PRI Automation Reports Second-Quarter Results and Growing Book-to-Bill Ratio
BILLERICA, Mass., April 22 /PRNewswire/ -- PRI Automation, Inc.
(Nasdaq: PRIA; Toronto: PRJ), a leader in semiconductor factory automation,today reported financial results for the second quarter ended March 28, 1999. Net revenue for the quarter was $30.3 million, compared with $56.0 million for the second quarter of fiscal 1998, a decline of 46%. Excluding special charges, the company reported a net loss for the quarter of $5.0 million or $(0.24) per share. This compared with net income of $3.7 million, or $0.17 per diluted share, excluding special charges related to the Equipe merger and other activities, for the same period last fiscal year. During the
quarter, the company completed the acquisition of Promis Systems Corporation and recorded special charges of $5.2 million, net of taxes, related primarily to this acquisition. Cash increased from $49.7 million to $58.5 million during the quarter. All amounts have been restated to reflect the acquisition of Promis Systems corporation, accounted for as a pooling of interests.
"The quarter was on target," said Mitch Tyson, PRI Automation's president and chief executive officer. "Bookings and backlog are up. Our book-to-bill ratio is above the industry average. We are beginning to see a sustainable recovery, with new fabs and significant expansions driving business growth over the next several quarters. We are well-prepared for this upturn with our new set of 200mm and 300mm products."
Significant events for the second quarter included:
* A multi-million-dollar automated material handling system (AMHS)
expansion order for AMD's Fab 30 in Dresden, Germany. This order demonstrates the implementation success of PRI's new advanced 200mm AMHS product set, including a full copper isolation solution.
* Five major orders in vacuum cluster platforms. Atmospheric orders were
up 100% from the previous quarter.
* The first 300mm order for an intrabay AMHS from Semiconductor300, the
Motorola/Siemens joint venture. This pilot line already includes
25 Equipe Division robots installed late last year.
* The implementation of Leverage(TM) advanced planning software at TSMC.
* Orders for Encore! FAbuilder(TM) from Samsung for lines 4, 5 and 9.
These orders evidence Samsung's recent decision to standardize on
FAbuilder for all of its automation software requirements.
* Four new PROMIS(R) manufacturing execution system (MES) site licenses,
including three to new customers.
"Through the downturn, we have worked aggressively to strengthen our
competitive position. We have introduced an advanced 200mm AMHS product set,
integrated software systems, comprehensive lithography solutions and new
robotic systems. We are seeing accelerated bookings and improving performance
in every division," concluded Tyson.
About PRI Automation
PRI Automation, Inc., headquartered in Billerica, Massachusetts, is a
leading global supplier of advanced factory automation systems and software
that optimize the productivity of semiconductor and precision electronics
manufacturers as well as OEM process tool manufacturers. PRI is the only
company to provide a tightly integrated and flexible hardware and software
solution that optimizes the flow of products, data materials, and resources
throughout the production chain. The company has thousands of systems
installed at approximately one hundred locations throughout the world. For
more information, visit the PRI Website at www.pria.com.
Some of the statements made in this release are forward-looking, and
actual results could differ materially from these statements. Such
forward-looking statements include, but are not limited to, statements that
relate to the company's future revenue and operating expenses, management's
plans and objectives for future operations and the effect of any contemplated
consolidation or restructuring of operations on the company's future
profitability; statements about the company's acquisition of Promis Systems;
and statements relating to the recent upturn in the semiconductor industry.
The company's actual results of operations may differ materially from
forward-looking statements made by the company. The company encourages
readers of forward-looking information concerning the company to refer to its
filings with the Securities and Exchange Commission, including its Annual
Report on Form 10-K for the fiscal year ended September 30, 1998, which set
forth certain risks and uncertainties that may have an impact on the future
results and direction of the company.
NOTE: PROMIS is a registered trademark of PRI Automation. Encore!
FAbuilder is a trademark of PRI Automation. Leverage is a trademark of
Interval Logic Corporation, a subsidiary of PRI Automation.
PRI AUTOMATION, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended Six Months Ended
3/28/99 3/29/98 3/28/99 3/29/98
Net revenue $30,291 $56,036 $59,926 $127,626
Cost of revenue 18,773 28,193 38,918 64,894
Gross profit 11,518 27,843 21,008 62,732
Operating expenses:
Research and development 10,875 12,320 21,289 22,491
Selling, general and
administrative 9,037 11,741 18,723 25,059
Acquired in-process research
and development -- -- -- 8,417
Merger costs and special
charges 5,800 6,813 6,450 6,813
Total operating expenses 25,712 30,874 46,462 62,780
Operating loss (14,194) (3,031) (25,454) (48)
Other income, net 625 461 1,281 172
(Loss) income before
income taxes (13,569) (2,570) (24,173) 124
(Benefit from) provision
for income taxes (3,367) (369) (6,316) 2,329
Net loss $(10,202) $(2,201) $(17,857) $ (2,205)
Basic and diluted net loss
per common share $(0.48) $(0.11) $(0.84) $(0.11)
Weighted average shares used
in basic and diluted
share calculations 21,470 20,932 21,369 20,884
Pro Forma Net Loss Per Common Share
(To reflect the conversion of Equipe Technologies from an S-Corporation to a
C-Corporation for income tax purposes)
Six Months
Ended
3/29/98
Historical net loss $(2,205)
Adjustment to Equipe income tax expense (1,156)
Pro forma net loss $(3,361)
Pro forma basic and diluted net loss per common share $(0.16)
PRI AUTOMATION, INC.
Condensed Consolidated Balance Sheets
(In thousands)
March 28, September 30,
1999 1998
Assets
Cash and cash equivalents $58,519 $57,047
Accounts receivable, net 30,721 34,443
Contracts in progress 4,557 9,017
Inventories 21,704 27,494
Deferred income taxes, current 7,181 7,832
Other current assets 5,518 7,254
Property and equipment, net 18,144 20,306
Other assets, net 3,805 4,085
Total assets $150,149 $167,478
Liabilities and Stockholders' Equity
Liabilities:
Accounts payable $9,470 $12,281
Accrued expenses and other liabilities 20,158 17,331
Billings in excess of revenue and
customer advances 12,435 14,726
Minority interests 170 --
Stockholders' equity 107,916 123,140
Total liabilities and stockholders' equity $150,149 $167,478
SOURCE PRI Automation, Inc.
©1998 PR Newswire. All rights reserved.
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