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 10, 1996
California Micro Devices Corporation
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(Exact name of registrant as specified in its charter)
California 33-399-77 94-2672609
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(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
215 Topaz Street, Milpitas, CA 95035-5430
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (408)263-3214
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 7. Financial Statements and Exhibits
On October 10, 1996, California Micro Devices Corporation (the
"Company") released certain information regarding the Company's expected
second quarter 1997 financials as attached hereto.
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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: October 11, 1996 CALIFORNIA MICRO DEVICES CORPORATION
By:
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John E. Trewin
Vice President and Chief Financial Officer
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NEWS RELEASE
[logo design California Micro Devices Corporation]
California Micro Devices
Contacts: Jeffrey Kalb, President and CEO
(408) 934-3106
John Trewin, Vice President and CFO
(408) 934-3103
Roberta Silverstein, Press and Media
(408) 934-3141
For Release 3:00PM Pacific Time
CALIFORNIA MICRO DEVICES EXPECTS SLIGHT SECOND QUARTER PROFIT
DESPITE CHALLENGING ENVIRONMENT
Milpitas, CA, October 10, 1996 -- California Micro Devices Corporation
(NASDAQ NMS: CAMD) (CMD) today announced that it expects to report a slight
profit for the second fiscal quarter ended September 30, 1996 despite
revenue reductions and a significant increase in R&D spending for new
products. According to Jeffrey Kalb, CMD's president and chief executive
officer, "Revenues will be approximately 15% lower than the $9.6 million
reported for the quarter ended June 30, 1996. This has been a tough
quarter for CMD and most of the semiconductor and related industries.
Although orders improved late in the quarter, they were still not as much
as we would have liked. As we said earlier this year, many customers are
reducing their inventories and giving us significantly shorter lead times.
This quarter also witnessed a significant reduction in distribution
inventories. As a result, visibility is short and planning is difficult.
Also, some of our customers, in addition to correcting inventory levels,
have lost market share in certain key areas, and some customers have
delayed production on products where CMD has design wins. However, we took
steps late in the June quarter and early in the September quarter to
significantly reduce costs. Although we do not expect to announce earnings
for another two weeks, the data available to us at this time indicates that
these cost reduction efforts were successful and should enable us to show a
small profit for the quarter. This is in part a testimony to the
effectiveness of the management systems the Company has been putting in to
place, and it's improved ability to respond to changing situations. Recent
weeks have shown increased booking levels, but visibility is still very
short term. Our investment in R&D re-enforces our continuing belief that
our P/Active(tm) termination and filtering solutions represent a
significant growth opportunity for the Company as we work through this
industry adjustment phase."
Forward looking statements involve a number of risks and uncertainties
including, but not limited to, product demand, pricing, market acceptance,
risk of dependence on third party suppliers, intellectual property rights
and litigation, risks in product and technology development and other risk
factors detailed in CMD's Securities and Exchange Commission filings.
Statements contained herein which are not historical facts are forward
looking statements. The forward-looking statements in this release are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Due to the risk factors discussed herein,
the Company's future actual results could differ materially from those
discussed above.
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Headquartered in Milpitas, California, California Micro Devices (CMD)
designs, manufactures and markets integrated thin-film, silicon-based
termination and filtering passive components and active electronic
circuitry. CMD's products target the requirements of computer, networking
and communication-based customers for smaller, densely integrated devices
that operate at higher frequencies with superior performance and
functionality.
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