Plasma and Materials Technologies !!!! Message Board

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Technology Stocks : Plasma and Materials Technologies !!!!

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To: Jeff Christensen who wrote (205)	10/25/1996 2:03:00 PM
From: Robert Henry	of 383

Jeff, yes I decided to listen in and will relate what I heard. It was a relatively short call, covering pretty much the same ground. PMT, presumably in fear of CA Prop 211, wouldn't make any forward looking statements. PMT's cash and AR had changed from the Sep 30 figures. They said they had approx. $20M in cash now and receivables were down (as is to be expected). The analysts had few financial questions. One analyst did note w/satisfaction how nice it was that PMT managed to improve their margins in what amounted to a mildly disappointing (inre to rev's.) quarter. The Hyundai order that slipped still hasn't shipped. They stressed the importance of the most recent Hyundai sales being for production rather than testing. The analysts were interested in PMT's success or progress in oxide etch. Although PMT's focus has been on poly and metal, three semi fabs are currently testing PMT's oxide etch (Dallas Semi, LG and one other). PMT said they've been told they have the leading oxide technology. The most interesting thing for me was the solid impression I felt that the analysts were most concerned with the Electrotech acquisition. PMT shed little new light on the situation other than how they want to close the deal soon. Presently, it's being held up by passing muster w/British reg's. The more I grow to understand the semi equipment industry, the more I understand the fundamental importance of this acquisition. It's my opinion now that PMT's survival and ultimate success hinges on this acquisition. I don't mean to sound so dramatic, but they are in far greater danger of being crushed by Lam and Applied in the next boom cycle if they remain a $35M rather than a $100M+ company. The beauty of the Electrotech deal is they not only become a $100M+, international manufacturer, but they acquire two additional leading technologies as a bonus. I hope I got it right. Please correct or add if I didn't. -Robert

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