UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended: November 28, 1998
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: 012182
CALIFORNIA AMPLIFIER, INC.
(Exact name of registrant's specified in its charter)
Delaware 95-3647070
(State or Other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
460 Calle San Pablo
Camarillo, California 93012
(Address of principal executive offices) (Zip Code)
(805) 987-9000
(Registrant's telephone number including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes x No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report.
Common Stock Outstanding as of November 28, 1998: 11,784,572
Number of pages in this Form 10-Q: 13
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1: Financial Statements
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands, except par value)
Nov. 28, Feb. 28,
1998 1998
(Unaudited) (Audited)
- -----------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 7,662 $4,422
Accounts receivable, net 4,789 5,745
Income tax receivable 154 407
Inventories 4,854 6,851
Deferred tax asset 1,756 2,000
Prepaid expenses and other current assets 977 462
- -----------------------------------------------------------------------
Total current assets 20,192 19,887
Property and equipment -- at cost, net of
accumulated depreciation and amortization 4,780 7,116
Other assets 764 828
- -----------------------------------------------------------------------
$25,736 $27,831
- ------------------------------------------------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,543 $1,861
Accrued liabilities 1,841 2,399
Current portion of long-term debt 606 741
- -----------------------------------------------------------------------
Total current liabilities 4,990 5,001
Long-term debt 659 1,112
Minority interest share in net assets of
Micro Pulse, Inc. 142 321
Stockholders' equity:
Preferred stock, 3,000 shares authorized;
no shares outstanding --- ---
Common stock, $.01 par value; 30,000 shares authorized;
11,785 shares outstanding in November 1998 and
11,771 shares outstanding in February 1998 118 118
Additional paid-in capital 14,051 14,025
Foreign currency translation adjustment (200) (249)
Retained earnings 5,976 7,503
- -----------------------------------------------------------------------
Total stockholders' equity 19,945 21,397
- -----------------------------------------------------------------------
$25,736 $27,831
- ------------------------------------------------------------------------
<PAGE>
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months Ended Nine Months Ended
Nov. 28, Nov. 29, Nov. 28, Nov. 29,
1998 1997 1998 1997
- --------------------------------------------------------------------
Sales $ 9,681 $13,382 $27,063 $38,486
Cost of sales 6,905 10,517 19,555 27,994
- ------------------------------------------------------------------------
Gross profit 2,776 2,865 7,508 10,492
Research and development 1,147 1,159 3,634 3,296
Selling 1,059 1,342 3,460 4,054
General and administrative 989 1,696 3,017 3,779
- ------------------------------------------------------------------------
Loss from operations (419) (1,332) (2,603) (637)
Interest and other income
(expense), net 4 (15) (13) (28)
Minority interest share in
(income) loss of Micro Pulse 120 (50) 255 (198)
- ------------------------------------------------------------------------
Loss before taxes (295) (1,397) (2,361) (863)
Benefit from income taxes 90 503 834 303
- ------------------------------------------------------------------------
Net loss $ (205) $ (894) $(1,527) $ (560)
- ------------------------------------------------------------------------
Net loss per share Basic $(0.02) $(0.08) $(0.13) $(0.05)
Diluted $(0.02) $(0.08) $(0.13) $(0.05)
- ------------------------------------------------------------------------
Shares used in per share calculations
Basic 11,778 11,763 11,774 11,688
Diluted 11,778 11,763 11,774 11,688
- ------------------------------------------------------------------------
<PAGE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Nine Months Ended
Nov. 28, Nov. 29,
1998 1997
- ---------------------------------------------------------------------
Cash flows from operating activities:
Net loss $(1,527) $(560)
Adjustments to reconcile net loss
to net cash provided by
operating activities:
Depreciation and amortization 2,365 2,435
Minority interest (179) 250
Loss/(gain) on disposal of
property and equipment (4) 13
(Increase) decrease in
Accounts receivable 956 (352)
Inventories 1,997 222
Prepaid expenses and other assets 45 191
Increase (decrease) in:
Accounts payable 682 (24)
Accrued liabilities (558) 22
- --------------------------------------------------------------------
Cash provided by operating activities: 3,777 2,197
- --------------------------------------------------------------------
Cash flows from investing activities:
Purchases of property and equipment (931) (2,443)
Proceeds from sale of property and equipment 956 ---
Purchase of controlling interest in Micro
Pulse --- 327
- --------------------------------------------------------------------
Cash provided by (used in) investing
activities: 25 (2,116)
- --------------------------------------------------------------------
Cash flows from financing activities:
Addition (repayment) of term debt (588) 162
Issuances of common stock 26 35
- --------------------------------------------------------------------
Cash provided by (used in) financing
activities: (562) 197
- --------------------------------------------------------------------
Net increase in cash and cash equivalents 3,240 278
Cash and cash equivalents at the
beginning of period 4,422 3,165
- --------------------------------------------------------------------
Cash and cash equivalents at end of period $7,662 $3,443
- --------------------------------------------------------------------
<PAGE>
CALIFORNIA AMPLIFIER, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION - The accompanying unaudited consolidated financial
statements have been prepared in accordance with the requirements of Form 10-Q
and, therefore, do not include all information and footnotes which would be
presented were such financial statements prepared in accordance with generally
accepted accounting principles. These statements should be read in conjunction
with the Company's Annual Report on Form 10-K for the year ended February 28,
1998. In the opinion of management, these interim financial statements reflect
all adjustments necessary for a fair presentation of the financial position and
results of operations for each of the periods presented. The results of
operations and cash flows for such periods are not necessarily indicative of
results to be expected for the full fiscal year.
2. INVENTORIES - Inventories include the cost of material, labor and
manufacturing overhead and are stated at the lower of cost (first-in, first-out)
or market and consist of the following (in 000's):
Nov. 28, Feb. 28,
1998 1998
--------- --------
Raw materials $2,659 $2,694
Work in process 78 66
Finished goods 2,117 4,091
--------- -------
$4,854 $6,851
========= ========
3. COMPREHENSIVE INCOME (LOSS) - Effective March 1, 1998 the Company adopted the
provisions of SFAS No. 130, "Reporting Comprehensive Income" which establishes
standards for reporting and display of comprehensive income and its components
in a full set of general-purpose financial statements. Comprehensive income is
defined as the total of net income and all non-owner changes in equity. The
following table details the components of comprehensive income (loss) for the
three and nine months ended November 28, 1998 and November 29, 1997 (000's):
Three Months Ended
Nov. 28, Nov. 29,
1998 1997
--------- --------
Net income (loss) $(205) $(894)
Foreign currency translation
adjustment 61 6
--------- --------
Comprehensive income (loss) $(144) $ (888)
========= ========
Nine Months Ended
Nov. 28, Nov. 29,
1998 1997
--------- --------
Net income (loss) $(1,527) $(560)
Foreign currency translation
adjustment 49 (50)
-------- --------
Comprehensive income (loss) $(1,478) $(610)
========= ========
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
THREE MONTHS ENDED NOVEMBER 28, 1998 AND NOVEMBER 29, 1997
SALES
Sales decreased by $3.7 million, from $13.4 million for the three months ended
November 29, 1997, to $9.7 million for the three months ended November 28, 1998.
Sales of Wireless Cable products decreased from $7.9 million to $5.3 million.
Sales of Satellite Television products decreased from $4.1 million to $3.5
million. Sales of Antenna products by Micro Pulse decreased $518,000 from $1.4
million to $884,000.
The decrease in sales of Wireless Cable products resulted from the continued
downturn in the worldwide Wireless Cable television market, which began in the
second half of fiscal year 1998 and has continued into fiscal year 1999. The
sales decrease can be attributed to reductions in the shipments of both
reception equipment, and MultiCipher, the Company's conditional access system.
Reception product sales were adversely affected by curtailed purchases by
existing systems, as well as a lack of new system expansion. MultiCipher sales
were adversely impacted primarily by the lack of new system expansion. The
softness in the Wireless Cable market affected unit shipments, as well as unit
average sale prices as competition lowered unit sales prices in an attempt to
maintain sales levels in a shrinking market. The Company reduced its unit sales
prices to maintain market share, however, demand for product was significantly
less than in prior periods. The Company did experience an increase in
Wireless Cable sales in the third quarter as compared to the second quarter.
This relates to shipments to key customers who recently began expanding
their systems versus a broad market rebound.
The decrease in sales of Satellite Television products resulted from the
continued decrease in sales of C-Band products internationally because current
unit pricing prohibits the Company from competing in these markets at acceptable
gross margins. These sales decreases were offset by sales of Ku-DBS products
domestically as the Company expands its presence in the Ku-DBS marketplace.
The decrease in the sale of Antenna products by Micro Pulse resulted primarily
from increased competition, reductions in buying patterns by certain customers
as compared to the prior year, and unit price declines.
The Company's objective is to achieve sequential quarterly sales increases. This
is dependent upon the Company maintaining its Wireless Cable market share
internationally, a successful Wireless Cable rollout by Bell South in the United
States, and Look TV in Canada in which the Company must participate as a key
supplier, and the timely introduction of certain Ku-DBS and commercial satellite
products.
GROSS PROFITS AND GROSS MARGINS
Gross profits decreased from $2.9 million to $2.8 million. Gross margins
increased from 21.4% to 28.7%. The decrease in gross profit resulted from lower
sales volumes offset by higher gross margins. The gross margin increase is
primarily a result of a $1.3 million non-recurring reorganization charge in the
third quarter of the prior year, and in the current year improved supply
management and reductions in labor personnel and factory overhead because of the
decreased unit sales volumes. The current year improvements were offset by lower
unit sales prices as compared to the prior year.
There will be continued pressure on gross margins primarily because of
competitive pricing pressures. As a result, the Company will concentrate on
product cost reductions and product differentiation in an attempt to maintain or
increase gross margins.
<PAGE>
OPERATING EXPENSES
Research and development expenses decreased from $1.2 million to $1.1 million.
The decrease resulted primarily from reductions in certain discretionary
spending.
Selling expenses decreased from $1.3 million to $1.0 million. The decrease in
selling expense relates primarily to a reduction in discretionary marketing
expenses, and reductions in variable selling expenses because of lower sales.
General and administrative expenses decreased from $1.7 million to $1.0 million.
The decrease relates primarily to a $350,000 non-recurring charge in the third
quarter of the prior year, and in the current year reductions in certain
administrative expenses.
LOSS FROM OPERATIONS
Loss from operations, for the reasons noted above, but primarily because of the
$1.6 million non-recurring charge in the third quarter of the prior year offset
by lower sales in the current three month period, decreased by $913,000 from
$1.3 million to $419,000.
MINORITY INTEREST SHRAE IN (INCOME) LOSS OF MICRO PULSE
The minority interest share in (income) loss of Micro Pulse represents the 49.5%
ownership interest's share of the consolidated (income) loss before tax of Micro
Pulse. Because the Company owns a 50.5% controlling interest, 100% of Micro
Pulse's sales and expenses are consolidated in the Company's consolidated
statement of operations and the minority interest share of the (income) loss is
reflected as a single line item in the statement of operations.
BENEFIT FROM INCOME TAXES
The benefit from income taxes the third quarter of fiscal 1999 is based upon an
annualized tax rate of 36%. The Company believes it will return to profitability
in future periods. Accordingly, the tax benefit recorded during the current
period, and recorded as a deferred tax asset in the accompanying consolidated
balance sheet is expected to be utilized.
NET LOSS
Net loss, for reasons outlined above, decreased by $689,000 from $894,000 to
$205,000.
<PAGE>
NINE MONTHS ENDED NOVEMBER 28, 1998 AND NOVEMBER 29, 1997
SALES
Sales decreased by $11.4 million, from $38.5 million for the nine months ended
November 29, 1997, to $27.1 million for the nine months ended November 28, 1998.
Sales of Wireless Cable products decreased $7.7 million from $22.8 million to
$15.1 million. Sales of Satellite Television products decreased $2.3 million
from $11.1 million to $8.8 million. Sales of Antenna products by Micro Pulse
decreased $1.4 million from $4.6 million to $3.2 million.
The decrease in Wireless Cable sales resulted primarily the significant downturn
in the worldwide Wireless Cable television market, which began in the second
half of fiscal year 1998 and has continued into fiscal year 1999. The decrease
can be attributed to reductions in the shipments of both reception equipment,
and MultiCipher, the Company's conditional access system. Reception product
sales were adversely affected by curtailed purchases by existing systems, as
well as a lack of new system expansion. MultiCipher sales were adversely
impacted particularly by the lack of new system expansion. The softness in the
Wireless Cable market affected unit shipments, as well as unit average sale
prices as competition lowered unit sales prices in an attempt to maintain
sales levels in a shrinking market. The Company reduced its unit sales prices
to maintain market share, however, demand for product was significantly less
than in prior periods.
The decrease in sales of Satellite Television products resulted from the
continued decrease in sales of C-Band products internationally because current
unit pricing prohibits the Company from competing in these markets at acceptable
gross margins. These sales decreases were offset by sales of Ku-DBS products
domestically as the Company expands its presence in the Ku-DBS marketplace.
The decrease in the sale of Antenna products by Micro Pulse resulted primarily
from increased competition, reductions in buying patterns by certain customers
as compared to the prior year, and unit price declines.
The Company's objective is to achieve sequential quarterly sales increases. This
is dependent upon the Company maintaining its Wireless Cable market share
internationally, a successful Wireless Cable rollout by Bell South in the United
States, and Look TV in Canada, in which the Company must participate as a key
supplier, and the timely introduction of certain Ku-DBS, and commercial
satellite products.
GROSS PROFITS AND GROSS MARGINS
Gross profits decreased by $3.0 million from $10.5 million to $7.5 million, and
gross margins increased from 27.3% to 27.7%. The decrease in gross profit
resulted from lower sales volumes offset by increased gross margins. The gross
margin improvement is primarily a result of the $1.3 million non-recurring
charge in the third quarter of the prior year, and improvements made during the
current year in supply management, decreases in labor and factory overhead. The
current year improvements were offset by lower unit sales price as compared to
the prior year.
There will be continued pressure on gross margins primarily because of
competitive pricing pressures. As a result, the Company will concentrate on
product cost reductions and product differentiation in an attempt to maintain or
increase gross margins.
OPERATING EXPENSES
Research and development expenses increased $338,000 from $3.3 million to $3.6
million. The increase resulted primarily from increased engineering personnel,
as well as increased salaries to remain competitive with industry salary
requirements.
Selling expenses decreased $594,000 from $4.1 million to $3.5 million. The
decrease is primarily a result of a reduction in discretionary marketing
expenses, and reductions in variable selling expenses because of lower sales.
General and Administrative expenses decreased $762,000 from $3.8 million to $3.0
million. The decrease is due primarily to the $350,000 non-recurring charge in
the third quarter of the prior year, and reductions in certain administrative
expenses.
LOSS FROM OPERATIONS
Loss from operations, for the reasons outlined above but primarily the $11.4
million decrease in sales, increased $2.0 million, from $637,000 to $2.6
million.
MINORITY INTEREST SHARE IN (INCOME) LOSS OF MICRO PULSE
The minority interest share in (income) loss of Micro Pulse represents the 49.5%
ownership interest's share of the consolidated (income) loss before tax of Micro
Pulse. Because the Company owns a 50.5% controlling interest, 100% of Micro
Pulse's sales and expenses are consolidated in the Company's consolidated
statement of operations and the minority interest share of the (income) loss is
reflected as a single line item in the statement of operations.
BENEFIT FROM INCOME TAXES
The benefit from taxes for the nine months of fiscal year 1999 is based upon an
annualized tax rate of 36%, the same tax rate as fiscal year 1998. The Company
believes it will return to profitability in future periods. Accordingly, the tax
benefit recorded during the current period, and recorded as a deferred tax asset
in the accompanying consolidated balance sheet is expected to be utilized.
NET LOSS
For the reasons outlined above, the net loss increased from $560,000 to $1.5
million.
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
The Company has a $3.5 million working capital facility with Pacific Century
Bank at the bank's prime rate (8.0% at November 28, 1998). In addition,
California Amplifier s.a.r.l., its foreign subsidiary, has an informal
arrangement with a French bank to borrow up to $600,000. As of November 28,
1998, no amounts were outstanding under any of these arrangements. The credit
facility with Pacific Century Bank expires in May, 1999.
The Company believes that cash flow from operations, together with the funds
available under its credit facilities, are sufficient to support operations and
capital equipment requirements over the next twelve months.
The Company believes that inflation has not had a material effect on its
operations.
YEAR 2000 COMPLIANCE
COMPANY PRODUCTS
The Company's satellite, wireless cable, voice and data, and antenna microwave
products are not impacted by the Year 2000 century change. The MultiCipher
product line, the Company's wireless cable scrambling and conditional access
system does have date and time characteristics either in microprocessor embedded
software, or in its software interface applications. The Company has identified
programming issues that may impact how certain information must be input by
MultiCipher customers, for example, the scheduling of future pay-per-view
events. The Company is currently completing the software programming to
address such issues and will make them available to customers on a fee based
upgrade basis. All current shipments of MultiCipher system head-ends are year
2000 compliant.
INTERNAL OPERATIONS
General. The computer system issues relating to dates beyond 1999 is the result
of many computer programs being written to use and store dates with only the
last two digits of the applicable year. As a result, these programs may assume
that all two digit dates are twentieth century dates. This could result in
system failure, anomalous system behavior or incorrect system reporting. System
failure could, in turn, temporarily affect the Company's ability to process
customer transactions, interface with vendors and engage in similar normal
business activities.
The Company has assessed how it may be impacted. The Company has formulated and
begun implementation of a plan to address all known aspects of the issue. The
Company has already completed a substantial portion of this plan and is on
schedule to fully complete the plan by July of 1999.
Software Information Systems. The Company's software information systems consist
primarily of a financial and manufacturing system (Computer Associates KBM),
and other smaller scale software applications, and other programs developed
internally.
In January 1999, the Computer Associates KBM financial and manufacturing
software upgrade was completed and a new IBM AS400 mainframe was installed, both
of which are now year 2000 compliant. Two software applications, Telemagic and
Sales Tracker, are not year 2000 compliant, and will be discontinued prior
to July 1999. In addition, software on networks and desktop computers are
currently being tested for year 2000 compliance. The Company does not expect
any major issues related to upgrading these software applications, at a cost of
less than $20,000.
Vendor Provided Computer Hardware and Operating Systems. Vendor provided
computer hardware and operating systems incluces all data center equipment (IBM
AS400 system) and networks (Novell and Microsoft NT). All of these systems were
or are now substantially year 2000 compliant with the exception of the Novell
Network. This will be upgraded by July 1999 with an estimated cost of less than
$10,000.
Communications Systems. Communications systems includes all data center
equipment (computers, networks telephone systems, and software systems used to
support external communications with customers, employees, and suppliers,
business partners and all corporate equipment and software systems used to
support internal business management communications. Each significant component
of these communications systems has been tested and all were found to be
substantially year 2000 compliant.
Suppliers and Other Business Partners. This area of the plan called for all
significant suppliers and other business partners to be surveyed for year 2000
readiness. Most of the significant trade vendors have already been contacted.
The Company anticipates that these activities will continue in the first quarter
of calendar 1999. The Company is not currently aware of any single vendor or
business partner with year 2000 compliance issues that could have a material
impact on the Company. Year 2000 business transaction tests of all direct
interfaces with vendors and other business partners will be completed by the
second quarter of 1999. The Company can provide no assurance that year 2000
compliance will be successfully implemented by all of its suppliers.
Contingency Planning. The Company has not yet developed a comprehensive
contingency plan to address the risk of operational problems and costs likely to
result from a failure by the Company or by a supplier or business partner to
address year 2000 readiness. This plan will be developed by the end of June
1999. It will list specific action plans for failure in any of the identified
areas of the year 2000 compliance plan. The Company believes that failure to
complete any of the remaining work to be done will not alone adversely affect
the continuity of the core business. The Company believes its current state of
readiness is on schedule with a conservative plan to be fully year 2000
compliant by July of 1999 and that business risks have been minimized. However,
there can be no guarantee that year 2000 compliance issues not yet identified or
fully addressed will not materially affect the Company's operations or expose it
to third party liability.
SAFE HARBOR STATEMENT
Forward looking statements in this Form 10-Q which include, without limitation,
statements relating to the Company's plans, strategies, objectives,
expectations, intentions, projections and other information regarding future
performance, are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The words "believes," "anticipates,"
"expects," and similar expressions are intended to identify forward-looking
statements. These forward-looking statements reflect the Company's current views
with respect to future events and financial performance and are subject to
certain risks and uncertainties, including, without limitation, product demand,
competitive market growth, timing and market acceptance of new product
introductions, competition, pricing and other risks and uncertainties that are
detailed from time to time in the Company's periodic reports filed with the
Securities and Exchange Commission, copies of which may be obtained from the
Company upon request. Such risks and uncertainties could cause actual results to
differ materially from historical results or those anticipated. 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.
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On June 11, 1997, the Company and certain of its directors and officers had two
legal actions filed against them, one in the United States District Court,
Central District of California, entitled Yourish v. California Amplifier, Inc.,
et al., Case No. 97-4293 CBM (Mcx), and the other in the Superior Court for the
State of California, County of Ventura, entitled Yourish v. California
Amplifier, Inc. et al., Case No. CIV 173569. On June 30, 1997, another legal
action was filed against the same defendants in the Superior Court for the State
of California, County of Ventura, entitled Burns, et al., v. California
Amplifier, Inc., et al., Case No. CIV 173981. All three actions are purported
class actions on behalf of purchasers of the common stock of the Company between
September 12, 1995 and August 8, 1996. The actions claim that the defendants
engaged in a scheme to make false and misleading statements and omit to disclose
material adverse facts to the public concerning the Company, allegedly causing
the Company's stock price to artificially rise, and thereby allegedly allowing
the individual defendants to sell stock at inflated prices. Plaintiffs claim
that the purported stockholder class was damaged when the price of the stock
declined upon disclosure of the alleged adverse facts. On September 21, 1998,
the Federal legal action was dismissed in the United States District Court, but
the State legal action remains in the Superior Court for the State of
California. The Company and its legal counsel are currently evaluating the
claims. Based upon the analysis performed to date, the Company, its directors
and officers, plan to vigorously defend themselves against these claims in State
court.
ITEM 2.CHANGES IN SECURITIES
None.
ITEM 3.DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5.OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
No reports on Form 8-K were filed during the quarter ended November 28,
1998.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
California Amplifier, Inc.
(Registrant)
January 11, 1999 /s/ Michael R. Ferron
Michael R. Ferron
Vice President, Finance and
Chief Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET ON PAGE 2 AND THE CONSOLIDATED STATEMENTS OF
OPERATIONS ON PAGE 3 OF THE COMPANY'S FORM 10-Q FOR THE THREE AND NINE
MONTHS ENDED NOVEMBER 28, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000730255
<NAME> CALIFORNIA AMPLIFIER, INC.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> FEB-27-1999
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<ALLOWANCES> 663
<INVENTORY> 4,854
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<TOTAL-ASSETS> 25,736
<CURRENT-LIABILITIES> 4,990
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0
0
<COMMON> 14,169
<OTHER-SE> 5,776
<TOTAL-LIABILITY-AND-EQUITY> 25,736
<SALES> 27,063
<TOTAL-REVENUES> 27,063
<CGS> 19,555
<TOTAL-COSTS> 10,111
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