Ouch!
Amplifier Announces Revised Fiscal 2003 Fourth Quarter Guidance
Thursday January 23, 1:30 pm ET
CAMARILLO, Calif., Jan. 23 /PRNewswire-FirstCall/ -- California Amplifier, Inc.
(Nasdaq: CAMP - News) announced today that it was revising guidance for Fiscal
2003 fourth quarter revenue and earnings. The decrease in projections is primarily
based on a lower than expected market demand for the Company's Direct Broadcast
Satellite (DBS) products.
In addition, the Company has
become aware of a performance
issue in one of its DBS products that
may lead to a loss of signal under
specific field conditions involving
subfreezing temperatures, particular
installation configurations and
multiple receivers. Approximately
70,000 units of the affected product
have been shipped to date.
California Amplifier has identified and
corrected the cause of the anomaly.
Shipments of this product have been
temporarily suspended until the
product revision receives customer
approval.
"Our revised guidance primarily
reflects softer than anticipated DBS product demand during the quarter as well as the
temporary interruption of sales related to the aforementioned product issue," said
President and CEO Fred Sturm. "After becoming aware of the product performance
circumstance, we were able to identify both the source of the anomaly and a design
resolution in a very timely matter. California Amplifier's customer relationships and
reputation for product performance are of paramount concern to us and we are
currently working with our customers to minimize subscriber inconvenience."
The Company is revising its guidance for Fiscal 2003 fourth quarter revenue to be in
the range of $22 to $26 million and earnings in the range of $0.03 to $0.07 per diluted
share.
About California Amplifier, Inc.
California Amplifier designs, manufactures and markets a broad line of integrated
microwave solutions used primarily in conjunction with satellite television and
terrestrial broadband wireless applications. The Company's satellite business unit
designs and markets reception components for the worldwide Direct Broadcast
Satellite television market as well as a full line of consumer and commercial products
for video and data reception. The wireless access business unit designs and markets
integrated wireless solutions for video, voice and data applications. California Amplifier
is an ISO 9001 certified company. For additional information, visit California Amplifier's
web site at www.calamp.com .
Statements in this release about the Company's future financial performance,
customer relationships, initiatives to develop innovative wireless solutions, and the
market potential of new products are forward-looking statements and are subject to
risks and uncertainties that could cause actual results to differ materially from
expectations. Words such as "may," "will," "expects," "intends," "plans," "believes,"
"anticipates," "seeks," "could," "evaluates," estimates" and variations of these words
and similar expressions are intended to identify forward-looking statements. Factors
that could impact California Amplifier's future results include the Company's ability to
maintain customer relationships, changes in product demand and market growth rates,
the effect of competition, pricing pressures, supplier constraints, manufacturing yields,
market acceptance of new products and the viability and market acceptance of new
technologies. 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. More information about California
Amplifier's risks is available in the Company's annual report on Form 10-K and other
filings made from time to time with the Securities and Exchange Commission.
For more information, contact: Crocker Coulson, Partner of Coffin Communications
Group, +1-818-789-0100, crocker.coulson@coffincg.com , for California Amplifier,
Inc.; or Rick Vitelle, Chief Financial Officer of California Amplifier, Inc.,
+1-805-987-9000.
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