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Technology Stocks : Ultratech Stepper

UTEK 30.23

0.0%

Jun 5 5:00 PM EST

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To: George Bielski who wrote (2559)	7/16/1998 10:24:00 AM
From: David Aegis	Read Replies (4) of 3696

Notes from CNBC call: UTEK is the low cost producer within the niches it serves. Base business is 1/2 semiconductors, 1/2 disk drives and micromachining. Art thinks the industry (or maybe he said stock prices for the smaller companies) are at or near the bottom. This downturn really began in 1995, with a false start recovery in 1997. Art thinks there will start to be a recovery in the disk drive business by the end of the year. some semiconductor recovery in mid-99, and DRAM recovery in late 1999. Utek has an exceptional balance sheet. $160 million in cash and no long term debt. Chips have 20-30 layers, of which UTEK machines can serve about half of these at 1/3 the cost of the competition. Utek is seeing a lot of interest in its sub-.25u product (no direct mention of ISI). Art also commented that IBM is doing extremely well with advanced head disk drives. Art is more comfortable about where the company is today than where it was 3-4 months ago. UTEK is helping to finance some machines for customers in order to maintain the average selling price. There was no real discussion of Ultrabeam or Verdant, other than a vague reference to new technologies acquired recently that look to do very well. IMHO, the CNBC guys seemed more focused on the bear story (UTEK's strength not being in the fine line widths, growing receivables due to equipment financing) and they didn't ask the right questions about Ultrabeam, Verdant or ISI to allow Art to make the bullish case for UTEK. --David

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