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Cymer Reports Fourth Quarter and 2010 Operating Results

SAN DIEGO Feb. 2, 2011 December 31, 2010

http://photos.prnewswire.com/prnh/20090406/LA94420LOGO

For the fourth quarter of 2010:

  • $32.9 million $1.08 $12.2 million $0.40 $20.9 million $0.70
  • $146.9 million $96.4 million $141.7 million

December 31, 2010

  • $91.0 million $3.02 $12.0 million $0.40 December 31, 2009
  • $534.2 million $307.7 million

Bob Akins

$78.0 million $40.9 million $37.1 million

$153.2 million $63.6 million

$272.8 million $151.7 million $121.1 million

December 31, 2010 $217 million $31 million December 31, 2009

Company Outlook  

Commenting on the outlook, Akins stated, "We believe we are well positioned for growth in 2011.  Our attention to light source reliability, customer productivity, and cost of operations have resulted in several recent key light source selections from chipmakers, some of whom have recently announced significant increases to their 2011 capex plans.  We believe this increase in capex investment will translate into continued growth as the year proceeds.  We are continuing to invest in EUV and will be highly focused on the development of our EUV 3300 sources. In TCZ, we are focused on ramping our manufacturing capability to fulfill recently received orders."

Based on information available at this time, Cymer is providing the following guidance for the first quarter of 2011:

  • $150 million
  • Gross margin to be approximately 50 percent.
  • $27 million
  • $16.5 million
  • The effective tax rate to be approximately 22 percent.

2:00 pm (PST) February 2, 2011 www.cymer.com .

Forward Looking Statements  

the United States the United States

About Cymer

San Diego, Calif. www.cymer.com

Cymer and all other Cymer product or service names used herein are either registered trademarks or trademarks of Cymer, Inc. Any other marks mentioned herein are the property of their respective holders.

CYMER, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share data)

Three Months Ended

Years Ended

December 31,

December 31,

2010

2009

2010

2009

Revenues:

  Product sales

$ 146,854

$ 96,071

$ 534,209

$ 306,795

  Product sales, related party

333

869

    Total revenues

146,854

96,404

534,209

307,664

Cost of revenues

68,859

50,154

261,442

171,250

Gross profit

77,995

46,250

272,767

136,414

Operating expenses:

  Research and development

25,043

15,823

89,193

65,809

  Sales and marketing

5,464

4,019

22,656

16,603

  General and administrative

10,352

6,730

39,802

27,569

  Restructuring

8,407

    Total operating expenses

40,859

26,572

151,651

118,388

Operating income

37,136

19,678

121,116

18,026

Other income (expense):

  Foreign currency exchange gain (loss)

11

381

(6)

(1,107)

  Impairment of investments

(291)

  Interest income

132

166

524

1,374

  Interest expense

(189)

(108)

(605)

(1,029)

  Other income (expense)

9

55

135

Total other income (expense)

(37)

439

(32)

(918)

Income before income taxes

37,099

20,117

121,084

17,108

Income tax expense

4,236

9,021

30,271

8,389

Net income

$   32,863

$ 11,096

$   90,813

$     8,719

  Net loss attributable to noncontrolling interest in subsidiary

1,057

148

3,257

Net income attributable to Cymer, Inc.

$   32,863

$ 12,153

$   90,961

$   11,976

Earnings per share:

  Basic

$       1.11

$     0.41

$       3.05

$       0.40

  Diluted

$       1.08

$     0.40

$       3.02

$       0.40

Weighted average shares outstanding:

  Basic

29,710

29,861

29,777

29,738

  Diluted

30,351

30,264

30,124

29,945

CYMER, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share data)

December 31,

2010

2009

ASSETS

Current assets:

  Cash and cash equivalents

$154,312

$118,381

  Restricted cash

1,200

  Short-term investments

54,964

62,895

  Accounts receivable, net

127,747

76,792

  Accounts receivable, related party

732

  Inventories

213,002

185,077

  Deferred income taxes

11,961

31,566

  Other current assets

55,027

26,244

    Total current assets

617,013

502,887

Long-term investments

7,506

5,167

Property, plant and equipment, net

104,705

106,755

Deferred income taxes

35,690

26,998

Goodwill

8,833

8,833

Intangible assets, net

7,645

8,327

Other assets

5,939

5,951

Total assets

$787,331

$664,918

LIABILITIES

Current liabilities:

  Accounts payable

$27,731

$21,756

  Accounts payable, related party

9,284

  Deferred revenue

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