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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 Date of Report (Date of earliest event reported)
September 4, 1998.
Commission File Number
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CYMER, INC.
(Exact Name of Registrant as Specified in its Charter)
NEVADA
(State of incorporation) (I.R.S. Employer
Identification Number)
16275 TECHNOLOGY DRIVE, SAN DIEGO, CALIFORNIA 92127
(address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (619) 451-7300
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N/A
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(Former name, former address and former fiscal year, if changed
since last report)
This document consists of 3 pages, excluding exhibits, of which this is
page 1.
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ITEM 5. OTHER EVENTS
The information which is set forth in the Registrant's News Releases
dated September 4, 1998 regarding a shareholder lawsuit, and September 11,
1998 regarding a workforce reduction, is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Text of Press Release dated September 4, 1998.
99.2 Text of Press Release dated September 11, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: September 18, 1998 CYMER, INC.
Registrant
/s/ WILLIAM A. ANGUS, III
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William A. Angus, III, Senior Vice
President, Chief Financial Officer
and Secretary
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INDEX TO EXHIBITS
EXHIBIT Description
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99.1 Text of Press Release dated September 4, 1998
99.2 Text of Press Release dated September 11, 1998
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EXHIBIT 99.1
CYMER ANNOUNCES SHAREHOLDER LAWSUIT
SAN DIEGO, Calif., September 4, 1998--Cymer, Inc. (Nasdaq NM: CYMI),
announced today that a shareholder has filed a lawsuit against the Company
and certain of its officers and directors in the United States District Court
for the Southern District of California. The lawsuit alleges violations of
the federal securities laws, and purports to seek damages on behalf of a
class of shareholders who purchased Cymer, Inc. common stock during the
period from April 24, 1997 to September 26, 1997. The Company believes that
the lawsuit is without merit and intends to defend against it vigorously.
Cymer, Inc. is the world's leading supplier of excimer laser illumination
sources, the essential light source for deep ultraviolet (DUV)
photolithography systems. DUV lithography is a key enabling technology which
has allowed the semiconductor industry to meet the exact specifications and
manufacturing requirements for volume production of today's advanced
semiconductor chips. Further information on Cymer may be obtained from the
Company's SEC filings, the Internet at http://www.cymer.com or by contacting
the Company directly.
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EXHIBIT 99.2
CYMER ANNOUNCES REDUCTION IN WORKFORCE
EXPECTS CONTINUED INDUSTRY DOWNTURN TO IMPACT REVENUES
SAN DIEGO, Calif., September 11, 1998--Cymer, Inc. (Nasdaq NM: CYMI),
announced today that it will reduce its global workforce by approximately 12
percent, as part of the Company's restructuring plan to address a forecasted
reduction in business volume due to the continued downturn in the
semiconductor industry. In addition, the Company currently expects total
revenues for the third quarter to be approximately 10 to 15 percent lower
than revenues reported for the second quarter. However, due to ongoing cost
savings measures, it is currently anticipated that earnings for the third
quarter will approximate current Wall Street expectations.
A total of 98 positions will be eliminated, the majority of which will be at
the company's San Diego headquarters, resulting in a worldwide headcount of
713. Employees are being notified today. Additionally, senior executives'
salaries will be reduced by 10 percent.
"We are currently in a highly volatile, rapidly changing market environment
that continues to be affected by capacity issues in the semiconductor
industry as well as the economic situations in Japan, Asia and the rest of
the world," said Robert Akins, president and chief executive officer of
Cymer. "Over the past several months, we have instituted a number of
cost-reduction programs. However, in response to the prolonged downturn in
the industry, it has become necessary to restructure for an even lower
business volume in the near term. Our goal with this restructuring is to
reduce our overhead structure and improve our efficiencies, while continuing
to make sound investments in the resources that can provide for the long-term
competitiveness and growth of Cymer."
