Exhibit 99.1
NEWS RELEASE
For More Information Contact:
Greg Miller, Chief Financial Officer
(408) 934-3144
gregm@calmicro.com
California Micro Devices Reports December Quarter Financial Results
Earnings per share of $0.12 exceeds guidance as revenue of $17.0 million reaches record level
MILPITAS, Calif. – Feb. 5, 2004 – California Micro Devices (NASDAQ: CAMD) today announced financial results for the third quarter of fiscal 2004, which ended December 31, 2003. Earnings per share exceeded guidance at $0.12 compared to earnings per share of $0.04 in the prior quarter and a net loss per share of $0.01 a year ago. Revenue met guidance at $17.0 million, a record level representing a 14 percent increase over the $14.9 million in the prior quarter and a 50 percent increase over the $11.3 million in the same quarter a year ago.
“I’m pleased to report sequential revenue growth across the board with our core business, which is focused on the Mobile, Computing and Consumer markets, increasing 15 percent,” said Robert V. Dickinson, president and CEO. “Revenue from our Mobile products continued to grow at a strong pace, posting a 19 percent increase over the prior quarter. We also achieved a record 147 design wins, further validating our market focus and product strategy.” Dickinson noted that bookings grew to $17.4 million, a 13 percent sequential increase and the highest level achieved since Q2 of fiscal 2001.
Guidance Conference Call Today
California Micro Devices will hold a conference call today at 2:00 p.m. Pacific Time to discuss its December quarter results. Within the USA, interested parties can access the conference call by dialing (800) 218-0713. International parties may gain access by dialing (303) 262-2075. No password is necessary.
A telephone replay of the call will be available beginning today at approximately 4:00 p.m. Pacific Time and continuing for one year. To access this recording from within the USA, please dial (800) 405-2236 and enter the conference pass code 566000. International callers may gain access by dialing (303) 590-3000 and entering the same pass code.
About California Micro Devices Corporation
California Micro Devices Corporation is a leading supplier of application-specific analog semiconductor products for the Mobile, Computing, and Consumer Electronics markets. Key products include application-specific integrated passive (ASIP™) devices and power management ICs. Detailed corporate and product information may be accessed atwww.calmicro.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 that our results validate our market focus and product strategy. 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, our unit sales continuing at current levels or growing due to growth in or our increased penetration of our target markets, competitive pressures not eroding our prices, and our contract manufacturer continuing to produce quality product in a timely manner, as well as other 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.
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ASIP™ is a trademark of California Micro Devices. All other trademarks are property of their respective owners.
CALIFORNIA MICRO DEVICES CORPORATION
Condensed Balance Sheets
(amounts in thousands)
December 31, 2003 | March 31, 2003* | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash, cash equivalents and short-term investments | $ | 16,647 | $ | 4,513 | ||||
Accounts receivable, net | 6,097 | 5,281 | ||||||
Inventories | 5,407 | 3,577 | ||||||
Prepaids and other current assets | 692 | 652 | ||||||
Total current assets | 28,843 | 14,023 | ||||||
Property, plant and equipment, net | 7,469 | 10,087 | ||||||
Restricted cash | 1,202 | 880 | ||||||
Other long-term assets | 408 | 415 | ||||||
Total assets | $ | 37,922 | $ | 25,405 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 5,249 | $ | 3,195 | ||||
Accrued liabilities | 3,770 | 2,631 | ||||||
Deferred margin on shipments to distributors | 1,719 | 1,873 | ||||||
Current maturities of long-term debt and capital lease obligations | 1,666 | 1,603 | ||||||
Total current liabilities | 12,404 | 9,302 | ||||||
Long-term debt and capital lease obligations, less current maturities | 7,167 | 8,308 | ||||||
Other long-term liabilities | 35 | — | ||||||
Total liabilities | 19,606 | 17,610 | ||||||
Shareholders’ equity: | ||||||||
Common stock | 82,774 | 74,240 | ||||||
Accumulated deficit | (64,458 | ) | (66,445 | ) | ||||
Total shareholders’ equity | 18,316 | 7,795 | ||||||
Total liabilities and shareholders’ equity | $ | 37,922 | $ | 25,405 | ||||
* | Derived from audited financial statements. |
CALIFORNIA MICRO DEVICES CORPORATION
Condensed Statements of Operations
(amounts in thousands, except per share data)
(Unaudited)
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||
2003 | 2002 | 2003 | 2002 | |||||||||||
Net sales | $ | 16,957 | $ | 11,284 | $ | 43,723 | $ | 31,413 | ||||||
Costs and expenses: | ||||||||||||||
Cost of sales | 9,766 | 7,984 | 28,908 | 23,451 | ||||||||||
Research and development | 1,220 | 923 | 3,263 | 2,699 | ||||||||||
Selling, general and administrative | 3,195 | 2,452 | 8,863 | 7,619 | ||||||||||
Special charges | — | (193 | ) | — | (193 | ) | ||||||||
Total costs and expenses | 14,181 | 11,166 | 41,034 | 33,576 | ||||||||||
Operating income (loss) | 2,776 | 118 | 2,689 | (2,163 | ) | |||||||||
Other expense, net | 210 | 282 | 661 | 788 | ||||||||||
Income (loss) before income taxes | 2,566 | (164 | ) | 2,028 | (2,951 | ) | ||||||||
Income taxes | 41 | — | 41 | — | ||||||||||
Net income (loss) | $ | 2,525 | $ | (164 | ) | $ | 1,987 | $ | (2,951 | ) | ||||
Net income (loss) per share: | ||||||||||||||
Basic | $ | 0.13 | $ | (0.01 | ) | $ | 0.11 | $ | (0.21 | ) | ||||
Diluted | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | $ | (0.21 | ) | ||||
Weighted average common shares outstanding: | ||||||||||||||
Basic | 19,107 | 14,871 | 17,545 | 14,337 | ||||||||||
Diluted | 20,731 | 14,871 | 18,203 | 14,337 | ||||||||||