"We were pleased to see our revenue grow year on year for the first time in almost two years," said Robert V. Dickinson, president and chief executive officer. "Furthermore, while our revenue increased by eight percent compared to the first quarter of last year, bookings increased by 22 percent year on year." He also noted that the book-to-bill ratio for the quarter was 1.06 and that the starting backlog for the current quarter was the highest in almost two years.
Providing September quarter guidance, the company expects revenue between $15.0 and $17.5 million with diluted EPS of between ($0.07) and ($0.04) on a GAAP basis, and between ($0.04) and ($0.01) on a non-GAAP basis.
Live Webcast with Presentation Slides
California Micro Devices will hold a conference call today at 2:00 p.m. Pacific Time to discuss its financial results. The conference call may be accessed via live webcast (streaming audio accompanied by presentation slides) by connecting to the company's Investor Relations link at http://www.cmd.com. The call may also be accessed by phone within the USA by dialing 800-218-0204. International parties may gain access by dialing 303-262-2130. No password is necessary. A replay of the conference call will be available on the company's Investor Relations link at http://www.cmd.com beginning at approximately 4:00 p.m. Pacific Time on July 22, 2008 and continuing for one year.
About California Micro Devices Corporation
California Micro Devices Corporation is a leading supplier of application specific analog and mixed signal semiconductor products for the mobile handset, digital consumer electronics and personal computer markets. Key products include protection devices for mobile handsets, digital consumer electronics products such as digital TVs, and personal computers as well as analog and mixed signal ICs for mobile handset displays. Detailed corporate and product information may be accessed at http://www.cmd.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. Forward-looking statements made in this release include our expected revenues and GAAP and non-GAAP loss per share for the 2009 second fiscal quarter. 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 whether our customers experience the demand we anticipate for their products based in part upon their input and our order backlog, whether the designed performance of our devices satisfies our customers' requirements so that they continue to design our devices into their products, whether our devices perform to their design specification, whether competitors introduce devices at lower prices than our devices causing price erosion and/or loss of market share for us, whether we encounter any difficulty in obtaining the requisite supply of quality product from our contract manufacturers, contract assemblers and test houses without interruption or unanticipated price increases, whether we are having success in our R&D programs so that we desire to continue spending at a heightened level, and whether we incur unexpected operating expenses as well as 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.
In addition to disclosing financial results calculated in accordance with accounting principles generally accepted in the United States of America (GAAP), the company's earnings release contains non-GAAP financial measures that exclude the effects of employee share-based compensation and the requirements of SFAS No. 123R, "Share-based Payment" ("123R"). The non-GAAP financial measures used by management and disclosed by the company exclude the income statement effects of all forms of employee share-based compensation and the effects of 123R upon the number of diluted shares used in calculating non- GAAP earnings per share. The non-GAAP financial measures also exclude Arques Technology acquisition related costs, including amortization of acquisition- related intangibles and one-time charges during fiscal 2007 for acquired in- process research and development. In addition, these non-GAAP measures utilize a tax rate that is based upon the income taxes the company expects to actually pay relating to the activities and results for the relevant fiscal time period. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. Set forth below are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. For additional information regarding these non-GAAP financial measures, see the Form 8-K dated July 22, 2008, that the company has filed with the Securities and Exchange Commission.
California Micro Devices Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share data) (Unaudited) June 30, March 31, 2008 2008 ASSETS Current assets: Cash and cash equivalents $42,693 $32,925 Short-term investments 9,373 18,671 Accounts receivable, net 5,480 6,155 Inventories 6,802 6,434 Deferred tax assets 1,508 1,508 Prepaid expenses and other current assets 1,101 1,188 Total current assets 66,957 66,881 Property, plant and equipment, net 5,118 5,596 Goodwill 5,258 5,258 Intangible assets, net 233 267 Other long-term assets 84 83 TOTAL ASSETS $77,650 $78,085 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $6,111 $6,120 Accrued liabilities 1,973 2,165 Deferred margin on shipments to distributors 1,803 1,904 Current maturities of capital lease obligations 132 132 Total current liabilities 10,019 10,321 Other long-term liabilities 338 350 Total liabilities 10,357 10,671 Commitments and contingencies Stockholders' equity: Preferred stock - 10,000,000 shares authorized; none issued and outstanding as of June 30, 2008 and March 31, 2008 - - Common stock and additional paid-in capital - $0.001 par value; 50,000,000 shares authorized; shares issued and outstanding: 23,408,920 and 23,302,274 as of June 30, 2008 and March 31, 2008, respectively 118,641 117,806 Accumulated other comprehensive income 10 48 Accumulated deficit (51,358) (50,440) Total stockholders' equity 67,293 67,414 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $77,650 $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 June 30, 2008 2007 Net sales $14,099 $13,123 Cost of sales 9,355 9,036 Gross Margin 4,744 4,087 Operating expenses: Research and development 2,284 1,837 Selling, general and administrative 3,865 3,917 Amortization of intangible assets 34 41 Total operating expenses 6,183 5,795 Operating loss (1,439) (1,708) Other income, net 294 641 Loss before income taxes (1,145) (1,067) Income tax benefit (226) (11) Net loss $(919) $(1,056) Net loss per share-basic and diluted $(0.04) $(0.05) Weighted average common shares outstanding-basic and diluted 23,366 23,180 Reconciliation of net loss to non- GAAP net loss: Net loss $(919) $(1,056) Reconciling items: Amortization of intangible assets 34 41 Stock-based compensation expense under SFAS 123(R), net of tax 564 647 Difference between effective tax rate and cash basis tax rate (257) - Non-GAAP net loss $(578) $(368) Non-GAAP: Net loss per share-basic and diluted $(0.02) $(0.02) Shares used in calculation of non-GAAP: Weighted average common shares outstanding-basic and diluted 23,366 23,180 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 June 30, 2008 2007 Net sales $14,099 $13,123 Cost of sales 9,275 8,942 Gross Margin 4,824 4,181 Operating expenses: Research and development 2,131 1,668 Selling, general and administrative 3,534 3,533 Total operating expenses 5,665 5,201 Operating loss (841) (1,020) Other income, net 294 641 Loss before income taxes (547) (379) Provision (benefit) for income taxes 31 (11) Net loss $(578) $(368) Net loss per share-basic and diluted $(0.02) $(0.02) Weighted average common shares outstanding-basic and diluted 23,366 23,180 See accompanying reconciliation of GAAP measures to non-GAAP measures. California Micro Devices Corporation RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (Unaudited) Net loss per share: Three Months Ended June 30, 2008 2007 Basic and diluted: GAAP net loss per share $(0.04) $(0.05) Reconciling items: Amortization of intangible assets - - Stock-based compensation expense under SFAS 123(R), net of tax 0.03 0.03 Difference between effective tax rate and cash basis tax rate (0.01) - Non-GAAP net loss per share $(0.02) $(0.02)
Web site: http://www.cmd.com/