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

To: pass pass who wrote (13571)	1/30/1998 2:01:00 AM
From: FJB	Respond to of 25960

I guess I will listen to the call tomorrow(a friend gave me a decent synopsis, hey Mike). :-) re: If those countries can't secure the credit, they simply can't find cash for CYMI to collect.stepper deliveries to SE Asia are continuing on schedule sounds like a risky strategy. Cymer gets its money from stepper manufacturers. Not, cash strapped Korean semis. Are the stepper companies going broke too? Nope. Bob

To: pass pass who wrote (13571)	1/30/1998 10:50:00 AM
From: Tulvio Durand	Respond to of 25960

While some of its DUV lasers are incorporated in the end-users' stepper tools being delivered in SEA, Cymer collects its revenues directly from the prime contractors -- Nikon, Cannon, ASM, and SVGI and not from the SEA end user. But, it would not surprise me that one or more of Cymer's customers might be pressuring Cymer to extend payments dates so as to help the prime contractor extend credit to their customers. Such hypothetical at-risk deals by Cymer would be premised on the credit-worthiness of the prime contractors and not the SEA customers. I view the potential risk to Cymer as insignificant. Moreover Cymer's Q4 report does not show any significant increase in receivables (DSO only slightly bigger than Q3). Tulvio