PRI Automation Announces Q1 2002 Financial Results
BILLERICA, Mass., Jan. 24 /PRNewswire-FirstCall/ -- PRI Automation, Inc. (Nasdaq: PRIA, Toronto: PRJ), a global leader in advanced automation systems, software and services for the semiconductor and precision electronics industries, today announced financial results for the first quarter ended December 30, 2001.
PRI's net revenue for the quarter was $54.9 million, a decrease of 35 percent from the first quarter of fiscal 2001. Net loss for the first fiscal quarter of 2002 was $6.8 million or $0.26 per diluted share. This compares to a pro forma net loss of $4.0 million or $0.16 per diluted share in the first quarter of fiscal 2001, excluding the cumulative effect of SAB 101. PRI's cash balance at December 30, 2001 was $62.5 million, up from $59.0 million at the end of the previous quarter.
``PRI was able to meet its plan for revenue and EPS for the quarter, and we also increased our cash balance and significantly reduced operating expenses,'' said Mitch Tyson, president and CEO of PRI Automation, Inc. ``We continue to see tough conditions, as few companies are buying and visibility is extremely low.''
However, Tyson noted that signs are beginning to emerge -- such as increasing chip prices, reduced chip inventories and orders for back-end equipment -- that may indicate the industry has bottomed and will start to recover later in the year. ``PRI, like many in the industry, expects business to pick up again in the second half of calendar 2002. To that end, we continue to work on 300mm product development, improving the efficiency of our manufacturing operations, and expense management,'' he said.
``We remain very excited about becoming Brooks-PRI Automation,'' Tyson added. ``When our merger is completed, Brooks and PRI together will have the scale, domain expertise and product breadth required to leverage the tremendous growth opportunities in the semiconductor fab automation market.''
PRI to host a teleconference and Webcast for investors at Noon Eastern
today
PRI will host a teleconference and Webcast to discuss its first quarter results and outlook for the future today at noon Eastern. To access the Webcast, go to PRI's Web site at pria.com and click on the Investors button. From there you will find the Webcast link. PRI encourages you to review the site prior to the Webcast to ensure that your computer is configured properly. The Webcast will be archived at PRI's site for seven days and a telephonic replay will be available at (703) 326-3020, access code #5750840.
About PRI Automation
PRI Automation, Inc., headquartered in Billerica, Massachusetts, is a leading global supplier of advanced factory automation systems, software, and services that optimize the productivity of semiconductor and precision electronics manufacturers as well as OEM process tool manufacturers. PRI is the only company to provide a tightly integrated and flexible hardware and software solution that optimizes the flow of products, data, materials and resources throughout the production chain. 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, and our comments in our teleconference today may include, forward-looking statements, including, without limitation, statements relating to an expected upturn in the semiconductor equipment industry in the second half of calendar 2002; the completion of our merger with Brooks Automation; our future ability to take advantage of an industry upturn, if any; the expected impact of our restructuring on our operations and expenses; the benefits to customers of our products and services; our plans to announce new products; and our expected levels of revenue and results of operations for the second quarter of fiscal 2002. 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. Our forward- looking statements represent PRI's best estimates, based on currently available information and assumptions that PRI believes to be reasonable. However, there can be no assurance that the company's actual results will conform to these estimates. The company's ability to predict the amount and mix of its revenues during the current market downturn is limited, and its software and OEM businesses in particular are characterized by short lead times and little, if any, backlog. Other risks and uncertainties include: the manner in which the customer uses our products and integrates them with third- party components may affect their performance; the downturn in the semiconductor capital equipment industry is harming our business; fluctuating demand for our products makes it difficult to manage our business efficiently; we have reduced our workforce in response to the industry downturn and reduced demand for our products and our smaller workforce may be inadequate to handle increased demand for our products; we may continue to experience delays and technical difficulties with new product introductions; 300mm technology, in which we have invested heavily, is being adopted more slowly than we expected, competition for early 300mm orders is intense and we have to date received few orders for 300mm automated handling systems; our lengthy sales cycle makes it difficult to anticipate revenues; our operating results fluctuate significantly in response to a variety of factors; delays in shipment or customer acceptance of a single significant order could substantially decrease our revenues for a period; the application of new accounting guidance under SAB 101 will result in delayed recognition of revenues from our factory automation systems; we typically charge a fixed price for our factory automation systems and therefore, we are vulnerable to cost overruns; we have a limited number of customers, we do not have long-term purchase agreements with our customers, and the loss, cancellation or delay of an order by any of these customers could harm our business; we must continually improve our technology and develop new products to remain competitive; demand for less expensive semiconductors is increasing pressure to reduce our prices; industry consolidation and outsourcing could reduce the number of available customers; our operations outside North America expose us to special risks of doing business internationally; our investments in the Asia-Pacific market may not be successful; we face significant competition from other automation companies; we are increasingly dependent on subcontractors and one or a few suppliers of certain components, subassemblies and manufacturing processes; the failure of our key suppliers to deliver components on time could harm our business; we depend on our executive officers and other key personnel; our software products may contain defects that could result in claims and harm our business; we may be unable to protect our proprietary technology; others might claim that we infringe their technology; rising energy costs may increase our operating expenses; future acquisitions may disrupt the Company's operations; we are subject to pending class action securities litigation that could be costly to defend, divert the attention of our management and, if determined adversely to us, seriously harm our business; the completion of our merger with Brooks is subject to various conditions, including regulatory and stockholder approvals; we have received a second request for information from the Department of Justice in connection with its antitrust review of the merger, and there can be no assurance that we will be able to obtain regulatory approval to complete the merger on the schedule we have previously announced or upon the terms contemplated by the merger agreement; and other factors identified in our registration statement on Form S-3, file number 333-60180, filed with the SEC on May 3, 2001 and in the preliminary joint proxy statement/prospectus relating to the merger included in the registration statement on Form S-4, file number 333-74590, filed with the SEC on December 19, 2001. We assume no obligation to update any forward-looking statements included in this release or in our teleconference.
Investors and security holders are advised to read the definitive joint proxy statement/prospectus regarding the transaction described in these materials, when it becomes available, because it will contain important information. Security holders may obtain a free copy of the definitive joint proxy statement/prospectus, when it becomes available, and other related documents filed by Brooks and PRI at the SEC's Web site at www.sec.gov or at the SEC's public reference room located at 450 Fifth Street, NW, Washington, DC 20549 or at one of the SEC's other public reference rooms in New York, New York and Chicago, Illinois. Please call the SEC at 1-800-SEC-0330 for further information on the public reference rooms. When available, the joint proxy statement/prospectus and the other documents may also be obtained by contacting either company. Brooks, PRI and their respective officers and directors may be deemed participants in the solicitation of proxies from their respective stockholders with respect to the transaction contemplated by the merger agreement. The joint proxy statement/ prospectus will contain important information about the persons soliciting the proxies relating to the merger and their interests in the transactions. Additional information regarding PRI's directors and officers is also included in PRI's definitive proxy statement dated February 20, 2001, available free of charge from PRI and the SEC. Additional information regarding Brooks' directors and officers is also included in Brooks' definitive proxy statement dated January 24, 2001, available free of charge from Brooks and the SEC. |
