Cymer Expects Third-Quarter Results to Be In-Line with Most Recent Guidance
Monday September 9, 8:30 am ET
SAN DIEGO, Calif., Sept. 9 /PRNewswire-FirstCall/ -- Cymer, Inc. (Nasdaq: CYMI - News), the world's leading supplier of excimer light sources used in semiconductor manufacturing, today announced that it expects third-quarter 2002 operating results to be generally in-line with the guidance provided in the company's earnings release and conference call on July 22, 2002.
Bob Akins, Cymer's chairman and chief executive officer, noted, "At this time, third-quarter results are developing generally according to our expectations. We anticipate that total revenue in the third quarter of 2002 will be at the high end of, or slightly above, the previously anticipated 5- to 10-percent increase over the $73,669,000 in revenue posted in the second quarter of this year. As the result of a shift in our product mix, we expect our foreign currency adjusted average selling price to be approximately $680,000 in the third quarter and gross margin to be at the low end of the range of 45 to 47 percent. We also continue to expect research and development spending to be approximately 22 to 24 percent of revenue, and anticipate that selling, general and administrative expenses will be approximately 11 to 13 percent of revenue. We estimate the annual effective tax rate for 2002 will be 16 percent. The decrease in Cymer's estimated annual effective income tax rate to 16 percent from 27 percent is primarily attributable to anticipated tax benefits related to Cymer's non-U.S. sales. We will report results for the third quarter of 2002 at about 1:30 p.m. (Pacific Time) on Tuesday, October 22."
Commenting on the outlook and general business conditions, Akins stated, "In our July 22 conference call, we said that utilization rates of our light sources had trended lower in the last month of the second quarter. This downward trend has continued in the third quarter, reflecting the overall slowing of the pace in semiconductor demand. At this time, our visibility has again contracted to less than one quarter, and we now expect our book-to-bill ratio to be less than one for the third quarter. With slowing semiconductor demand and reduced industry capital spending, we currently expect that revenue in the fourth quarter will be lower than the anticipated third-quarter level."
Forward Looking Statements
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements include, but are not limited to, references to expected operating results for the third quarter of 2002, an expected book-to-bill ratio below one, and fourth quarter revenue falling below the anticipated third quarter level. These statements are only predictions based on current information and expectations, and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in such statements due to various factors, including, but not limited to: the demand for semiconductors in general, and, in particular, for leading-edge devices with smaller geometries; the rate at which semiconductor manufacturers take delivery of photolithography tools from the company's customers; delays or cancellations by customers of their orders; new and enhanced product offerings by competitors; the timing of customer orders, shipments and acceptances; the ability of the company to meet its production and/or product development schedules; the ability of the company to secure adequate supplies of critical components for its advanced products; and the ability of the company to manage its expense levels and unanticipated expenses. For a discussion of these and other factors, which may cause our actual events or results to differ from those projected, please refer to the company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as well as other subsequent filings with the Securities and Exchange Commission.
Cymer, Inc. is the world's leading supplier of excimer laser illumination sources, the essential light source for deep ultraviolet (DUV) photolithography systems. DUV lithography is a key enabling technology, which has allowed the semiconductor industry to meet the exacting specifications and manufacturing requirements for volume production of today's advanced semiconductor chips. Further information on Cymer may be obtained from the Company's SEC filings, the Internet at www.cymer.com or by contacting the company directly. |
