- Current report filing (8-K)
October 30 2008 - 5:04PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: October 30, 2008
(Date of earliest event reported)
California Micro Devices
Corporation
(Exact name of registrant as specified in its charter)
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Delaware
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0-15449
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94-2672609
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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490 N. McCarthy Blvd., No. 100, Milpitas, CA 95035-5112
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: (408) 263-3214
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2.
below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))
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TABLE OF CONTENTS
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Item 2.02.
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Results of Operations and Financial Condition.
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On October 30,
2008, Registrant (the Company or we) announced via news release the results for our fiscal 2009 second quarter ended September 30, 2008. The full text of the news release issued in connection with that announcement is attached as
Exhibit 99.1 to this Current Report on Form 8-K.
Use of Non-GAAP Financial Information
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the Companys press release contains
non-GAAP financial measures that exclude the effects of share-based compensation and the requirements of SFAS No. 123R, Share-based Payment (123R). In particular, the non-GAAP financial measures used by management and
disclosed by the Company exclude the income statement effects of all forms of 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, but do include the
approximately $1.1 million gain during the second quarter of fiscal 2009 from the sale of LED Driver assets which had been acquired primarily from Arques Technology. In addition, these non-GAAP measures utilize a tax rate that is based upon the
income taxes we expect to actually pay relating to the activities and results anticipated for the current fiscal year pro rated for this quarter.
The
Company develops an annual budget that includes all components of the income statement, exclusive of share-based compensation and Arques Technology acquisition costs. The accounting expense impact of share-based compensation or Arques Technology
acquisition costs is not discussed or considered when assessing and determining the appropriate level of budgeted expenses for cost of sales, research and development (R&D), and selling, general and administrative
(SG&A) or when determining profitability for purposes of profit sharing and bonuses. The gain during the second quarter of fiscal 2009 from the sale of LED Driver assets was not part of the annual budget as it was not then considered
adequately foreseeable or estimable but a small portion of such gain was factored in when determining revenue of the base business, overall gross profit, and operating cash flow for purposes of determining the earned bonus for the second quarter and
when determining the profit cap on such bonus.
The Company uses share-based compensation programs to align employees actions and behaviors with
stockholders interest and to be able to attract, motivate and retain the best employees in a competitive marketplace. Share-based compensation is but one element in employee compensation and is evaluated separately from the cost of other
compensation programs. Specifically, we evaluate our share-based compensation programs from the perspective of the resulting dilution and other metrics, and not from the resulting expense to be recorded.
When we develop our annual budget, for taxes we consider only the taxes we expect to pay rather than taxes determined in accordance with GAAP which may fluctuate
substantially over the next several years as we assess whether and when to make a release of the valuation allowance against our deferred tax asset. When we consider our profitability for purposes of profit sharing and bonuses, we do not consider
taxes.
Management has determined that inclusion of these non-GAAP financial measures provides investors a meaningful presentation of the Companys
operating results in addition to the GAAP disclosure. As management uses these non-GAAP measures internally for strategic decision making, forecasting future results and evaluating the Companys current performance, management believes these
measures assist investors understanding of how management views the Companys operating results. These measures enhance overall understanding of the Companys current financial performance and better enable comparability to
prior results. Management believes cost of sales excluding share-based compensation, R&D expense excluding share-based compensation, and SG&A expense excluding share-based compensation are useful information for investors because comparative
differences in the corresponding GAAP measures for different periods may reflect factors such as a different stock price when equity awards were made and different equity award practices rather than changes in the operation of the business.
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The Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP
financial measures in its press release. 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.
The information contained in this Current Report on Form 8-K shall not be deemed filed for purposes of
Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the
Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01.
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Financial Statements and Exhibits.
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Exhibit 99.1, Registrants News
Release dated October 30, 2008, is furnished pursuant to Item 2.02 of Form 8-K.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly
caused this Report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized on the 30
th
day of October, 2008.
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CALIFORNIA MICRO DEVICES CORPORATION
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(Registrant)
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By:
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/s/ ROBERT V. DICKINSON
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Robert V. Dickinson
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President and Chief Executive Officer
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Exhibit Index
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Exhibit
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Description
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99.1
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Registrants News Release dated October 30, 2008, is furnished pursuant to Item 2.02 of Form 8-K.
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