EXHIBIT 99.1
CALIFORNIA MICRO DEVICES
NEWS RELEASE
For More Information Contact:
Robert V. Dickinson, President and CEO
408.934.3172
bobd@calmicro.com
John E. Trewin, CFO and VP, Finance
408.934.3103
johnt@calmicro.com
California Micro Devices Affirms December Quarter Guidance
Balance sheet projects increased cash and reduced inventory;
leading indicators show positive trend.
MILPITAS, Calif. - January 7, 2002 - California Micro Devices (Nasdaq:CAMD)
today affirmed its prior guidance for the December quarter (fiscal Q3) that
revenue would be in the range of $7.0 to $7.5 million, and pro forma net loss
per share, before restructuring and other charges related to adopting a new
manufacturing model, would be in the range of $0.38 to $0.40. The company also
projected a strengthened fiscal Q3 balance sheet reflecting increased cash from
its recent private equity placement as well as continued progress in its
inventory reduction program. Including the proceeds from its $8.2 million
private placement, reported on December 3, 2001, the company's cash balance at
the end of fiscal Q3 totals approximately $10.6 million, up from the $4.5
million in the prior quarter.
"While our fiscal Q3 revenue and EPS outlook are both down from the prior
quarter, I'm pleased to confirm that our bookings, backlog, and book-to-bill are
running ahead of the prior quarter," said Robert V. Dickinson, president and
CEO. "These leading indicators are encouraging and reflect a positive impact
from both improving market conditions and our sharpened focus in marketing and
sales." In fiscal Q2, which ended September 30, 2001, the company reported $8.6
million revenue and $0.31 per share loss, before restructuring and other
charges.
As part of its continuing transition to a streamlined manufacturing model, the
company has identified certain products that will no longer be economical to
produce. The company's fiscal Q3 financial statements will reflect reserve
provisions of approximately $4.3 million for discontinuing these products, and
include these provisions in the total manufacturing transition charges, which
the company now estimates will be approximately $11 million compared to its
initial guidance of $10 million.
As previously discussed, the company confirmed that an imbalance in distributor
inventories resulted in some missed revenue opportunities in the third quarter.
Dickinson added, "We will be monitoring distributor inventories more closely in
the future, and plan to offer a distributor inventory exchange program, wherein
certain distributors will be given the option to exchange slower moving products
in their inventory for products with strong current market demand." He noted
that the financial impact of this exchange program would be included in the $11
million estimate cited above.
California Micro Devices Corporation will release its actual third quarter
results on Thursday, January 24, 2002, after the close of trading. The company
will hold a conference call on the same day at 2:00 p.m. Pacific Time (5:00 p.m.
EDT) to discuss its results.
- more -
Needham & Company Financial Growth Conference
California Micro Devices will present at Needham & Company's fourth annual
Financial Growth Conference on January 9, 2002 at 11:30 a.m. EDT (8:30 a.m.
PDT). A live webcast of the presentation may be accessed at www.calmicro.com
within the company's Investor Relations web page; interested parties are advised
to log in at least 15 minutes early to download and install any necessary audio
software. A replay of the presentation will be indexed and archived on the
company's web site and will be available three hours following completion of the
event through January 18, 2002.
California Micro Devices Corporation
California Micro Devices Corporation is a leading supplier of Application
Specific Integrated Passive(TM) (ASIP) networks and related analog
semiconductors. Within the company's broad product line are highly integrated
solutions that ensure signal integrity, EMI (electromagnetic interference)
filtering, ESD (electrostatic discharge) protection and smart power management
for a broad spectrum of computing, communications, consumer, medical and
lighting applications. 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. The forward-looking statements in this release are
made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. They are not historical facts or 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, expects, and estimates. Forward-looking statements made
in this release include our expectation of revenue and loss for the third
quarter and our estimated inventory reserve at the end of the third quarter as
well as our plans for a distributor inventory exchange program. 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, distributor sell-through
continuing as anticipated 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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