Semi Equipment Analysis Message Board

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Technology Stocks : Semi Equipment Analysis

SOXX 299.81

+2.7%

Dec 19 4:00 PM EST

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To: The Ox who wrote (9299)	4/6/2003 1:11:57 AM
From: Cary Salsberg	Read Replies (2) of 95617

You cite China and present an early 2002 announcement as reasons for improved cash burn, but cash went fron $57M to $22M between March 2002 and December 2002. Again, inventory, property, plant and equipment, and the $22M cash is the book or "net asset" value of ~$105M. It seems that this should be viewed a "turnaround play" rather than a "value play." If they don't turn this around soon, they will burn the rest of the cash and write down inventory and plant. Your belief in their "leadership" doesn't explain recent (2002) failure or provide a roadmap for improvement. Do you see a marked change in demand or a firming of prices. Has gross margin improved over the course of 2002?

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