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Technology Stocks : CYRIX / NSM
NSM 18.270.0%Jul 31 5:00 PM EST
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To: Joe NYC who wrote (21894)12/9/1997 5:08:00 PM
From: Pravin Kamdar  Read Replies (4) of 33344
 
Joe & All,

Here's my CC summary and comments:

* Book-to-bill is 1.0 or a little better.
* Maine manufacturing efficiencies are out-weighing start-up costs
(I bet AMD is really gealous).
* Would like to speed conversion of 0.25u in Maine, but waiting on
0.25u steppers. Maybe slow down in Asia will bump NSM up on the
stepper waiting list.
* No new OEMs mentioned.
* Currently shipping 200 Mhz (and up; yeah right!) GXm.
* Gradual increase in GX backlog.
* Cyrix should break even next quarter and may be slightly profitable
in Q4.
* Cyrix loses 18 million dollars this quarter ($1.18 per share!) due
to aggressive write down of value of 6x86MX in inventory and
channel. This is the reason for the drop in NSM today!!!
* M2 currently being produced at 0.25u in R&D facility. Speeds start
at 233 MHz; yields are good.
* Primary focus is on GX development and revenue expansion.
* GX not experiencing price errosion like socket 7 is. ASP is $65-$70.
* Defect density at 0.25u does not currently allow single chip
computer-on-a-chip solution.
* Super south bridge chip to ship in calander Q2 '98.
* Cyrix results will not be broken out in the future.
* Most comprehensive X-license with Intel in the industry.
* Foundary agreements have been formalized with TSMC, Chartered, and
Tower Semi.
* Hope to have qualified M2 production in Portland at 0.25u in
calander Q2.
* True 0.35u GXm in next couple of months at IBM and Portland.
* Revenue growth from Q2 to Q3 is expected to be flat.

Sorry these items are not organized very well. Clearly the market is very disappointed in Cyrix's results and concerned about future dilution of profits. The MX has been a big failure and National has aggeessively written off everything it could this quarter. Halla did not sound as enthusiastic as usual (sounded like he was tired and forcing it a bit). Cyrix design wins are clearly not meeting expectation. Compaq remains the only major OEM. No analyst questions about MXi!!! Gotta go take my hourly dose of anti-acid.

Pravin.
PS: Kash, at this price level, I have to assume that there should be some analyst upgrades soon. Hang in there. I did try to warn people about this earnigns report, though. National said that they are working with many OEMs to try to get them to use the GX in laptops and desktops. If we can get some of these wins, the situation should turn around rapidly. Right now the analysts believe that no one can be successful against Intel in the CPU business (As my net worth has been cut in half in the last few months, I'm starting to wonder myself).
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