CAMD California Micro Devices Corp. (MM)

MILPITAS, Calif., Dec. 14 /PRNewswire-FirstCall/ -- California Micro Devices (NASDAQ:CAMD) today confirmed its financial outlook for the third quarter of fiscal 2007, which ends December 31, 2006. As previously reported, the company expects revenue between $16.5 and $18.5 million compared to $19.6 million a year ago. On a GAAP basis, EPS is expected to be between ($0.02) and $0.01 compared to diluted EPS of $0.11 a year ago. 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 is expected to be between $0.03 and $0.06. "Our previous revenue and earnings guidance for Q3 remains unchanged," said Robert V. Dickinson, president and CEO. "Moreover, as the quarter has progressed we have seen further signs that the softer demand for our mobile handset protection products this quarter is the result of market and customer specific issues as well as the price decreases and market share erosion we have previously noted." He added that bookings are significantly below where they were at the same point last quarter reflecting weaker demand both this quarter and next and that design wins are expected to be somewhat down from the record levels achieved in the last two quarters. Conference Call and Webcast Today California Micro Devices will hold a conference call today at 2:00 p.m. Pacific Time to discuss its updated December quarter outlook. Within the USA, interested parties may access the call by dialing 800-218-0713. International parties may access by dialing 303-262-2175. 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 until the company announces its actual December quarter financial results on January 18, 2007. About California Micro Devices Corporation California Micro Devices Corporation is a leading supplier of application specific analog and mixed signal semiconductor products for the mobile handset, digital consumer electronics and personal computer markets. Key products include Application Specific Integrated Passive(TM) protection devices for mobile handsets, digital consumer electronics products such as digital TVs and personal computers as well as analog and mixed signal ICs for mobile handset displays. 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; our expected GAAP and non-GAAP earnings and loss per share; and our expected design wins for the 2007 third fiscal quarter. 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 distributor sell through, drawdown of vendor managed inventory, and turns and other orders being as anticipated during the final few weeks of the quarter; there being no interruption in the supply of quality product from our contract manufacturers, contract assemblers and test houses; and design wins for the final few weeks of the quarter being sufficient to achieve our design win outlook for the quarter 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. When disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the company also has been disclosing non-GAAP financial measures which, among other items, exclude the effects of employee share-based compensation and the requirements of SFAS No. 123R, "Share-based Payment" ("123R"). The expected 2007 third fiscal quarter results have likewise been disclosed in this news release on a GAAP basis and with non-GAAP financial measures. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. For further disclosure about the non-GAAP financial measures, please see Form 8-K dated October 19, 2006 which the company filed with the Securities and Exchange Commission on October 19, 2006. NOTE: ASIP(TM) and Application Specific Integrated Passive(TM) are trademarks of California Micro Devices. DATASOURCE: California Micro Devices Corporation CONTACT: Kevin Berry, Chief Financial Officer of California Micro Devices Corporation, +1-408-934-3144, or Web site: http://www.calmicro.com/

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