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Technology Stocks : FSII - The Worst is Over? -- Ignore unavailable to you. Want to Upgrade?

To: Joe Dancy who wrote (2216)	9/7/1998 1:30:00 PM
From: Donald Wennerstrom	Respond to of 2754

Joe, you are certainly right about many companies now being offered at below book value. I thought at one time that once a stock got to book value, it wouldn't go much lower. This downtrend has proven that to be a false assumption. The following is an update of the PSR and PBR for each stock in the group. There are now 23 of the 41 stocks, as of Friday's close, selling under a PBR of 1. Nine of the stocks are selling between a PBR of 1 to 2, 8 are selling from 2 to 3, and 1 is over 3. The average PSR for the group is 1.04 and the average PBR is 1.34. PSR is based on trailing 12 months sales. 09/04/98 CLOSE 12 MONS SYMBOL COMPANY PRICE PSR PBR ASEC Aseco 1.31 0.12 0.21 WFR MEMC Electronic Materials 5.50 0.24 0.45 LTXX LTX 1.69 0.30 0.46 CFMT CFM Technologies 6.13 1.07 0.56 SVGI Silicon Valley Group 10.25 0.50 0.57 SFAM SpeedFAM 11.38 0.99 0.64 BRKS Brooks Automation 8.25 0.85 0.64 FSII FSI International 6.31 0.57 0.65 AFLX Adflex Solutions 3.88 0.17 0.68 TGAL Tegal 2.88 0.78 0.73 WJ Watkins Johnson 20.25 0.74 0.76 GSNX Gasonics 4.25 0.52 0.76 LRCX Lam Research 11.75 0.43 0.77 MICN Micrion 6.25 0.46 0.77 IMSC Integrated Measurement Systems 6.00 1.13 0.78 MTSN Mattson Technology 3.44 0.61 0.78 IPEC Integrated Process Equipment 6.25 0.59 0.81 SFLX Smartflex Systems 6.38 0.32 0.81 ASYT Asyst Technologies 9.75 0.73 0.89 KLIC Kulicke & Soffa Industries 11.88 0.57 0.91 PHTN Photon Dynamics 2.31 0.68 0.94 SMTL Semitool 6.00 0.42 0.95 EGLS Electroglas 9.75 1.26 0.99 COHU Cohu 16.75 0.74 1.16 NANO Nanometrics 4.25 0.90 1.20 MASK Align-Rite International 10.63 0.95 1.26 UTEK Ultratech Stepper 16.00 2.78 1.34 CMOS Credence Systems 13.88 1.14 1.41 TER Teradyne 18.56 1.00 1.52 KLAC KLA Instruments 22.25 1.66 1.65 PLAB Photronics 13.69 1.48 1.69 DPMI Dupont Photomasks 27.25 1.52 1.70 ATMI ATMI Inc 13.00 2.13 2.04 PRIA Pri Automation 12.38 1.37 2.07 NVLS Novellus Systems 25.00 1.37 2.49 CYMI Cymer 11.25 1.47 2.55 VECO Veeco Instruments 25.19 1.27 2.65 AMAT Applied Materials 23.75 1.87 2.72 ETEC Etec System 29.25 2.24 2.78 HELX Helix Technology 10.00 1.84 2.98 ASMLF ASM Lithography Holdings 18.63 2.89 5.40 TOTALS 474 1.04 1.34