* 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.