Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message| ()  

Executives

Raja Parvez - President & CEO

Analysts

Paul Coster - JPMorgan

Rubicon Technology, Inc. (RBCN) J.P. Morgan Technology, Media and Telecom Conference Call May 15, 2013 3:30 PM ET

Operator

Yeah hi, my name is Paul Coster, I cover Applied Emerging Technologies at JPMorgan which now includes alternative energy, so its new space for me and in that context I am very pleased to introduce Raja Parvez, the CEO of Rubicon; Overweight rated, a recent pick-up for us. This is the first time I've actually met Raja, so it’s all new for me as well. We have a view on the company and the stock, but now at last we get to hear about it from the CEO; so it’s all good. Welcome, thanks for making the trip here.

Raja Parvez

Thanks for inviting.

Paul Coster - JPMorgan

So Raja, I wonder if you would be kind enough to explain the folks what it is that Rubicon does?

Raja Parvez

Okay. Rubicon Technology is a vertically integrated sapphire producers; we grow crystals, sapphire crystals and then we process those crystals into finished goods which is one of the product is a six inch diameter polished wafers which are used both in the LED industry as well as in addition to silicon and sapphire industry. We are one of the very few totally vertically integrated company; we start from raw material, we grow all raw material, we process into the crystals and then we process those crystals into finished products and we sell two type of products, one is finished products which is a six inch polished wafers and some eight inch polished wafers both for solid state lighting and silicon and sapphire, but from two to four inch we sell raw ingots, we call them core to the polishing companies who slice and polish and also supply to the LED industry.

Paul Coster - JPMorgan

So they are primarily going into the LED industry as well. And at the moment, the markets, well, until recently anyway, the industry has been growth has been fueled by backlighting applications but recently a big change is taking place. What's happening in the end market?

Raja Parvez

For last about 18 month, market has been one of the key drivers for the market has been is the backlight units, which is for LEDs, laptop, notebook, handheld devices, but for last quarter or so, the industry is finally picking up on the general lighting and general lighting is now the sector which is significantly improving and we believe that moving forward it will be one of the key drivers, if not the drivers for this industry.

Paul Coster - JPMorgan

Alright. So what's happening in the backlighting market at the moment? Is that just simply saturated or what…..?

Raja Parvez

I think backlighting here, all these markets can be sub-divided into small markets. So if you look at the backlight units, the market which has been strong was the LED TVs, okay, I think that market is still picking up and making good progress and still there is more areas for improvement to grow into that market. The market which is almost 90% plus penetrated is obviously the cell-phones, handheld devices, notebook, netbooks and laptops and desktops, but still there is a significant growth expected in the backlight unit markets especially new devices.

But in addition to backlight unit markets, another market which is developing is called the non-LED applications, which is for the physical use of the sapphire. For example, if you look at the most recent iPhone 5, the lens cover on the camera in the back is made of sapphire. So the sapphire is becoming more well-known substrate with the product developer, which was not four, five years ago and more and more applications are emerging on a regular basis which is healthy for the industry.

Paul Coster - JPMorgan

As you look forward though where do you think the growth is primarily going to be coming from?

Raja Parvez

I think mainly growth will be coming from the general lighting, followed by backlight units, followed by automotives, head light and tail lights, and then followed by I call it non-LED applications and the optical markets. For example, our revenue come from three different sources, one is the solid state lighting, within solid state lighting you have commercial, industrial, street lights, and then silicon and sapphire, which is a different application and then other market is the automotive industry. And the other revenue stream is from the optical industry, where we sell the optical windows for different aerospace and defense applications.

Paul Coster - JPMorgan

Now the LED industry is vitally important, you are right, and since I think it's corporated in many ways; China over-build capacity owing to sort of artificial stimuli from the government; I can stand how that leads to spare capacity and too many MOCVD units for a finite period anyway. But I don’t understand why that leads to sustained period of low demand for the sapphire raw material or the wafers. So can you explain to us as to why from a cyclical perspective this over-build in China might have affected you?

Raja Parvez

Okay. Look two years ago , the sector which was very strong was a backlight unit and primarily the sector within backlight unit was the large display such as LED TVs. They were suddenly introduce to LED market and that provided lot of incentive and the rational for people like us and other companies to invest into the supply chain. We all knew at that time that there is and this market is going to be good for 18 to 12 for 24 months then it will stabilize, but by then the expectation was the general lumination will accelerate much faster during that period. So that provided rational for every body to invest aggressively; no matter what part of supply chain you are, rather you are sapphire producers, chip producer, module assembly and final unit.

I believe that backlight unit did what it was expected to and we all forecasted; what did not happened is the general lumination did not accelerate at the same last velocity we expected, that created a temporary over supply of that. And now since backlight unit still in a healthy moving since last two years, now general lumination is picking up and that’s consuming the over capacity and it is sort of balancing out.

Paul Coster - JPMorgan

So it’s actually over-capacity, it’s not like they built massive channel inventory here of sapphire in anticipation of demand and they are working off their inventory. This has attracted new entrants into the market and until they disappear or the market grows in the manner anticipated, we’re in for a period of depressed pricing?

Raja Parvez

Exactly; another thing which impacted Rubicon in particular wise, two years ago there were some merchant suppliers who introduced crystal growth furnaces; mind you that in a crystal growth technology there are five, six of us who supply almost 80% of the market. There are still six of us okay, and all six of us except few of us have common technology or distinct technology developed internally. The few merchant supplier supplies furnaces and one of the view was this that those suppliers will be able to operationalize more effectively so there will be abundant supply of sapphire. That did not happen, because the barrier-to-entry to crystal growth is still significant, not only in terms of the capital investment, but also know-how, skill set and years of engineering and the knowledge base.

So I think that now five years ago there were five sapphire producers who supplied almost 80% plus, now maybe there are six or maybe 6.5 to seven. So I think that on the sapphire side, we believe that in moving forward things are little more rational than that on the capital markets thought that there will be abundant supply, but more supply has been added more on the MOCVD reactor side especially in China. You can never tell what the utilization rate exactly in China is, but it is improving. You can tell about Taiwan is pretty significantly high; I think Japan and Korea is moderately, moderately stable utilization rate, but in China still there are number of MOCVD reactors which are not utilized.

Paul Coster - JPMorgan

No I'm not sure I've fully understood though, there are six or seven major sapphire suppliers right and they are not going away, it sounds like there is no rationalization of the number of suppliers, so its only a demand issue now or because I think I heard you say on the prior call that some of your competitors are systemically pricing the low cost, right, which doesn't make any sense to me at some point they will either have to cease doing that or get out of the business?

Raja Parvez

Well, typically some of our competitors in the past have significantly introduced pricing into the market just to generate cash. Remember out of six suppliers only two of them trade on the public market, which is one us and one is our Korean competitor who trades in the Korean market and rest four of them, two of them are embedded in a major corporation, there are two Japanese and remaining are Thailand. So you can never tell how or what their cash position is, but at least from our experience they have been supplying a very low pricing into the market, and since there was not enough demand that kept the pricing for last 18 months for us depressed except now after about two year period that we have reported earnings call that the pricing of 2 to 4 inch has increased for Q2 alone pricing up to 10%. The demand is improving on the 2 and 4 inch size specially coming from Taiwan and China and we are of course at the moment we are having challenges on the 6 inch side.

Paul Coster - JPMorgan

How does that happen? I didn't expect that. So why is that you are suddenly the challenge at the larger format.

Raja Parvez

Well the challenge is this, first of all the overall demand impacted both our key customers, both on the SOS side and LED side. First on LED side just like it impacted the 2 and 4 inch demand, 6 inch impacted the same, and we had a contract with that customer who supplied based on the contract. That created a more inventory for them so now they are currently depleting. Their utilization rates are improving now, but they still have some inventory for them and there's very limited use of the 6 inch users right now. Majority of the people are still using 2 and 4 inch. So that's impact on us which I believe in the second half should improve based on what we're seeing right now. On SOS side, our key customer which has the IP on this technology was also affected by their end customers component use. We're seeing that they are also expecting a more healthy and stronger second half. So based on what we know now, we believe that on the 6 inch side, which is still is a limited use, things should improve in the second half.

Paul Coster - JPMorgan

You have what is it 2 10% customers?

Raja Parvez

Two 6 inch customers; one LED and one SOS.

Paul Coster - JPMorgan

Are they also 10% revenue customers?

Raja Parvez

They have been previously, yes up to this point, yes.

Paul Coster - JPMorgan

Okay, so you are starting to see some recovery in demand at the 2 to 4 inch level end of the market. I just came back from the Philadelphia International [LIGHTFAIR]. So I don't know if you were there, but there is no doubt in my mind that the general lighting market is going LED and I would imagine within, we yesterday, Cree CEO said that he saw within five years it would be more than 50% of unit shipped of lamps and fixtures would be LED based and I think you might be being a bit conservative. What's your view on how quickly the transition is going to take place and then of course what the implications are from the demand perspective on your business?

Raja Parvez

Well, all the reports from the market and from the customer base, I also extensively travel; I spend 90% of time on the Asian market with my customers coming out of Taiwan, China, South Korea, Japan and some in Europe. All are expecting the general lighting i.e. (inaudible) lighting to grow significantly depending on which report you look at it, some say foody person, some say in to double, but I believe what you heard from Cree it is very consistent, I think it maybe a conservative view even looking at conservatively it is still a significant growth and directionally this is the first time that general lumination is taking its own space, it's always been a backlag unit for us or automotive industry, but this is first time we are seeing the general lamination and it has a significant and positive impact on us, because demand increases with all benefit in to the supply chain.

Paul Coster - JPMorgan

No I get that. Is there any difference in the sapphire consumed by the general lighting market versus that consumed by the silicon or the automotive or other applications?

Raja Parvez

In general, no, you can make equally good device chip that is a 2 inch, 4 inch, or 6 inch. However in general lighting you need to high prioritize LED chip therefore depending on different chip manufactured design generally the physical size of the devices is bigger as well, and that is why we are now aggressively working with our customers to increase the user based on 6 inch side because there is a value proposition for LED chip manufactured to migrate from 2 to 4 inch to 6 inch just like in semiconductor and optimum electronics industry. And what we are doing right now is addressing there by providing really state-of-the-art specifications because we are the most experience 6 inch supplier in the world. So far we supplied more than 450,000 6 inch polished wafers to LED plus SOS. We are offering that. We are offering very attractive pricing, in order to do that continuously reducing internal cost by augmenting current technology platform, introducing new disrupted technology platforms. We already reduced significant cost this year; we plan to introduce further cost by the end of this year. So we are also encouraging and we are also seeing the MOCVD manufacturers are seeing some sign of discussion with their potential customers. So all of those variables are providing us that demand should improve and the user base should increase.

Paul Coster - JPMorgan

How does this market work, you said complete commodity where suddenly demand increases and they can just go out into the market and buy from any one, or is it governed by a longer term kind of the contracts with the supplier, your self and how do you win each cycles, if its more of a contract base?

Raja Parvez

I think 2 to 4 inch.

Paul Coster - JPMorgan

They are spot market.

Raja Parvez

Well it depends on the demand of course at the end. Typically 2 to 4 inch at this moment there are more people who can produce crystal as well as finished products, whereas the 6 inch markets there are several barriers of entry. Among 6, 7 of us only a few of us can produce a 6 inch crystal at a volume, okay then the remaining three four of them who can produce good polish product but do not having internal crystal. I believe we are one of the very few and maybe there’s another one too who has vertically integrated, we make our own raw material; we grow our own large diameter crystals and polish our own crystals. So the competition level and the market is different in different levels. So 2 to 4 inches more available, 6 to 8 inches now much more limited completion because A the a barrier to entry at a crystal level and then at a finishing level.

Paul Coster - JPMorgan

What is the cycle time, if you got caught short for instance suddenly by new demand how long would it take you to respond to scale up?

Raja Parvez

Well, if we have to – our utilization rate in the front end of the technology which is crystal growth has been up to 40%.

Paul Coster - JPMorgan

Okay, so you have plenty of capacity.

Raja Parvez

Plenty of capacity; but we also have a finished good inventory which is irrespective of the type of the product. So we can take a boot and process into different sizes. So we can sport the industry, but we can very quickly scale up because we have the capacity. In the backend we have about 30,000 6 inch polish per month capacity; current utilization rate has been up to 30% so we have a capacity. But if we also have additional land both in the next to the crystal growth facility along with the required power. We also have additional real estate in our (inaudible) facility in Malaysia. So roughly anywhere from 6 to 9 months we can build a new factory, install furnaces and machine and add more capacity if needed.

Paul Coster - JPMorgan

This isn't a very capital intensive business though is it?

Raja Parvez

Oh it is, it is.

Paul Coster - JPMorgan

It is, so what are we talking about for production line and approximately in terms of CapEx.

Raja Parvez

Well CapEx if we have to, for example if you look at the front end if we have to add additional capacity from beginning let's say 35% to 40%, you are talking about $50 million of investment. In the back end if you double the capacity from 30,000 wafer per month to 60,000 wafer per month, we are talking roughly about $25 million and time line anywhere from about 6 to 9 months.

Paul Coster - JPMorgan

Okay I got it, but it’s not like a 75 so we are not talking billions here.

Raja Parvez

No not to that level.

Paul Coster - JPMorgan

Okay. I get it. Now you said something very interesting on one of the conference calls which I still don't quite fully understand, but it sounds like you have a kind of most favored nations status inside the industry, that your customers will under certain circumstances always come to you, what is it that you are referring to and why is it that such?

Raja Parvez

First off look traditionally we have been having a long-term very good relationship with all customers, China, Taiwan, Korea, Japan and Europe and the reason being is this that we have been, we are the first one in the industry who have provided the volume, especially the larger diameter and the core consistently for long time. We also have -- we are very well known in our crystal growth technology and the quality and the performance of our crystal, the way we manufacture the growth.

So we developed relationships for long, long time. Then being a listed company and open book to the customers and since the inception of the company we have roughly supplied anywhere close to about 50 million to 60 million 2-inch equivalent wafers to this industry. And as you translate that roughly you get about 2000 chips per 2-inch wafers. We are talking billions of devices being deployed for us that we have supplied sapphire.

So we have developed stability, reputation and then again we have been very close with the customers for long time and have been consistent, stable, known company and supplier even on a 6-inch. We have a majority market share thus far and because of the high quality performance, customer service are those attributes that led to us and we still get the first RFQ for the customers as long as we can meet the quality, volume and pricing and which is a very [precinct] position and we're very fortunate to have that kind of relationship with our customers.

Paul Coster - JPMorgan

Okay. So the key thing for investors is that, I mean we know at the moment we're in a prolonged downturn for you, but there is hope insight, specifically around general illumination. Now, the last time you saw growth, your gross margins suddenly shot up to over 50%.

Raja Parvez

Yeah, it was 65%.

Paul Coster - JPMorgan

I mean I am looking at this -- I was quite shocked by it because I was trying to figure out what was so attractive about this. As I started to pick up coverage, I thought it was as dreadful but then I realized that this is incredibly sensitive to demand, right. So, can you talk just a little bit about the nature of the leverage that you get as demand kicks in? Is there any way for us to quantify? For instance, one of the things I know is that this year we have 58 million, I maybe wrong, maybe 45 million, it might be 60 million, 75 million, I don't know, but in any event it's not far off where you are at in 2010 and in 2010, you saw a lift off from a much lower level and suddenly you were massively profitable. So it doesn’t take very much, it seems at least using 2010 as a benchmark for you to get back to very, very exciting gross margins where things changed.

Raja Parvez

Well, of course this is a very price mix and demand sensitive industry. And if the mix is right, if you have a majority 6-inch, which has been, and minority but 2 and 4-inch, if the pricing is healthy, we benefit from it. I don't expect that we will get again those type of margin which we did 60%, 65%. However considering what the industry is now shaping up, I believe the lifecycle of general illumination should be longer than life cycle of the backlight unit market. And I think that based on our aggressive cost reduction targets and what we have done already achieved so far, ever we plan to achieve, I believe that we should achieve.

This year is going to be challenging frankly. We don't give more than one quarter of the data, but I believe this year will be challenging. However 2 to 4-inch pricing has increased up to 10% and we hope that at this time will continue. Again this is one quarter data and we have been cautiously optimistic, but all the signs are directionally positive. And this will be challenging especially in the larger diameter, even though we expect second half to be healthy, but we expect that moving into -- in 2014 we should have a good year.

Paul Coster - JPMorgan

It's pretty much impossible for you to talk about target margins, isn’t it?

Raja Parvez

Yes it is, because it is first of all we can’t talk more than one quarter, the second thing is it is so highly dependent on the product mix and also on the demand and market pricing.

Paul Coster - JPMorgan

Is there anything you can do to fix that? Is there some way of, I don't know diversifying the business or selling in the forward market or something that just changes?

Raja Parvez

Yes, what we are doing -- it is a good question. What we are doing is this first of all we continue to reduce the cost, that’s very important for us. And what we have done is this in the front end we now, we are few weeks away from totally being independent on producing or internally manufactured raw material which goes into our crystal growth machines. Traditionally we used to buy a material from outside suppliers which they buy a powder, they process it and then we buy it in pellets which we put in our crystal growth machine to grow the [pools], but now we have been buying powder, we develop a very unique in-house technology which has a label task to take powder, we are just one step away from taking from the ground so of speak and manufacture it internally. So that has a significant cost savings for us. Second it is strategically important because it gives you more control on the quality and the performance.

And on the back end of the technology as we said we have already reduced the cost up to 20% in our polishing, slicing and polishing which is more cost sensitive in the back end and I believe front end we are very cost competitive. In the back end we still have room to grow and I believe we are going to fund the reduced cost by the end of this year. So we are focusing on the cost side of it and introducing new technology platform. We have been also able to attract a key talent from ever competition for the last six months to back end, so to argument that.

Plus we are also trying to do is trying to introduce new products. For example we are introducing a new product this year patterned sapphire substrate especially on the larger diameter. So as far what I know no third party is investing on the 6-inch side. We are the first one we have decided in that. We are already talking to the customers on spec alignment. So by the end of this year we will introduce sample both on 4-inch and 6-inch that will further provide a incentive to 6-inch potential customer to migrate to 6-inch because that is a one step less they have to do.

What that does for us is this it creates a more value on the same real estate polished wafer plus pattern and it provides a more value to our customers because then those wafers can directly go to the MOCVD reactor as star going to gain layers and it further differentiates from our competition. So we are further diversifying. We are also looking at our optical business to further diversify their business as more on defense and aerospace. We are also looking at non-LED applications on the devices, mobile devices for example lens covers, even though right now the lens cover for example on one of the iPhone is sapphire but their reports that other manufacturers who manufacture the smartphones are planned to introduce a sapphire lens cover. So there's more, the user base is increasing besides LED, besides silicon and sapphire where we also have a strong position, we always had a majority market share and have silicon and sapphire because there we started with that customer on 6-inch. And as they improve their technology, their technology disruptive on RFICs, I believe we also gain the benefit from that. So reducing the cost, introducing the new products, diversifying different application base we continue to do that.

Paul Coster - JPMorgan

All right, are there any questions? Yes please.

Question-and-Answer Session

Unidentified Analyst

Could you talk a little bit about other substrate technologies and (inaudible) uses silicon carbide wafers and I think there's a company called Soraa, that's talking about GaN on GaN. So could you just talk a little bit about maybe not in this upcoming upcycle but post that just what the opportunities that is for those types of substrate and how Rubicon thinks about those? Thanks.

Raja Parvez

First of all today I believe 95% plus LEDs today manufactured by all LED chip manufacturers use sapphire as a base material. So sapphire is the choice of substrate. Now the other substrate is silicon carbide, 5, 6, 10 years ago silicon carbide obviously technologically had a big advantage, still technically speaking it is a superior substrate, however the advancement on the sapphire by different LED chip manufacturers Japanese, Korean, American and European have significantly improved. So that is why it is choice of substrate and the scalability and availability, there are significant cost advantages for the outside user on sapphire versus silicon carbide. Now this company you mentioned I don't want to name it, they have since they grow internally so they have different cost structure; however sapphire by far is the most usable substrate for LEDs.

Now GaN-on-GaN obviously GaN-on-GaN is a near perfect substrate for LEDs, but its still in R&D stage, but even I think moving forward I do not believe the GaN-on-GaN is going to be the high volume runner for a very specific segmented use where LED chip cost is not an issue. You could use that, but I believe you know you didn't mention but a lot of the reports GaN-on-silicon, okay still at R&D people have been working GaN-on-silicon for a number of years still there are technical challenges and they are not small challenges. There are significant challenges. So even though, even if five years from now, some of those substrates become available and can be operationalised but based on what we know, based on the embedded infrastructure that has been deployed to sport sapphire as the base material, I believe the sapphire will continue to be the dominant material to produce LEDs for a foreseeable future. It takes many, many years to bring up a new material system in to supply chain and then you have qualification cycles and the changes of technologies. So I believe that is, those are all at small scale R&D level at this point.

Paul Coster - JPMorgan

(Question Inaudible)

Raja Parvez

Can you ask the question again please?

Paul Coster - JPMorgan

You talked about sapphire growth for the industry this year, what's (inaudible) as of supply growth are we seeing?

Raja Parvez

Well, all the sapphire producers, us, two Japanese and this Korean company that you mentioned, Russian company and one Taiwanese company, they all have a significant amount of capacity since last two years, and I believe that I do not believe anybody else is adding or these companies are adding any more capacity because everybody has been under utilized. So, at first point, that utilization rates have to increase for all of us in order to contemplate to adding more capacity but still today there is significant number of LED used to 2 inch material followed by 4 inch and followed by 6 inch. So majority of LEDs today are say about roughly 50% plus are still LED chip manufacture today used 2 inch material and then I will say the remaining roughly about 30% plus it's 4 inch and then the remaining 20% is about 6 inch may be 15%.

Paul Coster - JPMorgan

I have one last question it's little bit dull, I am afraid but can you just talk about the balance sheet how much cash you have got with cash flow prospects are and what if anything you intend to do with your balance sheet?

Raja Parvez

We had a $14 million at the end of last year, and I believe that we have no debt, we are going to use about $10 million to $15 million of CapEx mainly for the PSS as some for passing [disruptive] technology and I believe that we will be net cash breakeven for Q2. We should have a healthy position ending this year. We also have a $25 million of debt facility, but I do not believe we are going to draw from that facility.

Paul Coster - JPMorgan

This is a massive amount of MOCVD equipment presumably sitting around in China that’s not being used. So have you ever been tempted to move up stream?

Raja Parvez

We do not have a plan to get in reality chip manufacturers, we are good at it, but we do in sapphire production and I believe that we have a significant amount of opportunities in the space we do it and again we dare not to compete with the customer anyway but that’s not our plan. There’s a lot more growth we can have in our SOS, (inaudible), optical non-LED applications, there are more application, in non-LED application not only the optical side and mobile devices, but also sensor devices, power devices. Again as I mentioned earlier, sapphire is becoming a very well known and popular substrate among product developers and engineers and scientists and more applications are developing as we move forward and as we more know about the properties of the sapphire material.

Paul Coster - JPMorgan

Most of -- you said PSS, what does that stand for you?

Raja Parvez

It's patterned sapphire substrate. What actually happens is this that when you take a polished wafer, years ago LED chip manufacture take polished wafer, put it into the MOCVD reactors, start growing the different MQW structure to create the LED. In between the developer technical pattern, they basically carry a [chip] pattern, okay photolithographically pattern. What that does is it brings out almost 30% to 40%, the unused trapped light inside the system brings it out and that is a very neat technique and as a free light output, so that’s what it does and that is why we are investing to provide that solution to the customers.

Paul Coster - JPMorgan

And I would say that's proprietary, why is it proprietary, it sounds like it’s not proprietary if they’re already doing?

Raja Parvez

Proprietary means that no one third party supplies a 6-inch patterned sapphire that either of. This model has been tested majority at 2-inch level and some 4-inch level.

Paul Coster - JPMorgan

And you are taking this cost away from your customers so they benefit from that, as they are sharing that cost now with other customers through you, is that correct statement?

Raja Parvez

What they are doing is this some of the companies have invested internally on PSS technology. Some companies have not invested.

Paul Coster - JPMorgan

Got it. All right. Last question sir.

Unidentified Analyst

(Question Inaudible).

Raja Parvez

Again, it depends on the market demand. The contracts, and as you also know all contracts work beautifully when there's a demand and everybody finds a way to get out of a contract when there's no demand. However, it does provide you the protection, but again best in the current market conditions at this point that is, even though we talk to the customers and we are available if there's interest, but again it’s really a function of a demand and especially on the larger diameter, because still there's a limited competition and plus there's a limited supply. So look we have the most experience on 6-inch and 8-inch in the world, okay, but the challenging part is that the user base, so that's how we are trying to encourage our customer to increase the user base. So we are in a position to have a more stability, more visibility but typically we discuss with our customers on one quarter before the next quarter the volume and the pricing.

Paul Coster - JPMorgan

With which I am going to call proceedings to halt. Thank you very much, Raja, for participating. It’s nice to meet you.

Raja Parvez

Thanks, Paul. Thanks very much.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Rubicon Technology's CEO Presents at JPMorgan Technology, Media and Telecom Conference (Transcript)
This Transcript
All Transcripts