From the "I never saw this coming" files:
PRI Automation Anticipates Lower Than Expected Fourth-Quarter Fiscal 2000 Results
BILLERICA, Mass., Sept. 11 /CNW/ -- PRI Automation, Inc. (Nasdaq: PRIA - news; Toronto: PRJ - news), a global leader in advanced automation systems and software to the semiconductor industry, today announced that it anticipates lower than expected revenues of approximately $84 million for the fourth fiscal quarter ending September 30, 2000. As a result of the lower revenue expectations, and excluding one-time special charges, PRI anticipates net income for the quarter to be slightly above breakeven. This compares with revenues of $88.9 million and net income of $9.8 million, or $0.38 per share, reported for the third quarter of fiscal 2000 and revenues of $41.9 million and a net loss of $5.1 million, or $0.23 per share for the fourth quarter of fiscal 1999.
The Company attributed its lower than anticipated revenues to manufacturability, capacity and supply chain problems in its Factory Systems Division relating to its new TurboStocker, which was scheduled to transition into high volume production during the quarter. Over 100 TurboStockers have been installed and are operating successfully in the field, and customer demand for the product is strong.
"We are disappointed with the anticipated results," said Mitch Tyson, president and chief executive officer of PRI Automation. "We have identified the areas that need to be fixed and have established the teams to implement the changes and accomplish the turnaround. We have seen strong demand for our integrated factory automation solutions and even with this setback we expect revenues to grow by 125% from fiscal 1999 to 2000, more than double the expected average for the semiconductor capital equipment industry. Our outlook for fiscal 2001 also remains strong and we expect revenues to grow more than 40% over fiscal 2000."
The Company also announced today that Edward Wagner, corporate vice president and formerly vice president and general manager, OEM Systems Division, has been brought in to help address the operational problems in the Factory Systems Division. "Ed was instrumental in turning around and ramping up our OEM Systems Division where he improved profitability while significantly growing revenues," said Tyson. "His experience and skill set are already proving invaluable in helping us to put our Factory Systems Division back on track."
The Company acknowledged that its expectations for fourth-quarter fiscal 2000 results are preliminary. PRI plans to announce its final results for the fourth quarter and full-year fiscal 2000 on November 21, 2000.
Analyst Teleconference and Simultaneous Webcast
PRI will host an analyst teleconference to discuss its preliminary fourth-quarter fiscal 2000 results and outlook today at 5:00 p.m. ET. Internet users will be able to access a simultaneous, listen-only webcast of the teleconference through PRI's Web site at www.pria.com. An archive of the webcast will also be available at this site for 30 days.
Tape Replay
A taped replay of the analyst teleconference will be available at approximately 9:00 p.m. ET today. This replay will be available for one week. To listen to the teleconference replay, please dial 888-203-1112 and when prompted, input passcode #609892. For callers outside of the United States, dial 719-457-0820 and when prompted, input the same passcode.
About PRI Automation
PRI Automation, Inc., headquartered in Billerica, Massachusetts, is a leading global supplier of advanced automation systems and software to the semiconductor industry. PRI provides a complete 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 PRI online at www.pria.com.
This release includes forward-looking statements, including, without limitation, statements concerning future revenues and expenses and management's plans and objectives for future operations, and other matters not limited to historical facts. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include (i) the company's ability to resolve its operational problems relating to the manufacture of its new TurboStocker in a timely manner, (ii) the company's ability to resolve supply chain issues including the shortage of critical components used in the company's TurboStocker and other products, (iii) the company's ability to convert the backlog of orders to revenue in a timely and efficient manner, (iv) the cyclicality of the semiconductor industry and the risk that a broad-based recovery in such industry will not continue, (v) uncertainties affecting global markets and currencies, (vi) the effects of possible delays in the adoption of new technologies, and other factors identified in the company's registration statement on Form S-3, file number 333-34584, as filed with the Securities and Exchange Commission April 12, 2000 and amended thereafter. The company assumes no obligation to update this information.
For further information
Cosmo S. Trapani, Vice President and Chief Financial Officer of PRI Automation, Inc., 978-670-4270, ext. 3004
Web site: pria.com |
