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Technology Stocks : California Micro Devices

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To: Elvis Jones who wrote (156)	2/21/2000 9:56:00 PM
From: James Fulop	Read Replies (2) of 168

>>I like seeing a new beneficial owner. But I hate the thought of losing one.<< TCW is a "pure" investor, and while I don't know the reason why Hitachi Metals held until now and intends to sell, there could have been business reasons to sell that superseded any future share price appreciation projections. Japanese firms, while "pure investors" at times, tended in the past to make investments that would reinforce business relationships... I was curious to know if there was any business CAMD has/had with Hitachi Metals...and found this: >>However, we also saw a reduction in revenues associated with Joint R&D during the quarter. It is down $200K from the prior quarter and down $100K year over year. This revenue represents Hitachi Metals share of joint R&D. Hitachi has decided to participate in a smaller number of projects this year. This decision was made midway through the quarter and was not part of our planning at the beginning of the quarter. We would expect this R&D participation to remain at this level or below for the remainder of the year.<< calmicro.com And in another: >>Technology revenue dropped by $112,000 compared to last quarter as Hitachi is phasing out of its joint R&D participation.<< calmicro.com I am new to doing DD on CAMD like this, but it certainly seems possible that if Hitachi Metals was holding the stock for other than pure investment reasons, the fact they are phasing out R&D development with CAMD makes selling not that unreasonable... I could be way off here, so anyone feel free to jump in here...

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