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Cymer’s Stock Takes Off on News of $124M First-Quarter Revenue

Despite reporting lower sales and profits, laser equipment maker Cymer Inc.’s stock soared nearly 20 percent April 22 after it reported its first quarter results.

Traded under CYMI on Nasdaq, shares were at $24.58 at the close of regular trading but jumped about $4 in after-hours trading that day.

Investors apparently were satisfied with Chief Executive Officer Bob Akins’ explanation that the firm’s customers, the world’s largest semiconductor manufacturers, are chipmakers that have pushed out their purchases of Cymer’s machines that cost more than $1 million.

For the latest quarter, Cymer reported net income of $12.8 million on revenue of $123.9 million compared with net income of $20.2 million on revenue of $126.7 million for the like period of 2007.

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The company also announced this month a stock repurchase program of up to $100 million. The repurchase program was Cymer’s fourth in the last four years, and was intended to reaffirm its confidence in the company’s medium- and long-term growth prospects, said Chief Financial Officer Nancy Baker.

For the second quarter, Cymer forecast sales of about the same amount as its first quarter.

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Ticker Takes:

SAIC Inc. completed the acquisition of Icon Systems Inc., a laser developer based in San Diego with 100 employees, for an undisclosed price Shares of Novatel Wireless Inc. rebounded a bit last week after taking a beating and hitting a new 52-week low of $7.42 earlier this month after the maker of wireless modems cut its 2008 revenue projections by $19 million to $91 million. NVTL on Nasdaq finished the day on April 22 at $8.62 per share. Peter Leparulo, the company’s chairman, has returned as CEO RF Industries Ltd. said its radio mobile division received new orders worth $500,000 and its medical division obtained $280,000 in new orders Axesstel Inc. said its outside auditors rendered an uncertain opinion of the company’s ability to continue as a going concern. The supplier of fixed-wireless phones mainly to developing nations said 2008 revenues should exceed $100 million, up from $82.4 million in 2007. Axesstel reported a net loss of $9 million last year and $6 million in 2006 Mad Catz Interactive Inc. said it entered into a multiyear licensing agreement with Coffin Case Co. to make accessories for the video games, Rock Bank and Guitar Hero Javo Beverage Co. Inc. of Vista said it deployed 2,096 new beverage dispensing locations in the first quarter, bringing its total installed customer base to 6,401 dispensers. Javo said each dispenser generates $3,000 to $6,000 in annual revenue Nascent Wine Co. reported net sales for last year of $42.4 million, a ninefold increase from 2006 when it did $4.7 million in net sales. The distributor of foods in Mexico reported a net loss of $9.4 million compared to a net loss of $2 million for the prior fiscal year Kintera Inc. said its partner firm, Boston-based FreeCause Inc., created a social networking application that integrates Facebook with Kintera’s donor management system Patriot Scientific Corp. of Carlsbad named Donald Schrock to the company’s board of directors. Schrock is retired from Qualcomm Inc. and former president of its CDMA Technologies Group. Patriot also is conducting a stock repurchase program of undetermined amounts One Voice Technologies Inc. reported net revenues in 2007 rose 2 percent to $702,430.


Send any news of local public companies to Mike Allen via e-mail at mallen@sdbj.com. He can be reached at (858) 277-6359.

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