Sep. 14, 2009 (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.
