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Technology Stocks : General Lithography

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To: TI2, TechInvestorToo who wrote (1086)	7/20/1998 1:22:00 PM
From: jeffbas	Read Replies (1) of 1305

Balance sheet items from latest 10Q: PLAB DPMI Working capital 36 30 Debt 106 34 Tangible Equity 176 243 Unused borrowing 30 76 available There is no question in my mind that DPMI has the stronger balance sheet. Post quarter end developments have probably increased the difference. Furthermore, while I think it is of academic interest only, DuPont would not let DPMI fail, in my opinion; PLAB has no such big brother. Both companies face similar, but not the same, market conditions. DPMI has much more exposure to Asia (not Japan) which has been affecting results for some time. There will come a point when the currency and business over there will turn and DPMI will get positive leverage out of this significant area. (In fact, another semi company I own recently commented on some improvement in non-Japan Asia.) I have preferred DPMI to PLAB because of financial strength (where I have some expertise to comment) and my understanding that it is better positioned at the high end where the money and the future lie (and where I have no expertise to comment).

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