IMPX - When Will the Dead Money Awaken? Message Board

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Technology Stocks : IMPX - When Will the Dead Money Awaken?

IMPX 6.210

+13.3%

Oct 22 3:59 PM EST

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To: Zeev Hed who wrote (278)	4/6/1998 4:28:00 PM
From: slob	Read Replies (1) of 532

Zeev, Notes on Sipex's products All of this is from Sipex's web site with some guess's from me. 1) Sipex seems happy with it's current portfolio of EL drivers, I say this because no EL products are anywhere on their new products listing. The newest EL product seems to be a cost down version that uses 2 external caps to set EL Lamp freq and Inductor Pulse freq separately. 2) EL drivers are made in Sipex's 4 inch DI BiCMOS process (I don't think that IMPX has a DI process, anyone know otherwise ?) My guess is that this would be a 1.5 micron to 2 micron process. I say this because 4 inch equipment is all 5 year old stuff. Based on this I would assume that IMPX's device might be a little bit larger than Sipex's. 3) Smallest Sipex Die size is 1498 * 1168 based on a 4 inch wafer this should yield about 3500 possible die with about 60% probe yield ( low because of known yield problems with DI processes), leaving 2100 Good die per wafer. 4) Cost of chip (Assuming processing cost of $400 /wafer) processed cost of good die = 19c cost of packaging = 7c test cost = 3c package yield = 90% total costs = 31c / chip Assuming volume chip price = 65c Gross Profit margin = 52% 52% is a reasonable margin but it's not great. This could be increased if my yield models are low, or if the process cost is lower than expected. My guess for an absolute low on the process cost would be $300 wafer. Yields could be as high as 95% but this is unlikely on a DI process. 5) Growth of EL driver industry. Lots of semi companies have looked at this technology over the years and never seen the growth that the technology promised. Based on this I'm going to go with 20% p.a. growth for this industry. 6) Problems with EL driver products - Your main market will be to OEM to the EL display makers. This means that there are relatively few possible customers and that those customers are aware of alternatives (not good news for margins). - Most display makers seem to be Japanese, also not good news for margins. Anyway, I'll continue when time permits Slob

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