California Micro Devices Provides December Quarter Financial Estimates

MILPITAS, Calif., Jan. 11 /PRNewswire-FirstCall/ -- California Micro Devices (Nasdaq: CAMD) today estimated that revenue for the third quarter of fiscal 2010, which ended December 31, 2009, was between $12.5 and $12.6 million, at or exceeding the $12.5 million high end of prior guidance. Both GAAP and non-GAAP gross margins were approximately equal to the high end of their respective guidance ranges of approximately 35%. Non-GAAP operating expenses of approximately $3.9 to $4.0 million were below the lower end of their guidance range of $4.1 million while GAAP operating expenses of approximately $5.1 million were in excess of the high end of their guidance range of $4.3 million, primarily due to acquisition-related transaction costs of approximately $1.0 million. GAAP EPS is estimated to be a loss of approximately ($0.03), compared to the ($0.04) low-end of prior guidance, while non-GAAP EPS is estimated to be a profit of approximately $0.02, exceeding the $0.01 high end of prior guidance. The company also estimated that positive operating cash flow for the quarter was approximately $900,000, exceeding the $200,000 high end of prior guidance. For purposes of this release, the non-GAAP EPS estimate excludes acquisition-related transaction costs of approximately $0.04 per share as well as stock-based compensation expenses of approximately $0.01 per share, and uses a cash basis tax rate, which had negligible impact. Non-GAAP gross margin excludes approximately $50 thousand of stock-based compensation expenses. Non-GAAP operating expenses exclude approximately $1.0 million of acquisition-related transaction costs and approximately $200 thousand of stock-based compensation expenses.

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