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Technology Stocks : California Micro Devices
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To: Elvis Jones who wrote (40)12/5/1998 12:33:00 PM
From: Alan A. Hicks  Read Replies (1) of 168
 
CAMD is making steady progress in its transition to new standard products based on a unique, new semiconductor technology integrating high performance passive components on a single chip for specific applications in PCs, workstations, servers, wireless communications devices, and networking equipment. With their first two products introduced over the last year, revenues have reached 30 percent of overall revenues.

Two additional new products are set to go into high volume production very soon. CAMD's new product revenues could reach 50% of revenues and approach breakeven in the March quarter. CAMD could have as many as 10 new products in high volume production by the end of next year and be solidly profitable. At a recent presentation at the American Electronics Association conference CAMD sees a $1 billion market for these integrated passives with semiconductors with CAMD potentially capturing 20 to 30% of this market. CAMD currently has $34 million in revenues.

CAMD's traditional products have had declining revenues and have masked the growth in the new products. An important inflection point will be when new products surpass 50% of their revenues next year. Book value plus tax credits are around $4.25 per share. As CAMD introduces more new successful products based on this unique new technology, CAMD is going to become an increasingly attractive takeover candidate, but management will probably resist any takeover under $10 per share.
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