Friday November 19, 10:40 am Eastern Time
Company Press Release
Robertson Stephens Raises Estimates on Long-Term Attractive Rated PRIA
SAN FRANCISCO--(BUSINESS WIRE)--Nov. 19, 1999--Robertson Stephens Managing Director and Senior Semiconductor Equipment Analyst Sue Billat today raised estimates on Long-Term Attractive rated PRI Automation (NASDAQ:PRIA - news). The company is a leading-global supplier of advanced-factory-automation systems and software that optimize the productivity of semiconductor and precision-electronic manufacturers, as well as OEM process-tool manufacturers.
''PRI reported fiscal-fourth-quarter 1999 operating earnings-per-share of ($0.23), in-line with our estimate but under First Call consensus of ($0.20),'' said Billat.
''We continue to view PRI as the franchise player in automation and believe that the company is exceptionally well positioned to benefit as chipmakers expand existing 200mm fabs and as they begin the transition to 300mm wafer scale processing,'' said Billat. ''Although the industry's delay in adopting 300mm diameter wafers will continue to limit near-term expansion of PRI's overall served market, we believe that the high level of construction and expansion activity expected over the next two years for 200mm wafer fabs will provide PRI with ample opportunity for significant growth.''
''While we are raising estimates to reflect the strength in PRI's business, the stock is trading at about 40 times our calendar 2000 estimate of $1.23, significantly above our computation of 33 times for leading front-end companies,'' said Billat. ''Accordingly, we are maintaining our Long-Term Attractive rating on the stock due to valuation, however, we would view any pullback in the stock price as a potentially attractive buying opportunity.''
''We are taking our fiscal 2000 earnings-per-share estimate to $0.91, from $0.82, on revenues of $265 million, from $238 million,'' said Billat. ''We are also introducing a fiscal 2001 earnings-per-share estimate of $1.75 on revenues of $355 million.''
Clients interested in receiving more information should contact their salesperson at (415) 781-9700.
BancBoston Robertson Stephens Inc. (''Robertson Stephens'') is the leading full-service investment bank focused exclusively on growth companies. To date in 1999, the firm has completed over 130 offerings, raising more than $24 billion in capital for clients. The firm's 47 research analysts cover nearly 700 companies. Founded in 1978, Robertson Stephens is a section 20 subsidiary of Fleet Boston Corporation (NYSE: FLT - news) and a member of the NASD and all major exchanges. Together, Robertson Stephens, BancBoston Robertson Stephens International Ltd., and Robertson Stephens Evergreen Securities Ltd. employ over 1,000 employees worldwide with offices in Boston, San Francisco, New York, Menlo Park, Chicago, London, and Tel Aviv. For more information about the firm, please visit our Web site at www.rsco.com.
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