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Cymer Inc. Reports Operating Results (10-Q)

October 26, 2012 | About:
10qk

10qk

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Cymer Inc. (CYMI) filed Quarterly Report for the period ended 2012-09-30.

Cymer, Inc. has a market cap of $2.35 billion; its shares were traded at around $78.88 with a P/E ratio of 43.5 and P/S ratio of 4.

Highlight of Business Operations:

Sales to ASML, Hynix, Nikon and Samsung amounted to 22, 11%, 14% and 12%, respectively, of total revenue for the quarter ended September 30, 2012, and 29%, 9%, 9% and 12%, respectively, of total revenue for the quarter ended September 30, 2011.

The cost of revenue decreased to $59.7 million for the quarter ended September 30, 2012 from $63.6 million for the same period in the prior year. Gross profit increased to $71.8 million with a 54.6% gross margin for the quarter ended September 30, 2012 from $65.1 million with a 50.6% gross margin for the same period in the prior year. The increase in gross margin over prior year was due primarily to a decrease in costs associated with our installed base products, offset partially by an increase in warranty expenses. Included in cost of revenue was $1.6 million and $680,000 for the quarters ended September 30, 2012 and 2011, respectively, for our display products segment.

Sales to ASML, Hynix, Nikon and Samsung amounted to 27%, 10%, 12% and 11%, respectively, of total revenue for the nine months ended September 30, 2012, and 36%, 8%, 10% and 10%, respectively, of total revenue for the same period in 2011.

Cost of revenues. The cost of revenues decreased 3.5% to $205.2 million for the nine months ended September 30, 2012 from $212.6 million for the same period in 2011. Gross profit decreased to $226.1 million with a 52.4% gross margin for the nine months ended September 30, 2012 from $228.8 million with a 51.8% 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 DUV light source system sales for the nine months ended September 30, 2012. The increase in gross margin was due primarily to lower costs associated with our installed base products and decreases in warranty, offset by the sale of three EUV sources at a low gross margin and an increase in freight expenses. Included in cost of revenue were $7.8 million and $3.9 million for the nine months ended September 30, 2012 and 2011, respectively, for our display products segment.

Sales and marketing. Sales and marketing expenses increased 3.9% to $18.9 million for the nine months ended September 30, 2012 from $18.2 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 $1.4 million and $1.5 million for the nine months ended September 30, 2012 and 2011, respectively, for our display products segment. As a percentage of total revenues, sales and marketing increased to 4.4% for the nine months ended September 30, 2012 compared to 4.1% for the same period in 2011.

Read the The complete Report

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10qk
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