California Micro Devices Reports December Financial Results; Fourth Consecutive Quarter of Revenue Growth and Bottom-Line Improvement.Business Editors MILPITAS Milpitas (mĭl'pē`təs), city (1990 pop. 50,686), Santa Clara co., W Calif., a suburb of San Jose, southeast of San Francisco; inc. 1954. Manufactures include computers and paint. , Calif.--(BUSINESS WIRE)--Jan. 23, 2003 California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Micro Devices (Nasdaq:CAMD CAMD Center for Advanced Microstructures and Devices CAMD Clean Air Markets Division (US EPA) CAMD Computer-Assisted Molecular Design CAMD Chemical Agent and Munitions Disposal CAMD Carl Asmis Memorial Dressage Association ) today announced financial results for its third fiscal quarter, which ended December December: see month. 31, 2002. Revenue grew to $11.3 million, slightly above its January January: see month. 7th estimate and up 60 percent from the year ago quarter and five percent sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen . The net loss was also slightly better than the January 7th estimate as it narrowed to $193,000 or $0.01 per share, representing a 98 percent improvement from the year ago quarter and an 86 percent improvement from the $0.09 net loss per share reported last quarter. Marking an important milestone, California Micro Devices also posted its first operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. , $89,000 or $0.01 per share, since the December quarter in fiscal 2001, two years earlier. The operating profit and the net loss both reflect a benefit of $193,000 from reversing unused 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). reserves related to the company's successful transition to a "fab-lite" manufacturing model. The cost of this transition, which was completed in the December quarter, totaled $11.0 million compared to the most recent estimate of $11.3 million. "I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in pleased to report our fourth consecutive quarter of revenue growth and bottom line improvement," said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. V. Dickinson Dickinson, city (1990 pop. 16,097), seat of Stark co., SW N.Dak., on the Heart River; inc. 1919. It is a processing and shipping center for a livestock, dairy, and wheat region, as well as a service center for the Williston Basin oil industry. Dickinson State Univ. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , "even though we experienced softer than expected demand for our Lighting products and operational issues that constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. the production ramp of our Medical products. We also captured 99 design wins, another all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal record, and saw our bookings and gross margins rise to $11.4 million and 29 percent, respectively, from $9.7 million and 22 percent last quarter." The company also noted that it completed a private placement in November November: see month. with gross proceeds of $5.2 million and that, as a result, it ended the quarter with no short term debt, lower liabilities and increased shareholder equity. January 23rd Conference Call California Micro Devices will discuss its financial results during a conference call today at 2:00 p.m. Pacific Time. The conference call can be accessed from within the US by dialing (800) 218-0713, and from outside the US, by dialing (303) 205-0033. No password is necessary. A live webcast may also be accessed at www.calmicro.com within the company's Investor Relations Investor relations The process by which the corporation communicates with its investors. web page; interested parties are advised to log in at least 15 minutes early to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. A replay of the webcast will be archived on the company's web site and be available three hours following completion of the event. For a telephone replay, callers within the US are directed to dial 800-405-2236 and enter pass code 508660. Callers outside the US are directed to call 303-590-3000 and enter the same pass code. Both the webcast and telephone replays will be available through February February: see month. 7, 2003. California Micro Devices Corporation California Micro Devices Corporation is a leading supplier of application-specific analog semiconductor products for the mobile, computing computing - computer , and high-brightness LED lighting markets. Key products include application-specific integrated passive (ASIP ASIP American Society for Investigative Pathology ASIP Application Specific Instruction Set Processor ASIP Aircraft Structural Integrity Program ASIP Arrow System Improvement Program (US DoD) ASIP Airborne Signals Intelligence Payload (TM)) devices and power management ICs as well as silicon submounts for high brightness LEDs. Detailed corporate and product information may be accessed at www.calmicro.com. All statements contained in this press release that are not historical facts 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. . The forward-looking statements in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. They are not historical facts or guarantees of future performance or events. Rather, they are based on current expectations, estimates, beliefs, assumptions, and goals and objectives and are subject to uncertainties that are difficult to predict. As a result, our actual results may differ materially from the statements made. Often such statements can be identified by their use of words such as will, intends, expects, plans, believes, anticipates, expects, and estimates. These forward-looking statements are based upon our assumptions about and assessment of the future, which may or may not prove true, and involve a number of risks and uncertainties including, but not limited to, the risk factors detailed in the company's Form 8K, 10K, and 10Q filings with the Securities and Exchange Commission. Due to these and other risks, the Company's future actual results could differ materially from those discussed above. These forward-looking statements speak only as to the date of this release, and, except as required by law, we undertake no obligation to publicly release updates or revisions to these statements whether as a result of new information, future events, or otherwise.
CALIFORNIA MICRO DEVICES CORPORATION
Condensed Statements of Operations
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
-------------------- --------------------
2002 2001 2002 2001
-------- -------- -------- --------
Net sales $ 11,284 $ 7,045 $ 31,413 $ 21,788
Costs and expenses:
Cost of sales 8,013 12,676 24,597 28,320
Research and
development 923 993 2,699 2,918
Selling, general
and administrative 2,452 2,876 7,619 8,053
Special Charges (193) 45 (193) 4,155
-------- -------- -------- --------
Total costs and
expenses 11,195 16,590 34,722 43,446
-------- -------- -------- --------
Operating
income (loss) 89 (9,545) (3,309) (21,658)
Other expense, net 282 162 788 601
-------- -------- -------- --------
Income (loss) before
income taxes (193) (9,707) (4,097) (22,259)
Income taxes -- -- -- --
-------- -------- -------- --------
Net income (loss) $ (193) $ (9,707) $ (4,097) $(22,259)
======== ======== ======== ========
Net income (loss)
per share - basic $ (0.01) $ (0.79) $ (0.29) $ (1.89)
======== ======== ======== ========
Net income (loss)
per share - diluted $ (0.01) $ (0.79) $ (0.29) $ (1.89)
======== ======== ======== ========
Weighted averages
common shares
outstanding - basic 14,871 12,264 14,337 11,771
======== ======== ======== ========
Weighted average
common shares
outstanding - diluted 14,871 12,264 14,337 11,771
======== ======== ======== ========
CALIFORNIA MICRO DEVICES CORPORATION
Condensed Balance Sheets
(Amounts in thousands)
December 31, March 31,
2002(1) 2002(2)
-------- --------
ASSETS:
Current assets:
Cash and short-term investments $ 4,363 $ 7,240
Accounts receivable, net 5,596 4,561
Inventories 4,188 2,784
Other assets 684 679
-------- --------
Total current assets 14,831 15,264
Property, plant and equipment, net 10,654 10,853
Restricted cash 1,195 888
Other long-term assets 866 1,232
-------- --------
Total assets $ 27,546 $ 28,237
======== ========
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,787 $ 5,085
Accrued liabilities 2,036 4,345
Deferred margin on sales to distributors 1,831 1,193
Current maturities of long-term debt and
capital lease obligations 1,609 2,256
-------- --------
Total current liabilities 8,263 12,879
Long-term debt, less current maturities 8,878 7,069
Other long-term liabilities 262 509
-------- --------
Total liabilities 17,403 20,457
-------- --------
Shareholders' equity:
Common stock 74,195 67,732
Accumulated other comprehensive
income (loss) -- 2
Accumulated deficit (64,052) (59,954)
-------- --------
Total shareholders' equity 10,143 7,780
-------- --------
Total liabilities and
shareholders' equity $ 27,546 $ 28,237
======== ========
(1) December 31st unaudited
(2) Derived from audited financial statements.
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