MILPITAS, Calif., Oct. 29 /PRNewswire-FirstCall/ -- California
Micro Devices (NASDAQ:CAMD) today announced financial results for
the second quarter of fiscal 2010, which ended September 30, 2009.
Revenue was $11.1 million, compared to $16.3 million a year ago,
exceeding guidance. GAAP EPS was a loss of ($0.15) compared to
($0.08) a year ago. Non-GAAP EPS was a loss of ($0.11) compared to
a profit of $0.01 a year ago. Both GAAP and non-GAAP EPS were lower
than guidance due to higher than expected one-time charges incurred
in connection with the recent proxy contest and the shutdown of the
company's display controller product line. For purposes of this
release, non-GAAP EPS and non-GAAP gross margin exclude employee
stock based compensation expenses, acquisition related intangible
asset amortization and non-cash restructuring expenses, and use a
cash basis tax rate. "I am pleased to report that demand for our
products in Q2 grew more rapidly than originally anticipated, led
by our handset protection devices. In addition, we achieved
positive operating cash flow a quarter earlier than expected as a
result of improving business performance and careful management of
working capital," said Robert. V. Dickinson, president and chief
executive officer. He summarized other Q2 highlights as follows: --
Handset protection revenue grew 47 percent sequentially to $5.3
million -- Bookings grew to $13.1 million, up 17 percent from Q1 --
Q3 beginning backlog was up 22 percent from Q2 -- Operating cash
flow increased by $1.4 million compared to Q1 -- Began shipments
for newly introduced Android phones -- Secured initial design wins
from second High Brightness LED (HBLED) customer Dickinson also
noted that the company introduced several key new products during
the quarter: -- Launched microSD filter for mobile handsets with
lowest capacitance and 15kV ESD protection -- Introduced low
capacitance Praetorian® III filter for advanced multimedia and
smart phones -- Added LuxGuard(TM) device for HBLEDs featuring 100V
breakdown, industry's highest -- Expanded PicoGuard® family: array
with 20kV protection and low capacitance array for high speed
interfaces Looking ahead, the company expects Q3 revenue to be
between $10.5 and $12.5 million with a GAAP EPS loss of between
($0.04) and breakeven, and non-GAAP EPS between a loss of ($0.03)
and a profit of $0.01. The company also expects to significantly
increase non-GAAP gross margin to between 34.0 and 35.0 percent, up
from 27.3 percent in Q2, and to generate positive operating cash
flow between breakeven and $200,000. Live Webcast and Phone Access
California Micro Devices will hold a conference call today at 2:00
p.m. Pacific Time to discuss its financial results. The live
webcast (audio with slides) may be accessed by connecting to:
http://tinyurl.com/CMD-Q2-2010. To access the conference live by
phone (audio only) within the USA, dial 877-941-6010; outside the
USA, dial 480-629-9773. Subsequent replay of the webcast may be
accessed by connecting to the company's Investor Relations link at
http://www.cmd.com/. The webcast replay will be available at about
4:00 p.m. Pacific Time today and continue for one year. About
California Micro Devices Corporation California Micro Devices
Corporation is a leading supplier of protection devices for the
mobile handset, high brightness LED (HBLED), digital consumer
electronics and personal computer markets. 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, GAAP and non-GAAP earnings per share,
non-GAAP gross margin, and operating cash flow for the third
quarter of fiscal 2010. 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 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, 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 as required by
Accounting Standards Codification Topic Nos. 718 "Compensation -
Stock Compensation" (ASC 718) and 260 "Earnings Per Share" (ASC
260). 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
ASC 260 upon the number of diluted shares used in calculating
non-GAAP earnings per share. The non-GAAP financial measures also
exclude amortization of acquisition-related intangible assets and
non-cash restructuring expenses. 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 October 29,
2009 that the company has filed with the Securities and Exchange
Commission. Praetorian®, LuxGuard(TM) and PicoGuard® are trademarks
of California Micro Devices. All other trademarks belong to their
respective owners. California Micro Devices Corporation CONDENSED
CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share
data) (Unaudited) September 30, March 31, 2009 2009 ---- ----
ASSETS Current assets: Cash and cash equivalents $44,262 $45,605
Accounts receivable, net 4,425 4,168 Inventories 3,723 5,228
Prepaid expenses and other current assets 713 1,272 --- ----- Total
current assets 53,123 56,273 Property, plant and equipment, net
2,142 3,525 Other long-term assets 99 115 -- --- TOTAL ASSETS
$55,364 $59,913 ======= ======= LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $5,700 $3,775 Accrued
liabilities 1,327 1,585 Deferred margin on shipments to
distributors 1,059 974 ----- --- Total current liabilities 8,086
6,334 Other long-term liabilities 193 221 --- --- Total liabilities
8,279 6,555 ----- ----- Commitments and contingencies Stockholders'
equity: Preferred stock - 10,000,000 shares authorized; none issued
and outstanding as of September 30, 2009 and March 31, 2009 - -
Common stock and additional paid-in capital - $0.001 par value;
50,000,000 shares authorized; 23,677,738 shares issued and
22,842,649 shares outstanding as of September 30, 2009 and
23,553,019 shares issued and 22,879,696 shares outstanding as of
March 31, 2009 121,497 120,383 Accumulated deficit (72,528)
(65,602) ------- ------- 48,969 54,781 Treasury stock, at cost;
835,089 shares as of September 30, 2009 and 673,323 shares as of
March 31, 2009 (1,884) (1,423) ------ ------ Total stockholders'
equity 47,085 53,358 ------ ------ TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $55,364 $59,913 ======= ======= California
Micro Devices Corporation CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (amounts in thousands, except per share data)
(Unaudited) Three Months Six Months Ended September 30, Ended
September 30, ------------------- ------------------- 2009 2008
2009 2008 ---- ---- ---- ---- Net sales $11,115 $16,343 $20,463
$30,443 Cost of sales 8,184 11,239 15,251 20,595 ----- ------
------ ------ Gross Margin 2,931 5,104 5,212 9,848 Operating
expenses: Research and development 1,810 2,887 3,927 5,171 Selling,
general and administrative 3,826 3,832 7,443 7,697 Amortization of
intangible assets 6 22 12 55 Restructuring and asset impairment
charges 717 - 717 - --- --- --- --- Total operating expenses 6,359
6,741 12,099 12,923 ----- ----- ------ ------ Operating loss
(3,428) (1,637) (6,887) (3,075) Other income (expense), net (5)
1,193 (16) 1,487 -- ----- --- ----- Loss before income taxes
(3,433) (444) (6,903) (1,588) Provision for income taxes 41 1,521
23 1,295 -- ----- -- ----- Net loss $(3,474) $(1,965) $(6,926)
$(2,883) ======= ======= ======= ======= Net loss per share-basic
and diluted $(0.15) $(0.08) $(0.30) $(0.12) ====== ====== ======
====== Weighted average common shares outstanding-basic and diluted
22,892 23,392 22,892 23,379 ====== ====== ====== ====== California
Micro Devices Corporation FINANCIAL SUMMARY (NON-GAAP) (amounts in
thousands, except per share data) (Unaudited) GAAP TO NON-GAAP
RECONCILIATION: Three Months Ended Six Months Ended September 30,
September 30, ------------- ------------- 2009 2008 2009 2008 ----
---- ---- ---- Gross Margin: GAAP Gross Margin $2,931 $5,104 $5,212
$9,848 GAAP Gross Margin % 26% 31% 25% 32% Reconciling items:
Stock-based compensation expense, net of tax $107 $120 $167 $200
NON-GAAP Gross Margin $3,038 $5,224 $5,379 $10,048 NON-GAAP Gross
Margin % 27% 32% 26% 33% Net Loss: GAAP Net Loss $(3,474) $(1,965)
$(6,926) $(2,883) Reconciling items: Amortization/reduction of
intangible assets 6 133 12 166 Restructuring and asset impairment
charges 452 - 452 - Stock-based compensation expense, net of tax
509 592 905 1,156 Difference between effective tax rate and cash
basis tax rate 42 1,505 21 1,248 -- ----- -- ----- Total
Adjustments $1,009 $2,230 $1,390 $2,570 NON-GAAP Net Income (Loss)
$(2,465) $265 $(5,536) $(313) Net Loss Per Share - Basic and
diluted: GAAP Net Loss Per Share - Basic and diluted $(0.15)
$(0.08) $(0.30) $(0.12) Reconciling items: Amortization/reduction
of intangible assets - - - 0.01 Restructuring and asset impairment
charges 0.02 - 0.02 - Stock-based compensation expense, net of tax
0.02 0.03 0.04 0.05 Difference between effective tax rate and cash
basis tax rate - 0.06 - 0.05 --- ---- --- ---- Total Adjustments
$0.04 $0.09 $0.06 $0.11 NON-GAAP Net Income (Loss) Per Share -
Basic and diluted $(0.11) $0.01 $(0.24) $(0.01) Weighted average
common shares used to calculate GAAP EPS - Basic and diluted 22,892
23,392 22,892 23,379 Weighted average common shares used to
calculate NON-GAAP EPS - Basic 22,892 23,392 22,892 23,379 Weighted
average common shares and share equivalents outstanding used to
calculate NON-GAAP EPS - diluted 22,892 23,396 22,892 23,379
DATASOURCE: California Micro Devices CONTACT: Kevin Berry, Chief
Financial Officer of California Micro Devices, +1-408-934-3144, Web
Site: http://www.cmd.com/
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