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California Amplifier Reports FY 2003 Third Quarter Results

12/19/02

* Company reports 12th consecutive profitable quarter

CAMARILLO, Calif., Dec. 19 /PRNewswire-FirstCall/ -- California Amplifier, Inc. (Nasdaq: CAMP) today reported results for its third quarter ended November 30, 2002.

Sales for the third quarter of fiscal 2003 were $24.0 million, compared to $27.5 million for the second quarter of fiscal year 2003 and $32.8 million for the third quarter of the prior year. Income from continuing operations for the third quarter was $905,000, or $0.06 per diluted share, compared to $1,818,000, or $0.12 per diluted share in the preceding quarter, and $1,352,000, or $0.10 per diluted share in the third quarter of last year.

For the nine months ended November 30, 2002 revenues were $74.0 million, compared to $78.2 million in the prior year. Income from continuing operations during the first nine months of fiscal year 2003 was $4.2 million, or $0.28 per diluted share, compared to $1.9 million, or $0.14 per diluted share, in fiscal year 2002.

Fred Sturm, President and Chief Executive Officer commented, "We are pleased that California Amplifier achieved its 12th consecutive quarter of profitable results despite the fact that revenue was impacted by delays encountered in rolling out next generation DBS products and the effects of the dockworker lockouts at West Coast ports. Both of these factors were resolved during the latter part of the third quarter, and we are focused on meeting our customers' ongoing product requirements."

Mr. Sturm concluded, "Based on our current market outlook and also the increased value associated with our newly introduced DBS products, we estimate fiscal 2003 fourth quarter revenue in the range of $26 to $30 million and earnings in the range of $0.07 to $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 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                     Rick Vitelle
      Partner                             Chief Financial Officer
      Coffin Communications Group         California Amplifier, Inc.
      (818) 789-0100                      (805) 987-9000
      crocker.coulson@coffincg.com


                          CALIFORNIA AMPLIFIER, INC.
                      CONSOLIDATED STATEMENTS OF INCOME
               (unaudited, in thousands, except per share data)

                               Three Months Ended       Nine Months Ended
                                    November 30            November 30
                                 2002        2001        2002        2001

    Sales                      $23,965     $32,756      $73,973    $78,212
    Cost of sales               19,587      25,210       57,396     59,735
    Gross profit                 4,378       7,546       16,577     18,477

    Research and
     development                 1,391       2,276        4,815      5,996
    Selling                        469         622        1,943      1,848
    General and
     administrative                902       1,739        3,004      6,857
    Operating income             1,616       2,909        6,815      3,776

    Non-operating income
     (expense)                     (79)       (929)        (159)      (928)

    Income before taxes          1,537       1,980        6,656      2,848
    Provision for
     income taxes                 (632)       (628)      (2,467)      (940)

    Income from
     continuing operations         905       1,352        4,189      1,908
    Income from
     discontinued
     operations, net
     of tax                        ---         ---          ---      1,590(A)

    Net income                    $905      $1,352       $4,189     $3,498

    Earnings per share:
      Continuing
       operations   Basic         $.06        $.10         $.29       $.14
                    Diluted       $.06        $.10         $.28       $.14

      Discontinued
       operations   Basic        $----       $----        $----       $.12
                    Diluted      $----       $----        $----       $.11

      Total         Basic         $.06        $.10         $.29       $.26
                    Diluted       $.06        $.10         $.28       $.25

    Shares used
     in per share
     calculations:  Basic       14,720      13,724       14,605     13,723
                    Diluted     14,850      13,906       14,840     13,955

    SALES BY BUSINESS SEGMENT:
                              Three Months Ended        Nine Months Ended
                                   November 31              November 31
                                 2002        2001         2002       2001

    Satellite Products         $20,443     $26,120      $64,557    $59,135
    Wireless Access
     Products                    3,522       6,636        9,416     19,077
       Total                   $23,965     $32,756      $73,973    $78,212

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


                          CALIFORNIA AMPLIFIER, INC.
                         CONSOLIDATED BALANCE SHEETS
                                 (Unaudited)
                                (In thousands)
                                              November 30,     February 28,
                                                  2002            2002

                                      ASSETS
    Current assets:
      Cash and cash equivalents                  $27,048        $23,156
      Accounts receivable, net                     9,714          8,219
      Inventories                                 11,090          9,472
      Deferred income tax assets                   5,053          3,580
      Prepaid expenses and other
       current assets                                922          1,312
        Total current assets                      53,827         45,739

    Property and equipment, at cost,
     net of accumulated depreciation
     and amortization                              9,566          7,375
    Goodwill                                      20,992          3,287
    Deferred income tax assets,
     less current portion                          1,677            ---
    Other assets                                     856            287
                                                 $86,918        $56,688

                       LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:
      Current portion of long-term debt           $2,382           $917
      Accounts payable                             9,511          5,713
      Accrued liabilities                          4,491          8,850
        Total current liabilities                 16,384         15,480

    Long-term debt, net of current portion        13,438          3,628

    Stockholders' equity:
      Paid-in capital                             43,293         27,705
      Retained earnings                           14,865         10,676
      Accumulated other comprehensive loss        (1,062)          (801)
        Total stockholders' equity                57,096         37,580

                                                 $86,918        $56,688

                     

SOURCE California Amplifier, Inc.

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