Looks like they currently have about 6 months backlog at
last Qs runrate.
PRI Automation Reports Second Quarter Results
BILLERICA, Mass., Apr 19, 2001 /PRNewswire via COMTEX/ -- PRI Automation, Inc.
(Nasdaq: PRIA; Toronto: PRJ), a global leader in advanced automation systems,
software, and services to the semiconductor industry, today reported financial
results for the second quarter ended April 1, 2001.
Net revenues for the second quarter of fiscal 2001 were $91.2 million, up 19
percent from $76.7 million in the second quarter of fiscal 2000. Net loss on a
proforma basis for the quarter was $9.6 million, or $0.38 per diluted share,
compared with net income of $5.8 million, or $0.23 per share in the second
quarter of fiscal 2000. The Company's lower performance was due to the industry
downturn which resulted in order cancellations, order push-outs, and order
delays. During the second fiscal quarter, the Company incurred special charges
of $16.4 million, related principally to cost reduction and restructuring
charges. The charges consist primarily of employee severance costs, inventory
write downs and costs associated with order cancellations, a reserve for legal
costs associated with the defense of a shareholder class action lawsuit, and the
write down of impaired assets.
"The results this quarter are directly due to the sudden reversal in market
conditions," said Mitch Tyson, president and chief executive officer of PRI
Automation. "We began the quarter forecasting ten percent sequential growth, but
by the end of the quarter we experienced order cancellations and push-outs that
totaled $48.0 million. Despite this, we received $81.0 million in new bookings
for the quarter and our backlog at the end of the quarter was $179.0 million.
"We are aggressively resizing the Company to match anticipated business levels,"
continued Tyson. "We are accelerating our new product developments and
introductions to prepare us for the 300mm ramp, including our TransFab unified
material handling system, our Guardian bare reticle stocker, our next generation
integrated tool front-end system, and our P300 manufacturing execution system
(MES) software. We recently announced the appointment of two seasoned senior
executives to our management team, and we are taking steps to increase the
flexibility of our manufacturing operations and shorten cycle times so we are
prepared for the next upturn.
"We have received several recent wins for our integrated hardware and software
solutions and we intend to build upon these wins as more customers are beginning
to work with fewer suppliers who can add more value to their manufacturing
operations," stated Tyson. "Our complete set of integrated hardware, software,
and services positions us to capture a significant portion of the 300mm growth
opportunity as the industry recovers."
Analyst Teleconference and Simultaneous Webcast
PRI will host a teleconference to discuss its second quarter fiscal 2001 results
today at 12:00 p.m. ET. Internet users will be able to access a simultaneous,
listen-only webcast of the teleconference through PRI's Web site at
www.pria.com. An archive of the webcast will also be available at this site for
7 days.
Taped Replay
A taped replay of the teleconference will be available at approximately 5:00
p.m. ET today through Tuesday, April 26, at 8:00 p.m. To listen to the
teleconference replay, please dial 719-457-0820, passcode 548416.
About PRI Automation
...
Safe Harbor Statement
...
PRI AUTOMATION, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
` ` Three Months Ended Six Months Ended
April 1, April 2, April 1, April 2,
2001 2000 2001 2000
Net revenue $91,191 $76,669 $ 186,043 $135,362
Cost of revenue 76,191 46,619 139,770 83,934
Gross profit 15,000 30,050 46,273 51,428
Operating expenses:
Research and development 16,029 12,736 31,151 24,895
Selling, general and
administrative 15,498 11,600 29,589 20,615
Restructuring and other costs 11,888 -- 11,888 --
Total operating expenses 43,415 24,336 72,628 45,510
Operating income (loss) (28,415) 5,714 (26,355) 5,918
Other income, net 2,609 292 2,188 492
Income (loss) before income taxes(25,806) 6,006 (24,167) 6,410
Provision for income taxes 200 200 625 310
Net income (loss) $(26,006) $5,806 $(24,792) $6,100
Basic net income (loss)
per common share $(1.03) $ 0.25 $(0.99) $0.27
Diluted net income (loss)
per common share $(1.03) $0.23 $(0.99) $0.24
Weighted average shares used
in basic share calculations 25,188 23,032 25,153 22,773
Weighted average shares used
in diluted share calculations 25,188 25,353 25,153 24,918
Pro Forma Summary Statements of Operations
(Adjusted to eliminate the impact of second quarter Fiscal 2001 special
charges)
(In thousands, except per share data)
Three Months Six Months
` ` Ended Ended
` ` April 1, April 1,
` ` ` 2001 2001
Net revenue $ 91,191 $186,043
Cost of revenue $ 71,695 $135,274
Gross profit $ 19,496 $50,769
Total operating expenses $ 31,527 $60,740
Operating loss ` $(12,031) $ (9,971)
Net loss ` $ (9,622) $ (8,408)
Net loss per share:
Basic and diluted $(0.38) $(0.33)
Weighted average shares outstanding:
Basic and diluted 25,188 25,153
PRI AUTOMATION, INC.
Condensed Consolidated Balance Sheets
` `(In thousands)
April 1, September 30,
`` 2001 ` 2000
Assets
Cash and cash equivalents ` ` $42,485 $92,484
Accounts receivable, net 91,335 73,019
Contracts in progress 17,816 23,668
Inventories ` 72,208` 59,104
Other current assets ` 4,872 2,686
Property and equipment, net 21,693 24,065 Long term investments 11,484 --
Other assets, net 3,530 1,898
Total assets $265,423 $276,924
Liabilities and Stockholders' Equity
Liabilities:
Accounts payable $29,538 $28,781
Accrued expenses and other liabilities 29,665 33,360
Billings in excess of revenue and
customer advances 16,333 11,986
Accrued legal and restructuring costs 7,637 --
Minority interests ` 146 150
Stockholders' equity ` 182,104 ` 202,647
Total liabilities and stockholders'
equity ` $265,423 $276,924
SOURCE PRI Automation, Inc.
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