MILPITAS, Calif., May 6 /PRNewswire-FirstCall/ -- California Micro
Devices (NASDAQ:CAMD) today announced financial results for the
fourth quarter of fiscal 2009, which ended March 31, 2009. Revenue
was $9.2 million at the mid-point of guidance compared to $15.0
million a year ago. GAAP EPS was a loss of ($0.15) at the low end
of guidance compared to ($0.05) a year ago. Non-GAAP EPS was a loss
of ($0.13) at the low end of guidance compared to a profit of $0.02
a year ago. For purposes of this release, non-GAAP EPS is
calculated excluding Arques Technology acquisition costs, employee
stock-based compensation expenses, goodwill impairment, and
intangible asset impairment and amortization, and using a cash
basis tax rate. "Our Q4 results reflected the continuing weakness
in the global economy as well as the seasonal weakness typical of
this quarter, especially in the handset market," said Robert V.
Dickinson, president and chief executive officer. "In spite of
this, we saw a number of signs of progress in Q4 including the
following: -- Bookings improved to $8.1 million, up 184 percent
from Q3 -- Net inventory decreased by $2.7 million from Q3 --
Non-GAAP gross margin increased to 28.3 percent from 26.3 percent
in Q3 -- Non-GAAP operating expense was $0.2 million less than in
Q3 and $0.7 million less than in Q2 -- Operating cash consumption
decreased by $1.6 million compared to Q3 Summarizing year end
results, Dickinson reported that fiscal 2009 revenue was $49.3
million compared to $59.2 million in fiscal 2008. On a GAAP basis,
the company reported a loss of ($0.65) per share for fiscal 2009
compared to ($0.06) in fiscal 2008. Non-GAAP diluted EPS was a loss
of ($0.27) compared to a profit of $0.08 a year ago. Dickinson also
highlighted the following fiscal 2009 achievements: -- Expanded
customer base to include all of the top 5 handset manufacturers and
three of the top 5 digital TV manufacturers -- Grew display
controller revenue to 10 percent of total revenue -- Introduced
third generation of CMD's industry leading Praetorian(R) filters
for handsets -- Introduced XtremeESD(TM) family of ESD protection
devices providing new levels of protection and signal integrity for
high speed data interfaces -- Introduced LuxGuard(TM) family of ESD
protection and thermal management devices for High Brightness LEDs
-- Established Phoenix Design Center to strengthen development
capability for protection devices -- Sold LED driver assets for
$1.3 million -- Repurchased 673,000 shares out of 1 million
authorized -- Ended the year with $45.6 million in cash Dickinson
anticipates revenue in Q1 to be between $8.5 and $10.0 million with
a GAAP EPS loss of between ($0.14) and ($0.16), and non-GAAP EPS
loss of between ($0.12) and ($0.14). Operating cash consumption is
expected to be between $1.0 and $1.5 million down from $2.3 million
in Q4. He added, "As we look forward into fiscal 2010, we see the
demand picture beginning to improve. Orders in Q4 were well above
the depressed levels of Q3 and orders so far in Q1 are running well
ahead of Q4. From what we can tell, most of our customers are no
longer aggressively liquidating inventory but are still taking a
cautious approach with respect to adding inventory. We believe that
revenue has bottomed and is likely to begin growing again by Q2
assuming increasing economic stability and seasonal growth in end
demand. We also expect to see improving margins beginning in Q2,
based on our cost reduction activities. Our objective is to achieve
positive operating cash flow and profitability on a non-GAAP basis
by the end of the fiscal year. We expect the principal driver of
these improvements to be our protection business." 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 call may be accessed via live webcast
(streaming audio accompanied by presentation slides) by connecting
to the company's Investor Relations web page. The call may also be
accessed via phone within the USA by dialing 866-752-7980 (no
password required). International parties may gain access by
dialing 404-537-3337 and then entering the conference ID number:
93574270. A replay of the call will be available on the company's
Investor Relations web page beginning today at approximately 4:00
p.m. Pacific Time 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, operating cash consumption,
and GAAP and non-GAAP loss per share for the first quarter of
fiscal 2010; our perception that most of our customers are no
longer aggressively liquidating inventory but are still taking a
cautious approach with respect to adding inventory; our objective
to return to positive cash flow and profitability on a non-GAAP
basis by the end of fiscal 2010; our anticipated revenue growth by
and gross margin improvement for the second quarter of fiscal 2010;
and our expectation that such improvement will be driven primarily
by our protection business. 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 there is
increasing economic stability and seasonal growth in end demand as
we have assumed in our demand forecast, 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 or
obstacles to our cost reductions 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 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 May 6, 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) March 31, March 31, 2009
2008 ---- ---- ASSETS Current assets: Cash and cash equivalents
$45,605 $32,925 Short-term investments - 18,671 Accounts
receivable, net 4,168 6,155 Inventories 5,228 6,434 Deferred tax
assets 183 1,508 Prepaid expenses and other current assets 1,089
1,188 ----- ----- Total current assets 56,273 66,881 Property,
plant and equipment, net 3,525 5,596 Goodwill - 5,258 Intangible
assets, net 23 267 Other long-term assets 92 83 --- --- TOTAL
ASSETS $59,913 $78,085 ======= ======= LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $3,775
$6,120 Accrued liabilities 1,585 2,165 Deferred margin on shipments
to distributors 974 1,904 Current maturities of capital lease
obligations - 132 --- --- Total current liabilities 6,334 10,321
Other long-term liabilities 221 350 --- --- Total liabilities 6,555
10,671 ----- ------ Commitments and contingencies Stockholders'
equity: Preferred stock - 10,000,000 shares authorized; none issued
and outstanding as of March 31, 2009 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 22,879,696 shares
outstanding as of March 31, 2009 and 23,302,274 shares issued and
outstanding as of March 31, 2008 120,383 117,806 Accumulated other
comprehensive income - 48 Accumulated deficit (65,602) (50,440)
------- ------- 54,781 67,414 Treasury stock, at cost; 673,323
shares as of March 31, 2009 and none as of March 31, 2008 (1,423) -
------ --- Total stockholders' equity 53,358 67,414 ------ ------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $59,913 $78,085 =======
======= California Micro Devices Corporation CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (amounts in thousands, except per share
data) (Unaudited) Three Months Twelve Months Ended March 31, Ended
March 31, ---------------- ---------------- 2009 2008 2009 2008
---- ---- ---- ---- Net sales $9,172 $15,016 $49,273 $59,217 Cost
of sales 6,646 9,605 34,425 39,599 ----- ----- ------ ------ Gross
Margin 2,526 5,411 14,848 19,618 Operating expenses: Research and
development 2,465 2,017 10,303 7,097 Selling, general and
administrative 3,446 4,093 14,652 15,264 Goodwill impairment - -
5,258 - Amortization / impairment of intangible assets 6 41 133 165
--- --- --- --- Total operating expenses 5,917 6,151 30,346 22,526
----- ----- ------ ------ Operating loss (3,391) (740) (15,498)
(2,908) Other income, net 29 479 1,647 2,390 -- --- ----- -----
Loss before income taxes (3,362) (261) (13,851) (518) Provision for
income taxes 6 884 1,311 896 --- --- ----- --- Net loss $(3,368)
$(1,145) $(15,162) $(1,414) ======= ======= ======== ======= Net
loss per share-basic and diluted $(0.15) $(0.05) $(0.65) $(0.06)
====== ====== ====== ====== Weighted average common shares
outstanding-basic and diluted 22,965 23,299 23,246 23,233 ======
====== ====== ====== California Micro Devices Corporation FINANCIAL
SUMMARY (NON-GAAP) (amounts in thousands, except per share data)
(Unaudited) GAAP TO NON-GAAP RECONCILIATION: Three Months Twelve
Months Ended March 31, Ended March 31, ----------------
---------------- 2009 2008 2009 2008 ---- ---- ---- ---- Gross
Margin: GAAP Gross Margin $2,526 $5,411 $14,848 $19,618 GAAP Gross
Margin % 28% 36% 30% 33% Reconciling items: Stock-based
compensation expense under SFAS 123(R), net of tax $67 $87 $334
$349 NON-GAAP Gross Margin $2,593 $5,498 $15,182 $19,967 NON-GAAP
Gross Margin % 28% 37% 31% 34% Net Loss: GAAP Net Loss $(3,368)
$(1,145) $(15,162) $(1,414) Reconciling items: Goodwill impairment
- - 5,258 - Amortization / impairment of intangible assets 6 41 244
165 Stock-based compensation expense under SFAS 123(R), net of tax
418 587 2,045 2,333 Difference between effective tax rate and cash
basis tax rate 44 873 1,265 837 --- --- ----- --- Total Adjustments
468 1,501 8,812 3,335 NON-GAAP Net Income (Loss) $(2,900) $356
$(6,350) $1,921 Net Income (Loss) Per Share - Basic: GAAP Net Loss
Per Share - Basic $(0.15) $(0.05) $(0.65) $(0.06) Reconciling
items: Goodwill impairment - - 0.23 - Amortization / impairment of
intangible assets - - 0.01 0.01 Stock-based compensation expense
under SFAS 123(R), net of tax 0.02 0.03 0.09 0.10 Difference
between effective tax rate and cash basis tax rate - 0.04 0.05 0.03
--- ---- ---- ---- Total Adjustments $0.02 $0.07 $0.38 $0.14
NON-GAAP Net Income (Loss) Per Share - Basic $(0.13) $0.02 $(0.27)
$0.08 Weighted average shares used to calculate GAAP EPS - Basic
22,965 23,299 23,246 23,233 Weighted average shares used to
calculate NON-GAAP EPS - Basic 22,965 23,299 23,246 23,233 Net
Income (Loss) Per Share - Diluted: GAAP Net Loss Per Share -
Diluted $(0.15) $(0.05) $(0.65) $(0.06) Reconciling items: Goodwill
impairment - - 0.23 - Amortization / impairment of intangible
assets - - 0.01 0.01 Stock-based compensation expense under SFAS
123(R), net of tax 0.02 0.03 0.09 0.10 Difference between effective
tax rate and cash basis tax rate - 0.04 0.05 0.03 --- ---- ----
---- Total Adjustments $0.02 $0.07 $0.38 $0.14 NON-GAAP Net Income
(Loss) Per Share - Diluted $(0.13) $0.02 $(0.27) $0.08 Weighted
average shares used to calculate GAAP EPS - Diluted 22,965 23,299
23,246 23,233 Weighted average shares used to calculate NON-GAAP
EPS - Diluted 22,965 23,306 23,246 23,342 DATASOURCE: California
Micro Devices Corporation CONTACT: Kevin Berry, Chief Financial
Officer of California Micro Devices, +1-408-934-3144, Web Site:
http://www.cmd.com/
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