Brooks-PRI Announces Actions to Improve Operating Leverage
Wednesday October 2, 4:16 pm ET
CHELMSFORD, Mass., Oct. 2 /PRNewswire-FirstCall/-- Brooks-PRI Automation, Inc. (Nasdaq: BRKS - News), which delivers total automation for semiconductor manufacturing, announced today that it is further streamlining its operating costs in order to lower its operating breakeven point below the previous target level. Among the actions that are being taken is a 13% reduction in its worldwide workforce to bring it down to approximately 2,550 along with the elimination of two additional manufacturing facilities and accelerated closing of another. These actions are in addition to those previously announced in conjunction with the acquisition of PRI Automation in May 2002.
Robert J. Therrien, president and CEO of Brooks-PRI Automation, noted that reductions in the workforce were necessary since signs of any significant improvement in the semiconductor industry and the global economy are lacking. "We are proactively resizing our business in order to lower the breakeven point in the current economic environment. These actions, unfortunately, are not uncommon in our industry due to its cyclical nature and were necessary at the anticipated level of business that we may have in the near term. We will continue as we always have at Brooks-PRI to make strategic investments in technology and key business initiatives targeted at gaining market share, but now within the framework of a leaner and more efficient infrastructure. It is important to note that we have not made any changes to the guidance that we previously gave for the fourth quarter that just concluded on September 30, which excluded the impact of any restructuring and nonrecurring charges arising from the actions we are announcing today. Even while our customers continue to validate our strategy of being able to provide critical hardware and software solutions for both capital equipment suppliers and chip making fabs, the restructuring of our business was both prudent and necessary."
Brooks-PRI will release its results for the fourth quarter and fiscal year 2002 after market close on November 20, 2002 and will hold its earnings conference call the following morning, November 21, at 9:00 AM Eastern Time. Details will be provided in a subsequent press release.
About Brooks-PRI Automation, Inc.
Brooks-PRI (Nasdaq: BRKS - News) delivers total automation. The company's hardware, software and services can manage every wafer, reticle and data movement in the fab, helping semiconductor manufacturers accelerate time-to- market while reducing their risk. Brooks-PRI products are used in virtually every fab in the world. For information, visit brooks-pri.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The foregoing discussion contains forward-looking statements related to future results and speaks only of the Company's expectations as of the date of this press release. The forward-looking statements involve several known and unknown risks and uncertainties including, without limitation, the continued success of Brooks-PRI Automation, Inc. (the "Company") in the marketplace, the Company's dependence on the cyclical semiconductor industry, the highly competitive nature and rapid technological change that characterize the industries in which the Company competes, and other risks and uncertainties described in the Company's reports and registration statements filed with the Securities and Exchange Commission. As a result, there can be no assurance that the Company's future results will not be materially different from those projected. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.
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Investor Contact: Media Contact:
Mark Chung Rachel G. Mann
Director of Investor Relations Account Executive
Brooks-PRI Automation, Inc. Gray & Rice Public Relations
P: (978) 262-2459 P: (617) 367-0100 ext. 114
Mark.chung@brooks-pri.com rgmann@gr2000.com
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Source: Brooks-PRI Automation, Inc. |
