California Micro Reports December Financial Results
California Micro Devices Corp. (Milpitas, CA) announced financial results for its third fiscal quarter, which ended December 31, 2002. Revenue grew to $11.3 million, slightly above its January 7th estimate, and up 60 percent from the year-ago quarter and five percent sequentially. The net loss was also slightly better than the January 7th estimate as it narrowed to $193,000, or $0.01 per share, representing a 98-percent improvement from the year-ago quarter, and an 86-percent improvement from the $0.09 net loss per share reported last quarter.
Marking an important milestone, California Micro Devices also posted its first operating profit of $89,000, or $0.01 per share, since the December quarter in fiscal 2001, two years earlier. The operating profit and the net loss both reflect a benefit of $193,000 from reversing unused restructuring reserves related to the company's successful transition to a "fab-lite" manufacturing model. The cost of this transition, which was completed in the December quarter, totaled $11.0 million compared to the most recent estimate of $11.3 million. The company also noted that it completed a private placement in November with gross proceeds of $5.2 million and that, as a result, it ended the quarter with no short-term debt, lower liabilities and increased shareholder equity.
"I'm pleased to report our fourth consecutive quarter of revenue growth and bottom line improvement," said Robert Dickinson, president and CEO. "Even though we experienced softer than expected demand for our lighting products and operational issues that constrained the production ramp of our medical products, we also captured 99 design wins, another all-time record, and saw our bookings and gross margins rise to $11.4 million and 29 percent, respectively, from $9.7 million and 22 percent last quarter."