Revenue and earnings beat high end estimates MILPITAS, Calif., Oct.
19 /PRNewswire-FirstCall/ -- California Micro Devices (NASDAQ:CAMD)
today reported financial results for the second quarter of fiscal
2007, which ended September 30, 2006. Revenue was $18.7 million
compared to high end guidance of $18.0 million, $16.1 million in
the prior quarter, and $18.5 million in the year ago quarter. On a
GAAP basis, diluted earnings per share were $0.06 compared to high
end guidance of breakeven, a loss of $0.09 in the prior quarter,
and earnings of $0.09 in the year ago quarter. On a non-GAAP basis,
excluding Arques Technology acquisition costs and employee
stock-based compensation expenses, and using a cash basis tax rate,
diluted EPS was $0.11 compared to high end guidance of $0.05 and
$0.05 in the prior quarter. "I am pleased to report that Q2
revenue, gross margin and earnings all exceeded guidance, driven
primarily by strong demand across our product lines," said Robert
V. Dickinson, president and CEO. "In addition, bookings were strong
and design wins reached the second highest level ever." He noted
that personal computer and digital consumer electronics design wins
set a new record with low capacitance ESD design wins nearly
doubling compared to last quarter. "Due to continuing competitive
headwinds in the market for ASIP devices used in mobile handsets,
we are taking a cautious position with respect to Q3 guidance and
projecting revenue from that market to be down sequentially," added
Dickinson. "We believe, however, that we are making good progress
on our strategic initiatives to counter competitive inroads and
that we continue to have a good opportunity for solid growth in
that market in the future." In providing outlook for the third
quarter of fiscal 2007, which ends December 31, 2006, Dickinson
estimated revenue will be between $16.5 and $18.5 million with
diluted EPS of between ($0.02) and $0.01 on a GAAP basis, and
between $0.03 and $0.06 on a non-GAAP basis. He added that an
update of the third quarter forecast would be presented on December
14th. Conference Call and Webcast Today California Micro Devices
will hold a conference call today at 2:00 p.m. Pacific Time to
discuss its September quarter results. Within the USA, interested
parties can access the conference call by dialing 800-257-7087.
International parties may gain access by dialing 303-275-2170. No
password is necessary. A replay of the conference call will be
available on the company's web site at http://www.cmd.com/
(Investor Relations Link) beginning at approximately 4:00 p.m.
Pacific Time today and continuing for about a year. About
California Micro Devices Corporation California Micro Devices
Corporation is a leading supplier of application specific analog
semiconductor products for the mobile handset, personal computer
and digital consumer electronics markets. Key products include
Application Specific Integrated Passive(TM) (ASIP(TM)) devices and
selected high value mixed signal ICs. Detailed corporate and
product information may be accessed at http://www.cmd.com/. All
statements contained in this press release that are not historical
facts are forward-looking statements which are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. They are not guarantees of future performance or
events. Rather, they are based on current expectations, estimates,
beliefs, assumptions, and goals and objectives and are subject to
uncertainties that are difficult to predict. As a result, our
actual results may differ materially from the statements made.
Often such statements can be identified by their use of words such
as will, intends, expects, plans, believes, anticipates, and
estimates. Forward-looking statements made in this release include
our expected revenues, both overall and for certain markets and
customers; our expected GAAP and non-GAAP earnings and loss per
share; and our expectation for solid growth in ASIP device revenue
from the mobile market in the future. These forward- looking
statements are based upon our assumptions about and assessment of
the future, which may or may not prove true, and involve a number
of risks and uncertainties including, but not limited to whether
our customers experience the demand we anticipate for their
products based in part upon their input and our order backlog,
whether the designed performance of our devices satisfies our
customers' requirements so that they continue to design our devices
into their products, whether our devices perform to their design
specification, whether competitors introduce devices at lower
prices than our devices causing price erosion and/or loss of market
share for us, whether we encounter any difficulty in obtaining the
requisite supply of quality product from our contract
manufacturers, contract assemblers and test houses without
interruption or unanticipated price increases, and whether we incur
unexpected operating expenses as well as the risk factors detailed
in the company's Form 8K, 10K, and 10Q filings with the Securities
and Exchange Commission. Due to these and other risks, the
company's future actual results could differ materially from those
discussed above. These forward-looking statements speak only as to
the date of this release, and, except as required by law, we
undertake no obligation to publicly release updates or revisions to
these statements whether as a result of new information, future
events, or otherwise. NOTE: ASIP(TM) and Application Specific
Integrated Passive(TM) are trademarks of California Micro Devices.
All other trademarks are property of their respective owners
California Micro Devices Corporation CONDENSED CONSOLIDATED BALANCE
SHEETS (amounts in thousands, except share data) (Unaudited)
September 30, March 31, 2006 2006 ASSETS Current assets: Cash and
cash equivalents $16,580 $9,788 Short-term investments 31,977
39,958 Accounts receivable, net 10,253 10,667 Inventories 5,457
5,508 Deferred income taxes 2,561 2,711 Prepaid expenses and other
current assets 959 1,078 Total current assets 67,787 69,710
Property, plant and equipment, net 4,514 3,961 Goodwill 5,316 -
Purchased intangible assets, net 514 - Other long-term assets 98 61
TOTAL ASSETS $78,229 $73,732 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $8,128 $5,901 Accrued
liabilities 3,777 3,185 Deferred margin on shipments to
distributors 2,640 2,684 Current maturities of long-term debt and
capital lease obligations 82 82 Total current liabilities 14,627
11,852 Other long-term liabilities 214 8 Total liabilities 14,841
11,860 Commitments and contingencies Stockholders' equity: Common
stock and additional paid-in capital - $0.001 par value; 50,000,000
shares authorized; shares issued and outstanding: 23,009,031 and
22,855,223 as of September 30, 2006 and March 31, 2006,
respectively 112,880 110,673 Accumulated other comprehensive income
(loss) 2 (5) Accumulated deficit (49,494) (48,796) Total
stockholders' equity 63,388 61,872 TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $78,229 $73,732 California Micro Devices
Corporation CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data) (Unaudited) (On a
GAAP basis) Three Months Ended Six Months Ended September 30,
September 30, 2006 2005 2006 2005 Net sales $18,733 $18,542 $34,805
$33,229 Cost and expenses: Cost of sales 11,228 11,511 21,217
21,131 Research and development 2,171 1,850 4,226 3,284 Selling,
general and administrative 4,067 3,406 8,261 6,748 In-process
research and development - - 2,210 - Amortization of purchased
intangible assets 42 - 76 - Restructuring expense - 3 - 60 Total
costs and expenses 17,508 16,770 35,990 31,223 Operating income
(loss) 1,225 1,772 (1,185) 2,006 Other income, net 617 326 1,156
574 Income (loss) before income taxes 1,842 2,098 (29) 2,580 Income
taxes 465 63 669 77 Net income (loss) $1,377 $2,035 $(698) $2,503
Net income (loss) per share-basic $0.06 $0.09 $(0.03) $0.12
Weighted average common shares outstanding-basic 23,006 21,707
22,953 21,676 Net income (loss) per share-diluted $0.06 $0.09
$(0.03) $0.11 Weighted average common shares and share equivalents
outstanding-diluted 23,080 22,606 22,953 22,313 Reconciliation of
net income (loss) to non-GAAP net income: Net income (loss) $1,377
$2,035 $(698) $2,503 Reconciling items: In-process research and
development - - 2,210 - Amortization of purchased intangible assets
42 - 76 - Stock-based compensation expense under SFAS 123(R), net
of tax 732 - 1,576 - Difference between effective tax rate and cash
basis tax rate 387 - 554 - Non-GAAP net income $2,538 $2,035 $3,718
$2,503 Non-GAAP: Net income per share-basic $0.11 $0.09 $0.16 $0.12
Net income per share-diluted $0.11 $0.09 $0.16 $0.11 Shares used in
calculation of non-GAAP: Weighted average common shares
outstanding-basic 23,006 21,707 22,953 21,676 Weighted average
common shares and share equivalents outstanding-diluted 23,083
22,606 23,116 22,313 California Micro Devices Corporation CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except
per share data) (Unaudited) (On a non-GAAP basis) Three Months
Ended Six Months Ended September 30, September 30, 2006 2005 2006
2005 Net sales $18,733 $18,542 $34,805 $33,229 Cost and expenses:
Cost of sales 11,125 11,511 20,983 21,131 Research and development
2,011 1,850 3,878 3,284 Selling, general and administrative 3,598
3,406 7,267 6,748 Restructuring expense - 3 - 60 Total costs and
expenses 16,734 16,770 32,128 31,223 Operating income 1,999 1,772
2,677 2,006 Other income, net 617 326 1,156 574 Income before
income taxes 2,616 2,098 3,833 2,580 Income taxes 78 63 115 77 Net
income $2,538 $2,035 $3,718 $2,503 Net income per share-basic $0.11
$0.09 $0.16 $0.12 Weighted average common shares outstanding-basic
23,006 21,707 22,953 21,676 Net income per share-diluted $0.11
$0.09 $0.16 $0.11 Weighted average common shares and share
equivalents outstanding-diluted 23,083 22,606 23,116 22,313 See
accompanying reconciliation of GAAP measures to non-GAAP measures.
California Micro Devices Corporation RECONCILIATION OF GAAP
MEASURES TO NON-GAAP MEASURES (Unaudited) Three Months Ended Six
Months Ended September 30, September 30, Net income (loss) per
share: 2006 2005 2006 2005 Basic: GAAP net income (loss) per share
$0.06 $0.09 $(0.03) $0.12 Reconciling items: In-process research
and development - - 0.10 - Amortization of purchased intangible
assets - - - - Stock-based compensation expense under SFAS 123(R),
net of tax 0.03 - 0.07 - Difference between effective tax rate and
cash basis tax rate 0.02 - 0.02 - Non-GAAP net income per share
$0.11 $0.09 $0.16 $0.12 Diluted: GAAP net income (loss) per share
$0.06 $0.09 $(0.03) $0.11 Reconciling items: In-process research
and development - - 0.10 - Amortization of purchased intangible
assets - - - - Stock-based compensation expense under SFAS 123(R),
net of tax 0.03 - 0.07 - Difference between effective tax rate and
cash basis tax rate 0.02 - 0.02 - Non-GAAP net income per share
$0.11 $0.09 $0.16 $0.11 Shares used in the per share-diluted
calculation: GAAP diluted shares 23,080 22,606 22,953 22,313 Add
back anti-dilutive shares under a GAAP loss - - 173 - Effect of
stock-based compensation expense under SFAS 123(R) 3 - (10) -
Non-GAAP diluted shares 23,083 22,606 23,116 22,313 DATASOURCE:
California Micro Devices CONTACT: Kevin Berry, Chief Financial
Officer, +1-408-934-3144, Web site: http://www.calmicro.com/
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