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Technology Stocks : Cymer (CYMI) NEWS ONLY!
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To: Mr. Aloha who wrote ()1/21/1998 10:41:00 AM
From: Paul Dieterich  Read Replies (1) of 582
 
Lehman's on SVGI & Microscan:

(http://www.lehman.com/Research/dept/sect131.shtml)

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* Silicon Valley Group reported 1Q98 EPS of $0.37, slightly above our $0.34 estimate. Orders of $175 mil. were down sequentially, reflecting weakness in the semi-equipment industry, and the book-to-bill ratio was less than 1.

* SVG shipped 15 Micrascans, produced two in-house units and received orders for 14 units. Backlog totaled 74 units (47 shippable w/in 1 year). Production capacity is ramping up and SVG expects to produce 60-70 units this year.

* Although the photoresist processing business is suffering from temporary weakness in demand, SVG expects it to improve by 2H98. The furnace business may see an upturn, driven by the 200APS product, which should ship by 2Q98.

* The gross margin declined slightly, but the outlook calls for modest
improvement as Micrascan shipments increase. The company has little Asian exposure with only 2% of the $384 million backlog in the Pacific Rim.

* This was a good quarter for SVG, but the company has set a tough target of producing 200 Micrascans annually by 1999 and continues to face formidable competition in each of its businesses.
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BUSINESS DESCRIPTION: SVG is a manufacturer of photolithography systems, photoresist processing equipment and furnaces used in semiconductor production.
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