PRI Automation Reports Second Quarter Fiscal 2000 Results
04/27 8:45A (PR)
Story 0958 (PRIA)
Record Quarterly Revenues and Bookings Exceed Expectations
BILLERICA, Mass., April 27 /PRNewswire/ -- PRI Automation, Inc. (Nasdaq: PRIA; Toronto: PRJ), a global leader in advanced automation systems and software for the semiconductor industry, today reported financial results for the second fiscal quarter ended April 2, 2000.
Net revenues for the second quarter were $76.7 million, a 31% increase from the previous quarter and a 153% increase from the second quarter of fiscal 1999. Net income for the quarter was $5.8 million, or $0.23 per diluted share, compared with $294,000, or $0.01 per diluted share, for the previous quarter and a net loss of $10.2 million, or $0.48 per share, for the second quarter of fiscal 1999.
"Bookings for the quarter were $105 million, an increase of 33% from the previous quarter, resulting in a book-to-bill ratio of nearly 1.4," said Mitch Tyson, president and chief executive officer of PRI Automation. "Our Factory Systems Division won four major factory automation orders; two in the U.S., one in Europe and one in Korea, from Hyundai Electronics. The order from Hyundai, which follows an order from Samsung announced earlier in the quarter, significantly strengthens our market presence in Korea. Our Software Division won five new orders for MES software, four from new customers. And, our OEM Systems Division increased its revenues 42% from the previous quarter, while maintaining its standard six-week production cycle time.
"We believe that the upturn still has a long way to go, and our outlook for the future remains bullish," continued Tyson. "Our backlog is strong, the order pipeline, based on the number of projects we are tracking, is strengthening, and we are seeing evidence that the transition to 300mm is accelerating
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