative 6,678 7,028 13,388 13,773
Research and development 2,342 2,006 4,366 4,334
Write-off of acquired
in-process
research and
development 9,832 -- 9,832
Restructuring costs 4,000 -- 4,000 --
Operating (loss) income (13,677) 3,146 (11,231) 5,230
Interest income 131 388 378 750
Interest expense (57) (71) (80) (99)
Other (expense)
income, net (147) (69) (136) 136
(Loss) income before
(benefit) provision
for income taxes (13,750) 3,394 (11,069) 6,017
(Benefit) provision
for income taxes (1,528) 1,255 (540) 2,226
Net (loss) income $ (12,222) $ 2,139 $ (10,529)$ 3,791
Basic (loss) earnings
per share $ (1.30) $ 0.23 $ (1.12)$ 0.41
Diluted (loss) earnings
per share $ (1.30) $ 0.21 $ (1.12)$ 0.38
Weighted average number
of common shares
outstanding:
Basic 9,390,175 9,260,706 9,377,487 9,226,743
Diluted 9,390,175 9,972,538 9,377,487 9,847,831
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