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Technology Stocks : PRI Automation (PRIA)
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To: BruSi who wrote (479)7/14/1998 9:59:00 AM
From: Beltropolis Boy  Read Replies (1) of 1214
 
09:54 AM ET 07/13/98

PRI sees lower Q3 EPS,to cut 15 workforce

BILLERICA, Mass., July 13 (Reuters) - PRI Automation Inc.
said on Monday it expects third quarter results to fall below
expectations due to a restructuring plan that includes a 15
percent workforce reduction and a $5 to $7 million charge in the
quarter.

The company said it expects the restructuring plan to bring
down fare costs and expenses, blaming the move on a demand
slowdown in semiconductor factory automation.

Officials for the company were not immediately available to
comment further on the restructuring.

The company said it expects to report a net loss of 12-16
cents per share excluding the one-time charges for
restructuring and excess assets.

Wall Street analysts' consensus for the quarter ended June
30 is $0.05 per share.

PRI said revenues are expected to be down 15-20 percent
from second quarter revenues of $47.1 million.

"The Asian financial situation, a slowdown in the PC market
and declining capital equipment spending coupled with the
slowdown in the transition to 300mm manufacturing are affecting
the entire semiconductor industry," Mitch Tyson, PRI president
and chief operating officer said in a statement.

PRI said the $5 to $7 million charge against third quarter
earnings is to cover costs related to severance compensation,
plant consolidations and other assets utilized in the affected operations.

infobeat.com
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