Exhibit 99.1
NEWS RELEASE |
For More Information Contact: |
Greg Miller, Chief Financial Officer |
(408) 934-3144 |
gregm@calmicro.com |
California Micro Devices Reports March Quarter and Fiscal 2004 Results
Third consecutive profitable quarter plus record revenue in fiscal 2004
MILPITAS, Calif., — May 6, 2004 — California Micro Devices (NASDAQ: CAMD) today announced financial results for the fourth quarter of fiscal 2004, which ended March 31, 2004. Revenue was $15.8 million compared to $17.0 million in the prior quarter and $10.8 million a year ago. Fully diluted earnings were $0.08 per share compared to $0.12 in the prior quarter and a net loss of $0.22 a year ago. Fully diluted earnings for the March quarter include a one time charge of approximately $0.01 per share associated with refinancing the company’s Industrial Revenue Bonds. Gross margin for the quarter was 41 percent.
For fiscal 2004, California Micro Devices reported revenue of $59.6 million, representing an all time high and the second consecutive year in which revenue increased by more than 40 percent. Fully diluted fiscal 2004 earnings were $0.20 per share compared to a fiscal 2003 net loss of $0.44 per share.
“Strong demand leading to record revenue for our Mobile products was the key factor in achieving our third consecutive profitable quarter, capping a year in which revenue reached an all time high and we returned to profitability,” according to Robert V. Dickinson, president and CEO. “Bookings in Q4 were $16.8 million while design wins reached a record level, increasing by twenty percent sequentially. We also generated cash from operations for the third consecutive quarter. This, along with cash received from equity purchases, resulted in our ending the quarter with a balance of $20.3 million in cash and cash equivalents, up $3.7 million from $16.6 million at the end of December.”
Dickinson noted that the recent public offering of 1,300,000 shares of common stock had further strengthened the balance sheet, and that $6.6 million of the approximately $17.9 million of net proceeds have been used for repayment of debt and equipment lease obligations with the balance being available for general corporate purposes.
For the first quarter of fiscal 2005, which ends June 30, 2004, the company expects revenue to increase sequentially between 4 and 6 percent as previously indicated. Revenue from Mobile products and revenue from Computing and Consumer products are both expected to grow sequentially while revenue from Medical products is expected to be flat to slightly down. Revenue from Other products is expected to continue to decline as previously forecast. Gross margin is expected to be slightly down sequentially due primarily to a change in product mix.
Conference Call Today
California Micro Devices will hold a conference call today at 2:00 p.m. Pacific Time to discuss its March quarter and fiscal 2004 financial results. Within the USA, interested parties can access the conference call by dialing (800) 867-0938. International parties may gain access by dialing (303) 262-2142. No password is necessary.
Telephone replay of the conference call will be available at approximately 4:00 p.m. Pacific Time today, and continuing for one year. To access this recording from within the USA, please dial (800) 405-2236 and enter the conference pass code 578276. International callers may gain access by dialing (303) 590-3000 and entering the same pass code.
California Micro Devices Corporation • 430 N. McCarthy Blvd. #100, Milpitas, CA 95035-5112
www.calmicro.com • Tel: 408.263-3214 • Fax: 408.263-7846
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 includeApplication Specific Integrated Passive™ (ASIP™) devices plus power management and interface ICs. Detailed corporate and product information may be accessed at www.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 our estimated revenues, both overall and in specific markets, and gross margin for the first quarter of fiscal 2005. 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, demand for our customers’ products and hence our devices continuing as anticipated in various markets during the first quarter; there being little or no price erosion for our devices due to competition and second sourcing or otherwise; and our contract manufacturers and assemblers/testers continuing to make quality product in the volumes we order on time and at the same cost to us as well as other risk factors detailed in the company’s Form 8K, 10K, 10Q, and other 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 of 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 • 430 N. McCarthy Blvd. #100, Milpitas, CA 95035-5112
www.calmicro.com • Tel: 408.263-3214 • Fax: 408.263-7846
CALIFORNIA MICRO DEVICES CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
Three Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||
Net sales | $ | 15,837 | $ | 10,771 | $ | 59,560 | $ | 42,184 | |||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 9,280 | 10,600 | 38,188 | 34,051 | |||||||||||
Research and development | 1,291 | 1,020 | 4,554 | 3,719 | |||||||||||
Selling, general and administrative | 3,121 | 2,414 | 11,984 | 10,033 | |||||||||||
Special charges | — | — | — | (193 | ) | ||||||||||
Total costs and expenses | 13,692 | 14,034 | 54,726 | 47,610 | |||||||||||
Operating income (loss) | 2,145 | (3,263 | ) | 4,834 | (5,426 | ) | |||||||||
Other expense, net | 416 | 277 | 1,077 | 1,065 | |||||||||||
Income (loss) before income taxes | 1,729 | (3,540 | ) | 3,757 | (6,491 | ) | |||||||||
Income tax expense (benefit) | (41 | ) | — | — | — | ||||||||||
Net income (loss) | $ | 1,770 | $ | (3,540 | ) | $ | 3,757 | $ | (6,491 | ) | |||||
Net income (loss) per share: | |||||||||||||||
Basic | $ | 0.09 | $ | (0.22 | ) | $ | 0.21 | $ | (0.44 | ) | |||||
Diluted | $ | 0.08 | $ | (0.22 | ) | $ | 0.20 | $ | (0.44 | ) | |||||
Weighted average common shares and share equivalents outstanding: | |||||||||||||||
Basic | 19,610 | 15,861 | 18,061 | 14,717 | |||||||||||
Diluted | 21,672 | 15,861 | 19,064 | 14,717 | |||||||||||
California Micro Devices Corporation • 430 N. McCarthy Blvd. #100, Milpitas, CA 95035-5112
www.calmicro.com• Tel: 408.263-3214 • Fax: 408.263-7846
CALIFORNIA MICRO DEVICES CORPORATION
CONDENSED BALANCE SHEETS
(amounts in thousands)
March 31, 2004 | March 31, 2003 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash, cash equivalents and short-term investments | $ | 20,325 | $ | 4,513 | ||||
Accounts receivable, net | 6,134 | 5,281 | ||||||
Inventories | 6,521 | 3,577 | ||||||
Prepaids and other current assets | 911 | 652 | ||||||
Total current assets | 33,891 | 14,023 | ||||||
Property, plant and equipment, net | 6,985 | 10,087 | ||||||
Restricted cash | — | 880 | ||||||
Other long-term assets | 229 | 415 | ||||||
Total assets | $ | 41,105 | $ | 25,405 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 4,498 | $ | 3,195 | ||||
Accrued liabilities | 4,560 | 2,631 | ||||||
Deferred margin on shipments to distributors | 2,459 | 1,873 | ||||||
Current maturities of long-term debt and capital lease obligations | 2,568 | 1,603 | ||||||
Total current liabilities | 14,085 | 9,302 | ||||||
Long-term debt and capital lease obligations, less current maturities | 4,684 | 8,308 | ||||||
Other long-term liabilities | 33 | — | ||||||
Total liabilities | 18,802 | 17,610 | ||||||
Shareholders’ equity: | ||||||||
Common stock - no par value; 25,000,000 shares authorized; shares issued and outstanding: 19,788,088 as of March 31, 2004 and 15,881,176 as of March 31, 2003 | 84,991 | 74,240 | ||||||
Accumulated deficit | (62,688 | ) | (66,445 | ) | ||||
Total shareholders’ equity | 22,303 | 7,795 | ||||||
Total liabilities and shareholders’ equity | $ | 41,105 | $ | 25,405 | ||||
California Micro Devices Corporation • 430 N. McCarthy Blvd. #100, Milpitas, CA 95035-5112
www.calmicro.com • Tel: 408.263-3214 • Fax: 408.263-7846