MILPITAS, Calif., Jan 21, 2010 /PRNewswire via COMTEX/ -- California Micro Devices (Nasdaq: CAMD) today announced financial results for the third quarter of fiscal 2010, which ended December 31, 2009. Revenue was $12.6 million, compared to $9.7 million a year ago. GAAP EPS was a loss of ($0.04) compared to a loss of ($0.38) a year ago. Non-GAAP EPS was a profit of $0.02 compared to a loss of ($0.13) a year ago. Both GAAP and non-GAAP gross margins were 35 percent for the quarter. Non-GAAP operating expenses were $4.0 million while GAAP operating expenses were higher at $5.3 million primarily due to acquisition-related transaction costs of approximately $1.2 million. Positive operating cash flow was $900,000.

All results were in line with estimates announced on January 11, 2010, except that acquisition-related transaction costs were $1.2 million instead of the estimated $1.0 million primarily due to yesterday's announced litigation settlement which was accrued for in the 2010 fiscal third quarter which in turn led to GAAP operating expenses being $5.3 million instead of the estimated $5.1 million which caused GAAP EPS loss to be one cent greater than the estimate. For purposes of this release, non-GAAP financial measures are calculated excluding employee stock-based compensation expenses and acquisition-related transactions costs and using a cash basis tax rate.