· 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
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
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