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

To: D. K. G. who wrote (540)	4/24/1998 1:28:00 PM
From: D. K. G.	Read Replies (1) \| Respond to of 955

C.C. NOTES: MARGINS: Decrease due to Korean Won devaluation offset by cost savings in manufacturing efficiencies. Company is using KW of 1600 to US$ in budgeting A slow steady improvement in margins is seen going forward REVENUES: 44% from international sales 0.35 uM masks and below are now 47% of total revenues up 52% YOY. 1/2 of revenue growth was from higher sale price of product mix. 1/2 --------------------------------- unit volume increase. sales as a function of uM 0.50_______$ 3-2000 0.35_______$ 6-5000 0.25_______$ 30,000 0.18_______$ 30,000 The 0.25 and 0.18 sale $ never got accurately defined. DPMI is seeing a shift towards a richer mix of masks 0.35->0.25-> 0.18. Not in significant volume this year for 0.18. Across the board demand for the leading edge technology (0.25 and below) is accelerating. Conversely demand is soft for 0.50uM and above. ASIA The Singapore plant will be up and running in 2nd half of 98. The plant will focus on 0.18 um production. Photomask equip division aquired from Hyundai(sp?). (I bet they got a good deal on this). Hyundai must continue to have acess to the most advance equip to maintain its leadership. Japanese partnership with Hoya in photoblanks. The company sees Japanese competitors primarily focused on domestic market. Taiwanese partnership with UMC - Dupont Photomask Taiwan limited this will be operated by the company. The AFC has lead equip/chipmakers to extend assets without spending new capital. Many copmanies have accelerated their technological roadmap. The intensified focus on the high end, the accelarating move to shrink linewidths bode well for photomask demand. Industry forecast are at 15% per annum. Misc CAP ex will be around 100 million tax rate of 34% Day sales outstanding (DSO) jumped 13 to 69. Due to a slowdown in payment patterns of Euro and Asian customers. Utilization rates around high - 70s , higher end - 85% one fab line generates about 10 - 15 million in revenue. (Time frame was not specified, I'm thinking over a year) Top line growth would have been 20% ex - AFC and Rectile Tech Center costs. --------------------- That's it from me. Stock price has held up well the past few day. DKG