Novellus Message Board - Msg: 21300157

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Technology Stocks : Novellus

NVLS 2.400

+2.1%

Jul 24 5:00 PM EST

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To: Sam Citron who wrote (3576)	5/6/2005 1:30:01 PM
From: Cary Salsberg	Read Replies (1) of 3813

RE: "Why the dissonance?" Some hear dissonance, others music. Check your ears.<g> I believe VL is referring to gross margins. I suspect you don't know what VL is talking about or why the shift from new to existing fabs matters, or geography matters. I don't blame you. I don't really know what they are saying. If the shift is "from" new to existing 300mm fabs, then the 80% 20% revenue recognition comes into play, since most tools have already be qualified at an existing fab. Some countries take longer to accept tools, but that delays revenue with no effect on gross margins. It is interesting to note that delayed revenue recognition creates a disconnect between R & D, SGA, and revenue. R & D and SGA are recorded against shipments made in previous quarters and accepted in the current quarter.

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