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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Date of Report December 11, 1998
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission File Number 0-07428
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CALIFORNIA MICROWAVE, INC.
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(Exact name of registrant as specified in its charter)
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<S> <C>
DELAWARE 94-1668412
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(State or other jurisdiction of Incorporation) (I.R.S. Employer Identification Number)
1143 BORREGAS AVENUE, SUNNYVALE, CALIFORNIA 94089
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (408) 732-4000
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Item 5. Other Events.
The Company filed Exhibit 99, entitled 1998 Financial Results by
Fiscal Quarter, with its Form 10-Q for the quarterly period ended September
30, 1998. That Exhibit provided supplemental information regarding the
restatement of the operations of the Company's Government Division to
discontinued operations. The Company is filing Exhibits 99.1 and 99.2
herewith to provide additional supplemental information for each of its
fiscal 1998 quarters and for the fiscal year ended June 30, 1998.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
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<S> <C>
99.1 Restated Condensed Consolidated Financial Statements of Operations
for the four quarters of fiscal year ended June 30, 1998.
99.2 Restated Condensed Consolidated Financial Statement of Operations
for fiscal year ended June 30, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
CALIFORNIA MICROWAVE, INC.
December 11, 1998 BY /s/ Frederick D. Lawrence
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Date Frederick D. Lawrence
Chairman of the Board
President and Chief Executive Officer
December 11, 1998 BY /s/ Donna S. Birks
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Date Donna S. Birks
Executive Vice President
Chief Financial Officer
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EXHIBIT INDEX
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Exhibit No. Description of Exhibit
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99.1 Restated Condensed Consolidated Financial Statements of Operations
for the four quarters of fiscal year ended June 30, 1998.
99.2 Restated Condensed Consolidated Financial Statement of Operations
for fiscal year ended June 30, 1998.
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Exhibit 99.1
CALIFORNIA MICROWAVE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars In Thousands, Except Per Share Amounts)
(Unaudited)
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<CAPTION>
Three Months Ended
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SEP-30 DEC-31 MAR-31 JUN-30
1997 1997 1998 1998
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Revenue $ 39,258 $ 45,955 $ 44,340 $ 45,747
Costs of revenue 23,860 26,948 27,037 34,564
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Gross margin 15,398 19,007 17,303 11,183
Expenses:
Research and development 4,194 4,550 4,459 4,783
Sales, marketing and administration 8,305 11,753 9,055 11,002
Amortization of intangible assets 344 344 344 345
Restructuring and other charges -- -- -- 4,055
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Total expenses 12,843 16,647 13,858 20,185
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Operating income (loss) 2,555 2,360 3,445 (9,002)
Interest expense, net (1,113) (893) (880) (773)
Income (loss) from continuing operations
before income taxes 1,442 1,467 2,565 (9,775)
Provision for (benefit from) income taxes 519 529 912 (6,019)
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Income (loss) from continuing operations 923 938 1,653 (3,756)
Discontinued Operations:
Income (loss) from discontinued operations,
net of income taxes 1,389 934 1,452 (260)
Gain (loss) on disposal, net of income taxes -- -- (12,500) 1,467
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1,389 934 (11,048) 1,207
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Net income (loss) $ 2,312 $ 1,872 $ (9,395) $ (2,549)
======== ======== ======== ========
Basic earnings (loss) per share:
Income (loss) from continuing operations $ 0.06 $ 0.06 $ 0.10 $ (0.24)
Income (loss) from discontinued operations 0.08 0.06 (0.67) 0.08
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Net income (loss) $ 0.14 $ 0.11 $ (0.57) $ (0.16)
======== ======== ======== ========
Weighted average common shares 16,495 16,526 16,505 15,926
Diluted earnings (loss) per share:
Income (loss) from continuing operations $ 0.06 $ 0.06 $ 0.10 $ (0.24)
Income (loss) from discontinued operations 0.08 0.06 (0.66) 0.08
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Net income (loss) $ 0.14 $ 0.11 $ (0.56) $ (0.16)
======== ======== ======== ========
Weighted average common shares and dilutive
common share equivalents 16,653 16,825 16,780 15,926
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Exhibit 99.2
CALIFORNIA MICROWAVE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars In Thousands, Except Per Share Amounts)
(Unaudited)
Year ended June 30, 1998
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<CAPTION>
<S> <C>
Revenue $ 175,300
Costs of revenue 112,409
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Gross margin 62,891
Expenses:
Research and development 17,986
Sales, marketing and administration 40,115
Amortization of intangible assets 1,377
Restructuring and other charges
4,055
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Total expenses 63,533
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Operating income (loss) (642)
Interest expense, net (3659)
Income (loss) from continuing operations before
income taxes (4,301)
Provision for (benefit from) income taxes (4,059)
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Income (loss) from continuing operations (242)
Discontinued Operations:
Income (loss) from discontinued operations,
net of income taxes 3,515
Loss on disposal, net of income taxes (11,033)
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(7,518)
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Net income (loss) $ ( 7,760)
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Basic earnings (loss) per share:
Income (loss) from continuing operations $ (0.01)
Income (loss) from discontinued operations (0.46)
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Net income (loss) $ (0.47)
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Weighted average common shares 16,363
Diluted earnings (loss) per share:
Income (loss) from continuing operations $ (0.01)
Income (loss) from discontinued operations (0.46)
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Net income (loss) $ (0.47)
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Weighted average common shares and dilutive
common share equivalents 16,363
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