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Technology Stocks : Helix Technology, a cold play on semiconductor equipment
HELX 37.98+0.5%4:00 PM EST
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To: mopgcw who wrote (1070)1/30/2003 9:09:05 PM
From: mopgcw  Read Replies (1) of 1227
 
CC Summary:

Completed strategic review; cutbacks in some areas -- growth in others;

q4 only had an 11 week revenue stream due to plant closings; more anticipated plant closings this quarter;

charges include $3 million for RIF; $2.8 million for facility closing of Forbes;

$1.7 million for obsolete inventory this quarter (global support system);

q4 BTB slightly < 1.0

semiconductors were 60% of sales for q4; 65% for year

CTI 80% of revs; G-P 20%;

Global support 36% of revs for q4; 35% for year;

OEM sales 45% of revs;

sales to AMAT = 27% of revs;

YE backlog of $6.2 million;

gross margins of 28%;

$63 million in cash; no debt;

DSO down to 58 from 59;

no collection issues;

anticipate capital spending of $4-5 million for '03;

1q03 revs anticipated to be the same as 4q02 given anticipated shutdowns;

Still moving toward a mid-20's break-even point;

do not anticipate any recovery in 1H03;

increased mkt position in vacuum instruments;

True-blue service agreement roll-outs;

completed expensive transition to global information system -- able to file 10k simultaneous w/ earnings release;

New shanghai facility and taiwn enhancements exceeding expectations;

close to achieving + cashflow from ops;

further 1q reductions across the board;

recent ion implant announcements from axcelis etc are the one bright spot;

outside of ion, only one customer has reported and helx is consistent with their report -- waiting on the others;

sense of gaining ground w/ new products and actually gaining market share w/ smaller OEM's for new prods;

despite the noise about competitive position -- still tight with their major clients;

there is pricing pressure -- not so much on a product by product basis but in the form of configurations and scope of purchases which has changed significantly.
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