California Micro Devices Sells LED Driver Assets For $1.3 Million
California Micro Devices announced that it has sold the assets related to its line of LED drivers for mobile handsets to a third party buyer for a cash payment of $1.3 million to CMD. The transaction includes existing products, products under development and related patents. Two engineers who had worked on this product line for CMD have also joined the buyer.
CMD expects to record a gain of approximately $1.1 million in the second quarter of its fiscal 2009 that was not reflected in its recent outlook for the quarter and to see a modest reduction in R&D expense going forward compared to what it would have otherwise been. That reduction has been reflected in its recent guidance.