CALIFORNIA AMPLIFIER REPORTS FISCAL 2000 FIRST QUARTER RESULTS SALES INCREASE 45% OVER PRIOR YEAR QUARTER AND 29% SEQUENTIALLY
CAMARILLO, Calif., Jun 10, 1999 /PRNewswire via COMTEX/ -- California Amplifier, Inc. (Nasdaq: CAMP) today reported results for its first quarter ended May 29, 1999. Sales for the quarter increased 45% to $13, 093,000, from $9,060,000 for the first quarter of the prior year. The first quarter net income was $358,000, or $0.03 per share, compared to net loss of $485,000, or $0.04 per share, for the first quarter ended May 30, 1998. These results also compare to sales for the preceding fourth quarter of $10,077,000, and net income per share of $0.01.
Fred Sturm, Chief Executive Officer commented, "We are pleased to report that we achieved sequential growth of 29% in sales and 260% in net income in the first quarter. The sales increase was due primarily to satellite product sales which include the Company's integration of Gardiner Communication's U.S. DBS product lines acquired on April 20, 1999. We continue to see opportunities in the satellite marketplace and expect this to be key to the sales growth in the current fiscal year. In addition, we are encouraged by the recently announced investments by Sprint and MCI WorldCom in domestic wireless cable operators and look forward to capitalizing onopportunities generated for wireless products as the MMDS industry begins its rollout of two way wireless high-speed Internet access and telephony services to consumers."
The statements with respect to sales, and operating results discussed in this press release may be forward looking statements that involve risk and uncertainties, including without limitation, product demand, sales mix, competitive products, manufacturing efficiencies, acceptance of new products, timing of new product introductions, and other risks and uncertainties that are detailed from time to time in the Company's SEC reports, including Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of the Company's most recent Form 10-Q and Form 10-K can be obtained from the Company on request.
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 both C-band and Ku band applications. The Wireless business unit designs and markets integrated reception solutions and MultiCipher(R), a proprietary broadband scrambling conditional access system, for the Wireless Cable (MMDS) industry. The Voice & Data business unit designs and markets two-way wireless solutions for voice, video, 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.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
Three Months
Ended
May 29,
May 30,
1999
1998
Sales $13,093
$9,060
Cost of sales 9,180
6,267
Gross profit 3,913
2,793
Research and development 1,199
1,216
Selling 1,120
1,246
General and administrative 1,067
1,071
Income (loss) from operations 527
(740)
Interest and other income (expense), net 31
(6)
Minority interest share in income of Micro Pulse 2
(12)
Income (loss) before tax 560
(758)
(Provision for) benefit from income taxes (202)
273
Net income (loss) $358
$(485)
Net income (loss) per share Basic $0.03
$(0.04)
Diluted $0.03
$(0.04)
Shares used in per share calculations Basic 11,791
11,780
Diluted 12,346
11,780
PRODUCT LINE SALES INFORMATION:
Satellite Products $7,031
$2,202
Wireless Products 4,969
$5,552
Antenna Products 1,093
$1,306
Total $13,093
$9,060
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands, except par value)
May 29,
Feb. 27,
1999
1999
ASSETS
Current assets:
Cash and cash equivalents $6,280
$9,312
Accounts receivable, net 8,376
5,002
Inventories 4,091
3,974
Deferred tax asset 1,505
1,597
Prepaid expenses and other current assets 544
446
Total current assets 20,796
20,331
Property and equipment, at cost, net of
accumulated depreciation and amortization 5,649
4,498
Goodwill, net of amortization 3,826
--
Other assets 481
720
$30,752
$25,549
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $4,172
$2,644
Accrued liabilities 2,006
1,613
Current portion of long-term obligations 3,661
597
Total current liabilities 9,839
4,854
Long-term obligations 403
516
Minority interest share in net assets of
Micro Pulse, Inc. 112
114
Stockholders' equity:
Preferred stock, 3,000 shares authorized;
no shares outstanding --
--
Common stock, $.01 par value; 30,000 shares authorized;
11,798 shares outstanding in May 1999 and 11,785
shares outstanding in February 1999 118
118
Additional paid-in capital 14,093
14,050
Foreign currency translation adjustment (240)
(170)
Retained earnings 6,427
6,067
Total stockholders' equity 20,398
20,065
$30,752
$25,549
SOURCE California Amplifier, Inc.
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com -0-
CONTACT: Michael Ferron, Chief Financial Officer of California
Amplifier, Inc., 805-987-9000; or Chris Danne or
Jennifer Jarman,
415-296-7383, or Patricia Walsh, 212-850-5600, or Mark
Owen, 212-850-5698, all
of Morgen-Walke Associates, for California Amplifier,
Inc.
(CAMP)
GEOGRAPHY: California
INDUSTRY CODE: CPR
SUBJECT CODE: ERN
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