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Headline: PRI Automation Reports Fourth-quarter and Fiscal 1998 Results
BILLERICA, Mass.--(BUSINESS WIRE)--Nov. 19, 1998--PRI Automation, Inc. (NASDAQ:PRIA), the leader in semiconductor factory automation, today reported financial results for the fourth quarter and fiscal year ended September 30, 1998.
"Our results for the fourth quarter and the fiscal year reflect the impact of the prolonged downturn in the industry," noted Mitch Tyson, president and chief executive officer, PRI Automation. "But we believe that this may be the bottom of the cycle and that business conditions are beginning to improve."
Net revenue for the fiscal year was $178.2 million, compared with $213.2 million a year earlier, a decline of 16%. Excluding special charges and adjusted on a pro forma basis, to reflect the conversion of Equipe Technologies from an S-corporation to a C-corporation for income tax purposes, net income for the year was $0.7 million, or $0.04 per share, compared with the prior year's net income of $22.9 million, or $1.14 per share. Net revenue for the fourth quarter was $27.6 million, compared with $63.6 million for the fourth quarter of fiscal 1997. Excluding special charges, the company reported a net loss for the quarter of $4.0 million, or $(0.20) per share on a diluted basis. This compared with net income of $6.9 million, or $0.34 per share, for the same period last year on a pro forma basis, for the conversion of Equipe Technologies' tax status. Sequentially, cash and marketable securities rose from $39.1 million to $48.2 million during the fourth quarter.
In the fourth quarter, the company recorded special charges of $7.0 million, net of taxes, or $(0.36) per share, for costs related to inventory and warranty provisions, severance compensation, and plant consolidations. For the fiscal year, the company recorded special charges of $25.8 million, net of taxes -- $12.8 million related to the acquisition of Interval Logic and Equipe Technologies, and $13.0 million related to restructuring and other activities.
"We are continuing to improve our cash position and reduce our cost structure as we develop our next-generation products, expand our wafer flow solutions, and strengthen our position for the upturn," said Tyson. "During this period we have been able to gain market share and believe that we are positioned to be stronger and more profitable when the recovery comes."
Tyson continued, "Our Factory Automation Systems division has not lost a single factory automation order in the past year, and we have grown our worldwide market share, most notably in Taiwan and Singapore, where we are now the factory automation supplier of choice for the world's leading foundries. We are seeing increased activity among our reticle management systems as fabs increase the number and volume of reticles they must handle. Our Interval Logic subsidiary is shipping its advanced planning and scheduling software, and customers will soon be benefiting from the productivity gains these solutions bring to capacity planning and work-flow scheduling. The Equipe division is growing its share in the vacuum wafer-handling market by winning new customer orders for its vacuum cluster platform products."
Tyson concluded, "We believe that we are seeing an increase in business activity in both 200mm and 300mm sectors and we hope this activity will lead to an improvement in bookings and revenue in our FY'99."
About PRI Automation
PRI Automation, Inc., with headquarters in Billerica, Massachusetts, is the leading global supplier of advanced factory automation systems that enhance the competitiveness of semiconductor manufacturers and OEM equipment suppliers. PRI is the only company to provide a tightly integrated and flexible hardware and software solution that optimizes the flow of wafers throughout the fab. The company currently has more than 1,600 systems installed at approximately 100 locations worldwide. For more information, visit PRI's Web site at |
