California Micro Devices Receives Letter of Shareholder Support
September 14 2009 - 7:14PM
Business Wire
California Micro Devices (Nasdaq Global:CAMD) (“CMD”, “CalMicro”
or “The Company”) today received the following letter from Ainsley
Capital Management LLC, a significant long-term shareholder. In the
letter, which was addressed to Robert V. Dickinson, the Company’s
chief executive officer, Ainsley expressed support for the
re-election of all seven of the Company’s directors at the upcoming
Annual Meeting of Stockholders, to be held on September 17, 2009.
The full text of the letter follows:
Bob,
Current management came to CalMicro in
Fiscal 2002 when over 90% of CalMicro revenues came from mature
markets in personal computers, telecom equipment, and other markets
that CalMicro no longer participates in, including unprofitable
foundry production. At the end of Fiscal 2002, CalMicro had equity
per weighted share equivalent of $0.63, cash and restricted cash of
$8 million, and debt of $9 million.
Today CalMicro has strong market positions
and nearly 90% of its revenues in mobile phone, high brightness LED
lighting, flat panel HD TV and other consumer products markets. Cal
Micro has a very strong customer base including all of the top 5
mobile handset makers as well as leading consumer electronics
companies. Despite navigating this difficult transition, CalMicro
increased revenues over the four fiscal quarters ended June 30,
2009 by 49% since Fiscal 2002, and as of June 30, 2009, has a very
clean balance sheet with equity per weighted share equivalent of
$2.20 per share, $44.3 million in cash and has paid off all
debt.
I support voting for the current board of
directors in the current shareholder proxy vote.
Sincerely,
/s/ Alan Ainsley Hicks
Alan Ainsley Hicks
In addition, Kaufman Brothers Equity Research issued a report on
its recent Investors Conference in which CMD participated. The
report supports management’s strategic plan for building
shareholder value, noting: “We believe CAMD is benefiting from
strong handset demand and is also seeing share gains at Tier-1
handset OEMs. Looking ahead, we also believe that CAMD will see
outgrowth in its newer LED business segment.”
CMD’s Board of Directors unanimously recommends that
stockholders vote FOR ALL of the Company’s directors – Jon Castor,
Robert Dickinson, Wade Meyercord, Ed Ross, David Sear, John Sprague
and David Wittrock – on the WHITE proxy card. CMD has already
committed that, if its directors are re-elected, it will add two of
Dialectic Capital’s nominees to the Board, if they are willing to
serve.
CMD stockholders are reminded that their vote is important, no
matter how many shares they own. Whether or not they attend the
Annual Meeting, CMD stockholders are encouraged to submit a WHITE
proxy by Internet, telephone or by signing and dating the WHITE
proxy card itself and returning it as soon as possible. If
stockholders have any questions or need assistance in voting,
please call Innisfree M&A Incorporated, who is acting as CMD’s
proxy solicitor and can be reached toll-free at (877) 456-3442 or
collect at (212) 750-5833.
About California Micro Devices Corporation
California Micro Devices Corporation is a leading supplier of
protection devices for the mobile handset, high brightness LED
(HBLED), digital consumer electronics and personal computer
markets. Detailed corporate and product information may be accessed
at www.cmd.com.
Additional Information
In connection with its 2009 annual meeting of stockholders,
California Micro Devices Corporation has established a website,
http://annualmeeting.cmd.com,
where stockholders may obtain information related to our annual
meeting, including our proxy statement and annual report, and may
vote.
Forward Looking Statement Disclaimer
All statements contained in this press release that are not
historical facts are forward-looking statements which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. They are not guarantees of future
performance or events. Rather, they are based on current
expectations, estimates, beliefs, assumptions, and goals and
objectives and are subject to uncertainties that are difficult to
predict. As a result, our actual results may differ materially from
the statements made. Often such statements can be identified by
their use of words such as will, intends, expects, plans, believes,
anticipates, and estimates. Forward-looking statements include
Kaufman Brothers Equity Research’s beliefs that we are benefiting
from strong handset demand and are also seeing share gains at
Tier-1 handset OEMs and that in the future we will see outgrowth in
its newer LED business segment. These forward-looking statements
are based upon assumptions about and assessment of the future,
which may or may not prove true, and involve a number of risks and
uncertainties including, but not limited to whether our customers
experience the demand we anticipate for their products particularly
in the handset and high brightness LED markets, whether CMD can
penetrate the high brightness LED market and whether such market
will grow, whether there is increasing global economic stability,
whether the designed performance of our devices satisfies our
customers’ requirements so that they continue to design our devices
into their products, whether our devices perform to their design
specification, whether competitors introduce devices at lower
prices than our devices causing price erosion and/or loss of market
share for us, and whether we encounter any difficulty in obtaining
the requisite supply of quality product from our contract
manufacturers, contract assemblers and test houses without
interruption or unanticipated price increases as well as the risk
factors detailed in the company’s Form 8-K, 10-K, and 10-Q filings
with the Securities and Exchange Commission. Due to these and other
risks, the company’s future actual results could differ materially
from those discussed above. These forward-looking statements speak
only as of the date hereof, and, except as required by law, we
undertake no obligation to publicly release updates or revisions to
these statements whether as a result of new information, future
events, or otherwise.
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