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Technology Stocks : PRI Automation up 30%
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To: Philip H. Lee who wrote (33)6/6/1996 9:24:00 PM
From: Max Vasquez   of 193
 
Phil, Automation in general and PRI in particular came up in a Tylan thread and I posted some of the stuff below. It may come handy at these 'difficult' moments in how the market is valuing these companies. Re-reading this (and your post) certainly makes me feel a lot more comfortable about the earnings prospects (long and even *short* term) for the equipment automation "mini-sector" Even poor Asyst if they do get their act together.

<reposted and edited some from Tylan's thread>
.. I quote below from PRI's quarterly report to shareholders (dated 4/23/96 but mailed sometime later) by Chairman/CEO Mord Wiesler:

"Despite some decline in prices of semiconductors affecting revenue and earnings of their manufacturarers, unit output is still raising. PRI's business remains on plan due to three major factors:

1. PRI equipment improves factory productivity by improving manufacturing yields, increasing equipment utilization and reducing work in progress (WIP). When new FAB construction slows, manufacturers focus on improving output from existing plants.

2. Technology continues to change. FABs are becoming more complex and require increasing investments, including increases in the amount of required automation to make the FAB more productive. The commitment to new construction is strategic and long term in nature and tends to be unaffected by short-term market events.

3. PRI's geographic extension into the Far East is in its infancy and its market share growth there is yet to come. The investment in new plants and facilities in that region is also less affected by short-term market fluctuations"

I've also read a good joke (in an AOL board) attributed to a PRIA officer. It goes something like this: The fab of the future will have (highly automated, of course) equipment, one man, and one dog. The equipment will do the all work and the dog will make sure the man does not screw things up.
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