Cymer Inc., which supplies lasers used in microchip manufacturing, said Tuesday its first-quarter earnings fell 37 percent on higher costs and a write-down, but results still beat Wall Street's expectations.
The company earned $12.9 million, or 41 cents per share, compared with $20.3 million, or 52 cents per share, in the year-ago quarter.
Results for 2008 included a $3.8 million impairment charge from an investment in auction rate securities.
Auction-rate securities are bonds whose interest rate is reset at regular auctions _ some as often as every week. A growing aversion to risk has caused most of those auctions to fail this year, leaving investors unable to sell their holdings.
Revenue fell 2 percent to $124 million, from $126.7 million in the prior-year period.
Analysts were expecting a profit of 35 cents per share on revenue of $119.3 million, according to a poll by Thomson Financial.
The company said costs for research and development, as well as general and administrative expenses, rose for the quarter. Total costs increased to $104.2 million, from $100.1 million a year earlier.
Shares surged $5.68, or 23.4 percent, to $30 in aftermarket trading. The stock closed down 26 cents at $24.32 in the regular session.
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