Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: The Ox who wrote (13807)	3/8/2004 5:25:08 PM
From: The Ox	Respond to of 95420

Cymer Updates First Quarter 2004 Guidance Business Wire - March 08, 2004 16:30 SAN DIEGO, Mar 8, 2004 (BUSINESS WIRE) -- Cymer, Inc. (Nasdaq: CYMI), the world's leading supplier of deep ultraviolet (DUV) light sources used in semiconductor manufacturing, today announced that the company expects first quarter 2004 revenue to exceed previous guidance, and gross margin to be at the high end of the guidance range provided in the company's January 27, 2004 press release and conference call. Selling, general and administrative (SG&A) expenses are expected to exceed January guidance, while other operating results are expected to be within the range of guidance. "The pace of business in the first quarter is surpassing our previous expectations," said Bob Akins, Cymer chairman and chief executive officer. "Revenue is now expected to increase between 12 and 15 percent over fourth quarter 2003 revenue of $73,044,000, ahead of the 5 to 10 percent increase we had expected on January 27. Additionally, we now anticipate that gross margin will be at the high end of the 35 to 40 percent range. We continue to anticipate that our first quarter book-to-bill ratio will be near one. "With the exception of SG&A expenses, which we now anticipate will be between $11.6 million and $12.1 million, slightly above our January 27 guidance range of $10.5 million to $11.5 million, the remainder of that guidance is basically unchanged," Akins commented. "We continue to expect that our currency adjusted average selling price (ASP) will be approximately $810,000 and that research and development spending will be within the range of $12 million to $13 million. We expect Net Other Income and Expense will be a $300,000 expense for the quarter, excluding the net effects of foreign currency exchange gains or losses. We now estimate that the annual effective tax rate for 2004 will be approximately 20 percent, up from January 27 guidance of 15 percent, and we still expect capital spending for the quarter to be between $5 million and $8 million." Turning to the outlook, Akins concluded, "Chipmaker utilization of our light sources continues at historically high levels and shows no sign of slowing. The anticipated reduction in our expected ASP from 2003 levels reflects the strong shift in product mix toward lower priced krypton fluoride (KrF) light sources used to expand wafer fab capacity. Since the fourth quarter of last year, our visibility has improved significantly, and at this time we remain confident that Cymer should experience sequential quarterly increases in unit shipments through year-end, and a record setting level of revenue for the year."