7/26/2002 - California Micro Devices (Nasdaq:CAMD) today announced financial results for its first quarter, which ended June 30, 2002. Exceeding revenue estimates, the company reported sales of $9.4 million, up 54 percent from the year ago quarter, and up 15 percent from $8.2 million last quarter. The net loss per share met estimates at the most favorable end of the range as it narrowed to $0.18, representing a 51 percent improvement from the year ago quarter and a 61 percent improvement compared to the net loss per share of $0.46 last quarter.
"Our performance in the June quarter shows that our strategy to grow by achieving greater penetration in selected high-volume markets is working," said Robert V. Dickinson, president and chief executive officer. "We saw revenue in two of our three core markets grow sequentially, with Mobile revenue growing by over 90 percent and Lighting revenue posting a gain of more than 40 percent. While Computing revenue was flat due to soft personal computer market conditions, this market continues to be our largest revenue contributor with significant opportunities for our products to achieve deeper penetration."
Citing both growing demand and a major customer placing orders with longer lead times, Dickinson reported that bookings increased to $12.5 million compared to the $8.5 million in the prior quarter. As the June quarter closed, the company marked a major milestone by shipping its 20 millionth chip scale packaged (CSP) device, demonstrating market acceptance as well as the company's substantial manufacturing capacity for these small-footprint products. "We continue to be encouraged by the increasing demand we are seeing for our products," he added, noting that the company captured 71 design wins during the June quarter, most of which were in the Mobile and Computing markets.
California Micro Devices will discuss its financial results during a conference call today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The conference call can be accessed from within the US by dialing (800) 218-0204 or from outside the US by dialing (303) 262-2143. No password is necessary.
A live webcast of the call may be accessed at www.calmicro.com under "Investor Relations." Interested parties are advised to log in at least 15 minutes early to download any necessary audio software. A replay of the call will be indexed and archived on the company's web site and will be available three hours following completion of the event through August 9, 2002.
Telephone replay of the conference call will be available from approximately 4:00 p.m. PacificTime today until 11:00 p.m. Pacific Time on August 9, 2002. The recording may be accessed from within the US by dialing (800) 405-2236 or from outside the US by dialing (303) 590-3000, and entering pass code 479989.
California Micro Devices Corporation
California Micro Devices Corporation is a leading supplier of Application Specific Integrated Passive™ (ASIP) devices and related analog semiconductors. Within the company's broad product line are highly integrated solutions that ensure signal integrity, EMI (electromagnetic interference) filtering, ESD (electrostatic discharge) protection and smart power management for a computing, mobile, consumer, lighting and medical applications. 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. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. They are not historical facts or 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, expects, and estimates. Forward-looking statements in this release include that our strategy to grow by achieving greater penetration in selected high-volume markets is working and that there are significant opportunities for our products to achieve deeper penetration in the Computing market. 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, that the few high-volume markets we select do not experience declines, that there is not greater competition from larger companies in these markets because of their size, that our success last quarter was not a one-time phenomenon based upon pent-up demand, and that customers in these markets may be locked into using competitors with broader product lines as well as other 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.
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