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

To: flickerful who wrote (6550)	10/25/1997 6:54:00 PM
From: TideGlider	Read Replies (1) \| Respond to of 25960

I found this s posted on the web....I think it is from a Major Newspaper. (Page C-1 ) Investors get big lift from Cymer Bruce V. Bigelow STAFF WRITER 24-Oct-1997 Friday Call it a $600 million misunderstanding. In financial results released yesterday, Cymer Inc. indicated Wall Street overreacted when it sent shares of the San Diego-based laser manufacturer into a tailspin last month. The company reported net income of slightly more than $7 million, or 23 cents a share, for the third quarter ended Sept. 30. Analysts surveyed by Zacks Investment Research had predicted Cymer would post earnings of 21 cents a share. The result was more than three times Cymer's net income for the same quarter last year, when the company posted net income of slightly more than $2 million, or 10 cents a share. Based on the company's backlog and orders received since Sept. 30, Chief Executive Robert Akins said Cymer expects "continued sequential revenue growth for at least the next two quarters." Cymer reported third-quarter revenue of almost $57.5 million, about three times the company's sales of $18.2 million in the same period last year. The financial results, which were posted after the market closed, seem likely to ease investor fears and rampant speculation that Cymer's major customers were suffering technical problems related to its lasers. "Yeah, we had a pushout, and we had increased operating risks. But the results speak for themselves," said William A. Angus, Cymer's chief financial officer. Bud Leedom, editor of the San Diego Stock Report, was more forthright about the impact of yesterday's results. Cymer's stock price "is just going to rocket," Leedom predicted. Cymer's stock closed yesterday at $26.40625, down $1.15625 in moderate Nasdaq trading. Investors were alarmed last month, after Cymer disclosed that a key customer was delaying its orders. A selloff during the ensuing seven weeks sent Cymer's market valuation from roughly $1.4 billion to slightly more than $800 million. The company's stock price, adjusted for a stock split on Sept. 12, went from a record high of $48.75 on Aug. 22 to a low of $25.50 on Sept. 26. Cymer makes a special type of laser, which is being introduced to the semiconductor industry to make the next generation of computer chips. The lasers enable chip makers such as Intel to squeeze more microcircuitry onto each integrated circuit. In a statement that alluded to last month's dustup over its orders, Akins said Cymer "continues to work with its customers to better manage delivery schedules going forward."