California Micro Devices Reports September Quarter Financial Results (Revenue up 1%)

 


                     California Micro Devices Corporation
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                  (amounts in thousands, except share data)
                                 (Unaudited)

                                                 September 30,       March 31,
                                                     2008              2008
    ASSETS
    Current assets:
    Cash and cash equivalents                      $43,437           $32,925
    Short-term investments                           9,476            18,671
    Accounts receivable, net                         7,428             6,155
    Inventories                                      6,939             6,434
    Deferred tax assets                                261             1,508
    Prepaid expenses and other current
     assets                                            713             1,188
    Total current assets                            68,254            66,881
    Property, plant and equipment, net               4,674             5,596
    Goodwill                                         5,258             5,258
    Intangible assets, net                             100               267
    Other long-term assets                              98                83
    TOTAL ASSETS                                   $78,384           $78,085

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
    Accounts payable                                $8,727            $6,120
    Accrued liabilities                              1,740             2,165
    Deferred margin on shipments to
     distributors                                    1,827             1,904
    Current maturities of capital lease
     obligations                                       132               132
    Total current liabilities                       12,426            10,321
    Other long-term liabilities                        326               350
    Total liabilities                               12,752            10,671
    Commitments and contingencies
    Stockholders' equity:
    Preferred stock - 10,000,000 shares
     authorized; none issued and
     outstanding as of September 30, 2008
     and March 31, 2008                                -                 -
    Common stock and additional paid-in
     capital - $0.001 par value;
     50,000,000 shares authorized;
     23,408,920 shares issued and
     23,311,975 shares outstanding as of
     September 30, 2008 and 23,302,274
     shares issued and outstanding as of
     March 31, 2008                                119,233           117,806
    Accumulated other comprehensive
     income                                             19                48
    Accumulated deficit                                                  (53,323)                    (50,440)
                                                                                                        65,929                        67,414
        Treasury  stock,  at  cost;  96,945
          shares  as  of  September  30,  2008  and
          none  as  of  March  31,  2008                                                (297)                            -
        Total  stockholders'  equity                                            65,632                        67,414
        TOTAL  LIABILITIES  AND  STOCKHOLDERS'
          EQUITY                                                                                $78,384                      $78,085



                                          California  Micro  Devices  Corporation
                              CONDENSED  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
                                (amounts  in  thousands,  except  per  share  data)
                                                                  (Unaudited)
                                                            (On  a  GAAP  basis)

                                                                                    Three  Months  Ended  Six  Months  Ended
                                                                                          September  30,          September  30,
                                                                                          2008          2007          2008          2007

        Net  sales                                                            $16,343    $16,122    $30,443    $29,245
        Cost  of  sales                                                      11,239      10,853      20,595      19,890
        Gross  Margin                                                          5,104        5,269        9,848        9,355
        Operating  expenses:
        Research  and  development                                  2,887        1,573        5,171        3,410
        Selling,  general  and  administrative            3,832        3,721        7,697        7,638
        Amortization  of  intangible  assets                      22              41              55              82
        Total  operating  expenses                                  6,741        5,335      12,923      11,130
        Operating  loss                                                    (1,637)          (66)    (3,075)    (1,775)
        Other  income,  net                                                1,193            642        1,487        1,283
        Income  (loss)  before  income  taxes                  (444)          576      (1,588)        (492)
        Provision  for  income  taxes                              1,521              19        1,295                7
        Net  income  (loss)                                            $(1,965)        $557    $(2,883)      $(499)

        Net  income  (loss)  per  share-basic              $(0.08)      $0.02      $(0.12)    $(0.02)
        Weighted  average  common  shares
          outstanding-basic                                            23,392      23,202      23,379      23,191

        Net  income  (loss)  per  share-diluted          $(0.08)      $0.02      $(0.12)    $(0.02)
        Weighted  average  common  shares  and
          share  equivalents  outstanding-diluted    23,392      23,234      23,379      23,191

        Reconciliation  of  net  income  (loss)  to
          non-GAAP  net  income  (loss):
        Net  income  (loss)                                            $(1,965)        $557    $(2,883)      $(499)
        Reconciling  items:
        Amortization  /  reduction  of
          intangible  assets                                                  133              41            166              82
        Stock-based  compensation  expense  under
          SFAS  123(R),  net  of  tax                                      592            513        1,156        1,161
        Difference  between  effective  tax  rate
          and  cash  basis  tax  rate                                  1,505            (15)      1,248            (16)
        Non-GAAP  net  income  (loss)                                $265      $1,096        $(313)        $728

        Non-GAAP:
        Net  income  (loss)  per  share-basic                $0.01        $0.05      $(0.01)      $0.03
        Net  income  (loss)  per  share-diluted            $0.01        $0.05      $(0.01)      $0.03

        Shares  used  in  calculation  of  non-
          GAAP:
        Weighted  average  common  shares
          outstanding-basic                                            23,392      23,202      23,379      23,191
        Weighted  average  common  shares  and
          share  equivalents  outstanding-diluted    23,396      23,291      23,379      23,325



                                          California  Micro  Devices  Corporation
                              CONDENSED  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
                                (amounts  in  thousands,  except  per  share  data)
                                                                  (Unaudited)
                                                        (On  a  non-GAAP  basis)

                                                                                    Three  Months  Ended  Six  Months  Ended
                                                                                          September  30,          September  30,
                                                                                          2008          2007          2008          2007

        Net  sales                                                            $16,343    $16,122    $30,443    $29,245
        Cost  of  sales                                                      11,119      10,768      20,395      19,711
        Gross  Margin                                                          5,224        5,354      10,048        9,534
        Operating  expenses:
        Research  and  development                                  2,722        1,445        4,853        3,113
        Selling,  general  and  administrative            3,525        3,421        7,060        6,953
        Total  operating  expenses                                  6,247        4,866      11,913      10,066
        Operating  income  (loss)                                  (1,023)          488      (1,865)        (532)
        Other  income,  net                                                1,304            642        1,599        1,283
        Income  (loss)  before  income  taxes                    281        1,130          (266)          751
        Provision  for  income  taxes                                    16              34              47              23
        Net  income  (loss)                                                  $265      $1,096        $(313)        $728

        Net  income  (loss)  per  share-basic                $0.01        $0.05      $(0.01)      $0.03
        Weighted  average  common  shares
          outstanding-basic                                            23,392      23,202      23,379      23,191

        Net  income  (loss)  per  share-diluted            $0.01        $0.05      $(0.01)      $0.03
        Weighted  average  common  shares  and
          share  equivalents  outstanding-diluted    23,396      23,291      23,379      23,325



                                          California  Micro  Devices  Corporation
                          RECONCILIATION  OF  GAAP  MEASURES  TO  NON-GAAP  MEASURES
                                                                  (Unaudited)

                                                                                        Three  Months            Six  Months
                                                                                              Ended                        Ended
        Net  income  (loss)  per  share:                        September  30,        September  30,
                                                                                        2008          2007        2008          2007
        Basic:
        GAAP  net  income  (loss)  per  share              $(0.08)    $0.02      $(0.12)    $(0.02)
        Reconciling  items:
        Amortization  /  reduction  of
          intangible  assets                                                -              -              0.01            -
        Stock-based  compensation  expense
          under  SFAS  123(R),  net  of  tax                      0.03        0.03          0.05          0.05
        Difference  between  effective  tax  rate
          and  cash  basis  tax  rate                                  0.06          -              0.05            -
        Non-GAAP  net  income  (loss)  per  share        $0.01      $0.05      $(0.01)      $0.03

        Diluted:
        GAAP  net  income  (loss)  per  share              $(0.08)    $0.02      $(0.12)    $(0.02)
        Reconciling  items:
        Amortization  /  reduction  of
          intangible  assets                                                -              -              0.01            -
        Stock-based  compensation  expense
          under  SFAS  123(R),  net  of  tax                      0.03        0.03          0.05          0.05
        Difference  between  effective  tax  rate
          and  cash  basis  tax  rate                                  0.06          -              0.05            -
        Non-GAAP  net  income  (loss)  per  share        $0.01      $0.05      $(0.01)      $0.03
 

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