California Amplifier Cleared in Probe

California Amplifier Inc., a maker of antennas used in satellite and other telecommunications, said an investigation of its finances related to a restatement of earnings revealed “no misappropriation of cash or other assets.”

The probe came after the Camarillo-based company’s controller said that net income for fiscal 2000 may have been overstated by as much as $2.2 million, or 18 cents a share. The controller then resigned.

The company said its fiscal fourth-quarter net income was $400,000, or 3 cents a share, contrasted with a loss of $5.66 million, or 46 cents, a year ago, as sales declined 4.7% to $26.5 million.

A new 2000 audit will reduce first-quarter earnings by 5 cents to 6 cents a share, it said.

Trading in California Amplifier’s shares on Nasdaq is suspended. They last traded March 28, falling 19 cents to $5.03.