Interim Results - 6 Months to 30 September 1999

CML Microsystems PLC 24 November 1999 CML Microsystems Plc Improving situation for Semiconductors products Interim Results for the six months ended 30th September 1999 * Operating profit for the six months ended 30 September 1999 increased by 27% to £0.538m (1998: £0.423m). * The exceptional charge of £0.556m resulting from the sale of the traffic business (Microsense) has led to a small pre-tax profit of £61,000 (1998: £643,000). * Net cash reserves at the half year of £4m. * The Group's semiconductor businesses all moved ahead. * George Gurry, Chairman, said 'I am pleased to say that an improving situation in the Group's markets for semiconductor products was evident throughout the opening period, with firmly increased results posted by the semiconductor operating companies.' * '..I see no reason to alter my view that the results for this current year will post an improvement.' Chairman's Statement I am pleased to say that an improving situation in the Group's markets for semiconductor products was evident throughout the opening period, with firmly increased results posted by the semiconductor operating companies. Your board considered the benefit to the Group of its traffic business activities, and the decision was taken to dispose of the interest that the Company held in Microsense Systems Limited. Disposal of the holding in Microsense was completed in August 1999, and forms the sole subject accounted under Discontinued Activities in the P&L Account before you. For the six-month period ending 30 September 1999, a 27% rise in operating profit to £0.538m (1998 £0.423m) is reduced to a minor pre-interest loss by the exceptional item relating to the Microsense disposal. After net interest earnings, the resulting small profit translates to an after-tax and minority interest loss of £0.413m (1998 profit £0.419m), and negative earnings per share of 2.97p against a positive 2.63p earned in the corresponding period. The tax charge arises on the profit from continuing activities; the losses under discontinued activities could not be taken to account. Net cash reserves stood at approximately £4m at the period close (1998 £6.5m), reflecting completion of the recent major capital expenditure programmes. As I have said, the Group's semiconductor businesses all moved ahead during the opening half, posting good sales gains for a range of the Group's products across a number of market territories. Particularly pleasing is the progress achieved in the Far East markets, coupled with a clearly improving performance from the marketplaces in Europe and the USA. New products investment and facilities commissioning proceeded as planned throughout the period. The continuing businesses carried forward the development of their business objectives in a confident manner. The results represent a very poor outcome to the opening half, but I see no reason to alter my view that the results for this current year will post an improvement. G. W. Gurry Chairman 24th November 1999 For further information: Nigel Clark Lulu Bridges / Peter Willetts CML Microsystems Plc Tavistock Communications Tel: 01621 875 500 Tel: 0171 600 2288 Group Profit and Loss Account Unaudited Unaudite Audited d Discontinued Continuing 6 Months 6 Months 12 Months Activities Activities End End End 30/09/99 30/09/99 30/09/99 30/09/98 31/03/99 £'000 £000 £'000 £'000 £'000 Turnover 1,992 7,829 9,021 9,779 20,617 ===== ===== ===== ===== ===== Operating (Loss)/ Profit (689) 1,227 538 423 990 Exceptional Item (556) - (556) - - ----- ------ ----- ----- ------ (Loss) / Profit on Ordinary Activities before Interest and Taxation (1,245) 1,227 (18) 423 990 Interest Receivable - 97 97 242 381 Interest Payable (18) - (18) (22) (42) ------ ------ ------ -------- ------ (Loss)/Profit on Ordinary Activities before Taxation (1,263) 1,324 61 643 1,329 ===== ===== Taxation (473) (234) (557) ------ -------- ------ (412) 409 772 Minority Interest (1) 10 1 ------ -------- ----- (Loss) / Profit Attributable to Shareholders (413) 419 773 ===== ===== ===== Basic (Loss)/Earnings Per Share (2.97)p 2.63p 4.96p ===== ===== ===== Summary Group Balance Sheet Unaudited Unaudited Audited 6 Months End 6 Months End 12 Months End 30/09/99 30/09/98 31/03/99 £'000 £'000 £'000 Fixed Assets Tangible assets 9,905 8,708 9,992 Investments - - - ------ ------- ------- 9,905 8,708 9,992 ------ -------- -------- Current Assets Stocks 1,313 2,640 2,250 Debtors 3,229 4,332 5,219 Investments 1,843 5,545 2,114 Cash at Bank & in hand 2,211 914 2,309 ------ -------- -------- 8,596 13,431 11,892 Creditors: Amounts falling due within one ye 2,260 3,674 5,146 ------ -------- -------- Net Current Assets 6,336 9,757 6,746 ------ -------- -------- Deferred Taxation 82 10 74 ------ -------- -------- 16,159 18,455 16,664 ===== ===== ===== Capital & Reserves Called up Share Capital 696 796 696 Share Premium Account 2,349 2,349 2,349 Capital Redemption Reserve 255 155 255 Profit & Loss Account 12,849 15,155 13,355 ------ -------- -------- 16,149 18,455 16,655 Minority Interests 10 - 9 ------ -------- -------- 16,159 18,455 16,664 ===== ===== ===== Summary Group Cash Flow Statement Unaudited Unaudited Audited 6 Months End 6 Months End 12 Months End 30/09/99 30/09/98 31/03/99 £'000 £'000 £'000 Net cash in flow from operating activities 1,338 1,504 2,782 Returns on investments and servicing of finance 80 238 357 Taxation (468) (178) (747) Capital expenditure and financial investment (263) (1,890) (3,542) Equity dividends paid (974) (1,114) (1,114) ------- -------- -------- Net cash outflow before financing (287) (1,440) (2,264) Financing - - (1,410) ------- -------- -------- Decrease in cash (287) (1,440) (3,674) ===== ===== ===== Notes Comparative Results The actual results for the year to 31st March 1999 as shown in this statement, are an abridged version of the company's 1999 accounts which have been filed with the Registrar of Companies. The report of the auditors on the 1999 accounts was unqualified. Results for the six months ending 30/09/98 are the unaudited figures published in the Interim Statement dated 25th November 1998. 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 13,918,818 shares (1998 - 15,918,818 shares). The calculation of earnings per share for the year ended 31st March 1999 was based on a weighted average of 15,585,485 shares. This statement will be sent to shareholders and will be available from the Company's registered office: Oval Park, Langford, Essex CM9 6WG. This statement will also be available via CML Microsystem's Worldwide Web Home Page - http://www.cmlmicro.com.

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