Update at 08:33:
No help required. I read the line below the shareholders' equity
line which also included liabilities - not a good thing to do
if one wants to increase one's wealth.
My apologies to all for posting the inaccurate book value info.
Ian.
Cary and Phil,
Help me. The numbers come from Cymer's 10Q filed today on Edgar.
Equity: 375,908
Shares: 30,329, but I'll take 30,503 if you wish.
Book: >$12
Cash: $125,983
Shortterm Investments: 41,113
Cash and Investments per share: about $5.50
Why do I think that the shareholder's equity is 3* as much as the rest
of the world? This is very important to me. ;-)
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PART I. FINANCIAL INFORMATION
CYMER, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share data)
December 31, September 30,
ASSETS 1996 1997
CURRENT ASSETS:
Cash and cash equivalents $55,405 $125,983
Short-term investments 10,449 41,113
Accounts receivable - net 18,833 55,462
Foreign exchange contracts receivable 9,317 28,095
Inventories 15,678 43,713
Deferred income taxes 1,432 4,578
Prepaid expenses and other 1,880 5,763
Total current assets $112,994 $304,707
PROPERTY - net 11,707 38,495
LONG-TERM INVESTMENTS 1,361 23,032
OTHER ASSETS 3,405 9,674
TOTAL ASSETS $129,467 $375,908
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 7,095 $26,077
Accrued and other liabilities 8,401 26,258
Foreign exchange contracts payable 8,396 27,264
Income taxes payable 2,609 2,002
Revolving loan and security agreements 1,750
Total current liabilities 28,251 81,601
LONG-TERM LIABILITIES:
Convertible subordinated notes 172,500
Other liabilities 2,396 3,033
MINORITY INTEREST 1,052
COMMITMENTS AND CONTINGENCIES (Notes 5 and 6)
STOCKHOLDERS' EQUITY:
Preferred Stock - authorized 5,000,000 shares;
$.001 par value, no shares issued or outstanding
Common stock - authorized 50,000,000 shares;
$.001 par value, issued and outstanding
27,560,000 and 28,573,000 shares 28 29
Paid-in capital 106,658 107,048
Net unrealized loss on investments 7
Retained earnings (accumulated deficit) (7,421) 11,463
Cumulative translation adjustment (445) (825)
Total stockholders' equity 98,820 117,722
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $129,467 $375,908
See notes to consolidated financial statements.
CYMER, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share data)
For the three months For the nine months
ended September 30 ended September 30
1996 1997 1996 1997
REVENUES:
Product sales $17,785 $56,062 $35,553 $142,538
Other 461 1,406 1,875 2,033
Total revenues 18,246 57,468 37,428 144,571
COSTS AND EXPENSES:
Cost of product sales 9,845 35,773 20,433 88,473
Research and development 3,229 6,760 7,478 17,352
Sales and marketing 1,678 3,306 3,503 8,321
General and administrative 964 2,024 2,267 5,880
Total costs and expenses 15,716 47,863 33,681 120,026
OPERATING INCOME 2,530 9,605 3,747 24,545
OTHER INCOME (EXPENSE):
Foreign currency exchange
gain (loss) - net 69 (311) 116 (396)
Interest and other income 16 1,679 43 2,883
Interest and other expense (227) (1,743) (375) (2,018)
Total other income
(expense) - net (142) (375) (216) 469
Income before provision for
income taxes
and minority interest 2,388 9,230 3,531 25,014
Provision for income taxes (382) (2,307) (568) (6,253)
Minority interest 124 124
NET INCOME $2,006 $7,047 $2,963 $18,885
EARNINGS PER SHARE:
Earnings per share $0.10 $0.23 $0.15 $0.62
Weighted average common
and common equivalent
shares outstanding 20,110 30,503 20,110 30,329
See notes to consolidated financial statements.
CYMER, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
For the nine months
ended September 30
1996 1997
OPERATING ACTIVITIES:
Net income $ 2,963 $18,885
Minority interest (124)
Adjustments to reconcile net income
to net cash used for operating
activities:
Depreciation and amortization 1,405 4,866
Deferred income taxes (3,159)
Change in assets and liabilities:
Accounts receivable (12,180) (37,190)
Foreign exchange contracts receivable (19,267)
Inventories (9,914) (28,147)
Prepaid expenses and other assets (757) (4,893)
Accounts payable 4,079 14,930
Foreign exchange contracts payable 19,324
Accrued and other liabilities 2,657 21,929
Income taxes payable 554 (583)
Other 49 255
Net cash used for operating activities (11,144) (13,174)
INVESTING ACTIVITIES:
Acquisition of property (7,054) (30,587)
Purchases of investments (78,532)
Proceeds from sold or matured investments 26,179
Net cash used for investing activities (7,054) (82,940)
FINANCING ACTIVITIES:
Net payments under revolving
loan and security agreements (786) (1,750)
Proceeds from issuance of convertible
subordinated notes 172,500
Debt issue costs (5,500)
Proceeds from issuance of redeemable
convertible preferred stock 5,833
Proceeds from issuance of common stock 29,981 1,608
Net advances against commercial drafts 2,177
Payments on capital lease obligations (105) (250)
Net cash provided by financing activities 37,100 166,608
EFFECT OF EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS 131 84
NET INCREASE IN CASH AND CASH EQUIVALENTS 19,033 70,578
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 2,015 55,405
CASH AND CASH EQUIVALENTS AT END OF PERIOD $21,048 $125,983
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid $340 $ 617
Income taxes paid $ 11 $ 7,855
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING
AND FINANCING ACTIVITIES:
Capital lease obligations incurred for
furniture and equipment $573 $ 1,065 |
