California Micro Devices Reports Record Sales, Third Quarter Profits, and Book-To-Bill of 1.2 to One.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)--Jan. 20, 2000 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 NMS See NetWare Management System. :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 net income of $480,000 or $0.05 basic income per share ($0.04 per share assuming dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. ), on record product sales of $11.7 million, for the quarter ended December December: see month. 31, 1999, the third quarter of its fiscal year 2000. This compares with a net loss of $626,000, or $0.06 per share, on revenues of $8.5 million, for the fiscal quarter ended December 31, 1998. Average shares outstanding were 10,284,000, compared to 10,020,000 for the quarter ended December 31, 1998. For the nine months ended December 31, 1999, the Company reported a net loss of $594,000, or $0.06 per share, on revenues of $29.6 million. This compares with a net loss of $2,242,000, or $0.22 per share, on revenues of $25.1 million, for the nine months ended December 31, 1998. The year-earlier loss included a $575,000 one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gain from an insurance settlement. 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. Jeffrey Kalb Kalb , Johann Known as "Baron de Kalb." 1721-1780. German general in the American Revolution who wintered with George Washington at Valley Forge (1777-1778) and was mortally wounded at the Battle of Camden (1780). , CAMD's president and chief executive officer, &uot;This quarter represents an important milestone for California Micro Devices, as we turned the corner on profitability, increased sales by 37% compared to a year ago and 24% sequentially, and had record new orders resulting in a book-to-bill of 1.2 to one. This is the second quarter in a row that the book-to-bill has been at 1.2:1. Our new products are the backbone of the growth, and some of our older products are also showing new life. In this quarter we saw significant strength in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. area, both in sales and orders. Orders were also quite strong in the new power management family of products, primarily for network interface cards.&uot; The Company noted that due to increased sales, gross margins improved to 32.5% of sales in the December 31, 1999 quarter compared to 30% in the September September: see month. 30, 1999 quarter and 29% in the December 31, 1998 quarter. Research and development expense was $762,000 and $1,004,000 for the three months ended December 31, 1999 and 1998, respectively, and $2,489,000 and $2,680,000 for the nine months ended December 31, 1999 and 1998, respectively. The decrease in research and development expense was due to lower materials costs as the focus of R& was more on product development than on process development compared to the year-earlier periods. Selling, marketing and administrative expenses (&uot;S, M &A&uot;) were $2,463,000 and $1,889,000 for the three months ended December 31, 1999 and 1998, respectively. The increase in the 1999 quarter is primarily due to increased commissions, increased personnel costs, and increased promotional activities, including expansion of the Company's presence 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). .S, M, &A expenses were $6,611,000 and $5,296,000 for the nine-month periods ended December 31, 1999 and 1998, respectively. In addition to increased commissions, personnel costs and promotional activities, S, M, &A expenses for the nine months ended December 31, 1998 were low due to the receipt of a $575,000 one-time insurance settlement in June 1998. The Company's cash position at December 31, 1999 was $5.9 million compared to $4.9 million on March 31, 1999. As previously announced, the Company has met the stock price guarantee associated with its 1997 class action settlement. As a result the $2.0 million of previously restricted cash related to the guarantee is no longer restricted and is included in &uot;cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. securities&uot; as of December 31, 1999. This $2.0 million increase in cash was offset by a $2.1 million increase in accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . Receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). were 52 days as of December 31, 1999 as compared to 47 days at March 31, 1999. The increase in DSO See CSO. primarily reflects a higher percentage of sales in the third month of the December 1999 quarter as compared to the March 1999 quarter. Inventories increased by $1.0 million from the March quarter, related to increased sales and new product introductions. But this was essentially offset by a $1.0 million increase in accounts payable. 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 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.
Statements of Operations
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 30,
1999 1998 1999 1998
Net sales $ 11,664 $ 8,529 $ 29,619 $ 25,089
Cost and expenses:
Cost of sales 7,867 6,072 20,716 18,860
Research and
development 762 1,004 2,489 2,680
Selling, marketing and
administrative 2,463 1,889 6,611 5,296
-------- -------- -------- --------
Total costs
and expenses 11,092 8,965 29,816 26,836
-------- -------- -------- --------
Operating income (loss) 572 (436) (197) (1,747)
Other expense, net 92 190 397 495
-------- -------- -------- --------
Income (loss)
before income taxes 480 (626) (594) (2,242)
Income taxes -- -- -- --
-------- -------- -------- --------
Net income (loss) $ 480 $ (626) $ (594) $ (2,242)
======== ======== ======== ========
Net income (loss)
per share - basic $ 0.05 $ (0.06) $ (0.06) $ (0.22)
======== ======== ======== ========
Net income (loss)
per share - diluted $ 0.04 $ (0.06) $ (0.06) $ (0.22)
======== ======== ======== ========
Weighted average common
shares outstanding -
basic 10,284 10,020 10,185 9,998
======== ======== ======== ========
Weighted average common
shares outstanding -
diluted 11,527 10,020 10,185 9,998
======== ======== ======== ========
Balance Sheets
(Amounts in thousands)
December 31, March 31,
1999 1999 (b)
------------ -----------
ASSETS: (Unaudited)
Current assets:
Cash and short-term securities $ 5,904 $ 4,933
Accounts receivable, less allowance for
Doubtful accounts of $212 and $224 6,574 4,471
Inventories 9,452 8,438
Other assets 1,213 592
-------- --------
Total current assets 23,143 18,434
Property, plant &equipment, net 10,250 11,540
Restricted cash (a) 1,192 2,900
Other long term assets 855 770
-------- --------
Total assets $ 35,440 $ 33,644
======== ========
LIABILITIES &SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 4,276 $ 3,239
Accrued salaries and benefits 1,281 998
Other accrued liabilities 824 554
Deferred margin on shipments
to distributors 516 576
Current maturities of long-term debt
and capital lease obligations 726 685
-------- --------
Total current liabilities 7,623 6,052
Long-term debt, less current maturities 7,366 7,503
Other long-term liabilities 959 919
-------- --------
Total liabilities 15,948 14,474
Shareholders' equity:
Common stock - no par value;
authorized 25,000,000;
issued and outstanding
10,431,751 as of 12/31/99
and 10,116,114 as of 3/31/99 54,259 53,328
Accumulated deficit (34,767) (34,158)
-------- --------
Total shareholders' equity 19,492 19,170
-------- --------
Total liabilities and
shareholders' equity $ 35,440 $ 33,644
======== ========
(a) Balance at March 31, 1999 includes $2 million in restricted
cash which served as the Company's guarantee for the CVR value
included in the settlement of shareholder class actions. As the
guarantee has been met, the $2.0 million is no longer restricted and
is included in cash and short-term securities as of December 31, 1999.
(b) Derived from audited financial statements.
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