California Micro Devices Reports September Quarter Financial Results.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)--Oct. 24, 2002 Revenue Exceeds Estimates as Company Marks Third Consecutive Quarter of Revenue Growth and Bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. Improvement 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 second fiscal quarter, which ended September September: see month. 30, 2002. Exceeding prior guidance, revenue grew to $10. 8 million, up 25 percent from the year ago quarter and up 15 percent from the $9.4 million last quarter. The net loss per share met prior guidance 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 $0.09, representing an 87 percent improvement from the year ago quarter and a 50 percent improvement compared to the net loss of $0.18 last quarter. "I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in pleased to report our third consecutive quarter of revenue growth and bottom line improvement as we make continued progress toward our goal of returning California Micro Devices to profitable growth," 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 CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Thanks to our order rate strengthening toward the end of the quarter, our total September-quarter bookings were significantly above those in the March quarter although lower than the unexpectedly high level we achieved during the June June: see month. quarter." Dickinson also reported a significant sequential One after the other in some consecutive order such as by name or number. improvement in gross margin and continued strong growth in mobile and computing computing - computer design wins. October October: see month. 24th 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. Pacific Time). The conference call can be accessed from within the US by dialing (800) 218-0204, and 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 may also 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 webcast will be archived on the company's web site and be available three hours following completion of the event. For a telephone replay, callers within the US are directed to dial 800-405-2236 and enter pass code 493159.Callers outside the US are directed to call 303-590-3000 and enter the same pass code. Both the webcast and telephone replays will be available through November November: see month. 8, 2002, 11:00 p.m. Pacific Time. California Micro Devices Corporation California Micro Devices Corporation is a leading supplier of application-specific analog semiconductor products for the mobile, computing, and high-brightness LED lighting markets. Key products include 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 (TM)) devices and power management ICs as well as silicon submounts for high brightness LEDs. 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 goal of future profitable growth. 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, increased product demand at current pricing, no unexpected costs, and our ability and the ability of our third party vendors to continue to make product without yield issues, 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
Condensed Statements of Operations
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
2002 2001 2002 2001
Net sales $ 10,761 $ 8,638 $ 20,129 $ 14,743
Costs and expenses:
Cost of sales 8,436 8,986 16,584 15,644
Research and
development 894 1,027 1,776 1,925
Selling, marketing and
administrative 2,507 2,463 5,167 5,177
Special Charges 4,110 4,110
--------- --------- --------- --------
Total costs and
expenses 11,837 16,586 23,527 26,856
--------- --------- --------- --------
Operating income (loss) (1,076) (7,948) (3,398) (12,113)
Other expense, net 265 313 506 439
--------- --------- --------- --------
Income (loss) before
income taxes (1,341) (8,261) (3,904) (12,552)
Income taxes -- -- -- --
--------- --------- --------- --------
Net income (loss) $ (1,341) $ (8,261) $ (3,904) $(12,552)
========= ========= ========= ========
Net income (loss)
per share - basic $ (0.09) $ (0.71) $ (0.28) $ (1.09)
========= ========= ========= ========
Net income (loss)
per share - diluted $ (0.09) $ (0.71) $ (0.28) $ (1.09)
========= ========= ========= ========
Weighted averages
common shares
outstanding - basic 14,209 11,575 14,069 11,525
========= ========= ========= ========
Weighted average
common shares
outstanding - diluted 14,209 11,575 14,069 11,525
========= ========= ========= ========
CALIFORNIA MICRO DEVICES CORPORATION
Condensed Balance Sheets
(Amounts in thousands)
September 30, March 31,
2002* 2002**
ASSETS:
Current assets:
Cash and short-term investments $ 4,084 $ 7,240
Accounts receivable, net 5,638 4,561
Inventories 4,390 2,784
Other assets 756 679
--------- ---------
Total current assets 14,868 15,264
Property, plant and equipment, net 11,186 10,853
Restricted cash 972 888
Other long-term assets 1,003 1,232
--------- ---------
Total assets $ 28,029 $ 28,237
========= =========
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,419 $ 5,085
Accrued liabilities 3,231 4,345
Deferred margin on sales
to distributors 1,737 1,193
Current maturities of long-term debt
and capital lease obligations 2,695 2,256
--------- ---------
Total current liabilities 13,082 12,879
Long-term debt, less current maturities 9,240 7,069
Other long-term liabilities 283 509
--------- ---------
Total liabilities 22,605 20,457
--------- ---------
Shareholders' equity:
Common stock 69,282 67,732
Accumulated other comprehensive
income (loss) -- 2
Accumulated deficit (63,858) (59,954)
--------- ---------
Total shareholders' equity 5,424 7,780
--------- ---------
Total liabilities and
shareholders' equity $ 28,029 $ 28,237
========= =========
* September 30th unaudited
** Derived from audited financial statements.
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