California Micro Devices Reports Q2 Financial Results.Business Editors and 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)--Oct. 25, 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 announced financial results for its second quarter of fiscal 2002, ended September September: see month. 30, 2001. Exceeding earlier guidance, the Company reported revenues of $8.6 million, a 41 percent increase over the $6.1 million reported in the prior quarter. The second quarter net loss of $8.3 million, or $0.71 per share, included 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 totaling $4.6 million related to the Company's previously announced strategy to outsource a significant portion of its 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. manufacturing. As part of this strategy, the Company plans to consolidate all of its wafer fabrication Wafer Fabrication is a procedure composed of many repeated sequential processes to produce complete electrical or photonic circuits. Examples include production of radio frequency (RF) amplifiers, LEDs, optical computer components, and CPUs for computers. activities into its Tempe Tempe (tĕm`pē), city (1990 pop. 141,865), Maricopa co., S Ariz., in the Salt River valley, a suburb of Phoenix; inc. 1894. Its population has grown markedly since the 1970s with the expansion of the greater Phoenix area. , AZ facility with selected high-value backend 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. continuing at its Milpitas headquarters. Of the $4.6 million charge, $0.5 million was recorded in cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold and $4.1 million was included in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . Without these charges, the net loss would have been consistent with earlier guidance at $3.6 million or $ 0.31 per share, an improvement over the net loss of $0.37 in the prior quarter. The Company noted that $3.9 million of the charges are non-cash in nature and the cash impact of the remaining $0.7 million will be felt in the first half of calendar 2002. Additional charges related to the shift in manufacturing are expected in future quarters, but the total is expected to be less than the Company's previous estimate of $10.0 million. The Company's cash position at September 30, 2001 was $4.5 million, also at the high end of its guidance, compared to $6.6 million at the end of its prior fiscal year on March 31, 2001. "Our distributor sell-through sell-through Adjective of the sale of prerecorded video cassettes, without their first being for hire only strengthened in August and even more so in September, especially in Asia, so our revenue exceeded the range of our earlier guidance," 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. 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. He noted that distributor inventory fell sharply in Asia, significantly in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. (although still remaining at a high level) and modestly in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . "While our
bookings were $6.2 million compared to $4.7 million in the June quarter,
our book-to-bill declined from 0.77 to 0.69 because revenue increased
faster than bookings, as a result of strong distributor performance. The
ratio of bookings to shipments, on the other hand, increased from 0.61
to 0.86."
The Company noted that the positive effect of higher distributor sell-through on gross margin dollars was offset by mix and variances largely related to die business. Gross margin continues to be affected by the reduced build schedule offset partially by shutdowns, a reduction in workforce and a change to a four-day work week in Tempe. As the Company continues to invest in research and development, it has maintained a strong design-win momentum for its recently introduced products, including its "Signal Integrity Guardian(TM)" family of protective termination/interface devices for embedded Inserted into. See embedded system. CompactPCI board designs. Conference Call California Micro Devices will webcast its conference call today at 2:00 p.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT (5:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ). 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; 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 at least November 1. About California Micro Devices Corporation California Micro Devices Corporation is a leading supplier of 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 ) networks 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 broad spectrum of computing computing - computer , communications, consumer, medical and lighting applications. Detailed corporate and product information may be accessed at www.calmicro.com. 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 made in this release include our plans to increase outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. of wafer processing significantly; to consolidate all of our wafer fabrication activities into our Tempe, AZ facility; to utilize our Milpitas facility for selected backend manufacturing operations; and to take resulting restructuring and other charges of up to $5.4 million in the future in addition to the $4.6 million of such charges already taken during the second quarter of fiscal 2002. 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. These forward-looking Statements involve a number of risks and uncertainties including, but not limited to, third party vendors' ability to run our proprietary processes and the time involved in their transfer; qualification of third party vendors; the output quality, order responsiveness, and available capacity of third party vendors; and the demand for and mix of our products 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 are based on our assumptions about and assessment of the future and may or may not prove true. They speak only as to the date of this release, and we undertake no obligation to publicly release updates or revisions to these statements.
CALIFORNIA MICRO DEVICES CORPORATION
Statements of Operations
(Including One-Time Charges)
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
-------------------- --------------------
2001 2000 2001 2000
-------- -------- -------- --------
Net sales $ 8,638 $ 16,112 $ 14,743 $ 30,988
Cost and expenses:
Cost of sales 8,986 10,725 15,644 20,325
Research and
development 1,027 900 1,925 1,710
Selling, marketing
and administrative 2,463 2,857 5,177 5,663
Special charges 4,110 -- 4,110 --
-------- -------- -------- --------
Total costs and
expenses 16,586 14,482 26,856 27,698
-------- -------- -------- --------
Operating income (loss) (7,948) 1,630 (12,113) 3,290
Other expense, net 313 380 439 543
-------- -------- -------- --------
Income (loss) before
income taxes (8,261) 1,250 (12,552) 2,747
Income taxes -- 25 -- 55
-------- -------- -------- --------
Net income (loss) $ (8,261) $ 1,225 $(12,552) $ 2,692
======== ======== ======== ========
Net income (loss)
per share - basic $ (0.71) $ 0.11 $ (1.09) $ 0.24
======== ======== ======== ========
Net income (loss)
per share - diluted $ (0.71) $ 0.10 $ (1.09) $ 0.21
======== ======== ======== ========
Weighted average
common shares
outstanding - basic 11,575 11,213 11,525 11,166
======== ======== ======== ========
Weighted average
common shares
outstanding - diluted 11,575 12,578 11,525 12,548
======== ======== ======== ========
CALIFORNIA MICRO DEVICES CORPORATION
Statements of Operations
(Excluding One-Time Charges)
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
-------------------- --------------------
2001 2000 2001 2000
-------- -------- -------- --------
Net sales $ 8,638 $ 16,112 $ 14,743 $ 30,988
Cost and expenses:
Cost of sales 8,475 10,725 15,133 20,325
Research and
development 1,027 900 1,925 1,710
Selling, marketing
and administrative 2,463 2,857 5,177 5,663
Special charges -- -- -- --
-------- -------- -------- --------
Total costs and
expenses 11,965 14,482 22,235 27,698
-------- -------- -------- --------
Operating income (loss) (3,327) 1,630 (7,492) 3,290
Other expense, net 313 380 439 543
-------- -------- -------- --------
Income (loss) before
income taxes (3,640) 1,250 (7,931) 2,747
Income taxes -- 25 -- 55
-------- -------- -------- --------
Net income (loss) $ (3,640) $ 1,225 $ (7,931) $ 2,692
======== ======== ======== ========
Net income (loss)
per share - basic $ (0.31) $ 0.11 $ (0.69) $ 0.24
======== ======== ======== ========
Net income (loss)
per share - diluted $ (0.31) $ 0.10 $ (0.69) $ 0.21
======== ======== ======== ========
Weighted average
common shares
outstanding - basic 11,575 11,213 11,525 11,166
======== ======== ======== ========
Weighted average
common shares
outstanding - diluted 11,575 12,578 11,525 12,548
======== ======== ======== ========
CALIFORNIA MICRO DEVICES CORPORATION
Balance Sheets
(Amounts in thousands, except share data)
September 30, March 31,
2001 2001(a)
-------- --------
ASSETS: (unaudited)
-------
Current assets:
Cash and short-term securities $ 4,481 $ 6,597
Accounts receivable, less allowance
for doubtful accounts of $271 and $279 4,631 8,068
Inventories 9,025 11,716
Other assets 1,350 1,451
-------- --------
Total current assets 19,487 27,832
Property, plant & equipment, net 10,538 14,372
Restricted cash 983 914
Other long term assets 1,082 1,151
-------- --------
Total assets $ 32,090 $ 44,269
======== ========
LIABILITIES & SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 3,369 $ 3,471
Accrued salaries and benefits 1,061 1,135
Other accrued liabilities 1,119 657
Deferred margin on shipments
to distributors 519 772
Current maturities of long-term
debt and capital lease obligations 1,496 1,594
-------- --------
Total current liabilities 7,564 7,629
Long-term debt, less current maturities 8,692 8,947
Other long-term liabilities 486 533
-------- --------
Total liabilities 16,742 17,109
-------- --------
Shareholders' equity:
Common stock - no par value;
authorized 25,000,000; issued and
outstanding 11,498,542 shares 59,260 58,509
Accumulated deficit (43,912) (31,349)
-------- --------
Total shareholders' equity 15,348 27,160
-------- --------
Total liabilities and shareholders'
equity $ 32,090 $ 44,269
======== ========
(a) Derived from audited financial statements.
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion