PRI Automation Updates Third Fiscal Quarter Outlook
BILLERICA, Mass., June 25 /PRNewswire/ -- PRI Automation, Inc. (Nasdaq: PRIA - news; TSE: PRJ - news), a global leader in advanced automation systems, software and services for the semiconductor industry, today announced that due to the continued reduction in capital equipment spending in the semiconductor industry, the company anticipates that revenues for the third quarter of fiscal 2001 ending July 1 will be approximately $68 million, down 20 percent from previous estimates, resulting in larger operating losses than previously expected. ``The unprecedented industry downturn is now affecting all of our business segments,'' said Mitch Tyson, PRI's president and chief executive officer.
``However, as a result of actions that we have taken to manage through this downturn, we expect to have a positive cash flow for the quarter,'' continued Tyson. ``We have also been pleased with the strong customer acceptance for our new Guardian(TM) bare reticle stocker and our new 300mm integrated front-end system (IFE). We are also seeing strong interest in our 300mm TransFab(TM) Unified Material Handling System and our Leverage® Advanced Planning and Scheduling Software. Additionally, we are continuing to make progress in improving operations in our Factory Systems Division, and we are maintaining our investments in a number of new innovative 300mm products, integrated solutions and services to meet the needs of 300mm production fabs.''
In March 2001, PRI announced a series of cost-cutting measures aimed at bringing expenses in line with current business levels. The company continues to implement and expand these actions while it makes critical investments in programs that it expects will improve its market position when the industry recovers.
PRI acknowledges that its anticipated results are preliminary, based on the best information currently available and subject to the closing of its books and customary quarter-end accounting procedures. The company plans to announce its final results for the third quarter of fiscal 2001 before the market opens on July 24, 2001. The company will host a conference call to discuss its third-quarter results beginning at 12:00 p.m. Eastern Time on that day. The call will be webcast live and archived for all investors.
About PRI Automation
PRI Automation, Inc., headquartered in Billerica, Massachusetts, is a leading global supplier of advanced factory automation systems, software, and services to semiconductor manufacturers and OEM equipment suppliers. PRI is the only company to provide a tightly integrated and flexible hardware and software solution that optimizes the flow of materials and information throughout the fab, improving the productivity of semiconductor manufacturing. The company has thousands of systems installed at approximately one hundred locations throughout the world. For more information, visit PRI online at www.pria.com.
Safe Harbor Statement
This release includes forward-looking statements, including, without limitation, statements concerning future revenues and earnings, management's plans and objectives for future operations, demand for the Company's products and other matters not limited to historical facts. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include (i) the cyclicality of the semiconductor industry and uncertainties about the timing of a broad-based recovery in such industry, (ii) changes in customers' ordering patterns including the rescheduling and cancellation of orders; (iii) our ability to reduce costs and capital expenditures in line with our reduced revenue expectations, (iv) our ability to resolve our operational problems relating to the manufacture of our new TurboStocker, (v) our ability to convert our backlog of orders to revenue in a timely and profitable manner, (vi) our ability to resolve supply chain issues including the shortage of critical components used in the company's TurboStocker and other products, (vii) uncertainties affecting global markets and currencies, (viii) the effects of possible delays by semiconductor manufacturers in the adoption of 300 mm wafer manufacturing and other new technologies, (ix) changes in our product sales mix; (x) competitive factors, such as introduction of new products or technologies by our competitors, and pricing pressures; (xi) the possible impact of any mergers and acquisitions activity by the company and our ability to successfully integrate and operate any acquired businesses; (xii) business and economic conditions affecting the semiconductor manufacturing equipment industry generally; (xiii) and other factors identified in our registration statement on Form S-3, file number 333-34584, as filed with the Securities and Exchange Commission on April 12, 2000 and amended thereafter. We assume no obligation to update any forward-looking information contained in this release.
SOURCE: PRI Automation, Inc. |
