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California Amplifier Reports FY 2003 First Quarter Results; First Quarter Sales of $22.5 Million and EPS of $0.10

06/20/02
Yahoo - California Amplifier Reports FY 2003 First Quarter Results; First Quarter Sales of $22.5 Million and EPS of $0.10
Thursday June 20, 4:20 pm Eastern Time

Press Release

SOURCE: 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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