PRI Automation Reports First-Quarter Results Record Quarterly Revenues and Second Highest Bookings
BILLERICA, Mass., Jan. 23 /PRNewswire/ -- PRI Automation, Inc. (Nasdaq: PRIA - news; Toronto: PRJ - news), a global leader in advanced automation systems and software to the semiconductor industry, today reported financial results for the first quarter ended December 31, 2000.
Net revenues for the first quarter of fiscal 2001 were $94.9 million, a 19 percent sequential increase over $79.7 million last quarter, on a proforma basis, and a 62 percent increase over $58.7 million in the first quarter of fiscal 2000. Net income for the first quarter was $2.8 million, or $0.11 per diluted share, compared with net income of $1.5 million, or $0.06 per diluted share last quarter, on a proforma basis, and $0.3 million, or $0.01 per diluted share in the first quarter of fiscal 2000.
``PRI turned in a record quarter for both revenues and backlog and the second highest quarterly bookings ever,'' said Mitch Tyson, president and chief executive officer, PRI Automation. ``Our first quarter revenues of $94.9 million were the highest quarterly revenues in the company's history. Bookings were $124.2 million, a 7 percent sequential increase and just $2 million less than our record high, resulting in a book-to-bill of 1.3. Our backlog at the end of the quarter was a record $237 million. A software order which included our Leverage Advanced Planning and Scheduling package, that we expected to receive and ship late in the first quarter, was not received until early January and thus will be recognized in the second quarter.''
Customer demand for PRI's automation systems and software remained strong across the company's three major product groups. The Factory Systems Division received five large AMHS orders, including a 300mm follow-on order from a previous customer. PRI's OEM Division had another record quarter for both bookings and revenues. PRI's Software Division received four new PROMIS MES licenses during the quarter, including one acquired by a new customer.
``Our Factory Systems Division continues its recovery,'' continued Tyson. ``Revenues for Factory Systems increased 40 percent sequentially to $48 million from $34.6 million and bookings also increased from last quarter resulting in a book-to-bill for the division of 1.5. Shipments of TurboStockers increased 60 percent during the quarter and manufacturing cycle times improved from 14 weeks to 10 weeks.''
PRI believes that its bookings outlook remains strong for the foreseeable future, but the downturn could have an impact on the mix of the company's business among its three product groups. As a result, PRI is providing a broader range of guidance for the second fiscal quarter with revenues of approximately $100 million to $105 million and earnings per share of approximately $0.15 to $0.20. Fiscal year revenues are estimated at approximately $430 million with earnings per share of approximately $1.25 to $1.40.
Analyst Teleconference and Simultaneous Webcast
PRI will host a teleconference to discuss its first quarter results today at 12:00 p.m. ET. The dial-in number for the teleconference is 719-457-2653, passcode 593997. 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 7 days.
Tape Replay
A taped replay of the teleconference will be available at approximately 5:00 p.m. ET today through Tuesday, January 30, at 8:00 p.m. ET. To listen to the teleconference replay, please dial 719-457-0820, passcode 593997.
About PRI Automation
PRI Automation, Inc., headquartered in Billerica, Massachusetts, is the 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 PRI online at www.pria.com.
This release includes forward-looking statements, including, without limitation, statements concerning future revenues and earnings, management's plans and objectives for future operations, demand for the Company's products 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) our ability to resolve our operational problems relating to the manufacture of our new TurboStocker in an efficient and timely manner, (ii) our ability to resolve supply chain issues including the shortage of critical components used in the company's TurboStocker and other products, (iii) our ability to convert our backlog of orders to revenue in a timely and profitable manner, (iv) the cyclicality of the semiconductor industry and indications that the recent broad-based recovery in such industry may not continue, (v) uncertainties affecting global markets and currencies, (vi) the effects of possible delays by semiconductor manufacturers in the adoption of 300 mm wafer manufacturing and other new technologies, (vii) changes in customers' ordering patterns, (viii) changes in our product sales mix, (ix) competitive factors, such as introduction of new products or technologies by our competitors, and pricing pressures, (x) insufficient, excess or obsolete inventory and fluctuations in inventory valuation, (xi) the possible impact of any mergers and acquisitions activity by the company and our ability to successfully integrate and operate any acquired businesses, (xii) business and economic conditions affecting the semiconductor manufacturing equipment industry generally, (xiii) and other factors identified in our registration statement on Form S-3, file number 333-34584, as filed with the Securities and Exchange Commission on April 12, 2000 and amended thereafter. We assume no obligation to update any forward-looking information contained in this release.
PRI AUTOMATION, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended
December 31, January 2,
2000 2000
Net revenue $94,852 $58,693
Cost of revenue 63,579 37,315
Gross profit 31,273 21,378
Operating expenses:
Research and development 15,122 12,159
Selling, general and administrative 14,091 9,015
Total operating expenses 29,213 21,174
Operating income (loss) 2,060 204
Other income, net 1,196 200
Income (loss) before income taxes 3,256 404
Provision for (benefit from) income taxes 425 110
Net income (loss) $2,831 $294
Basic net income (loss) per common share $0.11 $0.01
Diluted net income (loss) per common share $0.11 $0.01
Weighted average shares used in
basic share calculations 25,119 22,514
Weighted average shares used in
diluted share calculations 25,532 24,483
NOTE: Excludes the accounting for the recent investment in Shinsung Eng. Co., Ltd.
PRI AUTOMATION, INC.
Condensed Consolidated Balance Sheets
(In thousands)
December 31, September 30,
2000 2000
Assets
Cash and cash equivalents $56,300 $92,484
Accounts receivable, net 80,342 73,019
Contracts in progress 24,951 23,668
Inventories 72,660 59,104
Other current assets 4,665 2,686
Property and equipment, net 24,741 24,065
Other assets, net 15,141 1,898
Total assets $278,800 $276,924
Liabilities and Stockholders' Equity
Liabilities:
Accounts payable $27,494 $28,536
Accrued expenses and other
liabilities 32,038 33,605
Billings in excess of revenue
and customer advances 11,615 11,986
Total liabilities $71,147 $74,127
Minority interests 162 150
Stockholders' equity 207,491 202,647
Total liabilities and stockholders' equity $278,800 $276,924
SOURCE: PRI Automation, Inc.
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