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Technology Stocks : Cymer (CYMI)

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To: j g cordes who wrote (17771)	5/26/1998 1:17:00 AM
From: blankmind	Read Replies (2) of 25960

[California Technology Stock Letter (415) 726-8495] Cymer (CYMI) 17 down 7/8, hit expectations on the nose, reporting EPS of $0.09 for the Mar quarter. That's down from $0.14 a year ago. Revenues rose strongly to $49.7M, up 34% from a year ago. At quarter end, the backlog stood at $90.9M. Management blamed the weak Asian economies for the sequential decline of 15% in product revenues for the quarter. The resulting lower capacity utilization penalized gross margins, which dropped to 38.3% from 40% last quarter. CYMI's next-generation KrFlaser, the "Orion", will ship in the 3Q. Note that a recent announcement out of Sematech for the production of a 0.10 micron critical dimensions semiconductor device was produced using a CYMI KrFlaser. We expect CYMI to maintain its high R&D investment over the next few quarters despite the likelihood of flat revenues and increased costs associated with the introduction of several new products. That means lower earnings, but positions CYMI to make real hay as the cycle turns. Buy more on a dip to 21 for a target of 36 1/2.

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