Cymer Inc., the San Diego based maker of lasers used during the process of manufacturing semiconductors, reported first quarter net income of $21.5 million, down from the $28.8 million in net income reported in the first quarter of 2011, the company said April 24.

Revenue in the first quarter was $150.5 million, down from $154.4 million in the like quarter of 2011.

CEO Bob Akins said the first quarter results exceeded expectations. As of March 31, Cymer reported holding $348 million in cash, up from $324 million as of Dec. 31.

Regarding the second quarter, the company forecast revenue to come in at about $151 million, and gross margins to be about 50 percent. It provided no guidance on earnings.