U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 26, 1995
California Micro Devices Corporation
(Exact name of registrant as specified in its charter)
California 33-399-77 94-2672609
(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
215 Topaz Street, Milpitas, CA 95035-5430
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (408)263-3214
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Information Released
On October 26, 1995, California Micro Devices Corporation (the "Company")
released certain information regarding the Company's second quarter 1996
financials.
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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 hereunto duly authorized.
Dated: November 3, 1995 CALIFORNIA MICRO DEVICES CORPORATION
By: /s/ Scott Hover-Smoot
Scott Hover-Smoot
Secretary
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NEWS RELEASE
Company Jeffrey C. Kalb
Contact: President and CEO
(408) 263-3214
Agency: Ira Weingarten
Contact: Equity Communications
(805) 897-1880
For release at 1:00 PM Pacific time
ACCELERATING PRODUCT SALES DRIVE Q2 EARNINGS AT CMD
Milpitas, CA, October 26, 1995 -- California Micro Devices Corporation,
headquartered here,today said it reported net income of $836,000, or $0.08 per
share, on revenues of $9.6 million, for the second fiscal quarter ended
September 30, 1995. This compares with a loss of $1,621,000, or ($0.19)
per share, on revenues of $7.8 million for the three month period ended
September 30, 1994. Average shares and share equivalents outstanding
increased to 10,964,000 from 8,537,000 at September 30, 1994, including
1,500,000 shares held in trust for the tentative settlement of class
action shareholder lawsuits.
For the six months ended September 30, 1995, the Company reported net income
of $1,353,000, or $0.13 per share, on revenues of $18.3 million. This
compares with a loss of $9.0 million, or ($1.06) per share, on revenues of
$19.9 million for the six months ended September 30, 1994.
According to Jeffrey Kalb, CMD president and chief executive officer, "We
are pleased with the results for the second quarter and look forward to
ongoing improvement in our operations. Our results for the past two quarters
are a clear indication that we have turned the Company around. We continue
to gain new customers and increase business with existing ones, and are
especially pleased with the rapid increase in revenues from our thin film
product line and its acceptance into new designs. Our business has been
focused on areas that provide the greatest possibilities for growth and
profit, and our strong balance sheet provides us with the resources and
the staying power to grow the Company into a significant market power."
Net product sales totaled $9.3 million for the fiscal 1996 second quarter,
ended September 30, 1995, as compared with $7.6 million during the quarter
ended September 30, 1994. Technology related revenues were $307,000 compared
with $255,000 in the year earlier quarter.
For the three months ended September 30, 1995, gross margins on product sales
increased to 43% of product sales compared to 19% in the year earlier period
due to improved operating efficiencies and increased sales of higher margin
thin film products. Operating expenses remain high primarily due to over
$300,000 of legal costs associated with shareholder litigation and related
matters.
For the six months ended September 30, 1995, product sales were $17.7
millioncompared with $13.9 million in the year earlier period.
Technology related revenue was $610,000 compared
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with $6.0 million during the six months ended September 30, 1994, due to a
one-time sale of technology to Hitachi Metals, Ltd. during the quarter
ended June 30, 1994.
For the six months ended September 30, 1995, gross margins on product sales
were 43% of sales. Gross margins for the year earlier six-month period were
negative due to inventory write-downs and warranty reserves booked in the
quarter ended June 30, 1994 (as restated). Operating expenses during the
six months ended September 30, 1995, were negatively impacted by over
$500,000 of legal costs associated with shareholder litigation and other
matters.
Both the three months and the six months ended September 30, 1994, include
a $835,000 charge, or ($0.10) per share, reflecting the cumulative effect of
change in accounting principle related to a change in the method of
recognizing revenue on sales to distributors.
California Micro Devices is a designer, manufacturer and marketer of
integrated passive electronic components, which it calls IPEC(TM). CMD'S
silicon-based, thin film products are smaller, faster and integrate well into
the major electronic industry trends toward smaller, portable equipment,
higher frequencies and greater functionality.
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