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Technology Stocks : Cymer (CYMI)
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To: Im-patient who wrote (13883)2/2/1998 12:30:00 PM
From: Nevin S.  Read Replies (3) of 25960
 
Fred, the sense I get from the transcript of the conference call was that some of CYMI's customers have excess inventory. A&A kept referring to the need to help their customers balance inventory.

But, the positive news is that they have a $108 MM backlog of orders. This is hard to juxtapose with the 'excess inventory theory'. A more likely scenario is that some of the asian stepper mfgs have enough lasers while other mfgs are seeing increasing demand.

Given the numbers in the exchange between Atkins and Deanha, my hope is that the number of steppers shipped/installed will ramp up in the near term, and the one-to-one relationship Angus sees between their sales and installations will not hurt CYMI's performance significantly over the near term. Cymer shipped 131 lasers in the 4 qtr. but Angus stated that approx. 82 steppers were installed in chip mfg's fabs.
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