Brooks-PRI Automation Reports Fiscal 2003 First-Quarter Results
Wednesday January 22, 9:30 pm ET
CHELMSFORD, Mass., Jan. 22 /PRNewswire-FirstCall/-- Brooks-PRI Automation, Inc. (Nasdaq: BRKS - News), which delivers total automation for semiconductor manufacturing, today announced financial results for its fiscal first quarter ended December 31, 2002.
Revenues for the quarter were $84.9 million, a sequential decline of 18 percent over previous-quarter revenues of $103.2 million. Bookings for the first quarter were $81.0 million, a decline of 30 percent over previous- quarter bookings of $115.6 million. The Company had provided previous guidance for both revenues and bookings to be in the range of $80 to $85 million.
The net loss for the quarter on a GAAP ("Generally Accepted Accounting Principles") basis was $59.2 million, or $1.63 per share, compared to a net loss on the same basis of $673.3 million, or $18.76 per share, in the immediately preceding quarter.
It has been the practice of the Company over the last several years, and of many other companies as well, to also report financial results on a pro forma basis because management believes that the operating results before taking into account charges such as the amortization of acquired intangible assets, acquisition-related and restructuring charges and other charges provide a useful measure of operating performance. The pro forma net loss for the quarter was $24.0 million, or a loss of $0.66 per share -- better than the previous guidance of $0.70 to $0.80 loss per share -- compared to a pro forma loss in the immediately preceding quarter of $16.3 million, or $0.45 per share. As in previous earnings reports, a reconciliation of GAAP to pro forma earnings for the quarter is included in the attached exhibits.
Robert J. Therrien, President and Chief Executive Officer of Brooks-PRI Automation, said: "I continue to believe that we have the right strategic vision for the Company. What matters most to this company right now is cash flow and gaining market share. We are making steady progress in getting our infrastructure right and are taking actions aimed at impacting the entire company -- from our relationship with the customer all the way through the way we manage our supply chain. One direct result of our actions is our increased ability to meet customer commitments that resulted in acceptance of significant projects in the quarter. We are sustaining our momentum in Asia, winning new business for factory automation hardware in Korea, China and Taiwan. The portion of our business coming from 300mm customers was approximately 34 percent for the quarter, and we are pursuing a number of good 300mm opportunities for the year. The breadth and depth of our products, solutions delivery services and relationships with major customers, both end user and OEM, help strengthen our position as the company with the most know- how in the semiconductor automation industry."
Mr. Therrien further commented on the progress of the Company's restructuring efforts. "The restructuring actions that we are taking during this downturn to lower our cost structures are expected to improve our long- term competitiveness. We have already integrated several remote manufacturing operations to our Chelmsford campus, with more consolidations planned in the March quarter."
In discussing the outlook for the second fiscal quarter that ends on March 31, 2003, Mr. Therrien said, "We are in a period of great uncertainty and the business environment remains difficult to forecast, although we believe that the underlying dynamics point to continued strength this year. We expect second quarter revenues for the Company to be flat to slightly up compared to the first quarter, bookings to be in a range from flat to up 5 percent from the previous quarter, and pro forma earnings to be in the range of $0.25 to $0.35 loss per share."
Q1 Fiscal 2003 Highlights
-- Announced a million dollar MES project with leading IC manufacturer,
SGNEC. This is the fourth major customer in the emerging China market
to use the Brooks-PRI software solutions and services to help manage
its fab.
-- Booked multiple new orders from a 300mm DRAM customer in Korea for
factory automation hardware, including sorters, environmental control
products and test wafer stockers.
-- Received orders from 2 semiconductor foundries in China for multiple
quantities of 200mm SMIF Loadports.
-- Received systems acceptance of the AMHS installation at its 300mm
customer in North America, which the Company believes is a direct
result of improved operations and new customer satisfaction programs.
-- Achieved acceptance milestones ahead of schedule for the shipment and
installation of the AMHS expansion at TSMC in Hsinchu, Taiwan.
-- Captured 19 new design-in wins from OEM customers during the quarter,
maintaining strong momentum in equipment automation.
-- Received new orders for lithography automation hardware from customers
in North America, Taiwan and Europe.
Conference Call
Brooks-PRI will host a conference call on Thursday, January 23, at 9:00 am ET to review its fiscal first-quarter results. On the call, management will discuss the information contained in this announcement and answer related questions.
Date: Thursday, January 23, 2003
Time: 9:00 a.m. Eastern, 8:00 a.m. Central, 7:00 a.m.
Mountain, 6:00 a.m. Pacific
Live Webcast: investor.brooks.com
Dial In #: (913) 981-5591
Passcode: 622497
Replay: (719) 457-0820 (beginning @ 2:00 p.m. Eastern,
Thursday, January 23, 2003)
Passcode: 622497
Webcast of the call will also be available at investor.brooks.com.
About Brooks-PRI Automation, Inc.
Brooks-PRI (Nasdaq: BRKS - News) delivers automation solutions to the global semiconductor industry. The company's hardware, factory/tool management software, and our professional services can manage every wafer, reticle and data movement in the fab, helping semiconductor manufacturers optimize throughput, yield and cost reduction, while reducing their time to market. Brooks-PRI products and capabilities 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, 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 or political tensions arising between Western nations and North Korea; 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 fact that design- in wins do not necessarily translate to significant revenue; 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.
Contact:
Mark Chung
Director of Investor Relations
Brooks-PRI Automation, Inc.
Phone: (978) 262-2459
mark.chung@brooks-pri.com
BROOKS-PRI AUTOMATION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, September 30,
2002 2002
(unaudited)
ASSETS
Cash, cash equivalents and marketable
securities $140,022 $150,650
Accounts receivable, net 77,582 89,150
Inventories 77,373 78,193
Other current assets 17,157 15,560
Total current assets 312,134 333,553
Property, plant and equipment
Buildings and land 37,251 37,259
Computer equipment and software 53,620 45,558
Machinery and equipment 23,592 23,658
Furniture and fixtures 13,861 14,706
Leasehold improvements 24,789 25,238
Construction in progress 3,036 13,768
156,149 160,187
Less: Accumulated depreciation (85,548) (75,395)
Net property, plant and equipment 70,601 84,792
Long-term marketable securities 74,951 95,087
Intangible assets, net 119,995 118,804
Other assets 28,026 25,261
Total assets $605,707 $657,497
LIABILITIES, MINORITY INTERESTS AND
STOCKHOLDERS' EQUITY
Current liabilities $155,460 $157,215
Convertible subordinated notes 175,000 175,000
Other long-term liabilities 16,228 16,554
Total liabilities 346,688 348,769
Minority interests 583 493
Stockholders' equity 258,436 308,235
Total liabilities,
minority interests and
stockholders' equity $605,707 $657,497
Cash, cash equivalents, short- term and long-term marketable
securities
December 31, 2002 $214,973
September 30, 2002 $245,737
June 30, 2002 $286,721
March 31, 2002 $283,467
December 31, 2001 $302,638
BROOKS-PRI AUTOMATION, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended
December 31,
2002 2001
(unaudited) (unaudited)
Revenues $84,855 $58,182
Cost of revenues 60,481 37,341
Gross profit 24,374 20,841
Operating expenses:
Research and development 19,674 14,134
Selling, general and administrative 34,106 18,905
Acquisition-related and
restructuring charges 21,096 100
74,876 33,139
Loss from operations before
amortization of acquired
intangible assets (50,502) (12,298)
Amortization of acquired intangible
assets 2,047 3,633
Loss from operations (52,549) (15,931)
Interest (income) expense, net 820 (246)
Other (income) expense, net 1,169 (553)
Loss before income taxes and minority
interests (54,538) (15,132)
Income tax provision (benefit) 4,578 (5,190)
Loss before minority interests (59,116) (9,942)
Minority interests in earnings (loss)
of consolidated subsidiary 90 (57)
Net loss attributable to common
stockholders $(59,206) $(9,885)
Loss per share attributable to common
stockholders:
Basic $(1.63) $(0.50)
Diluted $(1.63) $(0.50)
Shares used in computing loss per
share attributable
to common stockholders:
Basic 36,360 19,886
Diluted 36,360 19,886
Pro Forma Net Loss Before Amortization of Acquired Intangible Assets,
Acquisition-Related and Restructuring Charges, and Other Charges ("BAAI")
Net loss attributable to common
stockholders before amortization of acquired
intangible assets,acquisition-related and
restructuring charges and other
charges, net of taxes $(24,032) $(7,536)
Net loss attributable to common
stockholders before amortization of acquired
intangible assets, acquisition-related and
restructuring charges and other
charges, net of taxes, assuming
dilution $(24,032) $(7,536)
Loss per share attributable to
common stockholders before amortization
of acquired intangible assets,
acquisition-related and restructuring
charges and other charges, net of taxes
Basic $(0.66) $(0.38)
Diluted $(0.66) $(0.38)
Shares used in computing loss per
share attributable to common
stockholders before amortization
of acquired intangible assets,
acquisition-related and
restructuring charges and other
charges, net of taxes
Basic 36,360 19,886
Diluted 36,360 19,886
BROOKS-PRI AUTOMATION, INC.
CALCULATION OF BAAI
FOR THE THREE MONTHS ENDED DECEMBER 31, 2002
(in thousands, except per share data)
(unaudited)
Amortization
of acquired
intangible
assets,
acquisition-
related and
restructuring
charges and
other
U.S. GAAP charges BAAI
Revenues $84,855 $- $84,855
Cost of revenues 60,481 2,094 (A) 58,387
Gross profit 24,374 (2,094) 26,468
Operating expenses:
Research and development 19,674 854 (B) 18,820
Selling, general and administrative 34,106 8,130 (C) 25,976
Acquisition-related and
restructuring charges 21,096 21,096 -
74,876 30,080 44,796
Loss from operations before
amortization of
acquired intangible assets (50,502) (32,174) (18,328)
Amortization of acquired intangible
assets 2,047 2,047 -
Loss from operations (52,549) (34,221) (18,328)
Interest (income) expense, net 820 - 820
Other (income) expense, net 1,169 - 1,169
Loss before income taxes and minority
interests (54,538) (34,221) (20,317)
Income tax provision (benefit) 4,578 953 3,625
Loss before minority interests (59,116) (35,174) (23,942)
Minority interests in earnings (loss)
of consolidated subsidiary 90 - 90
Net loss attributable to common
stockholders $(59,206) $(35,174) $(24,032)
Loss per share attributable to common
stockholders:
Basic $(1.63) $(0.66)
Diluted $(1.63) $(0.66)
Shares used in computing loss per
share attributable
to common stockholders:
Basic 36,360 36,360
Diluted 36,360 36,360
(A) Comprised of:
Adjustments to inventory $901
Accelerated depreciation on
property, plant and
equipment 600
Retention 225
Deferred compensation expense
- PRI 368
$2,094
(B) Comprised of:
Deferred compensation expense
- PRI $418
Deferred compensation expense
- KLA 270
Accelerated depreciation on
property, plant and
equipment 166
$854
(C) Comprised of:
Deferred compensation expense
- PRI $886
Deferred compensation expense
- IAS 36
Accelerated depreciation on
property, plant and
equipment 7,208
$8,130
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Source: Brooks-PRI Automation, Inc. |
