Ultratech Stepper Message Board

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Technology Stocks : Ultratech Stepper

UTEK 30.23

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Jun 5 5:00 PM EST

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To: Columbo who wrote (1674)	10/29/1997 2:01:00 AM
From: Cary Salsberg	Read Replies (1) of 3696

Columbo, RE: "I just don't like declining sales." The declining sales came as a surprise to management. For most of the summer of 96, when other semi-equips were forecasting severe sales declines, UTEK was predicting 10-15% sales gains through the downturn. UTEK stepper sales require customer acceptance of a need for increased throughput and lower cost of ownership. The semiconductor industry is currently interested in technology progress. Most expenditures are for leading edge equipment. UTEK is coping by means of its diversification into TFH and MEMS, and by filling additional niches in IC manaufacturing such as in back end "flip-chips". The UTEK mix and match idea had been adapted by competitors who are able to sell 2 steppers that are more advaned than UTEKs. Real progress will be made when all the applications move to a higher gear and they are joined by P-GILD and ebeam. UTEK has been in a period where faith in management's vision and ability to execute were required. It is easier to have faith when the price is ~2 times cash/share and ~1.5 times book. Cary

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