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

To: David Klein who wrote (402)	4/23/1998 4:30:00 PM
From: Paul Getman	Read Replies (1) \| Respond to of 1214

PRI earns .05, slightly below expectations of .06. BILLERICA, Mass.--(BUSINESS WIRE)--April 23, 1998--PRI Automation, Inc. (NASDAQ:PRIA), a leading supplier of factory automation systems to the semiconductor industry, today reported financial results for the second quarter of fiscal 1998. Net revenue was $47.1 million, compared with $49.3 million for the second quarter of fiscal 1997. Excluding costs associated with the acquisition of Equipe Technologies, Inc., net income was $1.1 million, or diluted earnings per share of $0.05. This compared with net income of $6.0 million, or $0.26 diluted earnings per share, pro forma with the effect of Equipe income tax expense as a C-Corporation, for the same period last year. The reported financial results include the acquisition of Equipe Technologies accounted for as a pooling-of-interest and all prior period amounts have been restated. Including the merger and other non-recurring costs of $5.9 million net of taxes, the net loss for the second quarter was $4.8 million or a loss of $0.25 per share. Final results were in line with expectations announced by the company on March 23, 1998. "As we announced last month, our revenue was impacted by the Asian financial crisis, which resulted in several shifts in deliveries for the quarter," stated Mitch Tyson, president and chief operating officer of PRI Automation. "However, we continue to gain market share in key geographic markets, as evidenced by our recent contract awards in Taiwan and Singapore. Also, our two recent acquisitions, Interval Logic and Equipe Technologies, both contributed this quarter by helping win recent business. Since we believe that the semiconductor market will remain slow for at least the next two quarters, we are focusing on improving operational efficiency and cost controls, as we continue to meet our important milestones for 300mm product availability."