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Technology Stocks : Cymer (CYMI)
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To: Zeev Hed who wrote (21887)4/28/1999 8:48:00 PM
From: Ian@SI  Read Replies (1) of 25960
 
Zeev,

First, I completely agree that buying back shares at this point in the cycle and in CYMI's lifecycle is a suboptimal use of the company's cash.

Second, use of its prime product, the excimer laser, for purposes other than photolithography would seem to be a natural market for growth. Some of those additional purposes were listed in my note to you.

Third, more lasers and new or improved lasers will be required not only for capacity expansions but also for technology (i.e. - smaller feature sizes) advances as well as migrations to larger feature sizes.

Your post seemed to consider the existing photolithography market alone.

I'd be happy to see CYMI get to 1000 lasers annually. As that point is approached, if CYMI hasn't already addressed the issue, then I'd start to be a little concerned about new markets / uses for its products.

FWIW,
Ian.
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