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"I am pleased to report that demand for our products in Q2 grew more rapidly than originally anticipated, led by our handset protection devices. In addition, we achieved positive operating cash flow a quarter earlier than expected as a result of improving business performance and careful management of working capital," said Robert. V. Dickinson, president and chief executive officer. He summarized other Q2 highlights as follows:
-- Handset protection revenue grew 47 percent sequentially to $5.3 million
-- Bookings grew to $13.1 million, up 17 percent from Q1
-- Q3 beginning backlog was up 22 percent from Q2
-- Operating cash flow increased by $1.4 million compared to Q1
-- Began shipments for newly introduced Android phones
-- Secured initial design wins from second High Brightness LED (HBLED)
customer
Dickinson also noted that the company introduced several key new products during the quarter:
-- Launched microSD filter for mobile handsets with lowest capacitance and
15kV ESD protection
-- Introduced low capacitance Praetorian(R) III filter for advanced
multimedia and smart phones
-- Added LuxGuard(TM) device for HBLEDs featuring 100V breakdown,
industry's highest
-- Expanded PicoGuard(R) family: array with 20kV protection and low
capacitance array for high speed interfaces
Looking ahead, the company expects Q3 revenue to be between $10.5 and $12.5 million with a GAAP EPS loss of between ($0.04) and breakeven, and non-GAAP EPS between a loss of ($0.03) and a profit of $0.01. The company also expects to significantly increase non-GAAP gross margin to between 34.0 and 35.0 percent, up from 27.3 percent in Q2, and to generate positive operating cash flow between breakeven and $200,000.
Live Webcast and Phone Access
California Micro Devices will hold a conference call today at 2:00 p.m. Pacific Time to discuss its financial results. The live webcast (audio with slides) may be accessed by connecting to: http://tinyurl.com/CMD-Q2-2010. To access the conference live by phone (audio only) within the USA, dial 877-941-6010; outside the USA, dial 480-629-9773. Subsequent replay of the webcast may be accessed by connecting to the company's Investor Relations link at www.cmd.com. The webcast replay will be available at about 4:00 p.m. Pacific Time today and continue for one year.
About California Micro Devices Corporation
California Micro Devices Corporation is a leading supplier of protection devices for the mobile handset, high brightness LED (HBLED), digital consumer electronics and personal computer markets. Detailed corporate and product information may be accessed at 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, GAAP and non-GAAP earnings per share, non-GAAP gross margin, and operating cash flow for the third quarter of fiscal 2010. 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 there is increasing economic stability in end demand as we have assumed in our demand forecast, 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, 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 U.S. generally accepted accounting principles (GAAP), the company's earnings release contains non-GAAP financial measures that exclude the effects of employee share-based compensation as required by Accounting Standards Codification Topic Nos. 718 "Compensation - Stock Compensation" (ASC 718) and 260 "Earnings Per Share" (ASC 260). 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 ASC 260 upon the number of diluted shares used in calculating non-GAAP earnings per share. The non-GAAP financial measures also exclude amortization of acquisition-related intangible assets and non-cash restructuring expenses. 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 October 29, 2009 that the company has filed with the Securities and Exchange Commission.
Praetorian(R), LuxGuard(TM) and PicoGuard(R) are trademarks of California Micro Devices.
All other trademarks belong to their respective owners.
California Micro Devices Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share data)
(Unaudited)
September 30, March 31,
2009 2009
---- ----
ASSETS
Current assets:
Cash and cash equivalents $44,262 $45,605
Accounts receivable, net 4,425 4,168
Inventories 3,723 5,228
Prepaid expenses and other current assets 713 1,272
--- -----
Total current assets 53,123 56,273
Property, plant and equipment, net 2,142 3,525
Other long-term assets 99 115
-- ---
TOTAL ASSETS $55,364 $59,913
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $5,700 $3,775
Accrued liabilities 1,327 1,585
Deferred margin on shipments to distributors 1,059 974
----- ---
Total current liabilities 8,086 6,334
Other long-term liabilities 193 221
--- ---
Total liabilities 8,279 6,555
----- -----
Commitments and contingencies
Stockholders' equity:
Preferred stock - 10,000,000 shares
authorized; none issued and outstanding as
of September 30, 2009 and March 31, 2009 - -
Common stock and additional paid-in capital
- $0.001 par value; 50,000,000 shares
authorized; 23,677,738 shares issued and
22,842,649 shares outstanding as of
September 30, 2009 and 23,553,019 shares
issued and 22,879,696 shares outstanding as
of March 31, 2009 121,497 120,383
Accumulated deficit (72,528) (65,602)
------- -------
48,969 54,781
Treasury stock, at cost; 835,089 shares as
of September 30, 2009 and 673,323 shares as
of March 31, 2009 (1,884) (1,423)
------ ------
Total stockholders' equity 47,085 53,358
------ ------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $55,364 $59,913
======= =======
California Micro Devices Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
(Unaudited)
Three Months Six Months
Ended September 30, Ended September 30,
------------------- -------------------
2009 2008 2009 2008
---- ---- ---- ----
Net sales $11,115 $16,343 $20,463 $30,443
Cost of sales 8,184 11,239 15,251 20,595
----- ------ ------ ------
Gross Margin 2,931 5,104 5,212 9,848
Operating expenses:
Research and development 1,810 2,887 3,927 5,171
Selling, general and
administrative 3,826 3,832 7,443 7,697
Amortization of intangible assets 6 22 12 55
Restructuring and asset
impairment charges 717 - 717 -
--- --- --- ---
Total operating expenses 6,359 6,741 12,099 12,923
----- ----- ------ ------
Operating loss (3,428) (1,637) (6,887) (3,075)
Other income (expense), net (5) 1,193 (16) 1,487
-- ----- --- -----
Loss before income taxes (3,433) (444) (6,903) (1,588)
Provision for income taxes 41 1,521 23 1,295
-- ----- -- -----
Net loss $(3,474) $(1,965) $(6,926) $(2,883)
======= ======= ======= =======
Net loss per share-basic and
diluted $(0.15) $(0.08) $(0.30) $(0.12)
====== ====== ====== ======
Weighted average common shares
outstanding-basic and diluted 22,892 23,392 22,892 23,379
====== ====== ====== ======
California Micro Devices Corporation
FINANCIAL SUMMARY (NON-GAAP)
(amounts in thousands, except per share data)
(Unaudited)
GAAP TO NON-GAAP RECONCILIATION:
Three Months Ended Six Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Gross Margin:
GAAP Gross Margin $2,931 $5,104 $5,212 $9,848
GAAP Gross Margin % 26% 31% 25% 32%
Reconciling items:
Stock-based compensation expense, net
of tax $107 $120 $167 $200
NON-GAAP Gross Margin $3,038 $5,224 $5,379 $10,048
NON-GAAP Gross Margin % 27% 32% 26% 33%
Net Loss:
GAAP Net Loss $(3,474) $(1,965) $(6,926) $(2,883)
Reconciling items:
Amortization/reduction of intangible
assets 6 133 12 166
Restructuring and asset impairment
charges 452 - 452 -
Stock-based compensation expense, net
of tax 509 592 905 1,156
Difference between effective tax rate
and cash basis tax rate 42 1,505 21 1,248
-- ----- -- -----
Total Adjustments $1,009 $2,230 $1,390 $2,570
NON-GAAP Net Income (Loss) $(2,465) $265 $(5,536) $(313)
Net Loss Per Share - Basic and diluted:
GAAP Net Loss Per Share - Basic and
diluted $(0.15) $(0.08) $(0.30) $(0.12)
Reconciling items:
Amortization/reduction of intangible
assets - - - 0.01
Restructuring and asset impairment
charges 0.02 - 0.02 -
Stock-based compensation expense, net
of tax 0.02 0.03 0.04 0.05
Difference between effective tax rate
and cash basis tax rate - 0.06 - 0.05
--- ---- --- ----
Total Adjustments $0.04 $0.09 $0.06 $0.11
NON-GAAP Net Income (Loss) Per Share -
Basic and diluted $(0.11) $0.01 $(0.24) $(0.01)
Weighted average common shares used
to calculate GAAP EPS - Basic and
diluted 22,892 23,392 22,892 23,379
Weighted average common shares used
to calculate NON-GAAP EPS - Basic 22,892 23,392 22,892 23,379
Weighted average common shares and
share equivalents outstanding used to
calculate NON-GAAP EPS - diluted 22,892 23,396 22,892 23,379
SOURCE California Micro Devices
http://www.cmd.com
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