$18.5 Million Revenue and $0.09 EPS Beat Estimates; Revenue, Bookings and Design Wins Reach All-Time Highs
"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 sharebasic $0.09 $0.10 $0.12 $0.20 Weighted average common shares outstandingbasic 21,707 21,452 21,676 21,112 Net income per sharediluted $0.09 $0.10 $0.11 $0.18 Weighted average common shares and share equivalents outstandingdiluted 22,606 22,384 22,313 22,552