California Micro Devices Reports March Quarter and Fiscal 2006 Financial Results

Fiscal 2006 Revenue and Net Income Increase Year on Year, Achieving All Time Highs

MILPITAS, Calif., May 4 /PRNewswire-FirstCall/ -- California Micro Devices (NASDAQ: CAMD) today announced financial results for the fourth quarter of fiscal 2006, which ended March 31, 2006. Revenue was $17.4 million compared to $14.5 million a year ago. On a GAAP basis, diluted earnings per share were $0.22 compared to a loss of $0.05 a year ago. Non-GAAP diluted earnings were $0.10 per share, excluding the effect of a partial release of the valuation allowance associated with the net deferred tax asset in the amount of $2.7 million. The loss in the year ago quarter included restructuring charges of $270,000.

Fiscal 2006 revenue reached an all time high of $70.2 million compared to the record $65.9 million posted a year ago. On a GAAP basis, diluted earnings per share were $0.44 compared to $0.18 a year ago. Non-GAAP diluted earnings were a record $0.32 per share, excluding the effect of the partial release of the valuation allowance mentioned above. Fiscal 2005 results included restructuring charges of approximately $1.3 million.

"I am pleased to report that in Q4 we achieved revenue just below the high end of our guidance and that our gross margin percentage and pro forma EPS exceeded the high end of our guidance," said Robert V. Dickinson, president and chief executive officer. "Revenue from both mobile handsets and from personal computers and digital consumer electronics showed strong growth year on year and we set a new record for low capacitance ESD revenue as the result of strong growth of both PicoGuard(TM) and MediaGuard(TM) shipments. Bookings rebounded to $18.5 million in Q4 and design wins reached record levels.

"Our Q4 represented a solid finish for fiscal 2006 in which we achieved new records for revenue, net income, cash, bookings and design wins and the highest gross margin percentage in more than ten years. This is especially notable in light of our exit from non-core businesses at the end of fiscal 2005." Dickinson summarized fiscal 2006 achievements as follows:

    -- Core revenue growth of 29 percent
    -- Third consecutive year of profitability with pro forma diluted EPS
       reaching a record $0.32
    -- Gross margin of 37.3 percent, highest in 10 years
    -- Mobile handset product revenue growth of 35 percent
    -- Personal computer and digital consumer electronics product revenue
       growth of 13 percent
    -- Low capacitance ASIP unit shipments, revenue and design wins all more
       than tripled
    -- Ending cash balance of $49.7 million, up 38 percent from last year
    -- 1,436 design wins, up 18 percent from last year
    -- Sale of Tempe AZ facility, completing the transition to a fully fabless
       business model
    -- Initiated the Arques Technology acquisition to strengthen analog design
       team, LED driver portfolio and Asia presence

    Conference Call and Webcast Today

California Micro Devices will hold a conference call today at 2:00 p.m. Pacific Time to discuss its March quarter and fiscal 2006 results. Within the USA, interested parties can access the conference call by dialing 866-250-3615. International parties may gain access by dialing 303-262-2194. 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) beginning at approximately 4:00 p.m. Pacific Time today and continuing about a 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 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), Application Specific Integrated Passive(TM), PicoGuard(TM) and MediaGuard(TM) are trademarks of California Micro Devices.

    All other trademarks are property of their respective owners


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

                                                          March 31,  March 31,
                                                             2006      2005

    ASSETS
    Current assets:
    Cash and cash equivalents                               $9,788    $13,830
    Short-term investments                                  39,958     22,245
    Accounts receivable, less allowance for doubtful
     accounts of $146 and $74, respectively                 10,667      7,574
    Inventories                                              5,508      6,532
    Deferred tax assets                                      2,711         --
    Prepaid expenses and other  current  assets                                1,078            1,286
        Total  current  assets                                                                        69,710          51,467
        Property,  plant  and  equipment,  net                                              3,961            6,038
        Other  long-term  assets                                                                            61                172
        TOTAL  ASSETS                                                                                      $73,732        $57,677

        LIABILITIES  AND  SHAREHOLDERS'  EQUITY
        Current  liabilities:
        Accounts  payable                                                                                $5,901          $4,523
        Accrued  liabilities                                                                            3,185            3,762
        Deferred  margin  on  shipments  to  distributors                          2,684            2,520
        Current  maturities  of  long-term  debt  and  capital
          lease  obligations                                                                                    82                100
        Total  current  liabilities                                                              11,852          10,905

        Long-term  debt  and  capital  leases,  less  current
          maturities                                                                                                  --                  90
        Other  long-term  liabilities                                                                    8                  21
        Total  liabilities                                                                              11,860          11,016
        Commitments  and  contingencies
        Shareholders'  equity:
        Common  stock  -  no  par  value;  50,000,000  shares
          authorized;  shares  issued  and  outstanding:
          22,855,223  and  21,605,315  as  of  March  31,  2006  and
          2005,  respectively                                                                        110,673        105,494
        Accumulated  other  comprehensive  loss                                                (5)                (2)
        Accumulated  deficit                                                                        (48,796)      (58,831)
        Total  shareholders'  equity                                                            61,872          46,661
        TOTAL  LIABILITIES  AND  SHAREHOLDERS'  EQUITY                          $73,732        $57,677



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

                                                                                      Three  Months              Twelve  Months
                                                                                    Ended  March  31,        Ended  March  31,
                                                                                    2006              2005        2006              2005

        Net  sales                                                        $17,395        $14,497    $70,241    $65,869
        Cost  and  expenses:
        Cost  of  sales                                                  10,575          10,630      44,068      42,085
        Research  and  development                              1,496            1,533        6,817        5,181
        Selling,  general  and  administrative        3,546            3,275      13,348      13,240
        Restructuring  expense/(benefit)                    (20)              270              39        1,325
        Total  costs  and  expenses                            15,597          15,708      64,272      61,831
        Operating  income  (loss)                                1,798          (1,211)      5,969        4,038
        Other  income,  net                                                503                190        1,491            129
        Income  (loss)  before  income  taxes            2,301          (1,021)      7,460        4,167
        Income  taxes/(benefit)                                (2,704)              (30)    (2,575)          125
        Net  income  (loss)                                          $5,005            $(991)  $10,035      $4,042

        Net  income  (loss)  per  share-basic            $0.22          $(0.05)      $0.45        $0.19
        Weighted  average  common  shares
          outstanding-basic                                        22,802          21,555      22,128      21,318

        Net  income  (loss)  per  share-diluted        $0.22          $(0.05)      $0.44        $0.18
        Weighted  average  common  shares  and
          share  equivalents  outstanding-
          diluted                                                            23,031          21,555      22,777      22,582

        Reconciliation  of  net  income  (loss)
          to  non-GAAP  net  income  (loss):
        Net  income  (loss)                                          $5,005            $(991)  $10,035      $4,042
        Reconciling  items:
        Partial  release  of  valuation
          allowance  against  deferred
          tax  assets                                                      (2,711)                --      (2,711)            --
        Non-GAAP  net  income  (loss)                        $2,294            $(991)    $7,324      $4,042

        Non-GAAP:
        Net  income  (loss)  per  share-basic            $0.10          $(0.05)      $0.33        $0.19
        Net  income  (loss)  per  share-diluted        $0.10          $(0.05)      $0.32        $0.18

        Shares  used  in  calculation  of  non-GAAP:
        Weighted  average  common  shares
          outstanding-basic                                        22,802          21,555      22,128      21,318
        Weighted  average  common  shares  and
          share  equivalents  outstanding-
          diluted                                                            23,172          21,555      22,812      22,582


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

                                                                                        Three  Months              Twelve  Months
                                                                                      Ended  March  31,        Ended  March  31,
                                                                                      2006              2005          2006          2005

        Net  sales                                                        $17,395      $14,497      $70,241    $65,869
        Cost  and  expenses:
        Cost  of  sales                                                  10,575        10,630        44,068      42,085
        Research  and  development                              1,496          1,533          6,817        5,181
        Selling,  general  and  administrative        3,546          3,275        13,348      13,240
        Restructuring  expense/(benefit)                    (20)            270                39        1,325
        Total  costs  and  expenses                            15,597        15,708        64,272      61,831
        Operating  income  (loss)                                1,798        (1,211)        5,969        4,038
        Other  income,  net                                                503              190          1,491            129
        Income  (loss)  before  income  taxes            2,301        (1,021)        7,460        4,167
        Income  taxes                                                              7              (30)            136            125
        Net  income  (loss)                                          $2,294          $(991)      $7,324      $4,042

        Net  income  (loss)  per  share-basic            $0.10        $(0.05)        $0.33        $0.19
        Weighted  average  common  shares
          outstanding-basic                                        22,802        21,555        22,128      21,318

        Net  income  (loss)  per  share-diluted        $0.10        $(0.05)        $0.32        $0.18
        Weighted  average  common  shares  and
          share  equivalents  outstanding-
          diluted                                                            23,172        21,555        22,812      22,582

        See  accompanying  reconciliation  of  GAAP  measures  to  non-GAAP  measures.


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

                                                                                              Three  Months          Twelve  Months
                                                                                            Ended  March  31,    Ended  March  31,
                                                                                              2006        2005          2006          2005
        Net  income  (loss)  per  share:

        Basic:
        GAAP  net  income  (loss)  per  share                      $0.22    $(0.05)      $0.45      $0.19
        Reconciling  items:
            Partial  release  of  valuation  allowance
              against  deferred  tax  assets                        $(0.12)        $--      $(0.12)        $--
        Non-GAAP  net  income  (loss)  per  share              $0.10    $(0.05)      $0.33      $0.19

        Diluted:
        GAAP  net  income  (loss)  per  share                      $0.22    $(0.05)      $0.44      $0.18
        Reconciling  items:
            Partial  release  of  valuation  allowance
              against  deferred  tax  assets                        $(0.12)        $--      $(0.12)        $--
        Non-GAAP  net  income  (loss)  per  share              $0.10    $(0.05)      $0.32      $0.18

 


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