Exhibit 99.1
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NEWS RELEASE |
For More Information Contact: |
Greg Miller, Chief Financial Officer |
(408) 934-3144 |
gregm@calmicro.com |
California Micro Devices Reports June Quarter Financial Results
MILPITAS, Calif. — July 21, 2005 — California Micro Devices (Nasdaq: CAMD) today presented financial results for its first fiscal quarter of 2006, which ended June 30, 2005. Revenue was $14.7 million compared to $14.5 million in the prior quarter and $16.5 million in the same quarter a year ago. Including restructuring charges of $57,000, diluted earnings were $0.02 per share compared to the prior quarter’s $0.05 per share loss, which included restructuring charges of $270,000, and to earnings of $0.09 per share a year ago.
According to Robert V. Dickinson, president and CEO, “Q1 was a landmark since, for the first time, all of our revenue came from our core business. Furthermore, the sequential growth in our core revenue was more than enough to offset the absence of non-core revenue. Revenue from our products for mobile handsets grew nicely, as expected, resuming the secular growth trend that we had experienced before last quarter’s decline, the first in eight quarters. In addition, and also as expected, we saw a meaningful increase in our gross margin to more than 34% as the results of our cost reduction programs outpaced price declines. Bookings, now entirely from our core business, were very strong and well above the previous high mark for core bookings recorded in Q3 of fiscal 2005. We also set a new record for design wins, securing 210 during the quarter.”
During the June quarter, the company also completed the sale of its Arizona facility to Microchip Corporation. Net proceeds from the closure and sale of the facility are expected to be approximately $1.7 million. “The sale of our Tempe facility marks the completion of our transition to the fabless business model,” added Dickinson.
Conference Call Today
California Micro Devices will hold a conference call today at 2:00 p.m. Pacific Time to present its June quarter financial results. Within the USA, interested parties can access the conference call by dialing 800-240-5318. International parties may gain access by dialing 303-262-2130. No pass code is necessary.
Telephone replay of the conference call will be available from approximately 4:00 p.m. Pacific Time on July 21, 2005, and continuing for one year. To access this recording from within the USA, please dial 800-405-2236 and enter the conference pass code 11034392. 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 handset, personal computer and digital consumer electronics markets. Key products include Application Specific Integrated Passive™ (ASIP™) devices and selected high value mixed signal ICs. Detailed corporate and product information may be accessed atwww.calmicro.com.
California Micro Devices Corporation • 430 N. McCarthy Blvd. #100, Milpitas, CA 95035-5112
www.calmicro.com • Tel: 408.263-3214 • Fax: 408.263-7846
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All statements contained in this press release and in our related earnings call 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, both overall and in certain markets, gross margin, operating expenses and earnings per share for the second quarter of fiscal 2006 as well as the expected net proceeds from the closure and sale of the Tempe facility. 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 distributor sell through, drawdown of vendor managed inventory, and turns and other orders being as anticipated; there being no unexpected price increases from our suppliers of product and services or price decreases for our product; and there being no interruption in the supply of quality product from our contract manufacturers, contract assemblers and test houses; 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 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.
California Micro Devices Corporation • 430 N. McCarthy Blvd. #100, Milpitas, CA 95035-5112
www.calmicro.com • Tel: 408.263-3214 • Fax: 408.263-7846
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California Micro Devices Corporation
CONDENSED BALANCE SHEETS
(amounts in thousands, except share quantities)
June 30, 2005 | March 31, 2005 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 7,868 | $ | 13,830 | ||||
Short-term investments | 30,582 | 22,245 | ||||||
Accounts receivable, less allowance for doubtful accounts of $74 and $74, respectively | 9,561 | 7,574 | ||||||
Inventories | 5,782 | 6,532 | ||||||
Prepaid expenses and other current assets | 917 | 1,286 | ||||||
Total current assets | 54,710 | 51,467 | ||||||
Property, plant and equipment, net | 4,213 | 6,038 | ||||||
Other long-term assets | 185 | 172 | ||||||
TOTAL ASSETS | $ | 59,108 | $ | 57,677 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 6,877 | $ | 4,523 | ||||
Accrued liabilities | 1,865 | 3,762 | ||||||
Deferred margin on shipments to distributors | 2,840 | 2,520 | ||||||
Current maturities of long-term debt and capital lease obligations | 82 | 100 | ||||||
Total current liabilities | 11,664 | 10,905 | ||||||
Long-term debt and capital leases, less current maturities | 82 | 90 | ||||||
Other long-term liabilities | 17 | 21 | ||||||
Total liabilities | 11,763 | 11,016 | ||||||
Commitments and contingencies | ||||||||
Shareholders’ equity: | ||||||||
Common stock - no par value; 50,000,000 shares authorized as of June 30, 2005 and March 31, 2005, respectively; shares issued and outstanding: 21,669,692 as of June 30, 2005 and 21,605,315 as of March 31, 2005 | 105,713 | 105,494 | ||||||
Accumulated other comprehensive income (loss) | (4 | ) | (2 | ) | ||||
Accumulated deficit | (58,364 | ) | (58,831 | ) | ||||
Total shareholders’ equity | 47,345 | 46,661 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 59,108 | $ | 57,677 | ||||
California Micro Devices Corporation • 430 N. McCarthy Blvd. #100, Milpitas, CA 95035-5112
www.calmicro.com • Tel: 408.263-3214 • Fax: 408.263-7846
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California Micro Devices Corporation
CONDENSED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
(Unaudited)
Three Months Ended June 30, | |||||||
2005 | 2004 | ||||||
Net sales | $ | 14,687 | $ | 16,472 | |||
Cost and expenses: | |||||||
Cost of sales | 9,620 | 9,934 | |||||
Research and development | 1,434 | 1,206 | |||||
Selling, general and administrative | 3,342 | 3,225 | |||||
Restructuring | 57 | — | |||||
Total costs and expenses | 14,453 | 14,365 | |||||
Operating income | 234 | 2,107 | |||||
Other (income) expense, net | (248 | ) | 115 | ||||
Income before income taxes | 482 | 1,992 | |||||
Income taxes | 14 | 60 | |||||
Net income | $ | 468 | $ | 1,932 | |||
Net income per share–basic | $ | 0.02 | $ | 0.09 | |||
Weighted average common shares outstanding–basic | 21,645 | 20,772 | |||||
Net income per share–diluted | $ | 0.02 | $ | 0.09 | |||
Weighted average common shares and share equivalents outstanding–diluted | 22,020 | 22,720 | |||||
California Micro Devices Corporation • 430 N. McCarthy Blvd. #100, Milpitas, CA 95035-5112
www.calmicro.com • Tel: 408.263-3214 • Fax: 408.263-7846