Interim Results

CML Microsystems PLC 22 November 2000 CML Microsystems Plc Interim Results for the Six months ended 30th September 2000 CML Microsystems Plc, the group which designs, manufactures and markets a range of semiconductors for use in the communications industry, announces Interim results for the six months ended 30th September 2000. * Turnover from continuing Businesses up 35% from £7.829m to £10.598m. * Pre-tax profits from continuing Businesses up 84% from £1.324m to £2.444m. * EPS for the six months of 11.17p compared to 10.73p for the full year ended 31st March 2000. * Net cash reserves of £9.19m at the interim stage. * George Gurry, Chairman, said 'The market areas that were most successfully addressed by the Group's products included wireless data terminals, subscriber-line telecom functions and personal/private radio communication. There was a significant market interest for the specialised voice coding products that the Group offers. * 'I believe that your Company is making satisfying progress in its performance and I am hopeful that it should continue to do so. Subject to unforeseen circumstances, I feel confident that the results for this year can be expected to show a firm increase.' For further information: Nigel Clark Lulu Bridges / Sarah Landgrebe CML Microsystems Plc Tavistock Communications Tel: 01621 875 500 Tel: 020 7600 2288 CHAIRMAN'S STATEMENT The results for the opening six-month period show a healthy gain over the results for each six-month period of last year, and are indicative of the continuing increase in your Company's performance that my earlier remarks anticipated should characterise this current year. Given the conventions for reporting the figures at this interim stage, you may find it helpful if my comments include some context for the disposal of the Group's traffic business that took place during the comparative reporting period. On a continuing business's basis, Group sales show a 35% rise (1999: £7.829m) over the comparative period and operating profit grew by 78% (1999: £1.227m). A gain of 84% is recorded at the pre-tax level, assisted by the increase in interest earnings. As the reported figures show, the Group's net cash reserves stood at £9.19m at the interim stage (2000 year end: £6.85m), and basic earnings per share have risen to 11.27p (10.73p per share earned for the previous full year). The Group's operating companies were each successful in gaining a notable increase in sales into their market territories during the opening half, although no marked increase was recorded for the UK market. It is an increasingly established fact for the Group's business that end-sales do not necessarily reflect the territory where the key design-in decisions are reached by or on behalf of the Group's customers. The market areas that were most successfully addressed by the Group's products included wireless data terminals, subscriber- line telecom functions and personal/private radio communication. There was a significant market interest for the specialised voice coding products that the Group offers. The Group has been active in the design and introduction of a number of new products that are unlikely to deliver benefit before next year. I believe that your Company is making satisfying progress in its performance and I am hopeful that it should continue to do so. Subject to unforeseen circumstances, I feel confident that the results for this year can be expected to show a firm increase. G W Gurry CHAIRMAN 22nd November 2000 CML Microsystems Plc Interim Statement for the half year ended 30th September 2000 Group Profit and Loss Account Unaudited Unaudited Audited 6 Months 6 Months 12 Months End End End 30/09/00 30/09/99 31/03/00 £'000 £'000 £'000 Turnover 10,598 9,821 19,751 ------ ------ ------ Operating Profit 2,191 538 2,462 Exceptional item - (556) (556) ------ ------ ------ Profit/(Loss) on Ordinary Activities before Interest and Taxation 2,191 (18) 1,906 Interest Receivable 253 97 247 Interest Payable - (18) (18) ------ ------ ------ Profit on Ordinary Activities before Taxation 2,444 61 2,135 Taxation (826) (473) (617) ------ ------ ------ Profit/(Loss) on Ordinary Activities after Taxation 1,618 (412) 1,518 Minority Interest 1 (1) (14) ------ ------ ------ Profit/(Loss) Attributable to Shareholders 1,619 (413) 1,504 ====== ====== ====== Basic Earnings/(Loss) Per Share 11.27p (2.97)p 10.73p ====== ====== ====== CML Microsystems Plc Interim Statement for the half year ended 30th September 2000 Group Balance Sheet Unaudited Unaudited Audited 6 Months 6 Months 12 Months End End End 30/09/00 30/09/99 31/03/00 £'000 £'000 £'000 Fixed Assets Tangible Assets 9,535 9,905 9,817 ------ ------ ------ Current Assets Stocks 2,594 1,313 1,681 Debtors 3,411 3,229 3,014 Investments 6,389 1,843 3,893 Cash at Bank & in Hand 2,803 2,211 2,958 ------ ------ ------ 15,197 8,596 11,546 Creditors: Amounts falling due within one year 4,703 2,260 3,856 ------ ------ ------ Net Current Assets 10,494 6,336 7,690 ------ ------ ------ Deferred Taxation - 82 6 ------ ------ ------ Net Assets 20,029 16,159 17,501 ====== ====== ====== Capital & Reserves Called up Share Capital 730 696 716 Share Premium Account 3,223 2,349 2,802 Capital Redemption Reserve 255 255 255 Profit & Loss Account 15,798 12,849 13,704 ------ ------ ------ Shareholders' Funds 20,006 16,149 17,477 Minority Interests 23 10 24 ------ ------ ------ 20,029 16,159 17,501 ====== ====== ====== CML Microsystems Plc Interim Statement for the half year ended 30th September 2000 Group Cash Flow Statement Unaudited Unaudited Audited 6 Months 6 Months 12 Months End End End 30/09/00 30/09/99 31/03/00 £'000 £'000 £'000 Net cash in flow from operating activities 3,050 1,338 3,783 Returns on investments and servicing of finance 254 80 229 Taxation (282) (468) (564) Capital expenditure and financial investment (328) (263) (574) Equity dividends paid (1,217) (974) (974) ------ ------ ------ Net cash in/(out) flow before financing 1,477 (287) 1,900 Financing 435 - 473 ------ ------ ------ Increase/(decrease) in cash 1,912 (287) 2,373 ====== ====== ====== Notes: Comparative Results The actual results for the year to 31st March 2000 as shown in this statement are an abridged version of the company's 2000 accounts which have been filed with the Registrar of Companies. The report of the auditors on the 2000 accounts was unqualified. Results for the six months ending 30/09/99 are the unaudited figures published in the Interim Statement dated 24th November 1999. Exceptional Item The exceptional item is the net loss on the disposal of the Group's interest in Microsense Systems Limited which was completed on 26th August 1999. Taxation The Directors consider that tax will be payable at varying rates according to the country of incorporation of a subsidiary and have provided on that basis. Earnings Per Share The calculation of earnings per share is based on the profit attributable to shareholders for the period and on a weighted average number of shares of 14,367,032 shares (1999 - 13,918,818 shares). The calculation of earnings per share for the year ended 31st March 2000 was based on a weighted average number of 14,013,840 shares. This statement will be sent to shareholders and will be available from the Company's registered office: Oval Park, Langford, Essex CM9 6WG.

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