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OmniVision completes acquisition of CDM Optics
Mark Peters : May 8th 2005 - 01:50 CET
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 OmniVision completes acquisition of CDM Optics : OmniVision Technologies reported today that it has completed the previously announced acquisition of privately held CDM Optics, and that CDM has become a wholly owned subsidiary of OmniVision. All of CDM's 18 employees are expected to stay with CDM at its existing location in Boulder, Colorado. CDM is the exclusive licensee of a patented technology, known as Wavefront Coding, that substantially increases the performance of an imaging system by increasing the depth of field and/or correcting optical aberrations within the image. Wavefront Coding is expected to significantly reduce the size and complexity of the auto-focus function on future camera modules utilizing OmniVision sensors.
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 OmniVision and CDM - Cash
The closing consideration consisted of $10 million in cash and approx. 515,000 shares of OmniVision common stock (which will be registered for resale with the SEC within 30 days of the closing). OmniVision will pay an additional $10 million in cash upon the shipment of a pre-determined number of revenue-producing products incorporating CDM's technology. OmniVision expects to have product samples available within one year, with shipments expected to commence 3 to 6 months thereafter.
OmniVision and CDM - Financial aspect
According to Peter V. Leigh, OmniVision's chief financial officer, CDM and the costs associated with the acquisition will be included in the Company's fiscal year-end balance sheet at April 30, 2005, and CDM's results of operations will be included in OmniVision's financial statements commencing in its fiscal year 2006, which begins on May 1, 2005. The Company does not expect to record any one-time acquisition-related charges in the current quarter ending April 30, 2005. The Company currently anticipates that the acquisition's initial effect on net income will not exceed $0.01 per share per quarter.
About OmniVision
OmniVision Technologies designs and markets high-performance semiconductor image sensors. Its OmniPixel and CameraChip products are highly integrated single-chip CMOS image sensors for mass-market consumer and commercial applications such as mobile phones, digital still cameras, security and surveillance systems, interactive video games, PCs and automotive imaging systems.
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