Hi Scott,
I'll leave others to find the negatives from Cymer's report. Here are some of the positives.
"In the fourth quarter, the fact that the product mix was heavily weighted toward our newer products drove system average selling prices (ASPs), on a currency adjusted basis, to $680,000 for the quarter compared to $587,000 in the third quarter of 2001.We expect the upward trend of ASPs to continue in the first quarter of 2002 due to the growing number of shipments of ArF systems, as well as initial shipments of our recently introduced ELS-7000 KrF system, both of which carry higher selling prices.
And
Cymer is forecasting ASPs to exceed $715,000...
Favorable book to bill:
Total backlog rose 3 percent to $97,108,000 in the fourth quarter from $94,510,000 in the prior quarter, while the book-to-bill ratio rose to 1.05 in the fourth quarter from 0.78 in the third quarter."
The number of installed light sources now stands at 1702 and the revenue from consumables, spares and service was 31%. If you recall my investment thesis on Cymer revolves around this business becoming close to half of revenues and driving corporate margins higher. The old "razor blade" business model. The much higher ASP is also confirmation that growth will not only come from unit expansion but from higher prices and the aforementioned service. |
