SAN DIEGO -- Cymer Inc. today reported sales of $62 million in Q1 of 2002, down 32% from $91.2 million in Q1 of 2001 but a 13% increase from $54.8 million in Q4 of 2001.
Net income totaled $4.1 million for the quarter, or $0.12 per share, compared to net income of $8.3 million, or $0.27 per share, in Q1 of last year. The company posted a loss of $1.9 million, or minus $0.06 per share, in Q4 of 2001.
"Top line growth over the previous quarter was attributable to competitive wins and ongoing technology buys," said Bob Akins, Cymer's CEO. "Additionally, demand increased for our consumables and spare parts, sales of which were up approximately 6% over the fourth quarter 2001 level and were up for the first time in five quarters," he said.
"During the quarter, we experienced yet another very significant shift in product mix to our most advanced, higher value-added
4-kHz argon fluoride (ArF) products, which drove greater than expected growth in our average selling price," he said. "New orders we received in the first quarter included substantially more capacity buys than did orders received in the fourth quarter of 2001, which is reflected primarily in the pick up in orders for our ELS-6000 and ELS-6010 light sources," he said.
Based on information available at this time, Cymer currently estimates that total revenue in Q2 of 2002 will increase between 15-20% over Q1.
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