Exhibit 99.1

California Micro Devices Reports September Quarter Financial Results

MILPITAS, Calif. – October 30, 2008 – California Micro Devices (Nasdaq: CAMD) today announced financial results for the second quarter of fiscal 2009, which ended September 30, 2008. Slightly above the midpoint of guidance, revenue increased to $16.3 million from $16.1 million a year ago while EPS on a GAAP basis was ($0.08) compared to $0.02 a year ago. Non-GAAP EPS was $0.01 compared to $0.05 a year ago and, for purposes of this release, was calculated excluding Arques Technology acquisition costs and employee stock-based compensation expenses, using a cash basis tax rate and including the approximately $1.1 million gain from the sale of LED Driver assets that had been acquired primarily from Arques Technology. Non-GAAP EPS exceeded guidance due to that gain while GAAP EPS was below guidance due to a decrease in the net deferred tax assets.

“Revenue in Q2 was up strongly from Q1 and up year-on-year for the second quarter in a row. A major highlight was that our new display controller contributed $2.0 million in revenue, up sharply from $0.5 million in Q1, as a top 5 handset supplier began shipping several handsets using this device in volume,” said Robert V. Dickinson, president and CEO. “In addition, handset protection shipments to Top 5 OEMs were up 25 percent sequentially. Although we are pleased with our performance so far this fiscal year, we have become more cautious about our outlook due to the growing weakness in the global economy. Fortunately, our strong balance sheet provides us with the staying power to weather the economic storm and we have demonstrated the ability to compete successfully in the growth markets we are focused on.”

Following CMD’s August 21^st announcement that its board approved a program to purchase up to 1 million shares of common stock, the company purchased approximately 97,000 shares at an average price of $3.02 per share during the September quarter. The company’s cash position at the end of the quarter was $52.9 million and operating cash flow in Q2 was positive for the 16th consecutive quarter.

Looking ahead, Dickinson anticipates December quarter revenue between $12.0 and $15.0 million with diluted EPS of between ($0.08) and ($0.12) on a GAAP basis, and between ($0.05) and ($0.09) on a non-GAAP basis. He cited three factors affecting the December quarter outlook: soft demand from manufacturers in Greater China; lower protection device sales to Top 5 mobile handset manufacturers; and a one-time inventory adjustment at one of the company’s high-brightness LED ESD protection customers.

Live Webcast with Presentation Slides

California Micro Devices will hold a conference call today at 2:00 p.m. Pacific Time to discuss its financial results.

The conference call may be accessed via live webcast by connecting to the company’s Investor Relations link at www.cmd.com. It may also be accessed by phone within the USA by dialing 800-240-2430. International parties may gain access by dialing 303-262-2191. No password is necessary. A replay of the conference call will be available on the company’s Investor Relations link at www.cmd.com beginning at approximately 4:00 p.m. Pacific Time on October 30, 2008 and continuing for one year.

California Micro Devices Corporation    •    490 N. McCarthy Blvd. #100, Milpitas, CA 95035-5112

www.calmicro.com    •    Tel: 408.263-3214    •    Fax: 408.263-7846

Upcoming Financial Conferences

CMD is scheduled to participate in the following financial conferences:

About California Micro Devices Corporation

California Micro Devices Corporation is a leading supplier of application specific analog and mixed signal semiconductor products for the mobile handset, digital consumer electronics and personal computer markets. Key products include protection devices for mobile handsets, digital consumer electronics products such as digital TVs, and personal computers as well as analog and mixed signal ICs for mobile handset displays. Detailed corporate and product information may be accessed at www.cmd.com.

All statements contained in this press release that are not historical facts are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. They are not guarantees of future performance or events. Rather, they are based on current expectations, estimates, beliefs, assumptions, and goals and objectives and are subject to uncertainties that are difficult to predict. As a result, our actual results may differ materially from the statements made. Often such statements can be identified by their use of words such as will, intends, expects, plans, believes, anticipates, and estimates. Forward-looking statements made in this release include our expected revenues and GAAP and non-GAAP loss per share for the 2009 third fiscal quarter and the three cited factors affecting such revenues and loss. These forward-looking statements are based upon our assumptions about and assessment of the future, which may or may not prove true, and involve a number of risks and uncertainties including, but not limited to whether our customers experience the demand we anticipate for their products based in part upon their input and our order backlog, whether the designed performance of our devices satisfies our customers’ requirements so that they continue to design our devices into their products, whether our devices perform to their design specification, whether competitors introduce devices at lower prices than our devices causing price erosion and/or loss of market share for us, whether we encounter any difficulty in obtaining the requisite supply of quality product from our contract manufacturers, contract assemblers and test houses without interruption or unanticipated price increases, whether we are having success in our R&D programs so that we desire to continue spending at a heightened level, and whether we incur unexpected operating expenses as well as the risk factors detailed in the company’s Form 8K, 10K, and 10Q filings with the Securities and Exchange Commission. Due to these and other risks, the company’s future actual results could differ materially from those discussed above. These forward-looking statements speak only as to the date of this release, and, except as required by law, we undertake no obligation to publicly release updates or revisions to these statements whether as a result of new information, future events, or otherwise.

In addition to disclosing financial results calculated in accordance with accounting principles generally accepted in the United States of America (GAAP), the company’s earnings release contains non-GAAP financial measures that

California Micro Devices Corporation    •    490 N. McCarthy Blvd. #100, Milpitas, CA 95035-5112

www.calmicro.com    •    Tel: 408.263-3214    •    Fax: 408.263-7846

exclude the effects of employee share-based compensation and the requirements of SFAS No. 123R, “Share-based Payment” (“123R”). The non-GAAP financial measures used by management and disclosed by the company exclude the income statement effects of all forms of employee share-based compensation and the effects of 123R upon the number of diluted shares used in calculating non-GAAP earnings per share. The non-GAAP financial measures also exclude Arques Technology acquisition related costs, including amortization of acquisition-related intangibles and one-time charges during fiscal 2007 for acquired in-process research and development, and include the approximate $1.1 million gain during the second quarter of fiscal 2009 from the sale of LED Driver assets that had been acquired primarily from Arques Technology. In addition, these non-GAAP measures utilize a tax rate that is based upon the income taxes the company expects to actually pay relating to the activities and results for the relevant fiscal time period. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. Set forth below are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. For additional information regarding these non-GAAP financial measures, see the Form 8-K dated October 30, 2008, that the company has filed with the Securities and Exchange Commission.

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California Micro Devices Corporation    •    490 N. McCarthy Blvd. #100, Milpitas, CA 95035-5112

www.calmicro.com    •    Tel: 408.263-3214    •    Fax: 408.263-7846

California Micro Devices Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share data)

(Unaudited)

California Micro Devices Corporation

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data)

(Unaudited)

(On a GAAP basis)

California Micro Devices Corporation

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data)

(Unaudited)

(On a non-GAAP basis)

California Micro Devices Corporation

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

(Unaudited)