PRIA Updates Third Fiscal Quarter Outlook -20%
BILLERICA, Mass., June 25 /PRNewswire/ --
PRI Automation, Inc. (Nasdaq: PRIA; TSE: PRJ), 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(R) 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. |
