California Micro Devices Provides December Quarter Financial Estimates
January 11 2010 - 5:51PM
PR Newswire (US)
MILPITAS, Calif., Jan. 11 /PRNewswire-FirstCall/ -- California
Micro Devices (NASDAQ:CAMD) today estimated that revenue for the
third quarter of fiscal 2010, which ended December 31, 2009, was
between $12.5 and $12.6 million, at or exceeding the $12.5 million
high end of prior guidance. Both GAAP and non-GAAP gross margins
were approximately equal to the high end of their respective
guidance ranges of approximately 35%. Non-GAAP operating expenses
of approximately $3.9 to $4.0 million were below the lower end of
their guidance range of $4.1 million while GAAP operating expenses
of approximately $5.1 million were in excess of the high end of
their guidance range of $4.3 million, primarily due to
acquisition-related transaction costs of approximately $1.0
million. GAAP EPS is estimated to be a loss of approximately
($0.03), compared to the ($0.04) low-end of prior guidance, while
non-GAAP EPS is estimated to be a profit of approximately $0.02,
exceeding the $0.01 high end of prior guidance. The company also
estimated that positive operating cash flow for the quarter was
approximately $900,000, exceeding the $200,000 high end of prior
guidance. For purposes of this release, the non-GAAP EPS estimate
excludes acquisition-related transaction costs of approximately
$0.04 per share as well as stock-based compensation expenses of
approximately $0.01 per share, and uses a cash basis tax rate,
which had negligible impact. Non-GAAP gross margin excludes
approximately $50 thousand of stock-based compensation expenses.
Non-GAAP operating expenses exclude approximately $1.0 million of
acquisition-related transaction costs and approximately $200
thousand of stock-based compensation expenses. 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, gross margin, and operating expenses;
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 distributor product resale and OEM hub
inventory draw-down are as we anticipate for the quarter, our not
discovering any unexpected expenses as we close the books for the
quarter, and our auditors confirming our accounting treatment of
various matters 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
actual results for the quarter ended December 31, 2009, and its
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 estimated financial results
calculated in accordance with U.S. generally accepted accounting
principles (GAAP), this press release contains estimated 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 estimated non-GAAP financial
measures, as used by management and disclosed by the company,
exclude the estimated 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. They also exclude estimated acquisition-related
transaction costs and 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
estimated non-GAAP financial measures disclosed by the company
should not be considered a substitute for, or superior to,
estimated GAAP financial measures. The GAAP financial measures, and
the reconciliation to estimated non-GAAP financial measures set
forth at the end of the first paragraph of this release should be
carefully evaluated. The estimated 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. For additional information regarding this estimated
non-GAAP financial measure, see the Form 8-K dated January 11, 2010
that the company has filed with the Securities and Exchange
Commission. 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 Jun 2024 to Jul 2024
California Micro Devices Corp. (MM) (NASDAQ:CAMD)
Historical Stock Chart
From Jul 2023 to Jul 2024