Thursday June 20, 4:20 pm Eastern TimePress ReleaseSOURCE:
California Amplifier, Inc.California Amplifier Reports FY 2003 First Quarter Results; First Quarter Sales of $22.5 Million and EPS of $0.10
CAMARILLO, Calif., June 20 /PRNewswire-FirstCall/ --
California Amplifier, Inc. (Nasdaq: CAMP - News) today reported results for its first
quarter ended May 31, 2002. Sales for the first quarter of fiscal 2003 were $22.5 million, compared to
$20.8 million for the first quarter of the prior year. Sales included
approximately $3 million contributed by the satellite antenna product line
acquired from Kaul-Tronics, Inc. on April 5, 2002. Net income for the first
quarter was $1.5 million, or $0.10 per diluted share, compared to $71,000, or
$0.01 per diluted share for the first quarter of fiscal year 2002. Fred Sturm, President and Chief Executive Officer commented, "We are
pleased with our first quarter revenue and earnings performance. Gross profit
at 26% of sales reflects a combination of improved cost efficiencies and a
favorable satellite product mix. These were the primary factors contributing
to reported EPS of $0.10, which was at the high end of our previous guidance
for the quarter. In addition, our balance sheet, which included almost
$20 million in cash at the end of the quarter, remains strong." Mr. Sturm added, "Our product development initiatives continue to evolve
in both of the Company's business units. Within our satellite business, we
are adding more integrated features and other value to our products. These
enhancements assist our customers in offering more advanced services while
reducing overall installation costs. In our wireless segment, we are
developing high performance non-line-of-sight MMDS customer premise equipment
and we will be demonstrating some of our innovative wireless access products
at the upcoming Wireless Communications Association tradeshow in Boston next
week." Mr. Sturm also noted, "Despite difficult economic conditions, we currently
estimate fiscal second quarter revenue in the range of $22 to $26 million and
earnings in the range of $0.07-$0.11 per diluted share." About California Amplifier, Inc. California Amplifier designs, manufactures and markets 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 and data 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, Partner of
Coffin Communications Group, +1-818-789-0100, crocker.coulson@coffincg.com,
for California Amplifier, Inc.; or Rick Vitelle, Chief Financial Officer of
California Amplifier, Inc., +1-805-987-9000.
[TABLES FOLLOW]
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except per share data)
Three Months Ended
May 31, May 31,
2002 2001
Sales $22,482 $20,802
Cost of sales 16,638 16,023
Gross profit 5,844 4,779
Research and development 1,701 1,661
Selling 730 634
General and administrative 1,198 2,343
Operating Income 2,215 141
Non-operating income (expense) 147 (10)
Income before taxes 2,362 131
Provision for income taxes (896) (40)
Income from continuing operations 1,466 91
Loss from discontinued operations,
net of tax --- (20)
Net income $1,466 $71
Net income per share:
Continuing operations Basic $.10 $.01
Diluted $.10 $.01
Discontinued operations Basic $--- $---
Diluted $--- $---
Total Basic $.10 $.01
Diluted $.10 $.01
Shares used in per share
calculations: Basic 14,373 13,723
Diluted 14,756 13,958
BUSINESS UNIT SALES INFORMATION:
Three Months Ended
May 31, May 31,
2002 2001
Satellite Products $19,474 $14,285
Wireless Access Products 3,008 6,517
Total $22,482 $20,802
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
May 31, February 28,
2002 2002
ASSETS
Current assets:
Cash and cash equivalents $19,604 $23,156
Accounts receivable, net 10,255 8,219
Inventories 10,245 9,472
Deferred tax asset 4,435 3,580
Prepaid expenses and other
current assets 1,063 1,312
Total current assets 45,602 45,739
Property and equipment, at cost,
net of accumulated depreciation
and amortization 10,593 7,375
Goodwill, net of accumulated
amortization 20,912 3,287
Other assets 769 287
$77,876 $56,688
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt 1,351 917
Accounts payable 6,557 5,713
Accrued liabilities 8,397 8,850
Total current liabilities 16,305 15,480
Long-term debt, net of current portion 14,951 3,628
Stockholders' equity 46,620 37,580
$77,876 $56,688
SOURCE:
California Amplifier, Inc.
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