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Cymer Inc. Reports Operating Results (10-Q)

July 27, 2012 | About:
10qk

10qk

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Cymer Inc. (CYMI) filed Quarterly Report for the period ended 2012-06-30.

Cymer, Inc. has a market cap of $1.86 billion; its shares were traded at around $58.75 with a P/E ratio of 25.8 and P/S ratio of 3.1.

Highlight of Business Operations:

Sales to ASML, Nikon, Hynix and Samsung amounted to 25%, 12%, 11% and 10%, respectively, of total revenue for the quarter ended June 30, 2012, and 37%, 11%, 7% and 9%, respectively, of total revenue for the quarter ended June 30, 2011.

The cost of revenue decreased to $70.5 million for the quarter ended June 30, 2012 from $74.1 million for the same period in the prior year. Gross profit decreased to $78.8 million with a 52.8% gross margin for the quarter ended June 30, 2012 from $84.2 million with a 53.2% gross margin for the same period in the prior year. The decrease in gross margin over prior year was due to the increased revenue from TCZ silicon crystallization tools at a lower gross margin, an increase in costs associated with our installed base products, and an increase in freight expenses. Included in cost of revenue was $6.0 million and $2.9 million for the quarters ended June 30, 2012 and 2011, respectively, for our TCZ segment.

Sales to ASML, Nikon, Hynix and Samsung amounted to 30%, 11%, 10% and 10%, respectively, of total revenue for the six months ended June 30, 2012, and 39%, 10%, 7% and 9%, respectively, of total revenue for the same period in 2011. Our sales to external customers consist of sales generated from each of the following geographic locations in which we do business (in thousands):

Cost of revenues. The cost of revenues decreased 2.3% to $145.5 million for the six months ended June 30, 2012 from $148.9 million for the same period in 2011. Gross profit decreased to $154.3 million with a 51.5% gross margin for the six months ended June 30, 2012 from $163.7 million with a 52.4% gross margin for the same period in 2011. The decrease in gross profit from period to period was primarily due to the lower level of light source system sales for the six months ended June 30, 2012. The decrease in gross margin was due primarily to the sale of three EUV sources at a low gross margin and an increase in freight expenses, offset by a decrease in costs associated with our installed base products and a decrease in warranty expenses. Included in cost of revenue were $6.2 million and $3.2 million for the six months ended June 30, 2012 and 2011, respectively, for our TCZ segment.

Sales and marketing. Sales and marketing expenses increased 7.8% to $13.0 million for the six months ended June 30, 2012 from $12.0 million for the same period in 2011. The increase in sales and marketing expenses primarily reflects increased employee related costs and outside services costs compared to the same period in the prior year. Included in sales and marketing expenses were $975,000 and $1.0 million for the six months ended June 30, 2012 and 2011, respectively, for our TCZ segment. As a percentage of total revenues, sales and marketing increased to 4.3% for the six months ended June 30, 2012 compared to 3.9% for the six months ended June 30, 2011.

Read the The complete Report

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10qk
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