Good morning! Today's SCVR will be slightly later than usual. This is due to me beginning to make the transition to Las Vegas time, in advance of my flight on Monday, in order to prevent jet lag*. Yes, I've decided to chance my luck against those hapless Yanks - rumour has it they are terrible poker players. So I'll be flying out economy, and hopefully coming back first class! Am spending next week in Vegas, enjoying a bit of sun, lots of cocktails, and hopefully separating some low standard poker players from their money. Sounds harsh, but they are willing participants, and seem to enjoy losing money - not a million miles away from AIM actually, when you think about it. I wonder if bulletin boards for poker are also populated with the foolish & inexperienced hurling abuse at experienced & successful players? Anyway, the end result is the same - money flows from the hapless to the disciplined.

* = most creative excuse ever?!!!

Next week's SCVRs - as I will be 8 hours behind UK time next week, my reports will be published in the evening UK time, rather than the morning. Sorry about that. Also they will probably be a little shorter too, as Balance Sheet analysis is not really what you want to focus on when sunbathing, gambling, or watching Mariah Carey mime to a soundtrack.

Right, on with some company analysis ...

CML Microsystems (LON:CML)

Share price: 268p
No. shares: 16.2m
Market Cap: £43.4m

One of the things I like about small caps, is that there are so many shares to choose from, that you can keep hundreds of companies on your watch list, and then just wait for the price to fall to an attractive level. The only problem is that when the price does fall to an attractive level, it's usually due to bad news having been issued.

I've had my eye on CML Microsystems for a couple of years, and it looked potentially interesting, but far too expensive. The price has now come down to a level where I would consider it in more detail, so let's have a dig through it results issued today.

The company says that it;

...manufactures and markets a broad range of semiconductor products, primarily for the global communication and data storage markets.

That scares me a little, as I know nothing about that sector. Although in general terms, …

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