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Fabless Semiconductor Association and Banc of America Securities Update the Fabless Stock Index; Changes Include New Name, Updated List, New Internet Access
Updated 7:30 PM ET August 31, 1999
SAN JOSE, Calif. (BUSINESS WIRE) - The Fabless Semiconductor Association (FSA) and Banc of America Securities (BAS) today jointly announced the name change and updated listings of the BAS/FSA Fabless Stock Index (FABLSSM Index). The FABLS Index monitors stock movement of the publicly-traded fabless semiconductor companies, and accurately provides up-to-the-minute quotes. The FABLS Index was created to capture the essence of a new breed of semiconductor companies and showcase the unique market dynamics of the fabless community.
The FABLS Index, formerly called the NMS/FSA Fabless Stock Index, was introduced last year jointly by the Fabless Semiconductor Association and the former NationsBanc Montgomery Securities. With the recent merger of NationsBank and Bank of America, the FABLS Index will now be maintained by Banc of America Securities, the investment banking subsidiary of Bank of America.
"In these early stages of a broad-based semiconductor industry up-cycle, the fabless model is clearly enabling some of the most impressive operating models in the business," stated Rick Whittington, Senior Research Analyst and Managing Director for Banc of America Securities. "Companies are increasingly factoring foundry partnerships into their strategic roadmaps, and we are excited to be working with the FSA in tracking this momentum through the BAS/FSA Fabless Stock Index."
Fabless companies recently added include: ATI Technologies (ATYT), Hi/fn (HIFN), Nanogen (NGEN), PLX Technology (PLXT) and Silicon Storage (SSTI).
On May 15, 1998, the FABLS Index was set with a benchmark value of 100. It is maintained in real time by Bridge Information Systems and is updated at the end of each quarter. Changes and additions of initial public offerings, de-listings, stock splits and stock dividends are implemented by BAS quarterly. Should a company fall under a $100 million market capitalization for two consecutive quarters, the company is removed from the index.
"The FABLS Index has surpassed our expectations," said Jodi Shelton, FSA executive director. "In the past year, it has served to distinguish the fabless community on Wall Street and provide a means of measuring the significant growth in the industry. We look forward to expanding the use and watching the success of the FABLS Index."
The FABLS Index is comprised of public semiconductor companies that have fabless charters with market capitalization in excess of $100 million. The Index is price-weighted and represents the purchase of equal share amounts of each listed company, i.e., 100 shares of each stock. The index reflects equal price movements in the stocks, without regard for market capitalization, which should highlight the dynamic growth of its members. The index is available on the BAS Web site, www.bofasecurities.com; on a Bridge terminal, ticker FABLS; on Bloomberg under FABLS; and from the FSA Web site, www.fsa.org.
The fabless model originated in the 1980s and has been adopted by companies wishing to eliminate or reduce the capital investment necessary to build a $1.5 billion fab, and to reduce the resources necessary to keep the fab operating at the leading edge. Fabless companies' value is based on their design capability and intellectual property portfolios. Seven such companies, with a total market value of $1.6 billion, existed in 1990. Now, there are over 400 fabless semiconductor companies in North America and another 200 companies worldwide. Revenues for this group are estimated at over $13 billion.
About the FSA
The Fabless Semiconductor Association was formed in July 1994 by industry leaders wishing to achieve a more optimal balance between wafer demand and capacity for fabless companies. The mission of the FSA is to stimulate technology and foundry capacity by communicating the future needs of the fabless semiconductor segment in terms of quantity and technology; provide interactive forums for the mutual benefit of all FSA members; and be a strong, united voice on vital issues affecting the future growth of fabless semiconductor companies.
About Banc of America Securities
Banc of America Securities LLC (BAS) has been a leading underwriter of semiconductor companies in the nineties having managed over 70 offerings raising over $5 billion. BAS, a subsidiary of Bank of America Corporation, is a full-service investment bank and brokerage firm. With principal offices in San Francisco, New York City and Charlotte, BAS employs more than 4,000 associates in offices around the country, and with affiliates, offers capabilities worldwide. Bank of America Corporation, with $614 billion in total assets, is one of the largest banks in the United States, with operations in 21 states and the District of Columbia.
The complete list of fabless companies on the FABLS Index as of September 1, 1999: 3Dfx Inter-active (TDFX), Actel (ACTL), Adaptec (ADPT), Alliance (ALSC), Altera (ALTR), Benchmarq (BMRQ), Broadcom (BRCM), C-Cube Microsystems (CUBE), Cirrus Logic (CRUS), DSP Group (DSPG), ESS Technology (ESST), Exar (EXAR), Galileo Technology (GALTF), Genesis Microchip (GNSSF), Integrated Circuit Systems (ICST), Lattice Semiconductor (LSCC), Level One Communications (LEVL), MMC Networks (MMCN), NeoMagic (NMGC), Oak Technology (OAKT), PMC-Sierra (PMCS), Power Integrations (POWI), Qlogic Corporation (QLGC), S3 (SIII), SanDisk (SNDK), Transwitch (TXCC), Xilinx (XLNX) and Zoran (ZRAN).
Contact: Fabless Semiconductor Association Debbie Scoggin, 972/866-7579 dscoggin@fsa.org or Banc of America Securities Jennifer A. Smith, 415/913-5968 jasmith@bofasecurities.com |
