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Technology Stocks : Dupont Photomasks (DPMI) -- Ignore unavailable to you. Want to Upgrade?

To: jeffbas who wrote (151)	2/21/1998 8:02:00 PM
From: shane forbes	Read Replies (2) \| Respond to of 955

Jeffrey: RE: Quarterly Revenue Growth They pointed out the currency effect over the last couple of quarters - note the mention of the Korean Won especially. Plus if you look at the annual numbers instead of quarterly numbers, things are actually not so bad: FY ends 6/30 Revenue Year over Year Gain 93 119 n/a 94 135 13% 95 162 20% 96 213 31% 97 261 23% So although not perfectly smooth the growth is not by any means close to negative or single digits. This year it will be lower but that might be entirely explained by the currency problems. From the way they phrased it in their recent earnings announcement it looks like it took a sizeable chunk of their revenue from them. Perhaps this is a situation where having plants in the countries where your customers are and selling masks in the local currency really stings the top line while keeping the bottom line relatively unscathed. (Capital additions may be hurting the bottom line right now. But they are a necessary evil to prepare for the longer term.) Finally I would not penalize a company which has shown recent slower growth rates as long as the fundamentals have not deteriorated. Since not only have the fundamentals not deteriorated the company actually appears to be even better positioned and we are entering over the next 3-4 years what looks like a huge semiconductor cycle I think you are getting down on the company at exactly the wrong time if you have a longer term perspective (s/t price may go lower).