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California Amplifier Reports FY 2002 Fourth Quarter

05/21/02

 

 

·   Raises earnings guidance for first quarter of FY 2003

 

CAMARILLO, Calif., May 21, 2002 --- California Amplifier, Inc. (Nasdaq: CAMP) today reported results for its fourth quarter and fiscal year ended February 28, 2002.

 

Sales for the fourth quarter of fiscal 2002 were $22.5 million, compared to $24.6 million for the fourth quarter of the prior year.  Income from continuing operations for the fourth quarter was $966,000, or $0.07 per diluted share, compared to $325,000, or $0.02 per diluted share for the fourth quarter of fiscal year 2001.

 

Sales for fiscal year 2002 were $100.7 million as compared to $117.1 million for fiscal year 2001.  Income from continuing operations for fiscal year 2002 was $2.9 million, or $0.21 per diluted share, compared to $4.9 million, or $0.35 per diluted share for fiscal year 2001.

 

Fred Sturm, President and Chief Executive Officer commented, “In light of the current economic climate, we are pleased with our fourth quarter revenue and earnings performance.  Stronger demand for satellite products and an improved product mix, as well as tight cost controls, accounted for results that surpassed our initial expectations going into the period.  In addition, our balance sheet strengthened during the quarter and our cash position exceeded $23 million at the end of our fiscal year.”

 

Mr. Sturm added, “We believe our recent acquisition of Kaul-Tronics, Inc. (KTI) reinforces California Amplifier’s position as one of the premier suppliers of satellite reception products.  The process of integrating KTI into California Amplifier is well underway and we continue to explore new avenues for growth both internally and externally. This effort is demonstrated by our recent joint development and supply agreement with Zinwell Corporation, which provides the Company with access to additional engineering and manufacturing capacity for our satellite business unit.”

 

“Additionally, product and market development activity in our wireless access business unit is progressing.  Field trials are currently underway of Navini Networks’ wireless broadband system for which we have a technology license to develop cost-effective customer premise equipment (CPE).  Sprint is conducting a field trial in the Houston market to examine non-line-of-sight solutions that combine high data speeds, portability and self-installation.   We remain optimistic about the future potential of the MMDS spectrum as a medium for broadband services when the economic climate in telecom improves.”

 

Mr. Sturm also noted, “We reiterate our previously issued fiscal 2003 first quarter revenue guidance in the range of $20 to $25 million.  However, we are increasing our first quarter earnings guidance to a range of $0.07-$0.10 per diluted share from $0.04-$0.07 per diluted share.  This increase in EPS guidance is primarily due to improved operating efficiencies and a favorable satellite product mix.”

 

About California Amplifier, Inc.

California Amplifier designs, markets and manufactures a broad line of integrated microwave solutions used primarily in conjunction with satellite television and terrestrial broadband wireless applications.  The Company’s 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.  The wireless access business unit designs and markets integrated wireless solutions for video, voice, data, telephony and networking applications.  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 financial performance, customer relationships, initiatives to develop innovative wireless solutions, and the market potential of new products 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

 

 

[TABLES FOLLOW]


 

 

 

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(unaudited, in thousands, except per share data)

 

                                                                                                                                                                       

                                                                         Three months ended                           Year  ended                    

                                                                                 February 28,                               February 28,           

                                                                           2002                 2001                   2002                2001            

 

Sales                                                                  $22,503             $24,623           $100,715           $117,129          

Cost of sales                                                         18,099              19,895              77,834              93,776          

Gross profit                                                             4,404                4,728              22,881              23,353          

 

Research and development                                       1,587                1,630                7,583                6,120          

Selling                                                                       451                   739                2,299                3,255          

General and administrative                                          883                1,619                7,740                5,869          

Operating income                                                    1,483                   740                5,259                8,109          

 

Non-operating expenses                                            (150)                 (232)              (1,078)                 (359)         

 

Income before taxes                                                1,333                   508                4,181                7,750

Provision for income taxes                                         (367)                 (183)              (1,307)              (2,810)         

 

Income from continuing operations                               966                   325                2,874                4,940

Income from discontinued operations,

   net of tax                                                                                        75                1,590A                  269                        

 

Net income                                                          $     966            $     400             $ 4,464             $ 5,209                       

 

Net income per share:

    Continuing operations                Basic             $       .07            $      .02            $      .21            $      .37          

                                                   Diluted           $       .07            $      .02            $      .21            $      .35          

 

    Discontinued operations            Basic             $                      $      .01            $      .12            $      .02          

                                                   Diluted           $                      $      .01            $      .11            $      .02          

 

    Total                                        Basic             $       .07            $      .03            $      .33            $      .39          

                                                   Diluted           $       .07            $      .03            $      .32            $      .37          

 

Shares used in per share

  calculations:                               Basic                 13,616              13,573              13,605            13,365 

                                                   Diluted               14,054              14,150              13,979            14,217 

 

SALES BY PRODUCT LINE:

                                                                          Three months ended                           Year ended                     

                                                                                 February 28,                               February 28,           

                                                                           2002                 2001                   2002                2001             

 

Satellite Products                                                $19,764             $15,550             $78,899             $85,107          

Wireless Access Products                                       2,739                9,073              21,816              32,022          

 

Total                                                                   $22,503             $24,623           $100,715           $117,129

 

A Includes a gain of $1,615 on the sale of Micro Pulse, Inc.

       


 

CALIFORNIA AMPLIFIER, INC.

 

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

                                                           

                                                                                                            February 28,              February 28,

                                                                                                                  2002                             2001       

                                                                                                                                                                    

 

ASSETS

 

Current assets:

   Cash and cash equivalents                                                                     $    23,156                     $   10,009

   Accounts receivable, net                                                                                8,219                         12,370

   Inventories                                                                                                    9,472                         10,373

   Deferred tax asset                                                                                         3,580                          2,256

   Prepaid expenses and other current assets                                                     1,312                              515

     Total current assets                                                                                   45,739                         35,523

 

Property and equipment, at cost, net of

   accumulated depreciation and amortization                                                     7,375                         10,231

Goodwill, net of amortization                                                                             3,287                           3,557

Other assets                                                                                                      287                              501   

                                                                                                               $    56,688                     $   49,812

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Current liabilities:

   Current portion of long-term debt                                                              $        917                     $       644

   Accounts payable                                                                                         5,713                           5,677

   Accrued liabilities                                                                                          8,850                           8,711   

     Total current liabilities                                                                                15,480                         15,032

 

Non-current liabilities                                                                                        3,628                           5,156

 

Stockholders’ equity                                                                                       37,580                         29,624

                                                                                                                                                                    

                                                                                                               $    56,688                     $   49,812

 

 

 

 

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