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Technology Stocks : Ultratech Stepper

UTEK 30.23

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Jun 5 5:00 PM EST

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To: Brendan W who wrote (550)	4/24/1997 4:11:00 PM
From: Andrew Vance	of 3696

No, I listened to the conference call but had to disconnect during the questions. Quarter was disappointing but really due to the mix of products and their cyucle times when certain push outs could not be matched with pull ins. Art had good things to say about the Ultrabeam and the P-GILD products but made it clear that neither of them were 1997 or even 1998 revenue items. He cited increased R&D expenditures and being well positioned in the TFH/MR/GMT arena. As a matter of fact, the new 6700 is almost an overkill for today's requirements but does have the better overlay accuracy. Some technical highlights. 1. Scanner replacements still have some life left to its cycle. Possibly 3 more healthy years. 2. After scanner replacement dies off, you will see the replacement of the older generation 5X steppers that have low throughput or small field sizes. This type of replacement will help increase productivity and lower cost of ownership. There are a great deal of older generation 5X steppers with small field sizes out there to be replaced. 3. As DUV comes on board (0.25u) Art beleives there will be an increased need for mix-and-match technology using 3 types of steppers. At $7-12 million for DUV systems and the $3.2 cost of 5X i-lines, the UTEK Saturn and Titans (under$2 million) become even more crucial to the cost efficiencies of manufacturing ICs. 4. The UTEK6700 is already capable of doing the next generation of TFH/MR/GMT processing. 5. The 0.65u stepper will eventually be migrating to 0.50u with the help of possibly a higher numerical aperture lens. 6. MOT and HP are UTEK's partner for the use of P-GILD and will be taking delovery of R&D systems. This is still a YR2000 product for production and should not be counted on for anything this year. 7. UTEK expects to be in the thick of things with its competitors at the 0.18u technology with the EUV systems. 8. Mix-and-match, in its traditional sense for 0.35u and above is still the most viable cost effective solution for IC companies because of UTEK's exptremely large field size that can accomodate the newer step and scan large rectangular field sizes. The old i-line steppers seem to be limited to the square 22mm X 22mm field sizes and cannot take advantage of this more effective mix-and-match strategy. If I think of anymore info, I will post. I was listening to more of the technicals than the financials. Technical-wise, I am revitalized. Financial-wise, I need to see what this quarters financials shape up to be. I do believe I heard that all pushouts were shipped as of now so that the financials were affected more by the pushouts/mix of product than cancellations. Andrew

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