In June, we shipped our first Laser Produced Plasma Extreme Ultraviolet, (“LPP EUV”), prototype source to ASML, where it has been supporting the integration and testing of a next generation EUV lithography tool. We have several pilot units in assembly in our expanded capacity San Diego manufacturing facility and we plan to deliver these units to ASML throughout 2010. We are committed to successful EUV source development, commercialization, and adoption, and continue to make the necessary investments in support of the objectives of this enabling technology supporting sub-22 nanometer for future semiconductor requirements.
TCZ, which manufactures a laser crystallization tool targeting the growing market for low-temperature poly-silicon (“LTPS”) processing used in the manufacture of organic light emitting diode (“OLED”) flat panel displays, shipped and installed its first crystallization tool at a large Korean display manufacturer in July of last year. TCZ is working with this display maker to demonstrate the systems’ differentiated throughput and the superior uniformity of TCZ’s laser crystallization technology. We believe that OLED flat panel display technology could become a sizeable market opportunity in the future as this exciting new display technology is adopted more widely in cell phones, laptops and televisions.
In the second half of the year, our quarterly revenue began to rise as chipmakers increased their fab utilization and began investing in immersion lithography for sub-45 nanometer device production and double patterning exposure. This growth in sales combined with our aggressive cost structure improvements and operational efficiencies enabled us to deliver a solid margin performance and net profit for the year. Our balance sheet was also strengthened during the year as we increased our overall cash and investment balance.
Robert P. Akins
Chairman & CEO
Edward J. Brown, Jr.
President & COO
