California Micro Devices Reports Loss for the Fourth Quarter, Profit for the Fiscal Year.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)--April 26, 2001 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 Corporation (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 reported a net loss of $1,467,000 or $0.13 per share, on revenues of $12.0 million, for the quarter ended March 31, 2001. This compares with a net income of $869,000, or $0.07 per share, on revenues of $14.1 million, for the quarter ended March 31, 2000. For the year ended March 31, 2001, the Company reported net income of $2,536,000, or $0.20 per share fully 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. , on revenues of $57.5 million. This compares with a net income of $275,000, or $0.02 per share, for the year ended March 31, 2000, on revenues of $43.8 million. Results for the quarter and year ended March 31, 2000 have been restated to give effect to a non-cash compensation charge of $357,000 or $0.03 per share, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a stock award. Without this non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. , net income would be $1,226,000 and $632,000 for the quarter and twelve months ended March 31, 2000. The Company noted that lower sales volumes, a net increase in inventory reserves of $1.3 million, and a shift in product mix, drove gross margins down to 17% of sales in the March 31, 2001 quarter compared to 37% in the December December: see month. 31, 2000 quarter, and 37% in the March 31, 2000 quarter. Without the additional inventory reserves fourth quarter gross margins would have been 28%. Gross margins for both the years ended March 31, 2001 and 2000 were 32% of sales. The Company's cash position at March 31, 2001 was $6.6 million compared to $6.6 million on March 31, 2000. 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. 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. 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. , CAMD's president and chief executive officer, "As expected, revenue in the March quarter was down sequentially. Although revenue for the quarter met our expectations, developments late in the quarter, including cancellations, product mix shifts and continued weakness in bookings, led us to increase inventory reserves by $1.3 million dollars. Without the reserves, we would have been close to breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations for the quarter as a result of a successful effort to reduce expenses through a variety of measures. "We expect the June June: see month. quarter to be a difficult one as well with revenue again declining sequentially, although it is too early for us to have a clear picture of the magnitude. Although we have begun to see a number of encouraging signs, including distributor inventory movement and strong design and quote activity, the bookings picture remains unclear as demand reductions and inventory corrections in our customers' markets play out. With revenue down, we also anticipate a loss for the quarter but again the magnitude is not yet clear. We plan to hold a conference call early in June, 2001 to provide more specific guidance. "As we manage through the current downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. , we will also continue to make prudent investments in the future so that we are positioned to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. opportunities which we expect to materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. as we continue through the fiscal year." All statements contained in this press release, which 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. . Forward-looking statements involve a number of risks and uncertainties including, but not limited to, product demand, pricing, unit volumes, market acceptance, competition, risk of dependence on third party suppliers, intellectual property rights and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , risks in product and technology development, expense reductions and other risk factors detailed in the Company's Form 10K and Form 10Q filings with the Securities and Exchange Commission. 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. Due to the risk factors discussed herein, the Company's future actual results could differ materially from those discussed above. These forward-looking statements speak only as to the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , and the Company undertakes no obligation to publicly release updates or revisions to these statements. Headquartered in Milpitas, California Milpitas (IPA pronunciation: mɪlpitʌs; inhabitants are called 'Milpitans') is a city in Santa Clara County, California. It is located with San Jose to its south and Fremont to its north, at the eastern end of Highway 237 and generally between Interstate freeways 680 and , California Micro Devices (CAMD) designs, manufactures and markets integrated thin film, silicon-based termination and filtering components and active electronic circuitry. Built in ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9000-registered quality system environments, CAMD's products target the requirements of computer, networking and communication-based system manufacturers for smaller, high-density high-den·si·ty adj. Having a high concentration: high-density urban areas. devices that operate at high frequencies with superior performance and functionality. For further information on the Company, please visit our web site at http://www.camd.com or call Interactive Shareholder Information Services See Information Systems. on 888/209-7223.
California Micro Devices Corporation
Statements of Operations
(Amounts in thousands, except per share data)
Three Months Ended Year Ended
March 31, March 31,
(Unaudited)
------------------------------------------
2001 2000(a) 2001 2000(a)
-------- -------- -------- --------
Net sales $ 12,038 $ 14,144 $ 57,534 $ 43,763
Cost and expenses:
Cost of sales 9,964 8,855 39,366 29,571
Research and
development 802 876 3,405 3,366
Selling, marketing
and administrative 2,669 3,469 11,364 10,080
-------- -------- -------- --------
Total costs and
expenses 13,435 13,200 54,135 43,017
-------- -------- -------- --------
Operating income
(loss) (1,397) 944 3,399 746
Other expense, net 100 75 811 471
-------- -------- -------- --------
Income (loss) before
income taxes (1,497) 869 2,588 275
Income taxes (30) -- 52 --
-------- -------- -------- --------
Net income (loss) $ (1,467) $ 869 $ 2,536 $ 275
======== ======== ======== ========
Net income (loss)
per share -basic $ (0.13) $ 0.08 $ 0.23 $ 0.03
======== ======== ======== ========
Net income (loss)
per share - diluted $ (0.13) $ 0.07 $ 0.20 $ 0.02
======== ======== ======== ========
Weighted average
common shares
outstanding - basic 11,383 10,742 11,243 10,324
======== ======== ======== ========
Weighted average
common shares
outstanding - diluted 11,383 12,511 12,384 11,642
======== ======== ======== ========
(a) Results for the quarter and year ended March 31, 2000 have been
restated to give effect to a non-cash compensation charge of
$357,000 or $0.03 per share, relating to a stock award.
CALIFORNIA MICRO DEVICES CORPORATION
Balance Sheets
(Amounts in thousands, except share data)
March 31, March 31,
2001 2000(a)(b)
-------- --------
ASSETS:
Current assets:
Cash and short-term securities $ 6,597 $ 6,559
Accounts receivable, less
allowance for doubtful
accounts of $279 and $219 8,068 8,875
Inventories 11,716 9,994
Other assets 1,451 980
-------- --------
Total current assets 27,832 26,408
Property, plant & equipment, net 14,372 10,637
Restricted cash 914 902
Other long term assets 1,151 1,139
-------- --------
Total assets $ 44,269 $ 39,086
======== ========
LIABILITIES & SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 3,471 $ 4,821
Accrued salaries and benefits 1,250 1,097
Other accrued liabilities 656 742
Deferred margin on shipments
to distributors 772 516
Current maturities of long-term
debt and capital lease obligations 1,594 815
-------- --------
Total current liabilities 7,743 7,991
Long-term debt, less
current maturities 8,947 7,342
Other long-term liabilities 533 793
-------- --------
Total liabilities 17,223 16,126
-------- --------
Shareholders' equity:
Common stock - no par value;
authorized 25,000,000; issued
and outstanding 11,459,503 shares 58,394 56,836
Accumulated deficit (31,348) (33,876)
-------- --------
Total shareholders' equity 27,046 22,960
-------- --------
Total liabilities and
shareholders' equity $ 44,269 $ 39,086
======== ========
(a) Derived from audited financial statements.
(b) Results for the quarter and year ended March 31, 2000 have been
restated to give effect to a non-cash compensation charge of
$357,000 or $0.03 per share, relating to a stock award.
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