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Technology Stocks : PRI Automation (PRIA) -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (752)	7/20/1999 4:04:00 PM
From: Q.	Read Replies (1) \| Respond to of 1214

PRI Automation Falls on Worry 4th-Qtr Loss Will Widen Further Billerica, Massachusetts, July 20 (Bloomberg) -- Shares of PRI Automation Inc., the biggest maker of automation equipment for semiconductor plants, fell as much as 21 percent on concern that lower prices charged to customers in Asia will result in a wider-than-expected loss this quarter. PRI fell 6 9/16 to 31 9/16 in early afternoon trading of 2.26 million shares, about quadruple the three-month daily average. Earlier, the shares dropped as low as 30 1/4. On a conference call yesterday, PRI warned analysts gross margins, which measure profit as a percent of sales, will likely fall in its fiscal fourth quarter ending in September from its third-quarter's 42.4 percent. PRI may have offered lower prices to win additional business from Asian customers, analysts said. ''Revenues are likely to ramp slower than previously projected and competitive pricing suggests a slower margin expansion,'' Merrill Lynch & Co. analyst Mark FitzGerald said in a report. He downgraded PRI to ''neutral'' from ''accumulate.'' The Billerica, Massachusetts-based company is expected to lose 8 cents a share in its fourth quarter, according to the average estimate of analysts polled by First Call Corp. In the year-ago period, it had a loss from operations of $4 million, or 20 cents. PRI yesterday said that its third-quarter loss before a charge widened to an expected $3.8 million, or 17 cents. It had a loss of $8.4 million, or 40 cents, in the year-ago quarter. Including the charges in the recent quarter, the company had a loss of $13.1 million, or 60 cents. quote.bloomberg.com