MILPITAS, Calif., July 19 /PRNewswire-FirstCall/ -- California
Micro Devices (NASDAQ:CAMD) today announced its financial results
for the first quarter of fiscal 2008, which ended June 30, 2007.
Revenue, GAAP EPS and non- GAAP EPS were all near or at the high
end of revised guidance. Revenue was $13.1 million, compared to
$16.1 million a year ago. On a GAAP basis, the company reported a
loss of $0.05 per share compared to a loss of $0.09 in Q1 of fiscal
2007, which included a $2.2 million write off of in-process R&D
related to the Arques Technology acquisition. On a non-GAAP basis,
excluding Arques Technology acquisition costs and employee
stock-based compensation expenses, and using a cash basis tax rate,
the company posted a loss of $0.02 per share compared to a profit
of $0.05 a year ago. "Q1 was a more challenging quarter than we had
originally expected although I'm happy to say that we ended up at
the high end of our revised guidance due to stronger demand at the
end of the quarter for our older products for personal computers
and for our low capacitance ESD protection devices," said Robert V.
Dickinson, president and CEO. "Handset protection revenue declined
20% sequentially, in line with our revised guidance. We believe
that our handset protection market share stabilized in the quarter
and that the decline in revenue was the result of share shifts in
the handset market, channel inventory overhang, component inventory
reductions and the deferral of consumer buying decisions for high
end phones due to the release of the iPhone at the end of the
quarter. We expect our handset protection market share and revenue
to both grow in future quarters." According to Dickinson, bookings
in the June quarter were down sequentially consistent with lower
revenue and changes in customer mix. He added that although design
wins were down somewhat from the prior quarter, "We were
particularly pleased to see design wins for our industry leading
Praetorian filters at a second top 5 handset maker as well as
additional design wins for our new serial interface display
controllers." Looking ahead, Dickinson said, "We expect revenue to
grow in the September quarter driven primarily by increased demand
from the top 5 mobile handset manufacturers with whom we do
business." Q2 revenue is expected to be between $13.0 and $16.0
million and diluted EPS on a GAAP basis to be between a loss of
$0.07 and $0.03. 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 are expected to be
between a loss of $0.04 and breakeven. Conference Call and Webcast
Today California Micro Devices will hold a conference call today at
2:00 p.m. Pacific Time to discuss its June quarter results. Within
the USA, interested parties may access the call by dialing
800-240-5318. International parties may access by dialing
303-262-2140. No password is necessary. A replay may be accessed at
http://www.cmd.com/ (Investor Relations Link) from approximately
4:00 p.m. Pacific Time on July 19, 2007 and continuing for one
year. 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 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 for the
fiscal 2008 second quarter; our expected GAAP and non-GAAP diluted
loss per share for the fiscal 2008 second quarter; and our belief
that our mobile handset protection market share and revenue will
both start to grow beginning in the fiscal 2008 second 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 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 we incur unexpected
operating expenses; whether demand grows as anticipated for those
mobile handsets our devices have been designed into and whether
customers utilize our devices for those products; there not being
any unanticipated price reductions for our devices whether due to
competitor inroads or otherwise; and there being no interruption in
the supply of quality product from our contract manufacturers,
contract assemblers and test houses 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. In addition to disclosing financial results
calculated in accordance with U.S. generally accepted accounting
principles (GAAP), the company's earnings release contains 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 non-GAAP financial
measures used by management and disclosed by the company exclude
the income statement effects of all forms of employee share-based
compensation and the effects of 123R upon the number of diluted
shares used in calculating non-GAAP earnings per share. The
non-GAAP financial measures also exclude Arques Technology
acquisition related costs, including amortization of
acquisition-related intangibles and, during the first quarter of
fiscal 2007, one-time charges for acquired in-process research and
development. . In addition, these non-GAAP measures utilize a tax
rate that is based upon the income taxes the company expects to
actually pay relating to this quarter's activities and results. 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 and reconciliations to those
financial statements should be carefully evaluated. 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. Set forth below are
reconciliations of the non-GAAP financial measures to the most
directly comparable GAAP financial measures. For additional
information concerning the non-GAAP financial measures, please see
the Form 8-K dated July 19, 2007 which the company filed with the
Securities and Exchange Commission on July 19, 2007. California
Micro Devices Corporation CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share data) (Unaudited) June 30,
March 31, 2007 2007 ASSETS Current assets: Cash and cash
equivalents $11,226 $1,908 Short-term investments 36,902 47,116
Accounts receivable, net 5,511 7,514 Inventories 4,858 5,172
Deferred tax assets 2,269 2,201 Prepaid expenses and other current
assets 1,074 882 Total current assets 61,840 64,793 Property, plant
and equipment, net 6,033 4,840 Goodwill 5,258 5,258 Purchased
intangible assets, net 391 432 Other long-term assets 89 560 TOTAL
ASSETS $73,611 $75,883 LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Accounts payable $4,107 $4,654 Accrued liabilities
1,850 3,269 Deferred margin on shipments to distributors 1,564
1,479 Current maturities of capital lease obligations 132 132 Total
current liabilities 7,653 9,534 Other long-term liabilities 284 303
Total liabilities 7,937 9,837 Shareholders' equity: Common stock
and additional paid-in capital - $0.001 par value; 50,000,000
shares authorized; shares issued and outstanding: 23,200,110 and
23,151,103 as of June 30, 2007 and March 31, 2007, respectively
115,775 114,923 Accumulated other comprehensive loss (20) -
Accumulated deficit (50,081) (48,877) Total shareholders' equity
65,674 66,046 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $73,611
$75,883 California Micro Devices Corporation CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (amounts in thousands, except per share
data) (Unaudited) (On a GAAP basis) Three Months Ended June 30,
2007 2006 Net sales $13,123 $16,072 Cost of sales 9,036 9,989 Gross
Margin 4,087 6,083 Operating expenses: Research and development
1,837 2,055 Selling, general and administrative 3,917 4,194
In-process research and development - 2,210 Amortization of
purchased intangible assets 41 34 Total operating expenses 5,795
8,493 Operating loss (1,708) (2,410) Other income, net 641 539 Loss
before income taxes (1,067) (1,871) Income tax expense (benefit)
(11) 204 Net loss $(1,056) $(2,075) Net loss per share -- basic
$(0.05) $(0.09) Weighted average common shares outstanding -- basic
23,180 22,899 Net loss per share -- diluted $(0.05) $(0.09)
Weighted average common shares and share equivalents outstanding --
diluted 23,180 22,899 Reconciliation of net loss to non-GAAP net
income (loss): Net loss $(1,056) $(2,075) Reconciling items:
Amortization of purchased intangible assets 41 34 In-process
research and development - 2,210 Stock-based compensation expense
under SFAS 123(R), net of tax 647 844 Difference between effective
tax rate and cash basis tax rate - 167 Non-GAAP net income (loss)
$(368) $1,180 Non-GAAP: Net income (loss) per share -- basic
$(0.02) $0.05 Net income (loss) per share -- diluted $(0.02) $0.05
Shares used in calculation of non-GAAP: Weighted average common
shares outstanding -- basic 23,180 22,899 Weighted average common
shares and share equivalents outstanding -- diluted 23,180 23,083
California Micro Devices Corporation CONDENSED STATEMENTS OF
OPERATIONS (amounts in thousands, except per share data)
(Unaudited) (On a non-GAAP basis) Three Months Ended June 30, 2007
2006 Net sales $13,123 $16,072 Cost of sales 8,942 9,859 Gross
margin 4,181 6,213 Operating expenses: Research and development
1,668 1,867 Selling, general and administrative 3,533 3,668 Total
operating expenses 5,201 5,535 Operating income (loss) (1,020) 678
Other income, net 641 539 Income (loss) before income taxes (379)
1,217 Income tax expense (benefit) (11) 37 Net income (loss) $(368)
$1,180 Net income (loss) per share -- basic $(0.02) $0.05 Weighted
average common shares outstanding -- basic 23,180 22,899 Net income
(loss) per share -- diluted $(0.02) $0.05 Weighted average common
shares and share equivalents outstanding -- diluted 23,180 23,083
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
June 30, Net income (loss) per share: 2007 2006 Basic: GAAP net
loss per share $(0.05) $(0.09) Reconciling items: Amortization of
purchased intangible assets - - In-process research and development
- 0.10 Stock-based compensation expense under SFAS 123(R), net of
tax 0.03 0.03 Difference between effective tax rate and cash basis
tax rate - 0.01 Non-GAAP net income (loss) per share $(0.02) $0.05
Diluted: GAAP net loss per share $(0.05) $(0.09) Reconciling items:
Amortization of purchased intangible assets - - In-process research
and development - 0.10 Stock-based compensation expense under SFAS
123(R), net of tax 0.03 0.03 Difference between effective tax rate
and cash basis tax rate - 0.01 Non-GAAP net income (loss) per share
$(0.02) $0.05 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.cmd.com/
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