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Technology Stocks : Speedfam [SFAM] Lovers Unite !
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To: Ian@SI who wrote (3605)9/20/2000 10:12:35 AM
From: w0z  Read Replies (1) of 3736
 
Just got my SFAM Annual Report...my initial impressions:

1. Proxy Statement and 10K enclosed within a very expensive folder...seems SFAM has yet to figure out how to make a profit thus far in the semi-equip recovery cycle but they are sparing no expense with their Annual Report!

2. Board Governance...no less than 4 of 9 total directors are internal SFAM/IPEC people! 3 others are from NVLS, KLAC and EGLS (retired).

3. Compensation Committee awarded the 5 highest paid employees $1.642 in salary plus bonus in FY 2000...this strikes me as very high for the industry and certainly not justified by SFAM's performance (i.e. the inability to turn a profit this far into the recovery cycle!)

4. Graph of 55 month total return (on $100 invested on 10/10/95) shown on page 11 of the Proxy Statement shows:

NASDAQ ~$360
Peer Group ~$620
SFAM ~$150

SFAM Directors: This performance is terrible! Why are you rewarding this?

5. CEO Faubert holds only 141,000 shares or 0.5% of total shares outstanding. Of the 141K Faubert owns, 136K are unexercised stock options meaning he only owns 5,000 shares outright. That means I own more than he does! No wonder he does not seem to be concerned about financial performance and shareholder return.

Suggestion to the Board: Reduce salaries to $1 per year and award stock options based on today's price. Get this management team off their duff or OUT!
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