Cymer Inc., the San Diego manufacturer of laser equipment used in the making of semiconductors, reported second quarter net income of $27.7 million, or 89 cents per share, up from the like quarter of 2010 when it made $21.2 million in net income, or 70 cents per share.
Revenue for the quarter was $158.2 million compared with $131.9 million for the like quarter of 2010.
The results, released July 21 after the close of the stock market, beat analysts’ expectations. However, news that the company would generate reduced revenue in the current quarter caused shares of the company, traded under CYMI on Nasdaq, to drop 10 percent in extended trading July 21. In midday trading July 22, the stock was at $47.10, above the July 21 closing price of $46.65.
CEO Bob Akins said Cymer will deliver a “significantly reduced number” of its deep ultraviolet laser machines in the third quarter, and forecast revenue for this quarter to finish at $130 million.
Like many other corporations, Cymer boosted its cash position over the first six months of the year, holding $202 million in cash and equivalents as of June 30, up from $154 million at the end of 2010.
— Mike Allen