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Technology Stocks : Axcelis Technologies, Inc. (ACLS)
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To: robert b furman who wrote (109)5/8/2005 11:54:22 AM
From: Lance Bredvold  Read Replies (1) of 195
 
Well, Bob; A question such as yours when not seen for a few days allows me the wisdom to say that the earnings report did not provide a lift. The reason for the delay is only my methodology in reading SI where I maintain a hundred or so boards and read in response to growing numbers of posts rather than to my inbox. I rarely post and don't expect a lot of response.

As you would surmise, I wound up with my additional shares put to me and now have an offer to sell some more $7.50 puts expiring in Oct for 1.85. You and I must both be people who have had good fortune buying when the rest of the world is selling. I have. Most recently with Elan. But also some which kept going down to bankruptcy, so it is not always profitable.

I was not discouraged by the conference call or the earnings report though I would have preferred higher earnings and larger backlogs certainly. The overall tone seemed to be as I stated earlier-- a slight increase in market share but declining market. I suppose the dry strip reduction in share was the most discouraging item. It's been a few days since I reviewed the CC and report, so maybe I'll listen one more time and see if there are any more insights. As before, my biggest worry is that the total SEMI market recovery never turns out to be big enough to lift all ships and ACLS does not turn out to be sharp enough to take share. At any rate, my holdings are too significant for me to be screwing around without increasing my understanding of the business.

I am very disinterested in discussing price, however. To me that is just an unpredictable estimate of the value and one I seek to take advantage of. My interest is in the long term value of the company.

Best, Lance
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