California Micro Devices Reports Fiscal 2000 First Quarter
Operating Results
biz.yahoo.com
Not a bad quarter, IMO. I like reading about the better book-to-bill
ratio and the backlog growing 45%.
Happily Long CAMD,
Duke
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Thursday July 22, 4:00 pm Eastern Time
Company Press Release
California Micro Devices Reports Fiscal 2000 First Quarter Operating Results
MILPITAS, Calif.--(BUSINESS WIRE)--July 22, 1999--California Micro
Devices Corporation (Nasdaq NMS: CAMD - news) today reported a net
loss of $945,000, or $0.09 per share, on revenues of $8.5 million,
for the quarter ended June 30, 1999, the first quarter of its fiscal
year 2000. This compares with a net loss of $846,000, or $0.08 per
share, on revenues of $8.2 million, for the fiscal quarter ended June
30, 1998. The year-earlier loss included a $575,000 one-time gain
from an insurance settlement. For the quarter ending June 30, 1999,
average shares outstanding were 10,117,000, compared to 9,983,000
shares for the prior year's quarter.
According to Jeffrey Kalb, California Micro Devices' president and
chief executive officer, ''The June quarter is normally a difficult
one for us, so we were pleased that we were able to maintain revenue
essentially flat quarter to quarter. Although at first glance the net
loss is $100,000 greater than the year-ago quarter, that quarter
included a one-time insurance settlement of $575,000, which reduced
administrative expenses. So, ongoing operations actually improved by
$475,000 on about $300,000 in increased revenue. Revenues increased
3% from the year earlier quarter, as a result of unit shipment
increases of 21%, offset by lower average selling prices due to an
increase in the mix of higher volume standard products. Gross margins
on product sales improved to 27% compared to 20% a year ago. R&D
investment was up slightly and selling and marketing was up over
$200,000.
''But the real news we have for this quarter is orders. Our bookings
were the best we've achieved in three years, resulting in a book-to-
bill ratio of 1.13 to one and a backlog starting this quarter that is
almost 45% higher than last quarter's. Three years ago the
semiconductor and passives industries in which we participate went
into a prolonged slump. In recent months, both of those industries
have strengthened and our new products are also beginning to take
root. Those are both encouraging signs.''
Kalb also noted that while, product dollar sales were essentially
flat compared to the quarter ended March 31, 1999, factory shipments
were down slightly, offset by an increase in distributor revenue.
According to Kalb, ''The sequential decrease in factory shipments
lowered gross margins somewhat, but with the stronger backlog coming
into the September quarter, margins should get back on their upward
track.''
Research and development costs were $959,000 in the June 30, 1999
quarter compared to $902,000 in the quarter ended June 30, 1998. This
increase was primarily due to material costs associated with the
large number of new products in development. Selling, marketing and
administrative costs were $2,117,000 for the quarter ended June 30,
1999, compared to $1,480,000 in the year earlier quarter, net of a
$575,000 insurance settlement as noted earlier in this release. The
remaining increase reflects higher investment in sales and marketing.
In closing, Kalb noted, ''With the book-to-bill ratio for the June
quarter the best it's been in over a year, and with our total orders
the best we've had in three years, we are looking at an improved
picture for the September quarter. While the summer is traditionally
a slow quarter for the industry, our stronger backlog positions
California Micro Devices for improved financial performance for this
quarter.''
All statements contained in this press release, which are not
historical facts, are forward looking statements. 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, 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 provisions of the
Private Securities Litigation Reform Act 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, and the Company
undertakes no obligation to publicly release updates or revisions to
these statements.
Headquartered in Milpitas, Calif., California Micro Devices (CMD)
designs, manufactures and markets integrated thin film, silicon-based
termination and filtering components and active electronic circuitry.
Built in ISO 9000-registered quality system environments, CMD'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 California Micro
Devices's web site at camd.com or call Interactive
Shareholder Information Services on 888/209-7223.
CALIFORNIA MICRO DEVICES CORPORATION
Statements of Operations
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended
June 30,
1999 1998
Net product sales $ 8,517 $ 8,231
Cost and expenses:
Cost of sales 6,209 6,550
Research and development 959 902
Selling, marketing and administrative 2,117 1,480
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Total costs and expenses 9,285 8,932
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Operating (loss) (768) (701)
Other expense, net 177 145
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(Loss) before income taxes (945) (846)
Income taxes -- --
-------- --------
Net (loss) $ (945) $ (846)
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Basic and diluted net (loss) per
share $ (0.09) $ (0.08)
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Weighted average common shares
and share equivalents outstanding 10,117 9,983
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CALIFORNIA MICRO DEVICES CORPORATION
Balance Sheets
(Amounts in thousands)
June 30, March 31,
1999 1999
ASSETS: (Unaudited)
Current assets:
Cash and short-term securities $ 3,735 $ 4,933
Accounts receivable, less allowance for
doubtful accounts of $207 and $224 4,707 4,471
Inventories 8,668 8,438
Other assets 779 592
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Total current assets 17,889 18,434
Property, plant & equipment, net 10,882 11,540
Restricted cash(a) 3,122 2,900
Other long term assets 791 770
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Total assets $32,684 $33,644
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LIABILITIES & SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 3,078 $ 3,239
Accrued salaries and benefits 1,045 998
Other accrued liabilities 706 554
Deferred margin on shipments
to distributors 516 576
Current maturities of long-term
debt and capital lease obligations 709 685
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Total current liabilities 6,054 6,052
Long-term debt, less current maturities 7,443 7,503
Other long-term liabilities 838 919
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Total liabilities 14,335 14,474
Shareholders' equity:
Common stock - no par value;
authorized 25,000,000; issued and
outstanding 10,152,692 shares 53,398 53,328
Accumulated deficit (35,049) (34,158)
-------- --------
Total shareholders' equity 18,349 19,170
-------- --------
Total liabilities and
shareholders' equity $ 32,684 $ 33,644
======== ========
(a) Includes $2 million in restricted cash which serves as the
Company's guarantee for the CVR value included in the settlement
of shareholder class actions.
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Contact:
California Micro Devices Corporation
Jeffrey Kalb, 408/934-3106 (President and CEO)
John Trewin, 408/934-3103 (Vice President and CFO)
or
Carl Thompson Associates
Shirley Thompson or Paul Savageau, 800/959-9677
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