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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Return to Sender who wrote (9240)	4/2/2003 4:21:40 PM
From: Cary Salsberg	Read Replies (1) \| Respond to of 95648

ASYT and BRKS (Brooks/ PRI Automation) are the US component of the industry. They provide wafer handlers for tool makers (move wafer into ad out of tools)and wafer handlers and mini environments (move wafers between tools)for fab automation. There is no doubt that there will be future demand. These have lower barriers to entry than most front end and back end companies because there is more technical overlap with generic automation companies. I don't like the ASYT balance sheet as much as BRKS. In the past, the Asyt management has not proved very comforting to shareholders due to some what might be called shenanigans. I am not buying. I sold my remaining shares and move the money to ASML a while back. Those were $5 shares. In 2000, I sold the shares in my IRA for $50.

To: Return to Sender who wrote (9240)	4/2/2003 4:30:13 PM
From: The Ox	Read Replies (1) \| Respond to of 95648

Hi RtS, I view this as basically company specific. These 2 orders have chopped off 18% of their revenue guidance. A very substantial hit for a quarter. At the same time, I think it's clear that the industry isn't doing as well as many had predicted at the start of the year. We are still seeing some pushouts and cancellations throughout the industry. However, I think the big boys have more flexibility and an order here or there shouldn't cause this type of reaction and certainly wouldn't create this size of a revenue short fall. The problem for ASYT, as I see it, is their balance sheet. Shareholder equity is substantially less than "intangible assets". Looks pretty lousy and they can ill afford a big revenue short fall at this time. I would pass on them except for a trading bounce but I'm open to alternate views... Anyone have one?