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Technology Stocks : California Micro Devices

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To: Tom Linzmeier who wrote (38)	9/23/1997 10:02:00 PM
From: Tom Terf	of 168

Tom: No, just some detoriation of their old line semiconductor business with no offset by more bouyant thin film products, largely dur to lower sellings prices.. The PAC1284 shipments to Intel have been slow to materialize, although CMD has built up about 2M pieces to date. Intel is expected to use about 2M per month when this ramps into higher volume production. ... probably now early 1998 instead of now. Other design wins are also slower to get into production than CMD has expected. That's the cause of the lower sales level and order rate for Q2. Same old story. They are running at breakeven -- after some accounting tricks -- for past 5-6 quarters now. Further, the Company prefers to broadcast bad news to avoid lawsuits from shareholder. So they will clear out any bad news ahead of positive announcements, if any. "Accentuate the negative." Takeover still highly likely at this low stock price. Lots of new competitors out there have no manufacturing or customer base so CMD is takeover bait.

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