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Technology Stocks : Cymer (CYMI)
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To: Cymeed who wrote (11839)12/23/1997 12:15:00 AM
From: Yakov Lurye  Read Replies (1) of 25960
 
Re: CYMI 4Q results and increased headcount

Cymeed, your assumption about the increased headcount had received an immediate confirmation. Any guesses how much of an impact this would have on the expense side?

A very approximate calculation:

Average headcount in 4Q between 725 and 825, say 775
Average headcount in 3Q unknown, say 650 (based on hiring 500 workers in 4 quarters); quarter-to-quarter headcount growth of about 20-25%

3Q R&D, sales and G&A expenses 12.1M; assuming same spending level per person as before, these would grow roughly by $2.5-$3M in 4Q - that's still less than $6M extraodinary charges reflected in 3Q earnings,so 4Q earnings should be better even with flat sales.

In itself, additional hiring in 4Q is a positive indicator - provided that management can use new employees effectively.

I may be way off with my calculations, any comments will be appreciated. Maybe Q2 vs. Q3 comparison could provide additional insights.

Regards,

Y

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