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California Amplifier Appoints KPMG as Independent Auditor and Announces Updated Q4 Revenue and Earnings Guidance

04/19/02

 

 

CAMARILLO, Calif., April 4, 2002 -- California Amplifier, Inc. (Nasdaq: CAMP) today announced that its Board of Directors has appointed KPMG, LLP as the Company's independent auditor for its fiscal year ended February 28, 2002, replacing Arthur Andersen, LLP.

 

“We are pleased that KPMG will serve as California Amplifier’s new auditor and look forward to building a long-term relationship with the firm,” said Fred Sturm, President and Chief Executive Officer. “The appointment of KPMG as outside auditor for fiscal year 2002 was made after careful review and consideration.  Arthur Andersen has provided professional services to California Amplifier since the Company’s inception.  However, in light of recent developments involving Arthur Andersen, we believe that engaging KPMG is in the best interest of California Amplifier and its shareholders.”

 

Mr. Sturm continued, “As a result of the change in auditors, we anticipate reporting fourth quarter and fiscal year 2002 audited financial results in the second half of May 2002.”

 

The Company also announced unaudited fourth quarter revenue of approximately $22.5 million, modestly above the high end of the $18 to $22 million sales guidance the Company provided in December 2001.  Additionally, the Company currently anticipates fourth quarter earnings per share to be at or above the high end of the previous guidance of $.01 to $.04.

 

 

About California Amplifier, Inc.

California Amplifier designs, markets and manufactures a broad line of integrated microwave fixed point solutions used primarily in conjunction with satellite and terrestrial broadband applications.  The Company’s wireless access business unit designs and markets integrated reception and two-way transmission fixed wireless solutions for video, voice, data, telephony and networking applications.  The satellite business unit designs and markets reception components for the worldwide DBS television market as well as a full line of consumer and commercial products for video and data reception.  California Amplifier is an ISO 9001 certified company. For additional information, visit California Amplifier’s web site at www.calamp.com.

 

Statements in this release about the Company’s future performance are forward-looking statements and are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Words such as “may,” “will,” “expects,” “intends,” “plans,” “believes,” “seeks,” “could,”  “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements.  Factors that could impact California Amplifier’s future results include changes in product demand and market growth rates, the effect of competition, pricing pressures, supplier constraints, manufacturing yields, market acceptance of new products and the viability and market acceptance of new technologies.  Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained.  The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. More information about California Amplifier’s risks is available in the Company’s annual report on Form 10-K and other filings made from time to time with the Securities and Exchange Commission.”

 

For more information, contact:

Crocker Coulson                                               Rick Vitelle

Partner                                                             Chief Financial Officer

Coffin Communications Group                            California Amplifier, Inc.

(818) 789-0100                                                  (805) 987-9000

crocker.coulson@coffincg.com

 

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