California Micro Devices Reports September Quarter Financial Results

$18.5 Million Revenue and $0.09 EPS Beat Estimates; Revenue, Bookings and Design Wins Reach All-Time Highs

MILPITAS, Calif., Oct. 20 /PRNewswire-FirstCall/ -- California Micro Devices (NASDAQ: CAMD) today presented financial results for its second quarter of fiscal 2006, which ended September 30, 2005. Revenue exceeded estimates at $18.5 million compared to $14.7 million in the prior quarter and $17.1 million in the same quarter a year ago. Diluted earnings also exceeded estimates at $0.09 per share compared to $0.02 in the prior quarter and $0.10 a year ago.

"Our record Q2 revenue was the result of stronger than expected demand from our major OEM mobile handset customers," said Robert V. Dickinson, president and CEO. "Revenue from our personal computer and digital consumer electronics customers was also up sequentially due to stronger than expected demand for our mature products for personal computers. Bookings reached $20.0 million, an all-time high, and design win activity also set a new record." Dickinson also noted that CMD shipped its one billionth CSP device yesterday, highlighting the strong acceptance of the company's CSP ASIPs by mobile handset customers.

Conference Call Today

California Micro Devices will hold a conference call today at 2:00 p.m. Pacific Time to discuss its September quarter results. Within the USA, interested parties can access the conference call by dialing 866-215-1952. International parties may gain access by dialing 720-956-7299. No password is necessary.

A replay of the conference call will be available on the company's web site at www.calmicro.com (Investor Relations Link) from approximately 4:00 p.m. today, and continuing for one year.

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(TM) (ASIP(TM)) devices and selected high value mixed signal 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. 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.

NOTE: ASIP(TM) and Application Specific Integrated Passive(TM) are trademarks of California Micro Devices.


                      California Micro Devices Corporation
                            CONDENSED BALANCE SHEETS
                 (amounts in thousands, except share quantities)


                                                 September 30,      March 31,
                                                     2005             2005
                                                  (Unaudited)
    ASSETS
    Current assets:
      Cash and cash equivalents                     $6,610           $13,830
      Short-term investments                        33,598            22,245
      Accounts receivable, net                      10,631             7,574
      Inventories                                    6,773             6,532
      Prepaid expenses and other current
       assets                                          694             1,286
        Total current assets                        58,306            51,467
    Property, plant and equipment, net               4,259             6,038
    Other long-term assets                              80               172
        TOTAL ASSETS                               $62,645           $57,677

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities:
      Accounts payable                              $7,000            $4,523
      Accrued liabilities                            2,717             3,762
      Deferred margin on shipments to
       distributors                                  3,017              2,520
            Current  maturities  of  long-term  debt
              and  capital  lease  obligations                                        82                              100
                Total  current  liabilities                                      12,816                        10,905
        Long-term  debt  and  capital  leases,
          less  current  maturities                                                        82                                90
        Other  long-term  liabilities                                                  14                                21
                Total  liabilities                                                      12,912                        11,016
        Commitments  and  contingencies
        Shareholders'  equity:
            Common  stock  -  no  par  value;
              50,000,000  shares  authorized;  shares
              issued  and  outstanding:  21,760,261
              as  of  September  30,  2005  and
              21,605,315  as  of  March  31,  2005                          106,077                      105,494
            Accumulated  other  comprehensive  loss                          (15)                              (2)
            Accumulated  deficit                                                    (56,329)                    (58,831)
            Total  shareholders'  equity                                        49,733                        46,661
                TOTAL  LIABILITIES  AND  SHAREHOLDERS'
                  EQUITY                                                                        $62,645                      $57,677


                                              California  Micro  Devices  Corporation
                                                CONDENSED  STATEMENTS  OF  OPERATIONS
                                    (amounts  in  thousands,  except  per  share  data)
                                                                      (Unaudited)


                                                                                    Three  Months  Ended  Six  Months  Ended
                                                                                        September  30,          September  30,
                                                                                        2005          2004          2005          2004

        Net  sales                                                            $18,542    $17,060    $33,229    $33,532
        Cost  and  expenses:
        Cost  of  sales                                                      11,511      10,179      21,131      20,113
        Research  and  development                                  1,850        1,250        3,284        2,456
        Selling,  general  and  administrative            3,406        3,256        6,748        6,481
        Restructuring                                                                3              --              60              --
        Total  costs  and  expenses                                16,770      14,685      31,223      29,050
        Operating  income                                                  1,772        2,375        2,006        4,482
        Other  income  (expense),  net                                326            (76)          574          (191)
        Income  before  income  taxes                              2,098        2,299        2,580        4,291
        Income  taxes                                                                63              68              77            128
        Net  income                                                            $2,035      $2,231      $2,503      $4,163

        Net  income  per  share–basic                              $0.09        $0.10        $0.12        $0.20
        Weighted  average  common  shares
          outstanding–basic                                            21,707      21,452      21,676      21,112

        Net  income  per  share–diluted                          $0.09        $0.10        $0.11        $0.18
        Weighted  average  common  shares  and
          share  equivalents  outstanding–diluted    22,606      22,384      22,313      22,552
 


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