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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: ScotMcI who wrote (25616)	1/9/2002 9:25:29 AM
From: Robert Douglas	Respond to of 25960

Merrill Lynch's comments this week: Cymer announced (on 12/11) its fourth quarter results would likely be in line with previous forecast. We believe that Cymer will report in line with our estimates of $53 million and ($0.09) (including goodwill). We expect the company to be cautious about the industry outlook given the continuous reductions customer are making to their stepper/scanner unit forecasts for the next 12 months. We expect orders to be below $35 million again this quarter resulting in a book to bill less than 1:1. A strong mix shift to advanced KrF and next generation ArF deep-UV lasers is driving Cymer¡¦s average selling prices up from $524K at the start of the year to an estimated $640K by year end. The strong price increases signal Cymer¡¦s continued technology leadership, strong market share, and customer preference. Thus Cymer may have only a 27% decline in sales versus the industry average of 40-45% for equipment companies in 2001. Revenues are likely to stabilize in the $50 million range given continued price increases offset by falling units.