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

To: James Connolly who wrote (20003)	10/26/1998 10:46:00 AM
From: TechHunter	Read Replies (1) \| Respond to of 25960

To Anyone....NASDAQ Up Some Semi's up........ Why Are we down? Any thoughts? Craig

To: James Connolly who wrote (20003)	10/26/1998 11:46:00 AM
From: blake_paterson	Respond to of 25960

<<Also, does anyone know if CYMI earnings for this quarter (est 0.05) include the one time charge for lay-offs?>> My recall (unconfirmed) is that it did NOT reflect the charges. Indeed, layoffs weren't announced till 9/11/98 (long after the last revisions): <<Cymer Announces Reduction In Workforce; Expects Continued Industry Downturn To Impact Revenues PR Newswire, Friday, September 11, 1998 at 12:03 SAN DIEGO, Sept. 11 /PRNewswire/ -- Cymer, Inc. (NASDAQ:CYMI), announced today that it will reduce its global workforce by approximately 12 percent, as part of the Company's restructuring plan to address a forecasted reduction in business volume due to the continued downturn in the semiconductor industry. In addition, the Company currently expects total revenues for the third quarter to be approximately 10 to 15 percent lower than revenues reported for the second quarter. However, due to ongoing cost savings measures, it is currently anticipated that earnings for the third quarter will approximate current Wall Street expectations. A total of 98 positions will be eliminated, the majority of which will be at the company's San Diego headquarters, resulting in a worldwide headcount of 713. Employees are being notified today. Additionally, senior executives' salaries will be reduced by 10 percent. "We are currently in a highly volatile, rapidly changing market environment that continues to be affected by capacity issues in the semiconductor industry as well as the economic situations in Japan, Asia and the rest of the world," said Robert Akins, president and chief executive officer of Cymer. "Over the past several months, we have instituted a number of cost-reduction programs. However, in response to the prolonged downturn in the industry, it has become necessary to restructure for an even lower business volume in the near term. Our goal with this restructuring is to reduce our overhead structure and improve our efficiencies, while continuing to make sound investments in the resources that can provide for the long-term competitiveness and growth of Cymer.">>