Exhibit 99.1
California Micro Devices Corporation
NEWS RELEASE
For More Information Contact:
Greg Miller, Chief Financial Officer
(408) 934-3144
gregm@calmicro.com
California Micro Devices Presents June Quarter Financial Results
MILPITAS, Calif. – July 29, 2004 – California Micro Devices (NASDAQ: CAMD) today announced its financial results for the first quarter of fiscal 2005, which ended on June 30, 2004. Revenue was $16.5 million, compared to $15.8 million in the prior quarter and $11.9 million in the same quarter a year ago. Diluted earnings per share were $0.09 compared to $0.08 in the prior quarter and a net loss per share of $0.08 a year ago. As previously announced, earnings for the quarter include a one-time charge of approximately $123,000 associated with the early retirement of the company’s Silicon Valley Bank loans while earnings last quarter included a one-time charge of approximately $219,000 related to the early retirement of our Industrial Revenue Bonds.
“Our June quarter revenue growth was driven by a 14 percent sequential increase in the sale of products for the Mobile market,” said Robert V. Dickinson, president and CEO. “Revenue from Computing and Digital Consumer products was flat, partly due to weaker than expected demand for both notebook and desktop computers, while non-core revenue declined as anticipated. I’m pleased to report that revenue from Mobile products was more than two-and-a-half times what it was in the June quarter of last year while the total revenue from our core business grew by 75 percent.”
Posting a five percent sequential increase in bookings and a book-to-bill ratio slightly over one in its core business, the company saw overall bookings drop by nine percent from the prior quarter due to a decline in orders for Medical products. “Design wins for the quarter reached a new high of 195 with record levels both for Mobile and for Computing and Digital Consumer products,” Dickinson added.
Guidance Conference Call Today
California Micro Devices will hold a conference call today at 2:00 p.m. Pacific Time to discuss its June quarter financial results. Within the USA, interested parties can access the conference call by dialing (800) 218-8862. International parties may gain access by dialing (303) 262-2075. No password is necessary.
Telephone replay of the conference call will be available from 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 570198. 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 digital consumer markets. Key products include Application Specific Integrated Passive™ (ASIP™) devices plus power management and interface ICs. Detailed corporate and product information may be accessed at www.calmicro.com.
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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. 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, 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.
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ASIP™ and Application Specific Integrated Passive™ are trademarks of California Micro Devices.
All other trademarks are property of their respective owners.
California Micro Devices Corporation
CONDENSED BALANCE SHEETS
(amounts in thousands, except share quantities)
June 30, 2004 | March 31, 2004 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 14,926 | $ | 20,325 | ||||
Short-term investments | 17,325 | — | ||||||
Accounts receivable, less allowance for doubtful accounts of $76 and $76, respectively | 8,841 | 6,134 | ||||||
Inventories | 6,883 | 6,521 | ||||||
Prepaid expenses and other current assets | 870 | 911 | ||||||
Total current assets | 48,845 | 33,891 | ||||||
Property, plant and equipment, net | 7,088 | 6,985 | ||||||
Other long-term assets | 177 | 229 | ||||||
TOTAL ASSETS | $ | 56,110 | $ | 41,105 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 6,600 | $ | 4,498 | ||||
Accrued liabilities | 2,451 | 4,560 | ||||||
Deferred margin on shipments to distributors | 2,776 | 2,459 | ||||||
Current maturities of long-term debt and capital lease obligations | 234 | 2,568 | ||||||
Total current liabilities | 12,061 | 14,085 | ||||||
Long-term debt and capital lease, less current maturities | 21 | 4,684 | ||||||
Other long-term liabilities | 30 | 33 | ||||||
Total liabilities | 12,112 | 18,802 | ||||||
Commitments and contingencies | ||||||||
Shareholders’ equity: | ||||||||
Common stock—no par value; 25,000,000 shares authorized; shares issued and outstanding: 21,446,811 as of June 30, 2004 and 19,788,088 as of March 31, 2004 | 104,729 | 84,991 | ||||||
Accumulated other comprehensive income (loss) | (1 | ) | — | |||||
Accumulated deficit | (60,730 | ) | (62,688 | ) | ||||
Total shareholders’ equity | 43,998 | 22,303 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 56,110 | $ | 41,105 | ||||
California Micro Devices Corporation
CONDENSED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
(Unaudited)
Three Months Ended June 30, | |||||||
2004 | 2003 | ||||||
Net sales | $ | 16,472 | $ | 11,909 | |||
Cost and expenses: | |||||||
Cost of sales | 9,906 | 9,156 | |||||
Research and development | 1,206 | 1,052 | |||||
Selling, general and administrative | 3,226 | 2,678 | |||||
Total costs and expenses | 14,338 | 12,886 | |||||
Operating income (loss) | 2,134 | (977 | ) | ||||
Other expense, net | 115 | 243 | |||||
Income (loss) before income taxes | 2,019 | (1,220 | ) | ||||
Income taxes | 61 | — | |||||
Net income (loss) | $ | 1,958 | $ | (1,220 | ) | ||
Net income (loss) per share–basic | $ | 0.09 | $ | (0.08 | ) | ||
Weighted average common shares and share equivalents outstanding–basic | 20,772 | 15,885 | |||||
Net income (loss) per share–diluted | $ | 0.09 | $ | (0.08 | ) | ||
Weighted average common shares and share equivalents outstanding–diluted | 22,760 | 15,885 | |||||