- Revenues Increase 22% From Prior Quarter
- Second Quarter Sales of $27.5 Million and EPS of $0.12
CAMARILLO, Calif., Sept. 19 /PRNewswire-FirstCall/ --
California Amplifier, Inc. (Nasdaq: CAMP) today reported results for its
second quarter ended August 31, 2002.
Sales for the second quarter of fiscal 2003 were $27.5 million, compared
to $22.5 million for the first quarter of fiscal year 2003 and $24.7 million
for the second quarter of the prior year. Income from continuing operations
for the second quarter was $1.8 million, or $0.12 per diluted share, compared
to $1.5 million, or $0.10 per diluted share in the previous quarter, and
$465,000, or $0.03 per diluted share in the second quarter of last year.
For the six months ended August 31, 2002 revenues were $50.0 million,
compared to $45.5 million in the prior year. Income from continuing
operations during the first six months of fiscal year 2003 was $3.3 million,
or $0.22 per diluted share, as compared to $556,000, or $0.04 per diluted
share, in fiscal year 2002.
Fred Sturm, President and Chief Executive Officer commented, We are
pleased to have achieved our eleventh consecutive quarter of operating
profitability with revenue and earnings performance exceeding our previous
guidance. These improved results were related primarily to a stronger than
originally anticipated demand for certain higher value-added satellite
products and also continued tight control of expenses.
North American satellite television program providers continue to make
steady gains in new subscriber acquisitions. We believe our sustained product
development efforts to further integrate additional features such as multi-
satellite reception and multi-room distribution will provide opportunities for
additional revenue growth. Additionally, our wireless access business unit
continues investment in products and technologies to support future
deployments of broadband wireless services.
Mr. Sturm also noted, We currently estimate fiscal third quarter revenue
in the range of $24 to $28 million and earnings in the range of $0.04-$0.08
per diluted share. The range of expectations reflects timing issues with
regard to the production ramp of next-generation satellite products,
competitive pricing pressures on mature product lines and cost increases on
certain raw materials.
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 Direct Broadcast Satellite 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, 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.
CALIFORNIA AMPLIFIER, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except per share data)
Three Months Ended Six Months Ended
August 31 August 31
2002 2001 2002 2001
Sales $27,526 $24,654 $50,008 $45,456
Cost of sales 21,171 18,502 37,809 34,525
Gross profit 6,355 6,152 12,199 10,931
Research and development 1,723 2,059 3,424 3,720
Selling 744 592 1,474 1,226
General and administrative 1,052 2,775 2,102 5,118
Operating income 2,836 726 5,199 867
Non-operating income
(expense) (79) 11 (80) 1
Income before taxes 2,757 737 5,119 868
Provision for income taxes (939) (272) (1,835) (312)
Income from continuing
operations 1,818 465 3,284 556
Income from discontinued
operations, net of tax --- 1,610(A) --- 1,590(A)
Net income $1,818 $2,075 $3,284 $2,146
Earnings per share:
Continuing operations
Basic $.12 $.03 $.23 $.04
Diluted $.12 $.03 $.22 $.04
Discontinued operations
Basic $---- $.12 $---- $.12
Diluted $---- $.12 $---- $.11
Total
Basic $.12 $.15 $.23 $.16
Diluted $.12 $.15 $.22 $.15
Shares used in per share
calculations:
Basic 14,720 13,723 14,547 13,723
Diluted 14,914 14,000 14,835 13,979
SALES BY BUSINESS SEGMENT:
Three Months Ended Six Months Ended
August 31 August 31
2002 2001 2002 2001
Satellite Products $24,640 $18,730 $44,114 $33,015
Wireless Access Products 2,886 5,924 5,894 12,441
Total $27,526 $24,654 $50,008 $45,456
(A) Includes a gain of $1,615 on the sale of Micro Pulse, Inc.
CALIFORNIA AMPLIFIER, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
August 31, February 28,
2002 2002
ASSETS
Current assets:
Cash and cash equivalents $23,507 $23,156
Accounts receivable, net 11,236 8,219
Inventories 7,877 9,472
Deferred tax asset 4,870 3,580
Prepaid expenses and other current assets 1,076 1,312
Total current assets 48,566 45,739
Property and equipment, at cost, net of
accumulated depreciation and amortization 10,153 7,375
Goodwill, net of accumulated amortization 20,992 3,287
Other assets 894 287
$80,605 $56,688
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $1,962 $917
Accounts payable 5,981 5,713
Accrued liabilities 4,748 8,850
Total current liabilities 12,691 15,480
Long-term debt, net of current portion 14,100 3,628
Stockholders' equity:
Paid-in capital 40,864 27,705
Retained earnings 13,960 10,676
Accumulated other comprehensive loss (1,010) (801)
Total stockholders' equity 53,814 37,580
$80,605 $56,688
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SOURCE California Amplifier, Inc.
-0- 09/19/2002
/CONTACT: Crocker Coulson, Partner, 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/
/Web site: http://www.calamp.com /
(CAMP)
CO: California Amplifier, Inc.
ST: California
IN: TLS CPR CSE TVN
SU: ERN
LP-MV
-- LATH065 --
9507 09/19/2002 16:20 EDT http://www.prnewswire.com