MILPITAS, Calif., May 1 /PRNewswire-FirstCall/ -- California Micro
Devices (NASDAQ:CAMD) today announced financial results for the
fourth quarter of fiscal 2008, which ended March 31, 2008. At the
high end of guidance, revenue was $15.0 million compared to $15.5
million a year ago. Falling short of guidance, the Q4 loss per
share on a GAAP basis was $0.05 compared to breakeven a year ago.
Also at the high end of guidance, diluted EPS on a non-GAAP basis
was $0.02 compared to $0.03 a year ago. For purposes of this
release, non-GAAP EPS is calculated excluding Arques Technology
acquisition costs and employee stock-based compensation expenses,
and using a cash basis tax rate. Fiscal 2008 revenue was $59.2
million compared to $68.0 million posted a year ago. On a GAAP
basis, the company reported a loss of $0.06 per share for fiscal
2008 compared to breakeven in fiscal 2007. Non-GAAP diluted EPS was
$0.08 compared to $0.25 a year ago. "Q4 was a solid finish to a
challenging but productive fiscal 2008," said Robert V. Dickinson,
president and chief executive officer. "Revenue was at the high end
of our guidance and we saw a sharp sequential increase in our gross
margin. Moreover, our bookings were up sequentially with a
book-to-bill ratio of 1.06, resulting in the starting backlog for
Q1 being the highest in a number of quarters." He noted that fiscal
2008 was the fifth consecutive year in which CMD achieved both
non-GAAP profitability and positive operating cash flow. Recapping
some of the challenges the company faced in fiscal 2008, Dickinson
cited market share loss by a major customer as well as customer
concerns about Chip Scale Packaging (CSP), which prompted a shift
in the mix of CMD's handset protection products toward plastic
packaging. Other challenges included slower than expected adoption
of low capacitance ESD protection products by major DTV makers,
intense price pressure from customers and competitors, and the
impact of that pricing pressure and the mix of handset protection
products on the company's gross margin. "We believe that we did an
excellent job in responding to these challenges while positioning
ourselves to resume growth in fiscal 2009 on both the top and
bottom lines," added Dickinson. In particular, he highlighted the
following fiscal 2008 achievements: -- Starting production
shipments to fourth Top 5 handset maker in Q4 and opening a
Northern Europe sales office in Espoo, Finland -- Starting
production shipments of CMD's new display controller for CDMA
handsets in Q3 with initial shipments to a top 5 handset OEM in Q4
-- Rapid growth in the sales of packaged handset protection
products -- Strengthening CMD's position at current handset
customers -- Making considerable progress on major cost reduction
initiatives -- Growing momentum for CMD's industry leading
Praetorian(R) filters plus introducing its Praetorian II product
family -- Introducing the XtremeESD(TM) device family that includes
architectures optimized for the maximum protection of advanced
system ICs as well as for the highest speed data interfaces --
Signs of growing acceptance of CSP by mobile handset customers
Looking forward, Dickinson forecast a roughly flat June quarter
followed by significant revenue growth in the September quarter.
"We expect Q1 revenue to be between $14.0 and $16.0 million with
diluted EPS between a loss of $0.04 and a loss of $0.02 on a GAAP
basis, and between a loss of $0.01 and a profit of $0.01 on a
non-GAAP basis." For fiscal 2009, Dickinson expects protection
revenue to grow by 7 to 12 percent, display controller revenue to
be as much as 10 percent of total revenue, and total revenue to
grow to between $67.0 and $73.0 million. He also expects gross
margin on a non-GAAP basis to increase from 33.7 percent to between
35.0 and 36.0 percent for the year, exiting the year above that.
"Although we will be investing up to $5.0 million in serial
interface display controller and diversified protection R&D, we
expect EPS on a non-GAAP basis to grow by up to 100 percent,
largely in the second half. We also expect fiscal 2009 operating
cash flow to be in the range of $3.0 to $6.0 million." Live Webcast
with Presentation Slides California Micro Devices will hold a
conference call today at 2:00 p.m. Pacific Time to discuss its
financial results. The conference call may be accessed via live
webcast (streaming audio accompanied by presentation slides) by
connecting to the company's Investor Relations link at
http://www.cmd.com/. The call may also be accessed via phone within
the USA by dialing 800-218-0204. International parties may gain
access by dialing 303-262-2130. No password is necessary. A replay
of the conference call will be available on the company's Investor
Relations link at http://www.cmd.com/ beginning at approximately
4:00 p.m. Pacific Time on May 1, 2008 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 and GAAP and
non-GAAP earnings and loss per share for the 2009 first fiscal
quarter; our anticipated revenue trend for the second quarter of
fiscal 2009; and our expectation for GAAP earnings growth and our
expected revenue, both overall and for certain markets, our
non-GAAP EPS and gross margin, and our operating cash flow, all for
fiscal 2009 as a whole; and our plan to make up to a $5.0 million
R&D investment during fiscal 2009 in serial interface display
controllers and diversified protection. 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, whether we are
having success in our R&D programs so that we desire to
continue spending at a heightened level, 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. 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 that 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
one-time charges during fiscal 2007 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 the activities and results for
the relevant fiscal time period. 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 the financial results 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 regarding these non-GAAP
financial measures, see the Form 8-K dated May 1, 2008, that the
company has filed with the Securities and Exchange Commission.
California Micro Devices Corporation CONDENSED CONSOLIDATED BALANCE
SHEETS (amounts in thousands, except share data) (Unaudited) March
31, March 31, 2008 2007 ASSETS Current assets: Cash and cash
equivalents $32,925 $1,908 Short-term investments 18,671 47,116
Accounts receivable, net 6,155 7,514 Inventories 6,434 5,172
Deferred tax assets 1,508 2,201 Prepaid expenses and other current
assets 1,188 882 Total current assets 66,881 64,793 Property, plant
and equipment, net 5,416 4,840 Goodwill 5,258 5,258 Intangible
assets, net 267 432 Other long-term assets 263 560 TOTAL ASSETS
$78,085 $75,883 LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable $6,120 $4,654 Accrued liabilities
2,165 3,269 Deferred margin on shipments to distributors 1,904
1,479 Current maturities of capital lease obligations 132 132 Total
current liabilities 10,321 9,534 Other long-term liabilities 350
303 Total liabilities 10,671 9,837 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: 23,302,274 and 23,151,103 as of March 31, 2008 and
March 31, 2007, respectively 117,806 114,923 Accumulated other
comprehensive income 48 - Accumulated deficit (50,440) (48,877)
Total stockholders' equity 67,414 66,046 TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $78,085 $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 Twelve Months Ended March 31, Ended March
31, 2008 2007 2008 2007 Net sales $15,016 $15,465 $59,217 $68,006
Cost of sales 9,605 10,179 39,599 42,790 Gross Margin 5,411 5,286
19,618 25,216 Operating expenses: Research and development 2,017
1,848 7,097 7,977 Selling, general and administrative 4,093 4,148
15,264 16,757 In-process research and development - - - 2,210
Amortization of intangible assets 41 41 165 158 Total operating
expenses 6,151 6,037 22,526 27,102 Operating loss (740) (751)
(2,908) (1,886) Other income, net 479 629 2,390 2,432 Income (loss)
before income taxes (261) (122) (518) 546 Income taxes/(benefit)
884 (65) 896 627 Net loss $(1,145) $(57) $(1,414) $(81) Net loss
per share-basic and diluted $(0.05) $(0.00) $(0.06) $(0.00)
Weighted average common shares outstanding-basic and diluted 23,299
23,141 23,233 23,027 Reconciliation of net loss to non-GAAP net
income: Net loss $(1,145) $(57) $(1,414) $(81) Reconciling items:
In-process research and development - - - 2,210 Amortization of
intangible assets 41 41 165 158 Stock-based compensation expense
under SFAS 123(R), net of tax 587 725 2,333 3,071 Difference
between effective tax rate and cash basis tax rate 873 (83) 837 449
Non-GAAP net income $356 $626 $1,921 $5,807 Non-GAAP: Net income
per share-basic $0.02 $0.03 $0.08 $0.25 Net income per
share-diluted $0.02 $0.03 $0.08 $0.25 Shares used in calculation of
non-GAAP: Weighted average common shares outstanding-basic 23,299
23,141 23,233 23,027 Weighted average common shares and share
equivalents outstanding-diluted 23,306 23,315 23,342 23,191
California Micro Devices Corporation CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (amounts in thousands, except per share
data) (Unaudited) (On a non-GAAP basis) Three Months Twelve Months
Ended March 31, Ended March 31, 2008 2007 2008 2007 Net sales
$15,016 $15,465 $59,217 $68,006 Cost of sales 9,518 10,059 39,251
42,317 Gross Margin 5,498 5,406 19,966 25,689 Operating expenses:
Research and development 1,859 1,686 6,497 7,294 Selling, general
and administrative 3,751 3,704 13,879 14,841 Total operating
expenses 5,610 5,390 20,376 22,135 Operating income (loss) (112) 16
(410) 3,554 Other income, net 479 629 2,390 2,432 Income before
income taxes 367 645 1,980 5,986 Income taxes 11 19 59 179 Net
income $356 $626 $1,921 $5,807 Net income per share-basic $0.02
$0.03 $0.08 $0.25 Weighted average common shares outstanding-basic
23,299 23,141 23,233 23,027 Net income per share-diluted $0.02
$0.03 $0.08 $0.25 Weighted average common shares and share
equivalents outstanding-diluted 23,306 23,315 23,342 23,191 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 Twelve
Months Ended March 31, Ended March 31, Net income (loss) per share:
2008 2007 2008 2007 Basic: GAAP net loss per share $(0.05) $(0.00)
$(0.06) $(0.00) Reconciling items: In-process research and
development - - - 0.09 Amortization of intangible assets - - 0.01
0.01 Stock-based compensation expense under SFAS 123(R), net of tax
0.03 0.03 0.10 0.13 Difference between effective tax rate and cash
basis tax rate 0.04 - 0.03 0.02 Non-GAAP net income per share $0.02
$0.03 $0.08 $0.25 Diluted: GAAP net loss per share $(0.05) $(0.00)
$(0.06) $(0.00) Reconciling items: In-process research and
development - - - 0.09 Amortization of intangible assets - - 0.01
0.01 Stock-based compensation expense under SFAS 123(R), net of tax
0.03 0.03 0.10 0.13 Difference between effective tax rate and cash
basis tax rate 0.04 - 0.03 0.02 Non-GAAP net income per share $0.02
$0.03 $0.08 $0.25 DATASOURCE: California Micro Devices CONTACT:
Kevin Berry, Chief Financial Officer of California Micro Devices,
+1-408-934-3144, Web site: http://www.cmd.com/
Copyright
California Micro Devices Corp. (MM) (NASDAQ:CAMD)
Historical Stock Chart
From Sep 2024 to Oct 2024
California Micro Devices Corp. (MM) (NASDAQ:CAMD)
Historical Stock Chart
From Oct 2023 to Oct 2024