Brooks-PRI Automation Provides Status Update on Restructuring Actions and Financial Guidance for Fiscal First Quarter 2003
Thursday December 12, 6:05 pm ET
CHELMSFORD, Mass., Dec. 12 /PRNewswire-FirstCall/ -- Brooks-PRI Automation, Inc. (Nasdaq: BRKS - News), which delivers total automation for semiconductor manufacturing, today provided an update on the status of its restructuring actions and financial guidance for the first quarter of fiscal 2003 that ends December 31, 2002.
Brooks-PRI continues to pursue previously disclosed restructuring actions aimed at lowering operating expenses. Key initiatives include the planned workforce reduction from 2,900 employees on September 30, 2002 to approximately 2,200 employees by March 2003. The company is also engaged in a facilities consolidation program that is expected to reduce the number of manufacturing sites from 14 to 4 by June 2003. The company expects that the operating break-even level will continue to be reduced as the operational efficiencies from the restructuring actions take effect, with a target operating break-even level in the range of $90 to $95 million of revenue per quarter by June 2003.
Brooks-PRI affirmed its previous guidance that revenues and bookings for the current quarter are both expected to be in the range of $80 to $85 million. The net loss for the quarter is expected to be in a range of $0.70 to $0.80 per share before amortization of acquired intangible assets, acquisition-related and restructuring charges, and other charges ("pro forma"), due to the decline in revenues and no tax benefit being provided as discussed during the previous conference call. Because the company is engaged in ongoing operational restructuring it is not in a position to provide a GAAP EPS estimate for the quarter at this time. Cash and marketable securities at the end of the quarter are expected to be approximately $200 million, which is in line with the guidance that was given in the fiscal fourth quarter earnings announcement.
Robert J. Therrien, President and Chief Executive Officer of Brooks-PRI Automation, said: "Our mission remains focused on achieving operating leverage as rapidly as possible while continuing to strengthen our market position. As such, we are committed to right-sizing Brooks-PRI and I am confident that our management team is executing the plans that we have put in place. The business outlook for the current quarter remains essentially unchanged from when we provided the last update in November. We are starting to see some good activity in Asia, though, with particular interest in our factory hardware products such as wafer sorters, test wafer stockers and lithography automation tools. China is especially emerging as a bright spot for us, with strong acceptance of our software in each of the 200mm fab customers and progress with SMIF loadport penetration in addition to the factory hardware business. Internally, the search for a new CFO is proceeding well and we hope to select one of several strong candidates shortly."
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:
Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Brooks-PRI's financial results to differ materially from our expectations. These forward-looking statements include statements regarding our revenue and profit and loss expectations, future level and sufficiency of our cash position, our future business strategy and market opportunities, improvements in our business, our restructuring and cost reduction activities, our integration of acquired businesses, demand for our products and the general economic outlook. Factors that could cause results to differ from our expectations include the following: our dependence on the cyclical semiconductor industry; the possibility of further downturns in market demand for electronics (including especially the market for semiconductor products); further downturn in the economy of the United States and other countries brought about by the prospect of war in the Middle East; the highly competitive nature and rapid technological change that characterizes the industries in which we compete; decisions by customers to cancel or defer orders that previously had been accepted; the fact that many of the company's orders are non-binding; the timing and effectiveness of restructuring, cost-cutting and expense control measures, including activities such as facility consolidations and staffing reductions; the possibility of intense price competition and the possible resulting need to lower our prices to our customers and thereby possibly our revenue; our ability to manage the effects of past or future acquisitions or divestitures, including the need to integrate acquired businesses successfully; the possibility that the value of certain acquired assets or businesses may have to be written down in light of prevailing market conditions and other factors; and other risks that we have described in our filings with the Securities and Exchange Commission, including but not limited to Brooks-PRI Automation's Annual Report on Form 10- K and our quarterly reports on Form 10-Q. As a result there can be no assurance that our future results will not be materially different from those projected. Brooks-PRI expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based. |
