Doc, Cymer's earnings for past two quarters $.24 $.23, next two quarters we'll witness additions from warranties expiring; unused warranty reserves amounting to about $.07. If Cymer's business remained flat for the next two quarters, which we know it won't and they made $.50, we're still at $1.04. If they make, as expected $.68 the next two quarters (on backlog alone), then if you add this to the warranty reserves and previous two quarters, EPS is $1.22. Cymer, then is trading already at 22 EPS in less than six months.
This, of course, does not include any capture from "tools" which will begin showing up during the March quarter. It will be the "tools" that will become Cymer's big money maker by 1999, not necessarily the lasers.
If Cymer is a one product company, then so is Xerox and Coke. Cymer sells different types of lasers and tools for those lasers. It is not a one product company by the strict definition. |
