Update: Growth interrupted
While CML's full-year results were a touch ahead at the earnings level, FY15 will be affected by a number of customer transition issues, particularly an end-user inventory build-up related to the exit of a customer from the industrial storage market. We believe these are largely transition issues, which should normalise over the course of 2015, while investment in wireless chipset solutions and broadening the storage portfolio should support a recovery in growth and margins in FY16.CML Microsystems designs, manufactures and markets mixed-signal and Radio Frequency semiconductors, primarily for global communication and solid state storage markets. Co.'s Hyperstone-branded products application areas include industrial flash memory cards, solid state drives and embedded storage with key end markets that include telecoms/network infrastructure, industrial, automation, in-vehicle infotainment and the Industrial Internet of Things. Co.'s Incorporates Wireless & Wireline business provides voice and/or data communications products with key end markets that include voice centric mission/business communications as well as non-cellular wireless data communications.
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