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Technology Stocks : FSII - The Worst is Over?
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To: Rutgers who wrote (996)5/29/1997 2:31:00 AM
From: Andrew Vance   of 2754
 
One of my cyber buddies emailed me concerning a request on FSII. I was at a concert tonight with my wife so I had little to no time to check messages.

I would be more than happy to research my posts and transfer all FSII information here. FSII is a good company and we have traded it on the Stock Swap thread on numerous occasions for profit.

I will go into greater details tomorrow or over the weekend but for now:

1. FSII Polaris cluster tool for litho processing of coat and develop is a Cadillac piece of equipment. FSII used to own this cluster market but there are more competitors trying to line up. The Polaris tool was engineered at Texas Instruments and commercialized by FSII. It has a hefty price tag but is affordable to the BIG name IC companies.

2. FSII acquired SSI in order to complement their cluster tool offering with a more traditional coat/develop track offering. The SSI product line is one of the top pieces of equipment in that arena and is better than or equal to the SVGI track systems, IMO.

3. FSII will suffer or is suffering from what you call the surface conditioning systems. They OWNED the wafer cleaning market at one time with their Titan, Saturn, Mercury, etal wet cleaning systems. There was something wrong with your company if they didn't have a bunch of these. However, technology advanced beyond these types of cleaning systems and FSII lost its complete dominance. Are they screwed??? Not really. The next generation of cleaning technology uses less chemicals and is a musch cleaner process. Companies like CFMT will be a competitor but the field is wide open between cryogenic cleaning and ozone/UV or ozone/plasma processing. I believe FSII's cryogenic cleaning system will gain good market entry and acceptance over the course of this next round of semiconductor equipment purchases.

4. Chemical Delivery systems are also a strong point. With the introduction of CMP (Chemical Mechanical Processing), FSII has one of the top chemical delivery systems for the CMP slurries. I have read a few announcements relative to purchase of this equipment.

It is getting late and I promise to fill in some additional info. In closing, FSII has made some mistakes but none are fatal that they will not recover from. They are on a good road to solidifying their business again. They are not going bankrupt and are increasingly becoming a good takeover target as other companies financial health and stock prices improve. I have gone on record to say that FSII could fall vicxtim to the likes of AMAT or SVGI. However, the field is even more open as we see consolidation withing the industry (KLAC/TNCR and LRCX/ONTK). FSII could stand alone but it would also be a nice addition to someone's stable.

Regards,
Andrew Vance
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