California Micro Devices Reports June Quarter Financial Results; Fiscal Q1 Exceeds Revenue Estimates as Net Loss Continues to Narrow.Business Editors/High-Tech Writers 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)--July 25, 2002 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 first quarter, which ended June June: see month. 30, 2002. Exceeding revenue estimates, the company reported sales of $9.4 million, up 54 percent from the year ago quarter, and up 15 percent from $8.2 million last quarter. The net loss per share met estimates at the most favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. end of the range as it narrowed to $0.18, representing a 51 percent improvement from the year ago quarter and a 61 percent improvement compared to the net loss per share of $0.46 last quarter. "Our performance in the June quarter shows that our strategy to grow by achieving greater penetration in selected high-volume markets is working," 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 chief executive officer. "We saw revenue in two of our three core markets grow sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen , with Mobile revenue growing by over 90 percent and Lighting revenue posting a gain of more than 40 percent. While Computing computing - computer revenue was flat due to soft personal computer market conditions, this market continues to be our largest revenue contributor with significant opportunities for our products to achieve deeper penetration." Citing both growing demand and a major customer placing orders with longer lead times, Dickinson reported that bookings increased to $12.5 million compared to the $8.5 million in the prior quarter. As the June quarter closed, the company marked a major milestone by shipping its 20 millionth chip scale packaged A chip scale package (CSP) (sometimes, chip-scale package with a hyphen) is a type of integrated circuit chip carrier. According to the IPC, to qualify as chip scale, the package must have an area no greater than 1.2 times that of the die that is being packaged. (CSP (1) (Certified Systems Professional) An earlier award for successful completion of an ICCP examination in systems development. See ICCP. (2) (Commerce Service P ) device, demonstrating market acceptance as well as the company's substantial manufacturing capacity for these small-footprint products. "We continue to be encouraged by the increasing demand we are seeing for our products," he added, noting that the company captured 71 design wins during the June quarter, most of which were in the Mobile and Computing markets. Conference Call California Micro Devices will discuss its financial results during a conference call today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The conference call can be accessed from within the US by dialing (800) 218-0204 or from outside the US by dialing (303) 262-2143. No password A secret word or code used to serve as a security measure against unauthorized access to data. It is normally managed by the operating system or DBMS. However, the computer can only verify the legitimacy of the password, not the legitimacy of the user. See NCSC. is necessary. A live webcast of the call may be accessed at www.calmicro.com under "Investor Relations Investor relations The process by which the corporation communicates with its investors. ." 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. any necessary audio software. A replay of the call will be indexed and archived on the company's web site and will be available three hours following completion of the event through August 9, 2002. Telephone replay of the conference call will be available from approximately 4:00 p.m. Pacific Time today until 11:00 p.m. Pacific Time on August 9, 2002. The recording may be accessed from within the US by dialing (800) 405-2236 or from outside the US by dialing (303) 590-3000, and entering pass code 479989. 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 in this release include that our strategy to grow by achieving greater penetration in selected high-volume markets is working and that there are significant opportunities for our products to achieve deeper penetration in the Computing market. 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, that the few high-volume markets we select do not experience declines, that there is not greater competition from larger companies in these markets because of their size, that our success last quarter was not a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. phenomenon based upon pent-up pent-up adj. Not given expression; repressed: pent-up emotions. pent-up Adjective not released; repressed: demand, and that customers in these markets may be locked into using competitors with broader product lines 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.
CALIFORNIA MICRO DEVICES CORPORATION
Statements of Operations Data
(amounts in thousands, except per share data)
(Unaudited)
Three Months Ended
June 30,
2002 2001
Net sales $ 9,368 $ 6,105
Costs and expenses:
Cost of sales 8,148 6,658
Research and development 882 898
Selling, general and administrative 2,660 2,714
-------- --------
Total costs and expenses 11,690 10,270
-------- --------
Operating income (loss) (2,322) (4,165)
Other expense, net 241 126
-------- --------
Income (loss) before income taxes (2,563) (4,291)
Income taxes -- --
-------- --------
Net income (loss) $(2,563) $(4,291)
======== ========
Net income (loss) per share - basic $ (0.18) $ (0.37)
======== ========
Net income (loss) per share - diluted $ (0.18) $ (0.37)
======== ========
Weighted average common shares
outstanding - basic 13,927 11,474
======== ========
Weighted average common shares
outstanding - diluted 13,927 11,474
======== ========
CALIFORNIA MICRO DEVICES CORPORATION
Balance Sheet Data
(amounts in thousands)
June 30, March 31,
2002 2002(a)
ASSETS:
Current assets:
Cash, cash equivalents and
short-term investments $ 4,206 $ 7,240
Accounts receivable, net 5,288 4,561
Inventories 3,380 2,784
Other assets 753 679
-------- --------
Total current assets 13,627 15,264
Property, plant and equipment, net 10,550 10,853
Restricted cash 1,105 888
Other long-term assets 1,147 1,232
-------- --------
Total assets $26,429 $28,237
======== ========
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,551 $ 5,085
Accrued liabilities 3,380 4,345
Deferred margin on sales to
distributors 1,339 1,193
Current maturities of long-term debt
and capital lease obligations 1,156 2,256
-------- --------
Total current liabilities 11,426 12,879
Long-term debt, less current maturities 8,478 7,069
Other long-term liabilities 321 509
-------- --------
Total liabilities 20,225 20,457
-------- --------
Shareholders' equity:
Common stock 68,721 67,732
Accumulated other comprehensive
income (loss) -- 2
Accumulated deficit (62,517) (59,954)
-------- --------
Total shareholders' equity 6,204 7,780
-------- --------
Total liabilities and
shareholders' equity $26,429 $28,237
======== ========
(a) Derived from audited financial statements.
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