6/9..CAMP... Highest Quarterly Sales and Net Income in Company History
CAMARILLO, Calif., June 8 /PRNewswire/ -- California Amplifier, Inc. (Nasdaq: CAMP - news) today reported results for its first quarter ended May 27, 2000. Sales for the quarter increased 147% to $32,284,000, from $13,093,000 for the first quarter of the prior year. First quarter net income increased 493% to $2,122,000, or $.15 per fully diluted share, compared to net income of $358,000, or $0.03 per share, for the first quarter ended May 29, 1999.
Fred Sturm, Chief Executive Officer, commented, ``Sales of Satellite products in the first quarter were at record levels, and increased 20% sequentially from the fourth quarter. This is due to continued strong demand for U.S. satellite products and our entry into certain European markets, supported by expansion of our supplier base for key electronic components. Additionally, first quarter sales of Wireless Access products increased due to shipments of MMDS fixed broadband wireless transceiver products to operators performing field trials and to various commercial deployments in North America. Despite higher material procurement and manufacturing costs, strong first quarter sales resulted in sequential quarterly improvement in operating income and earnings per share.''
California Amplifier, ISO 9001 certified, designs, markets and manufactures a broad line of microwave amplifiers, downconverters, antennas, and integrated fixed point solutions used primarily in conjunction with satellite video and terrestrial broadband applications. The Company's Satellite business unit designs and markets reception components for the worldwide DBS television market as well as consumer and commercial products for C-band and Ku-band applications. The Wireless Access business unit designs and markets integrated reception and two-way transmission MMDS solutions for video, voice, data, telephony and networking applications. Micro Pulse, a consolidated 50.5% ownership investment, designs, markets and manufactures antennas for a broad range of wireless applications historically for GPS applications. For additional information, visit California Amplifier's Web site at www.calamp.com.
Forward looking statements in this press release which include, without limitation, statements relating to the Company's plans, strategies, objectives, expectations, intentions, projections and other information regarding future performance, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words ``believes,'' ``anticipates,'' ``expects,'' and similar expressions are intended to identify forward-looking statements. These forward-looking statements reflect the Company's current views with respect to future events and financial performance and are subject to certain risks and uncertainties, including, without limitation, product demand, market growth, new competition, competitive pricing and continued pricing declines in the DBS market, supplier constraints, manufacturing yields, meeting demand with multiple facilities, timing and market acceptance of new product introductions, new technologies, and other risks and uncertainties that are detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission, copies of which may be obtained from the Company upon request. Such risks and uncertainties could cause actual results to differ materially from historical results or those anticipated. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, contact: Michael Ferron, Chief Financial Officer, California Amplifier, (805) 987-9000, mferron@calamp.com
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except per share data)
Three Months Ended
May 27, May 29,
2000 1999
Sales $32,284 $13,093
Cost of sales 24,352 9,180
Gross profit 7,932 3,913
Research and development 1,671 1,199
Selling 1,276 1,120
General and administrative 1,433 1,067
Income from operations 3,552 527
Interest and other income (expense), net (102) 31
Minority interest share in income of
Micro Pulse (139) 2
Income before tax 3,311 560
Provision for income taxes (1,189) (202)
Net income $2,122 $358
Net income per share
Basic $.16 $0.03
Diluted $.15 $0.03
Shares used in per share calculations
Basic 12,955 11,791
Diluted 14,086 12,346
BUSINESS UNIT SALES INFORMATION:
Three Months Ended
May 27, May 29,
2000 1999
Satellite Products $24,731 $7,031
Wireless Access Products 5,466 4,969
Antenna Products 2,087 1,093
Total $32,284 $13,093
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
May 27, Feb. 26,
2000 2000
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $4,887 $3,074
Accounts receivable, net 16,191 16,038
Inventories 13,485 12,948
Deferred tax asset 8,099 8,487
Prepaid expenses and other
current assets 563 685
Total current assets 43,225 41,232
Property and equipment, at cost,
net of accumulated depreciation
and amortization 9,903 9,731
Goodwill, net of amortization 3,760 3,827
Other assets 576 762
$57,464 $55,552
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $6,362 $9,242
Accrued liabilities 12,212 13,099
Current portion of long-term
obligations 239 4,973
Total current liabilities 18,813 27,314
Long-term obligations 5,141 144
Minority interest share in net assets
of Micro Pulse, Inc. 442 342
Stockholders' equity:
Preferred stock, 3,000 shares authorized;
no shares outstanding -- --
Common stock, $.01 par value; 30,000
shares authorized; 13,245 shares
outstanding in May 2000 and 12,658
in February 2000 132 127
Additional paid-in capital 26,393 23,177
Accumulated other comprehensive income (253) (226)
Retained earnings 6,796 4,674
Total stockholders' equity 33,068 27,752
$57,464 $55,552
SOURCE: California Amplifier, Inc.
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