(RTTNews) - Excimer light sources maker Cymer, Inc. (CYMI: News ) Tuesday reported a rise in profit for the third quarter, despite lower revenues, benefiting from reduced research and development expenses, and lower foreign exchange losses.

Net income attributable to the company for the third quarter rose to $10.78 million or $0.36 per share from $5.33 million or $0.18 per share in the previous year.

On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter declined to $92.33 million from $110.62 million last year. Analysts estimated revenues of $82.20 million for the quarter.

Total operating expenses declined to $29.10 million from $38.18 million in the previous year. Research and development expenses were reduced to $17.26 million from $24.33 million last year. Sales and marketing expenses were $4.67 million, down from $5.85 million a year ago.

For the quarter, foreign currency exchange losses were $0.01 million, compared to losses of $6.36 million in the previous year. Interest and other expense declined to $0.07 million from $1.64 million last year.
For the nine-month period, net loss was $0.18 million or $0.01 per share, compared to an income of $32.56 million or $1.07 per share in the same period of the previous year. Total revenues for the period declined to $211.26 million from $358.56 million a year ago.

The company noted that deep ultraviolet or DUV bookings for the third quarter totaled $99.0 million, resulting in a book-to-bill ratio of 1.07. The company ended the quarter with a DUV backlog of about $41.2 million.

Looking forward, the company expects fourth quarter revenue to be comparable to the revenue reported for the third quarter of 2009. Analysts currently expect the company to report revenue of $90.62 million for the quarter.

CYMI closed Tuesday's regular trading at $38.85, down 0.12 or 0.31%, on a volume of 951K shares on the Nasdaq. In after hours, the stock further went down 0.85 or 2.19%, trading at $38.00.

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by RTT Staff Writer

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