I appreciate your analysis, Jeff, and I would also add the following take from the biz perspective. The eeprom market still has a future remaining especially combining with embedded applications. Xicor probably cannot remain a pure eeprom player. The competition from the larger Atmel, National, Microchip, STMicroelectronics and the emerging Korean competition is too great and consolidation is inevitable. I believe Atmel and others are moving away from the pure memory markets.
Also, I like the recent second and third-source manufacturing arrangements. I recall the supply shortages of '93 and '95, and the disruptive effects on their customers. Xicor should be able to improve their position with potential customers.
As I see it, besides the stagnant cash flow, a huge uncertainty remains for the company's future in the area of intellectual property for custom parts? |
