Here it is:
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BILLERICA, Mass.--(BUSINESS WIRE)--July 23, 1996--PRI Automation Inc.
(NASDAQ: PRIA) today reported record revenue and net income for the third quarter and nine
months ended June 30, 1996.
The supplier of factory automation systems to the semiconductor industry reported revenue for
the third quarter of fiscal 1996 rose 72 percent to $28.4 million from $16.5 million in the same
period in fiscal year 1995. Net income for the third quarter of fiscal 1996 rose to $3.5 million,
or $0.46 per share, up 80 percent from $2.0 million, or $0.30 per share, reported in the third
quarter of fiscal 1995 ended June 30, 1995.
Per-share results are based on a total 7.6 million fully diluted common shares outstanding at
the end of the third quarter of fiscal 1996, compared to 6.5 million shares in the same period in
fiscal year 1995.
For the nine months ended June 30, 1996, revenue rose to $76.7 million from $43.4 million in
the comparable 1995 period. Net income for the nine months of fiscal 1996 rose to $10.0
million, or $1.32 per share, compared to $5.0 million, or $0.83 per share, in the same period
the prior year.
Per-share results for the nine months are based on fully diluted common shares outstanding of
7.6 million in fiscal 1996 and 6.1 million shares for the same period in fiscal 1995.
"The company continues to have strong momentum in implementing its growth strategy, as we
record our 15th successive quarter of achieving record revenue. As a supplier of products that
automate and improve semiconductor production processes, PRI is integral to long-term
capital spending cycles which tend to be less affected by short-term events. In that context,
PRI can plan and implement strategies over a longer time frame," Mord Wiesler, chief
executive officer of PRI Automation Inc., said.
He noted that at the end of the third quarter, the backlog grew to over $100 million for the
first time in the company's history.
"At the same time, we aggressively competed for and won orders for four full factory
automation systems and continued to receive follow-on orders at existing PRI installations.
These recurring revenues have comprised over one-third of our bookings over the past year
reflecting the importance of PRI's growing market share position," Wiesler stated.
New orders from the Pacific Rim and Europe paced a substantial bookings quarter, he noted.
Also in the third quarter, PRI created a new software division, released an integrated material
control software product for fabs, and recorded the highest booking level in its history.
PRI Automation, headquartered in Billerica, Mass., combines advanced robotic technology
with materials handling software to automate the transport, storage and handling of silicon
wafers used to make microprocessors, memory chips and other types of integrated circuits.
PRI systems -- which include overhead monorails, wafer pod stockers, reticle stockers,
software, and factory simulation and other services -- maximize wafer yield and equipment
utilization in a wide range of semiconductor manufacturing environments.
PRI Automation Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
Three Months Nine Months
Ended June 30, Ended June 30,
1996 1995 1996 1995
Net revenue $28,440 $16,518 $76,677 $43,432
Cost of revenue 14,648 8,604 39,422 22,694
Gross profit 13,792 7,914 37,255 20,738
Operating expenses:
Research and development 4,515 2,565 12,236 6,958
Selling, general and
administrative 4,471 2,736 11,967 6,799
Total operating expenses 8,986 5,301 24,203 13,757
Operating profit 4,806 2,613 13,052 6,981
Other income (expense), net 531 269 1,648 573
Income before income taxes 5,337 2,882 14,700 7,554
Provision for income taxes 1,815 922 4,686 2,511
Net income $ 3,522 $ 1,960 $10,014 $ 5,043
Net income per share $ 0.46 $ 0.30 $ 1.32 $ 0.83
Shares used in per-share
calculations 7,618 6,468 7,598 6,054
PRI Automation Inc.
Condensed Consolidated Balance Sheets
(In thousands)
June 30, Sept. 30,
1996 1995
(Unaudited)
Assets
Current assets:
Cash and investments $ 48,500 $ 52,052
Accounts receivable, net 18,985 16,624
Contracts in progress 17,357 7,382
Inventories 17,728 11,416
Other current assets 3,422 2,469
Total current assets 105,992 89,943
Property and equipment, net 8,380 5,027
Other assets 1,765 29
Total assets $116,137 $94,999
Liabilities and equity
Current liabilities:
Accounts payable $ 13,149 $ 7,037
Accrued liabilities 6,279 5,125
Income taxes payable 3,920 1,411
Total current liabilities 23,348 13,573
Stockholders' equity 92,789 81,426
Total liabilities and
stockholders' equity $116,137 $94,999
CONTACT: PRI Automation Inc.
John J. Schickling, 508/670-4270 ext. 3002
or
Demer IR Counsel Inc.
Marianne Baldrica, 510/938-2678
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Outlook sounds positive. Backlog up at least 16% from prior quarter.
I was hoping for better revenue and income numbers though.
--joel |
