California Micro Devices Reports Fourth Quarter and FY2002 Financial Results.Business Editors/High-Tech Writers MILPITAS, Calif.--(BUSINESS WIRE)--May 2, 2002 Fiscal Q4 revenue grows 17 percent sequentially, exceeding estimates, as net loss narrows while bookings increase for third consecutive quarter 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 fourth quarter, which ended March 31, 2002. The company reported revenues of $8.2 million up 17 percent from the $7.0 million reported in the third quarter. The net loss per share was $0.46 compared to $0.79 in the third quarter. Net loss per share, prior to 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 other charges related to the company's transition to a "fab lite (spelling) lite - (Misspelling of "light", when used to mean "lightweight") A suffix denoting a scaled-down or crippled product, often designed to be distributed without charge, e.g. on a magazine coverdisk. An example is pklite. " manufacturing model, was $0.33 which was in line with earlier guidance and included a benefit of $511,000 related to the sale of inventory reserved earlier in year. On an annual basis, the company reported fiscal 2002 revenues totaling $29.9 million and a net loss per share of $2.33. This compares to fiscal 2001 revenue of $57.5 million and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share of $0.20. In Q4, the company recorded a $1.8 million charge in cost of sales related to the decline in factory capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. resulting from the manufacturing transition. Total charges in fiscal 2002 related to the manufacturing transition were $10.6 million, of which $4.2 million, principally related to the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of excess manufacturing equipment, is reflected as special charges on the statement of operations See Income statement. and $6.4 million is included in cost of sales. The company expects total charges to be about $11.3 million when the transition is complete. The company also noted that since the manufacturing transition is close to completion and most of the financial impact associated with it has been recognized, it has discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: the practice of reporting pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. . "The close of our fourth quarter signals the end of a very challenging year," said Robert V. Dickinson, president and chief executive officer. "When I joined the company just over a year ago, we saw close to half of our revenue stream virtually disappear due to the sudden collapse of the communications infrastructure market. I'm pleased to report that the actions we've taken over the past year have begun to show real progress toward returning our company to profitable growth." Among the actions taken during fiscal 2002, Dickinson cited strengthening of the management team, focusing the company on the mobile, computing computing - computer and LED lighting markets, improving sales and marketing effectiveness Marketing Effectiveness is the function of improving how marketers go to market with the goal of optimizing their marketing spend to achieve even better results for both the short-term and long-term. Also related to Marketing ROI and Return on Marketing Investment (ROMI). and streamlining manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Dickinson, the fiscal Q4 improvements were accompanied by continued growth in bookings, a key leading indicator Leading Indicator A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators are used to predict changes in the economy, but are not always accurate. . Bookings were $8.5 million, making fiscal Q4 the third consecutive quarter of bookings growth and the second consecutive quarter that the company's book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can exceeded 1.0. Conference Call California Micro Devices (Nasdaq:CAMD) will hold a conference call to discuss its fourth quarter and fiscal year 2002 results on Thursday, May 2, 2002, at 2:00 p.m. Pacific Time. Interested parties can access the conference call by dialing (800) 218-4007. International parties may access the conference call by dialing (303) 262-2140. No password is necessary. A live webcast of the call may 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 or www.ccbn.com; 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 conference call will be indexed and archived on the Company's web site and will be available three hours following completion of the event through May 9. Telephone replay of the conference call will be available from approximately 6:00 p.m. Pacific Time on May 2, until 6:00 p.m. Pacific Time on May 9. To access this recording, please dial (800) 405-2236 and enter the conference pass code 465887. International callers may dial (303) 590-3000 and enter the conference pass code 465887. California Micro Devices Corporation California Micro Devices Corporation is a leading supplier of Application Specific Integrated Passive(TM) (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 ) devices and related analog semiconductors. Within the company's broad product line are highly integrated solutions that ensure signal integrity, EMI (ElectroMagnetic Interference) An electrical disturbance in a system due to natural phenomena, low-frequency waves from electromechanical devices or high-frequency waves (RFI) from chips and other electronic devices. Allowable limits are governed by the FCC. (electromagnetic interference See EMI. ) filtering, ESD (1) (Electronic Software Distribution) Distributing new software and upgrades via the network rather than individual installations on each machine. See ESL. (electrostatic discharge (hardware, testing) Electrostatic Discharge - (ESD) One kind of test that hardware usually has to pass to prove it is suitable for sale and use. The hardware must still work after is has been subjected to some level of electrostatic discharge. ) protection and smart power management for a computing, mobile, consumer, lighting and medical applications. 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. Forward-looking statements made in this release include our expectation that our future manufacturing transition charges will be $0.7 million, bringing the cumulative amount of such charges to $11.3 million. 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, whether people who were expected to earn retention bonuses remain employees of the company and thereby earn such bonuses and whether the amount of equipment made obsolete OBSOLETE. This term is applied to those laws which have lost their efficacy, without being repealed, 2. A positive statute, unrepealed, can never be repealed by non-user alone. 4 Yeates, Rep. 181; Id. 215; 1 Browne's Rep. Appx. 28; 13 Serg. & Rawle, 447. by the closure of the Milpitas facility is consistent with prior estimates, as well as other 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.
Summary financial data follows.
CALIFORNIA MICRO DEVICES CORPORATION
Condensed Statements of Operations
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended Year Ended
March 31, March 31,
-------------------- --------------------
2002 2001 2002 2001
-------- -------- -------- --------
Net sales $ 8,156 $ 12,039 $ 29,944 $ 57,534
Costs and expenses:
Cost of sales 9,833 9,965 38,153 39,366
Research and development 966 803 3,884 3,405
Selling, marketing
and administrative 3,468 2,670 11,521 11,364
Special charges -- -- 4,155 --
-------- -------- -------- --------
Total costs
and expenses 14,267 13,438 57,713 54,135
-------- -------- -------- --------
Operating income (loss) (6,111) (1,399) (27,769) 3,399
Other expense, net 235 98 836 811
-------- -------- -------- --------
Income (loss) before
income taxes (6,346) (1,497) (28,605) 2,588
Income taxes -- (31) -- 52
-------- -------- -------- --------
Net income (loss) $ (6,346) $ (1,466) $(28,605) $ 2,536
======== ======== ======== ========
Net income (loss)
per share - basic $ (0.46) $ (0.13) $ (2.33) $ 0.23
======== ======== ======== ========
Net income (loss)
per share - diluted $ (0.46) $ (0.13) $ (2.33) $ 0.20
======== ======== ======== ========
Weighted average
common shares
outstanding - basic 13,777 11,383 12,272 11,243
======== ======== ======== ========
Weighted average
common shares
outstanding - diluted 13,777 11,383 12,272 12,384
======== ======== ======== ========
CALIFORNIA MICRO DEVICES CORPORATION
Condensed Balance Sheets
(Amounts in thousands, except share data)
March 31, March 31,
2002 2001
-------- --------
ASSETS:
Current assets:
Cash and short-term securities $ 7,240 $ 6,597
Accounts receivable, less allowance
for doubtful accounts of $161 and $279 4,561 8,068
Inventories 2,784 11,716
Other assets 679 1,451
-------- --------
Total current assets 15,264 27,832
Property, plant and equipment, net 10,853 14,372
Restricted cash 888 914
Other long-term assets 1,232 1,151
-------- --------
Total assets $ 28,237 $ 44,269
======== ========
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 5,085 $ 3,471
Accrued salaries and benefits 1,224 1,135
Other accrued liabilities 3,121 657
Deferred margin on shipments to distributors 1,193 772
Current maturities of long-term debt and
capital lease obligations 2,256 1,594
-------- --------
Total current liabilities 12,879 7,629
Long-term debt, less current maturities 7,069 8,947
Other long-term liabilities 509 533
-------- --------
Total liabilities 20,457 17,109
-------- --------
Shareholders' equity
Common stock - no par value;
authorized 25,000,000; 67,732 58,509
issued and outstanding 13,850,765 shares
Accumulated other comprehensive income (loss) 2 --
Accumulated deficit (59,954) (31,349)
-------- --------
Total shareholders' equity 7,780 27,160
-------- --------
Total liabilities and shareholders' equity $ 28,237 $ 44,269
======== ========
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