Exhibit 99.1
NEWS RELEASE | ||
For More Information Contact: | ||
Greg Miller, Chief Financial Officer | ||
(408) 934-3144 | ||
gregm@calmicro.com |
California Micro Devices Presents December Quarter Results
MILPITAS, Calif. — Jan. 20, 2005 —California Micro Devices (Nasdaq: CAMD) today presented financial results for its third fiscal quarter of 2005, which ended December 31, 2004. Revenue was $17.8 million compared to $17.1 million in the prior quarter and $17.0 million in the same quarter a year ago. Diluted earnings per share were $0.04 compared to $0.10 in the prior quarter and $0.12 a year ago. The diluted earnings per share include restructuring charges of approximately $1.1 million related to the previously announced closure of the company’s manufacturing facility in Tempe, Arizona.
The company also announced it had recently identified certain costs from vendors that had been recognized in the incorrect quarter. Accordingly, the company is adjusting its financial results for the six most recent quarters to correct these timing inaccuracies. The largest change to its reported net income in any one quarter was $63,000. The changes in the company’s reported diluted earnings per share are a one cent reduction for the second quarter of fiscal 2004, the first quarter of fiscal 2005, the interim periods in fiscal 2004 and fiscal 2004. The company is completing the implementation of Oracle ERP software which will assist in the appropriate recording of future vendor expenses.
“Thanks to the strong demand for our products, we saw an 18 percent sequential increase in our core business revenue to a record $15.4 million,” said Robert V. Dickinson, president and CEO. “Revenue from our Mobile products grew by 22 percent, while revenue from our Computing and Digital Consumer products rose by 8 percent. We also set new records for core business bookings at $15.6 million and for design wins at 197.” Dickinson noted that total core business revenue increased by 42 percent compared to the same quarter a year ago.
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) 240-2134. International parties may gain access by dialing (303) 262-2140. 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 11020238. 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.
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 we are completing the implementation of Oracle ERP software, which will assist in the appropriate recording of future vendor expenses. 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 we encounter technical or personnel issues in our implementation efforts and whether the software performs as designed due to operator error or design flaws, 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.
# # #
ASIP™ and Application Specific Integrated Passive™ are trademarks of California Micro Devices.
California Micro Devices Corporation· 430 N. McCarthy Blvd. #100, Milpitas, CA 95035-5112
www.calmicro.com· Tel: 408.263-3214· Fax: 408.263-7846
All other trademarks are property of their respective owners
California Micro Devices Corporation
CONDENSED BALANCE SHEETS
(amounts in thousands, except share quantities)
(Unaudited)
December 31, 2004 | March 31, 2004* | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 4,160 | $ | 20,325 | ||||
Short-term investments | 28,877 | — | ||||||
Accounts receivable, less allowance for doubtful accounts of $80 and $76, respectively | 9,890 | 6,134 | ||||||
Inventories | 8,355 | 6,543 | ||||||
Prepaid expenses and other current assets | 705 | 911 | ||||||
Total current assets | 51,987 | 33,913 | ||||||
Property, plant and equipment, net | 6,430 | 6,985 | ||||||
Other long-term assets | 173 | 229 | ||||||
TOTAL ASSETS | $ | 58,590 | $ | 41,127 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 5,877 | $ | 4,705 | ||||
Accrued liabilities | 3,046 | 4,560 | ||||||
Deferred margin on shipments to distributors | 2,088 | 2,459 | ||||||
Current maturities of long-term debt and capital lease obligations | 92 | 2,568 | ||||||
Total current liabilities | 11,103 | 14,292 | ||||||
Long-term debt and capital leases, less current maturities | 176 | 4,684 | ||||||
Other long-term liabilities | 24 | 33 | ||||||
Total liabilities | 11,303 | 19,009 | ||||||
Commitments and contingencies | ||||||||
Shareholders’ equity: | ||||||||
Common stock - no par value; 50,000,000 and 25,000,000 shares authorized as of September 30, 2004 and March 31, 2004, respectively; shares issued and outstanding: 21,523,558 as of December 31, 2004 and 19,788,088 as of March 31, 2004 | 105,127 | 84,991 | ||||||
Accumulated other comprehensive loss | — | — | ||||||
Accumulated deficit | (57,840 | ) | (62,873 | ) | ||||
Total shareholders’ equity | 47,287 | 22,118 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 58,590 | $ | 41,127 | ||||
* | Restated. See schedule of restatement adjustments. |
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, | ||||||||||||
2004 | 2003* | 2004 | 2003* | ||||||||||
Net sales | $ | 17,840 | $ | 16,957 | $ | 51,372 | $ | 43,723 | |||||
Cost and expenses: | |||||||||||||
Cost of sales | 11,342 | 9,789 | 31,455 | 29,072 | |||||||||
Research and development | 1,192 | 1,219 | 3,648 | 3,258 | |||||||||
Selling, general and administrative | 3,484 | 3,190 | 9,965 | 8,846 | |||||||||
Restructuring | 1,055 | — | 1,055 | — | |||||||||
Total costs and expenses | 17,073 | 14,198 | 46,123 | 41,176 | |||||||||
Operating income | 767 | 2,759 | 5,249 | 2,547 | |||||||||
Other (income) expense, net | (130 | ) | 210 | 61 | 661 | ||||||||
Income before income taxes | 897 | 2,549 | 5,188 | 1,886 | |||||||||
Income taxes | 27 | 41 | 155 | 41 | |||||||||
Net income | $ | 870 | $ | 2,508 | $ | 5,033 | $ | 1,845 | |||||
Net income per share–basic | $ | 0.04 | $ | 0.13 | $ | 0.24 | $ | 0.11 | |||||
Weighted average common shares outstanding–basic | 21,492 | 19,107 | 21,241 | 17,545 | |||||||||
Net income per share–diluted | $ | 0.04 | $ | 0.12 | $ | 0.22 | $ | 0.10 | |||||
Weighted average common shares and share equivalents outstanding–diluted | 22,804 | 20,731 | 22,780 | 18,203 | |||||||||
* | Restated. See schedule of restatement adjustments. |
California Micro Devices Corporation
RESTATEMENT ADJUSTMENTS TO BALANCE SHEET
(amounts in thousands)
(Unaudited)
June 30, 2003 | September 30, 2003 | December 31, 2003 | March 31, 2004 | June 30, 2004 | September 30, 2004 | |||||||||||||||||||
Inventories | ||||||||||||||||||||||||
As originally reported | $ | 3,434 | $ | 4,361 | $ | 5,407 | $ | 6,521 | $ | 6,883 | $ | 7,570 | ||||||||||||
Restated | 3,504 | 4,371 | 5,420 | 6,543 | 6,903 | 7,686 | ||||||||||||||||||
Increase (decrease) | 70 | 10 | 13 | 22 | 20 | 116 | ||||||||||||||||||
Accounts payable | ||||||||||||||||||||||||
As originally reported | 3,801 | 4,026 | 5,249 | 4,498 | 6,600 | 4,727 | ||||||||||||||||||
Restated | 3,933 | 4,181 | 5,465 | 4,705 | 6,833 | 5,003 | ||||||||||||||||||
Increase (decrease) | 132 | 155 | 216 | 207 | 233 | 276 | ||||||||||||||||||
Accrued liabilities | ||||||||||||||||||||||||
As originally reported | 2,771 | 3,554 | 3,770 | 4,560 | 2,451 | 2,495 | ||||||||||||||||||
Restated | 2,771 | 3,534 | 3,709 | 4,560 | 2,449 | 2,498 | ||||||||||||||||||
Increase (decrease) | — | (20 | ) | (61 | ) | — | (2 | ) | 3 | |||||||||||||||
Accumulated deficit | ||||||||||||||||||||||||
As originally reported | (67,665 | ) | (66,983 | ) | (64,458 | ) | (62,688 | ) | (60,730 | ) | (58,547 | ) | ||||||||||||
Restated | (67,727 | ) | (67,108 | ) | (64,600 | ) | (62,873 | ) | (60,941 | ) | (58,710 | ) | ||||||||||||
Increase (decrease) | (62 | ) | (125 | ) | (142 | ) | (185 | ) | (211 | ) | (163 | ) | ||||||||||||
California Micro Devices Corporation
RESTATEMENT ADJUSTMENTS TO CONDENSED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
(Unaudited)
THREE MONTHS ENDED | FISCAL 2004 | FISCAL 2005 | ||||||||||||||||||||||||||||||||||||||
June 30, 2003 | September 30, 2003 | December 31, 2003 | March 31, 2004 | June 30, 2004 | September 30, 2004 | Six Months Ended September 30, 2003 | Nine Months Ended December 31, 2003 | Year Ended March 31, 2004 | Six Months Ended September 30, 2004 | |||||||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||||||||||||||||
As originally reported | $ | 9,156 | $ | 9,986 | $ | 9,766 | $ | 9,280 | $ | 9,906 | $ | 10,273 | $ | 19,142 | $ | 28,908 | $ | 38,188 | $ | 20,179 | ||||||||||||||||||||
Restated | 9,218 | 10,065 | 9,789 | 9,301 | 9,934 | 10,179 | 19,283 | 29,072 | 38,373 | 20,113 | ||||||||||||||||||||||||||||||
Increase (decrease) | 62 | 79 | 23 | 21 | 28 | (94 | ) | 141 | 164 | 185 | (66 | ) | ||||||||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||||||||||||||||
As originally reported | 1,052 | 991 | 1,220 | 1,291 | 1,206 | 1,207 | 2,043 | 3,263 | 4,554 | 2,413 | ||||||||||||||||||||||||||||||
Restated | 1,052 | 987 | 1,219 | 1,296 | 1,206 | 1,250 | 2,039 | 3,258 | 4,554 | 2,456 | ||||||||||||||||||||||||||||||
Increase (decrease) | — | (4 | ) | (1 | ) | 5 | — | 43 | (4 | ) | (5 | ) | — | 43 | ||||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||||||||||||||||||
As originally reported | 2,678 | 2,990 | 3,195 | 3,121 | 3,226 | 3,254 | 5,668 | 8,863 | 11,984 | 6,480 | ||||||||||||||||||||||||||||||
Restated | 2,678 | 2,978 | 3,190 | 3,138 | 3,225 | 3,256 | 5,656 | 8,846 | 11,984 | 6,481 | ||||||||||||||||||||||||||||||
Increase (decrease) | — | (12 | ) | (5 | ) | 17 | (1 | ) | 2 | (12 | ) | (17 | ) | — | 1 | |||||||||||||||||||||||||
Income taxes | ||||||||||||||||||||||||||||||||||||||||
As originally reported | — | — | 41 | (41 | ) | 61 | 67 | — | 41 | — | 128 | |||||||||||||||||||||||||||||
Restated | — | — | 41 | (41 | ) | 60 | 68 | — | 41 | — | 128 | |||||||||||||||||||||||||||||
Increase (decrease) | — | — | — | — | (1 | ) | 1 | — | — | — | — | |||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||
As originally reported | (1,220 | ) | 682 | 2,525 | 1,770 | 1,958 | 2,183 | (538 | ) | 1,987 | 3,757 | 4,141 | ||||||||||||||||||||||||||||
Restated | (1,282 | ) | 619 | 2,508 | 1,727 | 1,932 | 2,231 | (663 | ) | 1,845 | 3,572 | 4,163 | ||||||||||||||||||||||||||||
Increase (decrease) | (62 | ) | (63 | ) | (17 | ) | (43 | ) | (26 | ) | 48 | (125 | ) | (142 | ) | (185 | ) | 22 | ||||||||||||||||||||||
Net income per share–basic | ||||||||||||||||||||||||||||||||||||||||
As originally reported | (0.08 | ) | 0.04 | 0.13 | 0.09 | 0.09 | 0.10 | (0.03 | ) | 0.11 | 0.21 | 0.20 | ||||||||||||||||||||||||||||
Restated | (0.08 | ) | 0.04 | 0.13 | 0.09 | 0.09 | 0.10 | (0.04 | ) | 0.11 | 0.20 | 0.20 | ||||||||||||||||||||||||||||
Increase (decrease) | — | — | — | — | — | — | (0.01 | ) | — | (0.01 | ) | — | ||||||||||||||||||||||||||||
Net income per share–diluted | ||||||||||||||||||||||||||||||||||||||||
As originally reported | (0.08 | ) | 0.04 | 0.12 | 0.08 | 0.09 | 0.10 | (0.03 | ) | 0.11 | 0.20 | 0.18 | ||||||||||||||||||||||||||||
Restated | (0.08 | ) | 0.03 | 0.12 | 0.08 | 0.08 | 0.10 | (0.04 | ) | 0.10 | 0.19 | 0.18 | ||||||||||||||||||||||||||||
Increase (decrease) | — | (0.01 | ) | — | — | (0.01 | ) | — | (0.01 | ) | (0.01 | ) | (0.01 | ) | — | |||||||||||||||||||||||||