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

To: Gary Hoyer who wrote (7087)	10/28/1997 11:31:00 PM
From: Stanley L Brown	Respond to of 25960

Gary, Yes sir, well the bears are right technology has come to a grinding halt, there will be no need for Cymer's product anymore. So i guess we should all just briefly look back in just our own life times and take a look around at the advances that have been made in every aspect of our lives! It's really a pity our kids wont experience the same thing :( they will retire watching the same ole reruns of I love Lucy too :( NOT Happy Trading Stan

To: Gary Hoyer who wrote (7087)	10/29/1997 1:03:00 AM
From: Mr. Aloha	Respond to of 25960

Amen Brother Gary! :-) (EOM) Aloha

To: Gary Hoyer who wrote (7087)	10/31/1997 11:39:00 PM
From: Douglas W. DeVries	Read Replies (3) \| Respond to of 25960

Gary: It wasn't the best week was it? Thank you for your message. I read it again tonight and it helps me to focus on the fundamentals which are already in place and which will reward the longs in the not too distant future. IMHO the shorts have a lot greater risk in their CYMI positions than do the longs. While I'm thinking out loud I wanted to put in my two cents in assessing CYMI's financial position. There appears to be some concern on the thread that the convertible debentures are holding back the stock and I have read several references to the Company burning cash. I am a CPA by trade and IMHO the balance sheet is in excellent condition. Sure, we'd like to collect the A/R's faster, but the balance sheet is still strong. The ration of current assets to current liabilities is better than 3 to 1. This is phenomenal for a company with this growth rate since 73% of the current assets are in cash and ST investments. Sure, there is debt on the books to the tune of $ 172,500,000 but it is convertible to stock and the Company does not have to repay any principal until August 2004 when the debt matures. Until then, the Company pays 3.5% interest on the debt until August 5, 2000 and only 7.25% interest for 8-5-00 to August 2004. This is sweet financing and puts little near term debt service pressure on the Company. The reality is that in the long run this debt will likely never be repaid but will convert to stock. Whoever owns these debentures will also pay effectively $ 47 per share, which is far higher than the stock's current price. The longs obviously want this conversion to occur. IMHO management has plans for this cash and ST investments that it has not yet disclosed. In the recent CC Mr. Akins said "that the third quarter marks a milestone in the development of the Company's manufacturing capability. We believe we now have the manufacturing capacity to produce enough excimer lasers to meet worldwide semiconductor industry demand." I interpret this to mean that there are no near-term plans for significant capital investment related to production of excimer lasers. So why the debentures and related stash of cash and ST investments to the tune of $ 167 million? Since 12-31-96 the Company has increased long-term investments by $ 21,671. I think there are some pleasant surprises ahead. Finally, I'm impressed with the Company's conservative accounting policies. The Company has established reserves to cover costs of the Continuous Improvement Program. In other words, WE'LL BEAT THE STREET! GO CYMER!