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Technology Stocks : Speedfam [SFAM] Lovers Unite ! -- Ignore unavailable to you. Want to Upgrade?

To: ZinMaster who wrote (3480)	8/31/1999 3:33:00 AM
From: FLSTF97	Read Replies (1) \| Respond to of 3736

In addition, the Company has seen erosion in its market share of new sales due to increased competition in the sales of CMP systems to semiconductor manufacturers. I think this is the most important statement in the whole report. To counter balance this is the positive (but painful) increase in R&D spending. I think that is a necessary expenditure at this point. It is hard to make much sense of this balance sheet due to the merger and the fact that it took so long to finalize. The SG&A is way too high relative to the sales, but since both firms were in the process of waiting for the JOD to okay the merger, I'm not sure they could have done much to reduced this while in "limbo". SFAM shareholders can't be happy to see the erosion of shareholder equity either. Hopefully the management will buckle down and focus on matching the cost structure to revenues and making appropriate investments for the future.