DuPont Photomasks' cash flow ok — for now - The Fab Line - Brief Article

Electronic News, Sept 23, 2002

DUPONT PHOTOMASKS INC. RECENTLY REAFFIRMED THAT cash on hand and any cash provided by operations will be sufficient to pay for capital expenditures, acquisitions, R&D, and working capital for at least the next 12 months. However, in its 10-K filing the company said it might need additional funds to pay notes and fulfill agreements with Infineon Technologies AG. As stated in the SEC filing, DuPont Photomasks' cash and cash equivalents on June 30 were $138.9 million. Like every member of its market, the company said that it would need to continue to make significant capex to expand operations and

manufacturing capability to keep up with the industry. "Based on our current operating plans, we will require external financing from time to time to fund our capital expenditures," the filing stated. Additional external financing may be required to fund its $100 million subordinated convertible notes, due in July 2004, and to comply with DuPont Photomasks' $30.7 million long-term supply contract with Infineon, requiri ng payments through March 2009; equipment purchase commitments of about $51.9 million, payable through December 2006; and a capital contribution to a joint venture of $1.95 million payable in October.