Helix Technology, a cold play on semiconductor equipment Message Board

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Technology Stocks : Helix Technology, a cold play on semiconductor equipment

HELX 36.78

+3.3%

Nov 21 4:00 PM EST

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To: mopgcw who wrote (1080)	4/17/2003 10:01:40 PM
From: mopgcw	Read Replies (1) of 1227

CC Summary: Reduced qrtly b/e rate $8 million from the mid-30's cut los in half on flat revs; on plan to break-even new prod platforms in both cti & gp gaining protecting older platform mkt share for gp as well as new prod gains on-board IS platform replacing older 300mm prod, achieved process qualification completion from major oem. this is a better price/cost position in addition to giving better performance to clients. global customer serv: push out of several tool upgrades, but gaining momentum of transition to relationship contracts under true-blue (basic, performance & ultimate). new agreements closed in the US, EU and Japan. Still pursuing expanding across the fab w/ both cti & gp sales unchanged from q4; 16% higher than last yr orders up 3% from q4 btb 1.0 semis = 63% of sales cti 80%; gp 20% global support 33% of revs compared to 35% q4 due to slow down of upgrades. oem 50% of revs unchanged 17% to largest client backlog of $6.2 million 515 employees/temps; < 500 fte GM of 31.3% up from 28% due to improvement in manufacturing and reduction in overhead. as they move to on-board IS especially; w/ similar levels of revenue GM should improve further. $27mm in R&D as they transitioned on-board IS & micro ion+ combination guage. SGA down 12% 69.4mm in cash increase due to $11mm tax refund recv increased and DSO of 66 days (vs 58) due to unusual skew of march orders that was a result of plant shutdowns in feb. should return to more normal levels. no suspect accts expect business stable in q2, flat to slightly improved given cost reductions; plant shutdowns may continue. CIBC/Needham/Morgan stanley covered call/ litho market is an emerging opportunity for helx cf op was negative $3-4 mm, but impacted due to recvables from late march orders. very strong client position. q1 saw a real demonstration among both oem and end-user that evaluated other prods and went with helx there are design-ins of on-board IS that will result in increased shipment gp is gaining mkt share among second tier accts w/ the combination guage and replacement due to performance issues with a few major oems implant area continues to see progress, but that is offset by weakness elsewhere still expect $2mm/week run rate current r&d level is appropriate for now strong contribution from japan due to flat panels.

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