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To: Andrew Vance who wrote (10947)	1/28/1998 7:15:00 PM
From: Trader X	Read Replies (1) of 17305

Lookey what the Fool writes about IPEC... Some of this will sound familiar to those who read aV's posts, so you can skip those parts... -- Jan 28, 1998 (6:21 PM ET) - The Motley Fool Evening News Chemical mechanical planarization (CMP) equipment manufacturer Integrated Process Equipment Corp. (Nasdaq:IPEC - news) was planarized down $1 11/16 to $13 15/16 after telling investors that it expects poor economic conditions in South Korea and Asia will bring about a decline in revenues over the coming half year as compared with $109 million in revenues recorded over the last six months. The company still expects revenues for the coming two quarters to grow from last year's level of $79.6 million. Integrated Process also reported Q2 EPS of $0.26, in line with the First Call mean estimate. The company's cash horde of $106 million is now equal to 40% of the company's market cap and working capital is equal to 74% of its market cap. CMP equipment is vital to the development of smaller semiconductor features on larger wafers. Integrated front-end equipment companies like Applied Materials (Nasdaq:AMAT - news) , even though it already has CMP products, might start sniffing around Integrated Process at these levels, especially in light of Lam Research's (Nasdaq:LRCX - news) merger with CMP company OnTrak Systems. -- Where have we heard that?! -Kevin

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