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California Micro Devices warns of 3Q miss

California Micro Devices warned Thursday that its third-quarter sales and earnings will miss analysts’ estimates mainly because several PC and networking customers cancelled orders.

California Micro Devices (Nasdaq: CAMD) shares closed up 13 cents to $7.44 ahead of the warning.

Company officials told investors that sales will in the third quarter will be 8 percent to 10 percent lower than the $16.1 million it recorded in the second quarter.

Earnings are expected to fall 10 percent to 20 percent below the current First Call Corp. estimates of 14 cents a share.

In the year-ago period, it posted a profit of 4 cents a share on sales of $11.7 million.

“Our revenue has been affected by the widely reported order cancellations and pushouts in the personal computer, networking, and telecom industries,” said CEO Jeffrey Kalb in a prepared release. “These impacts continued through the quarter, with turn-able business being low since the mid- quarter update we provided.”

Kalb added that it was too early to predict sales or earnings for the fourth quarter.

The stock moved as high as $45.06 in March before tumbling to a low of $6 a share earlier this month.

All three analysts following the stock maintain a “buy” recommendation.