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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (34282)	9/19/2001 4:32:11 AM
From: Johnny Canuck	Respond to of 68217

NVLS Cowens presentation: -Emphasis is on cooper migration -top pick for next 5 years -working for LRCX on advanced processing -make semiconductor equipment -can provide enabling technology, trying to be an innovator, touch market environment -bought a company to allow us to prepare surfaces before our other processes -make steps that handle inter-connect depositions -bought thin film division of Varian -key innovator in cooper migration from alumunium -IBM made barrier between cooper line and rest of semiconductors -conductive better, RC constant better 30 percent effects -Electromigration - pushing electrons through cooper caused conductor to break down, cooper is 40 percent more resistance than alumunium to stress of electromigration -Since CAGR for industry has been 15 percent -NVLS has grown typically faster tha industry -current down trend is steeper than in past -expect market to go back to 15 percent levels going forward -99 booking doubled, 2000 doubled booking again, 2001 booking now down to 800 mil. -steeper and longer down turn than in 1998, -expect new equipment to grow faster than 15 percent again -saw strength in Intl markets in 1998, don't see that now, Japan, Europe and Korean -Japan unemployment now at 5 percent -recovery US first, then Taiwain, Europe and then Japan -oil prices an issue -lack of consumer confidence an issue - need recovery of end user markets as catalyst as cost of borrowing is low - need killer app to get consumer demand back -3G moving slower that anticipated -not seeing killer App -expect Q4 re-bound, in it now -Spending in 1998 22 percent CAGR, competitor grew 32 percent, NVLS grew 44 percent, NVLS taking share in last 8 years - INTC looking for 10 gig processor in next few years - 225 percent increase area with 300 mm transition -NVLS makes 46 of the 54 layers on a typical chip -in 1992 we were a two product company - desposit dielectric and tungsten - new products drove revenue growth - Cooper growth will accelerate in next up turn -300 mm market share growth, 9 of 10 top manufactuers now looking at 300 mm, NVLS has wins in 6 of 10 -modelling growth of 15 percent long term - expect gross margins of 53 percent - 1.2 bil in cash -growing cash last Q, -now 2.1 bil in cash due to debenture -no long term debt -Rev should be up over last year, -Booking down from peak of 1.6 bil, decline of 250 mil expected -

To: Johnny Canuck who wrote (34282)	9/19/2001 4:47:10 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68217

STOR profile: Managed storage network services. Allows off site storage of information. Has a recurring revenue stream, so EPS are more stable as long as they can retain customers. -Re-affirmed downward revised guidance on Sept 6 -Supposed to be profitable this Q -317 mil in cash -97 mil shares out -burn rate 18 mil per Q - About $3.08 per share cash as adjusting for burn rate -doubled software staff in last 4 months -software allows greater automation of the process -all contracts recurring rev contracts -350 mil in cash -moved in profitable targets in - 90 percent of accounts into enterprise data centers - 72 percent CAGR on revenue -2/3 of customers are EXDS hosted customer -40 percent of bookings were EXDS hosted customers -average annual rev per customers increasing -most customers are adding services -have move break even Q to Q3, this Q from Q1 -DSO 45 days -Fiber channel and gigE prodominant technologies -seeing some Infiniband demand, could be one year down the road -fiber channel started in the 90's, just starting to penetrate the IT space -