CAMP-
California Amplifier Reports Fiscal 2000 Fourth Quarter and Year End Results
CAMARILLO, Calif., April 6 /PRNewswire/ --
California Amplifier, Inc. (Nasdaq: CAMP) today reported results for its
fiscal year 2000 fourth quarter and year ended February 26, 2000.
Sales for the fourth quarter ended February 26, 2000 increased 175% to
$27,709,000 as compared to $10,077,000 for the fourth quarter of the prior
year. The Company reported net income for the quarter, before the
$9,500,000 charge for the previously announced settlement of class action
securities litigation, of $1,842,000, or $0.13 per fully diluted share, as
compared to $91,000, or $0.01 per share for the fourth quarter of fiscal year
1999.
Sales for the fiscal year ended February 26, 2000 increased 131% to
$85,628,000 as compared to $37,140,000 for fiscal year 1999. The Company
reported net income, before the $9,500,000 charge for litigation, of
$4,686,000 or $0.35 per fully diluted share, as compared to a net loss of
$1,436,000, or $0.12 per share for fiscal year 1999.
For purposes of determining the fully diluted earnings per share for the
fourth quarter and fiscal year 2000, excluding the charge for litigation, the
weighted number of shares used in the computation include the dilutive effects
of stock options and convertible debt, but do not include the 187,500 shares
which will be issued in fiscal year 2001 in connection with the aforementioned
litigation settlement.
The fourth quarter and fiscal year 2000 net losses which include the
$9,500,000 charge for settlement of litigation were $4,237,000, or $.34 per
share, and $1,393,000, or $.12 per share, respectively.
Fred Sturm, Chief Executive Officer, commented, "In fiscal year 2000 we
achieved record sales and returned to quarterly and annual operational
profitability. Our acquisition of Gardiner Communications satellite DBS
products in April 1999 was the major factor for the improvement in sales and
operating performance. Additionally, we believe our recent selection by
Sprint as a major supplier of outdoor customer premise equipment, coupled with
our participation in other fixed wireless access field trials both
domestically and internationally, provide future growth opportunities for
California Amplifier in the emerging fixed wireless access markets."
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 access business unit
designs and markets integrated reception and two-way transmission MMDS outdoor
customer premise equipment for video, voice, data, telephony and networking
applications. In addition, the Company has a 50.5% ownership interest in
Micro Pulse, a company who designs, markets and manufactures antennas for a
broad range of wireless applications historically for GPS applications.
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