MILPITAS, Calif., Jan. 29 /PRNewswire-FirstCall/ -- California
Micro Devices (NASDAQ:CAMD) today announced financial results for
the third quarter of fiscal 2009, which ended December 31, 2008.
Meeting revised guidance at the low end, revenue was $9.7 million
compared to $15.0 million a year ago while EPS on a GAAP basis was
a loss of ($0.38) compared to a profit of $0.01 a year ago. The
loss included ($0.23) for the impairment of goodwill. Non-GAAP EPS,
which was one cent lower than revised guidance, was a loss of
($0.13) compared to a profit of $0.04 a year ago and, for purposes
of this release, was calculated excluding Arques Technology
acquisition costs, employee stock-based compensation expenses, and
goodwill and intangible asset impairment and using a cash basis tax
rate. "As expected, demand for our products in Q3 dropped sharply
due to the weakening global economy compounded by a severe
inventory correction downstream in the supply chain," said Robert
V. Dickinson, president and CEO. He confirmed that demand for ESD
protection devices for High Brightness LEDs showed the greatest
percentage drop, due to a previously disclosed one quarter
inventory correction at a major customer, followed by demand for
handset protection devices, while the demand for display
controllers and the demand for low capacitance ESD devices used in
digital consumer electronics and personal computers were less
affected. "Although forward visibility for the semiconductor
industry remains limited, we continue to believe that the current
inventory correction is likely to end by mid-2009," said Dickinson.
"Fortunately, our strong balance sheet will enable us to weather
the current economic storm as we focus on improving operating cash
flow and profitability and our initiatives to restore revenue
growth." Providing outlook for the March quarter, the company
expects revenue to be between $8.5 and $10.0 million with a diluted
EPS loss of between ($0.13) and ($0.15) on a GAAP basis, and
between ($0.11) and ($0.13) on a non-GAAP basis. Factors affecting
the March quarter outlook include the continuing weakness in the
global economy and the seasonal weakness typical of this quarter,
especially in the handset market. 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 by connecting to
the company's Investor Relations link at http://www.cmd.com/. It
may also be accessed by phone within the USA by dialing
800-218-8862. International parties may gain access by dialing 303-
262-2053. 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 January 29, 2009 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 loss per share for the 2009 fourth fiscal quarter; our
belief that the current inventory correction is likely end by
mid-2009; and our focus on improving operating cash flow and
profitability and our initiatives to restore revenue growth. 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 demand for our customers' products takes longer to recover
so that the inventory correction continues longer than we expect
impacting our ability to restore revenue growth, whether we are
able to reduce recurring operating expenses to improve
profitability or 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 accounting
principles generally accepted in the United States of America
(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 and one-time charges during the third
quarter of fiscal 2009 for goodwill and intangible asset
impairment. 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 January 29, 2009, 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) December 31, March 31,
2008 2008 ASSETS Current assets: Cash and cash equivalents $33,945
$32,925 Short-term investments 14,502 18,671 Accounts receivable,
net 3,245 6,155 Inventories 7,889 6,434 Deferred tax assets 261
1,508 Prepaid expenses and other current assets 688 1,188 Total
current assets 60,530 66,881 Property, plant and equipment, net
4,059 5,596 Goodwill - 5,258 Intangible assets, net 29 267 Other
long-term assets 93 83 TOTAL ASSETS $64,711 $78,085 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $4,674
$6,120 Accrued liabilities 1,505 2,165 Deferred margin on shipments
to distributors 1,430 1,904 Current maturities of capital lease
obligations - 132 Total current liabilities 7,609 10,321 Other
long-term liabilities 313 350 Total liabilities 7,922 10,671
Commitments and contingencies Stockholders' equity: Preferred stock
- 10,000,000 shares authorized; none issued and outstanding as of
December 31, 2008 and March 31, 2008 - - Common stock and
additional paid-in capital - $0.001 par value; 50,000,000 shares
authorized; 23,553,019 shares issued and 23,097,994 shares
outstanding as of December 31, 2008 and 23,302,274 shares issued
and outstanding as of March 31, 2008 119,965 117,806 Accumulated
other comprehensive income 16 48 Accumulated deficit (62,234)
(50,440) 57,747 67,414 Treasury stock, at cost; 455,025 shares as
of December 31, 2008 and none as of March 31, 2008 (958) - Total
stockholders' equity 56,789 67,414 TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $64,711 $78,085 California Micro Devices
Corporation CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data) (Unaudited) (On a
GAAP basis) Three Months Ended Nine Months Ended December 31,
December 31, 2008 2007 2008 2007 Net sales $9,659 $14,955 $40,101
$44,201 Cost of sales 7,184 10,105 27,779 29,995 Gross Margin 2,475
4,850 12,322 14,206 Operating expenses: Research and development
2,668 1,670 7,838 5,080 Selling, general and administrative 3,508
3,533 11,205 11,170 Goodwill impairment 5,258 - 5,258 -
Amortization of intangible assets 71 41 126 124 Total operating
expenses 11,505 5,244 24,427 16,374 Operating loss (9,030) (394)
(12,105) (2,168) Other income, net 129 628 1,616 1,911 Income
(loss) before income taxes (8,901) 234 (10,489) (257) Provision for
income taxes 10 4 1,305 12 Net income (loss) $(8,911) $230
$(11,794) $(269) Net income (loss) per share-basic $(0.38) $0.01
$(0.51) $(0.01) Weighted average common shares outstanding-basic
23,260 23,252 23,339 23,212 Net income (loss) per share-diluted
$(0.38) $0.01 $(0.51) $(0.01) Weighted average common shares and
share equivalents outstanding-diluted 23,260 23,283 23,339 23,212
Reconciliation of net income (loss) to non-GAAP net income (loss):
Net income (loss) $(8,911) $230 $(11,794) $(269) Reconciling items:
Amortization / write down of intangible assets 71 41 237 124
Goodwill impairment 5,258 - 5,258 - Stock-based compensation
expense under SFAS 123(R), net of tax 471 586 1,627 1,746
Difference between effective tax rate and cash basis tax rate (27)
(21) 1,222 (36) Non-GAAP net income (loss) $(3,138) $836 $(3,450)
$1,565 Non-GAAP: Net income (loss) per share-basic $(0.13) $0.04
$(0.15) $0.07 Net income (loss) per share-diluted $(0.13) $0.04
$(0.15) $0.07 Shares used in calculation of non- GAAP: Weighted
average common shares outstanding-basic 23,260 23,252 23,339 23,212
Weighted average common shares and share equivalents
outstanding-diluted 23,260 23,414 23,339 23,355 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 Nine Months Ended December 31,
December 31, 2008 2007 2008 2007 Net sales $9,659 $14,955 $40,101
$44,201 Cost of sales 7,118 10,021 27,513 29,733 Gross Margin 2,541
4,934 12,588 14,468 Operating expenses: Research and development
2,548 1,525 7,401 4,638 Selling, general and administrative 3,223
3,175 10,281 10,128 Total operating expenses 5,771 4,700 17,682
14,766 Operating income (loss) (3,230) 234 (5,094) (298) Other
income, net 130 628 1,728 1,911 Income (loss) before income taxes
(3,100) 862 (3,366) 1,613 Provision for income taxes 38 26 84 48
Net income (loss) $(3,138) $836 $(3,450) $1,565 Net income (loss)
per share-basic $(0.13) $0.04 $(0.15) $0.07 Weighted average common
shares outstanding-basic 23,260 23,252 23,339 23,212 Net income
(loss) per share-diluted $(0.13) $0.04 $(0.15) $0.07 Weighted
average common shares and share equivalents outstanding-diluted
23,260 23,414 23,339 23,355 California Micro Devices Corporation
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (Unaudited)
Three Months Ended Nine Months Ended December 31, December 31, Net
income (loss) per share: 2008 2007 2008 2007 Basic: GAAP net income
(loss) per share $(0.38) $0.01 $(0.51) $(0.01) Reconciling items:
Amortization / write down of intangible assets - - 0.01 0.01
Goodwill impairment 0.23 - 0.23 - Stock-based compensation expense
under SFAS 123(R), net of tax 0.02 0.03 0.07 0.07 Difference
between effective tax rate and cash basis tax rate - 0.05 -
Non-GAAP net income (loss) per share $(0.13) $0.04 $(0.15) $0.07
Diluted: GAAP net income (loss) per share $(0.38) $0.01 $(0.51)
$(0.01) Reconciling items: Amortization / write down of intangible
assets - - 0.01 0.01 Goodwill impairment 0.23 - 0.23 - Stock-based
compensation expense under SFAS 123(R), net of tax 0.02 0.03 0.07
0.07 Difference between effective tax rate and cash basis tax rate
- 0.05 - Non-GAAP net income (loss) per share $(0.13) $0.04 $(0.15)
$0.07 DATASOURCE: California Micro Devices Corporation CONTACT:
Kevin Berry, Chief Financial Officer of California Micro Devices
Corporation, +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