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Announces
the Availability of its Webcast at the
CHELMSFORD, Mass., December 30, 2002 -- Brooks-PRI Automation, Inc. (NASDAQ:BRKS), which delivers total automation for semiconductor manufacturing, announced that it would provide a live audio Webcast of its presentation at the 5th Annual Needham Growth Conference on January 8, 2003 at 9:00 AM Eastern Time. An archive of the presentation will be available 2 minutes following the conclusion of the live event. The Webcast will be available on the Investor Relations page of the Company's web site, at the following URL: http://investor.brooks.com/. All presentation slides will be posted on the same site.
About Brooks-PRI Automation, Inc. Provides
Status Update on Restructuring Actions CHELMSFORD, Mass., December 12, 2002 -- Brooks-PRI Automation, Inc. (NASDAQ:BRKS), which delivers total automation for semiconductor manufacturing, today provided an update on the status of its restructuring actions and financial guidance for the first quarter of fiscal 2003 that ends December 31, 2002. Brooks-PRI continues to pursue previously disclosed restructuring actions aimed at lowering operating expenses. Key initiatives include the planned workforce reduction from 2,900 employees on September 30, 2002 to approximately 2,200 employees by March 2003. The company is also engaged in a facilities consolidation program that is expected to reduce the number of manufacturing sites from 14 to 4 by June 2003. The company expects that the operating break-even level will continue to be reduced as the operational efficiencies from the restructuring actions take effect, with a target operating break-even level in the range of $90 to $95 million of revenue per quarter by June 2003. Brooks-PRI affirmed its previous guidance that revenues and bookings for the current quarter are both expected to be in the range of $80 to $85 million. The net loss for the quarter is expected to be in a range of $0.70 to $0.80 per share before amortization of acquired intangible assets, acquisition-related and restructuring charges, and other charges ("pro forma"), due to the decline in revenues and no tax benefit being provided as discussed during the previous conference call. Because the company is engaged in ongoing operational restructuring it is not in a position to provide a GAAP EPS estimate for the quarter at this time. Cash and marketable securities at the end of the quarter are expected to be approximately $200 million, which is in line with the guidance that was given in the fiscal fourth quarter earnings announcement. Robert J. Therrien, President and Chief Executive Officer of Brooks-PRI Automation, said: "Our mission remains focused on achieving operating leverage as rapidly as possible while continuing to strengthen our market position. As such, we are committed to right-sizing Brooks-PRI and I am confident that our management team is executing the plans that we have put in place. The business outlook for the current quarter remains essentially unchanged from when we provided the last update in November. We are starting to see some good activity in Asia, though, with particular interest in our factory hardware products such as wafer sorters, test wafer stockers and lithography automation tools. China is especially emerging as a bright spot for us, with strong acceptance of our software in each of the 200mm fab customers and progress with SMIF loadport penetration in addition to the factory hardware business. Internally, the search for a new CFO is proceeding well and we hope to select one of several strong candidates shortly."
About Brooks-PRI Automation, Inc. "Safe
Harbor" Statement under the Private
Securities Litigation Reform Act of
1995: To Participate in Upcoming Conferences CHELMSFORD, Mass., November 27, 2002 -- Brooks-PRI Automation, Inc. (NASDAQ:BRKS), which delivers total automation for semiconductor manufacturing, announced its schedule to participate in upcoming investor conferences. Brooks-PRI will give a presentation on December 4, 2002 at the CSFB Technology Conference, to be held at the Phoenician Hotel in Phoenix, AZ. The presentation will begin at 4:00 p.m. Mountain (3:00 p.m. Pacific, 5:00 p.m. Central, or 6:00 p.m. Eastern Time). The presentation and subsequent Q & A session will be Webcast and available at the following URL's: General
Session: Q&A:
The
Company is planning on presenting at
additional conferences in the first
quarter of calendar 2003. Specific dates
and times will be provided shortly.
All presentation slides will be posted on the Investor Relations section of the Brooks-PRI website, http://investor.brooks.com/. All conferences will be Webcast live. About
Brooks-PRI Automation, Inc.
Wins
Multi-Million Dollar Hardware and Software
Order CHELMSFORD, Mass., November 22, 2002 -- Brooks-PRI Automation, Inc. (NASDAQ:BRKS), which delivers total automation for semiconductor manufacturing, announced today that Grace Semiconductor Manufacturing Corporation (GSMC) of China has purchased Brooks-PRI's SMIF Load Ports, Lithography Management System and Manufacturing Execution System (MES) software for its 200mm foundry fab in Shanghai. These wins signify the growing adoption of Brooks-PRI's solutions in the region, according to Jeff Cassis, senior vice president of Brooks-PRI's FAB Systems Group. "Clearly China is an important emerging market with a lot of potential for both software and hardware, and we're proud that our hard work in Asia is paying off in the form of multiple wins and significant market share gains." Peter Chen, vice president of operations at GSMC explained that the foundry selected Brooks-PRI due to its extensive experience in automation technology and in integration. "Automation will be critical to GSMC's ability to ramp our new fab quickly, and keep the facility running at maximum productivity," said Mr. Chen. "As our trusted automation partner, Brooks-PRI will play a key role in our success." Cassis noted that this GSMC order demonstrates the growing footprint Brooks-PRI has within its customers' fabs. "The trend is for fabs to simplify supplier relationships and to reduce their risks by using proven solutions," said Cassis. "Given the breadth and depth of our product portfolio Brooks-PRI is well positioned to respond to this trend." Delivery and implementation of the order began in the fourth quarter of Brooks-PRI's fiscal 2002. About
Brooks-PRI Automation, Inc. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The foregoing discussion contains forward-looking statements related to future results and speaks only of the Company's expectations as of the date of this press release. These include statements concerning the technical and geographic markets for our products and the capabilities of those products, and they involve several known and unknown risks and uncertainties that could cause Brooks-PRI's financial results to differ from expectations. Factors that could cause such differences include, without limitation, the continued success of Brooks-PRI Automation, Inc. (the "Company") in the marketplace, the Company's dependence on the cyclical semiconductor industry, the success of our products in meeting customers' expectations, our ability to compete successfully in a variety of geographic markets, the highly competitive nature and rapid technological change that characterize the industries in which the Company competes, and other risks and uncertainties described in the Company's reports and registration statements filed with the Securities and Exchange Commission. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based. All trademarks contained herein are the property of their respective owners. Reports Fiscal 2002 Fourth-Quarter and Full-Year Results CHELMSFORD, Mass., November 20, 2002, -- Brooks-PRI Automation, Inc. (NASDAQ:BRKS), which delivers total automation for semiconductor manufacturing, today announced financial results for its fiscal fourth quarter and year ended September 30, 2002. The results include the partial-year contributions from the acquisition of PRI Automation, Inc., which was completed on May 14, 2002. Revenues for the fourth quarter were $103.2 million, a sequential increase of 20.3 percent over previous-quarter revenues of $85.8 million. Total revenues for the fiscal year were $304.3 million, down 20.3 percent from $381.7 million in fiscal year 2001. Bookings for the fourth quarter were $115.6 million, a sequential increase of 11.4 percent over previous-quarter bookings of $103.8 million. Bookings for the fiscal year were $330.6 million, a decrease of 10.9 percent. Order backlog at fiscal year-end was $126.0 million. The Company's fourth-quarter results reflect charges totaling $623.1 million resulting from impairment of long-lived assets, the write-off of the Company's deferred tax asset, acquisition-related and restructuring charges, and other charges. The net loss for the quarter on a GAAP ("Generally Accepted Accounting Principles") basis was $673.3 million, or $18.76 per share, compared to a net loss on the same basis of $24.2 million, or $0.89 per share, in the previous quarter. The GAAP net loss for fiscal year 2002 was $720.0 million, or $27.90 per share, compared to the fiscal 2001 GAAP net loss of $29.7 million, or $1.65 per share. Brooks-PRI has previously reported its net income on a "pro forma" basis, which is before amortization of acquired intangible assets, acquisition-related and restructuring charges, and other charges. For purposes of comparing the current quarter's results to previous periods, the Company reported that its pro forma net loss for the quarter was $16.3 million, or $0.45 per share, compared to a pro forma loss in the previous quarter of $12.3 million, or $0.45 per share. The pro forma loss is primarily attributable to longer-than-expected time to implement planned reductions of workforce and elimination of facilities costs. As in previous earnings reports, a reconciliation of GAAP to pro forma earnings for the quarter is included in the attached exhibits. The pro forma net loss for fiscal year 2002 was $45.5 million, or $1.76 per share, compared to pro forma diluted net income of $13.9 million, or $0.72 per diluted share, for fiscal 2001. Asset Impairment & Restructuring Charges and Deferred Tax Asset Allowance The above-mentioned charges aggregating $623.1 million in the fourth quarter of fiscal 2002 include $598.5 million of non-cash charges. The continued weakness in the semiconductor industry and the difficulties in predicting the timing and speed of recovery led the Company to conclude that the values of acquired intangible assets and goodwill arising from prior acquisitions are impaired. Accordingly, Brooks-PRI has recorded an impairment charge of $479.3 million, of which $145.1 million is attributable to acquired intangible assets and $334.2 million is attributable to goodwill. Further, the Company recorded a net charge of $106.7 million to write off its deferred tax assets, which represent historical tax benefits arising from book-to-tax timing differences and current year losses. The ultimate realization of these deferred tax assets depends upon the Company's ability to generate sufficient future taxable income. The Company also recorded adjustments totaling $12.5 million to the value of its inventories to reflect the impact of product discontinuance and to increase reserves for excess inventories. Brooks-PRI also recorded cash-related charges of $24.6 million to accrue for previously announced workforce reductions and facility closures, and acquisition-related charges. The Company also expects to record restructuring charges during the first quarter of fiscal 2003 to account for further workforce reductions and elimination of facilities in response to the continued downturn of business conditions. CEO Comments Robert J. Therrien, President and Chief Executive Officer of Brooks-PRI Automation, said: "Although we were on target with the revenues and bookings for the quarter, the business environment created by the prolonged slowdown in our industry remains very challenging. We continue to take actions that we feel are appropriate to manage our balance sheet and operating structure within the context of the weakness in our sector. We expect that after the restructuring charges during the first quarter of fiscal 2003, the Company will still have approximately $200 million in cash and marketable securities, which we believe should provide us with adequate resources as we strive to reach breakeven." Mr. Therrien noted that the long-term business strategy of Brooks-PRI remains intact: "Our favorable position in strategic market segments has enabled us to maintain our overall leadership position in semiconductor automation and to make market share gains in key areas. For the quarter, we captured 21 new design-in wins with OEM customers, resulting in a total of 67 new wins for the year. Both the revenues and bookings from 300mm customers increased as a percent of our overall revenues and bookings -- even in a year when many fabs delayed the start of their first silicon or capacity ramps. Through our series of acquisitions, we have broadened our product offerings and improved our market position, especially in factory hardware, where we achieved quarter-to-quarter growth in revenues of more than 50 percent. I am also pleased with our share of the emerging market in mainland China, where our factory management software is used by 75 percent of the new 200mm fabs in operation. We provide factory and equipment automation hardware to all of those fabs, although we do not want to imply that we are the exclusive provider, and we continue to solidify our significant market share while leveraging our customer relationships in that important region of the world." Mr. Therrien said that Brooks-PRI would continue to take actions in line with current market conditions. "With no catalyst apparent that might drive a meaningful semiconductor industry upturn in the immediate future, we believe it was prudent to reduce our workforce at the end of September and we are now completing a further round of reductions in order to be able to achieve operational breakeven. As a result of the double dip in semiconductor capital spending, our December quarter revenues and bookings are both apt to decline to a range of $80 to $85 million. Longer-term, we are guardedly optimistic that the semiconductor industry's current capital spending retrenchment will lead to higher utilization rates in 2003 and 2004 with positive implications for a spending rebound down the road. "It has now been six months since we completed our acquisition of PRI Automation, which has significantly enhanced our ability to improve the productivity of semiconductor manufacturers and equipment suppliers as they drive for faster time to market with next-generation products. We have made progress integrating our two companies and our customers are already benefiting by doing business with a global company with unsurpassed industry expertise in terms of products, customer service and intellectual property. We believe that Brooks-PRI has the strategic, operational and financial strength required to build long-term value for customers, employees and shareholders. When the technology sector recovers, I believe that no company in the automation space will be better-positioned to benefit from the upturn in the cycle," Mr. Therrien concluded. Q4 Fiscal 2002 Highlights *
Booked new factory hardware orders for
lithography automation products from
five major customers -- two major U.S.
semiconductor manufacturers in addition
to Grace Semiconductor in China, Chartered
Semiconductor in Singapore and Powerchip
Semiconductor in Taiwan. br>* Booked
a new factory hardware order to expand
the automated material handling system
(AMHS) at Silterra Malaysia Sdn. Bhd.,
a foundry that was named "2002 Fab of
the Year" by Semiconductor International
magazine. Conference Call Brooks-PRI
will host a conference call on Thursday,
November 21, at 9:00 am ET to review
its fourth-quarter and fiscal year results.
On the call, management will discuss
the information contained in this announcement
and answer related questions. About Brooks-PRI Automation, Inc. Brooks-PRI (NASDAQ:BRKS) delivers total automation. The company's hardware, software and services can manage every wafer, reticle and data movement in the fab, helping semiconductor manufacturers accelerate time-to-market while reducing their risk. Brooks-PRI products are used in virtually every fab in the world. For information, visit http://www.brooks-pri.com. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Brooks-PRI's financial results to differ materially from our expectations. These forward-looking statements include statements regarding our revenue and profit and loss expectations, future level and sufficiency of our cash position, our future business strategy and market opportunities, improvements in our business, backlog and design-ins, our restructuring and cost reduction activities, our integration of acquired businesses, demand for our products and the general economic outlook. Factors that could cause results to differ from our expectations include the following: our dependence on the cyclical semiconductor industry; the possibility of further downturns in market demand for electronics (including especially the market for semiconductor products); further downturn in the economy of the United States and other countries brought about by the prospect of war in the Middle East; the highly competitive nature and rapid technological change that characterizes the industries in which we compete; decisions by customers to cancel or defer orders that previously had been accepted; the fact that many of the company's orders are non-binding; the timing and effectiveness of restructuring, cost-cutting and expense control measures, including activities such as facility consolidations and staffing reductions; the possibility of intense price competition and the possible resulting need to lower our prices to our customers and thereby possibly our revenue; our ability to manage the effects of past or future acquisitions or divestitures, including the need to integrate acquired businesses successfully; the possibility that the value of certain acquired assets or businesses may have to be written down in light of prevailing market conditions and other factors; and other risks that we have described in our filings with the Securities and Exchange Commission, including but not limited to Brooks-PRI Automation's Annual Report on Form 10-K and our quarterly reports on Form 10-Q. As a result there can be no assurance that our future results will not be materially different from those projected. Brooks-PRI expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based. All trademarks contained herein are the property of their respective owners. Return to headlines
Announces the Resignation of its CFO
CHELMSFORD, Mass.,
October 31, 2002 -- Brooks-PRI Automation, Inc. (NASDAQ:BRKS), which
delivers total automation for the semiconductor and related industries,
today announced that its Chief Financial Officer, Ellen B. Richstone,
has tendered her resignation from the company to pursue other opportunities.
Brooks-PRI is actively recruiting a new CFO. Ms. Richstone plans to
remain with the Company and assist with the transition until November
30, 2002. Brooks-PRI's management and Board of Directors thank Ms.
Richstone for her considerable contributions to the company over the
last four years and wish her well in her future endeavors.
About Brooks-PRI Automation, Inc.
Announces Fourth Quarter and Fiscal 2002 Results Conference Call
CHELMSFORD, Mass.,
October 16, 2002 -- Brooks-PRI Automation, Inc. (NASDAQ:BRKS) announces
it will hold its Fourth Quarter and Fiscal Year 2002 Earnings conference
call on November 21, 2002.
Date: Thursday, November 21, 2002 Live Webcast: http://investor.brooks.com
Dial in #: (913) 981-5510 Replay*: (719) 457-0820 (beginning @ 2:00 p.m. Thursday, November
21, 2002) available 7 days
Passcode: 533911
*This event will also be available in the Audio Archive section
of our Investor Relations Web Page.
The press release on Fourth Quarter Fiscal 2002 Results will be
released after market close on Wednesday, November 20, 2002.
BROOKS-PRI AUTOMATION, INC. TO PRESENT AT UPCOMING CONFERENCES
-- November 5, 2002 @ 8:00 a.m. Eastern Time - SoundView Technology,
Boca Raton Resort and Club, Boca Raton, FL Slides will be posted on Brooks-PRI's Website www.brooks-pri.com
under Investor Relations.
Announces Actions to Improve Operating Leverage
CHELMSFORD, Mass.,
October 2, 2002-- Brooks-PRI Automation, Inc. (Nasdaq: BRKS), which
delivers total automation for semiconductor manufacturing, announced
today that it is further streamlining its operating costs in order
to lower its operating breakeven point below the previous target level.
Among the actions that are being taken is a 13% reduction in its worldwide
workforce to bring it down to approximately 2,550 along with the elimination
of two additional manufacturing facilities and accelerated closing
of another. These actions are in addition to those previously announced
in conjunction with the acquisition of PRI Automation in May 2002.
Robert J. Therrien, president and CEO of Brooks-PRI Automation,
noted that reductions in the workforce were necessary since signs
of any significant improvement in the semiconductor industry and
the global economy are lacking. "We are proactively resizing our
business in order to lower the breakeven point in the current economic
environment. These actions, unfortunately, are not uncommon in our
industry due to its cyclical nature and were necessary at the anticipated
level of business that we may have in the near term. We will continue
as we always have at Brooks-PRI to make strategic investments in
technology and key business initiatives targeted at gaining market
share, but now within the framework of a leaner and more efficient
infrastructure. It is important to note that we have not made any
changes to the guidance that we previously gave for the fourth quarter
that just concluded on September 30, which excluded the impact of
any restructuring and nonrecurring charges arising from the actions
we are announcing today. Even while our customers continue to validate
our strategy of being able to provide critical hardware and software
solutions for both capital equipment suppliers and chip making fabs,
the restructuring of our business was both prudent and necessary."
Brooks-PRI will release its results for the fourth quarter and
fiscal year 2002 after market close on November 20, 2002 and will
hold its earnings conference call the following morning, November
21, at 9:00 AM Eastern Time. Details will be provided in a subsequent
press release.
About Brooks-PRI Automation, Inc. "Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: The foregoing discussion contains forward-looking
statements related to future results and speaks only of the Company's
expectations as of the date of this press release. The forward-looking
statements involve several known and unknown risks and uncertainties
including, without limitation, the continued success of Brooks-PRI
Automation, Inc. (the "Company") in the marketplace, the Company's
dependence on the cyclical semiconductor industry, the highly competitive
nature and rapid technological change that characterize the industries
in which the Company competes, and other risks and uncertainties
described in the Company's reports and registration statements filed
with the Securities and Exchange Commission. As a result, there
can be no assurance that the Company's future results will not be
materially different from those projected. The Company expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any such statement to reflect any change
in the Company's expectations or any change in events, conditions
or circumstances on which any such statement is based.
All trademarks contained herein are the property of their respective
owners.
Strengthens OEM Offering with Definitive Agreement To Acquire Berkeley Process Control
CHELMSFORD, Mass.,
September 19, 2002 -- Brooks-PRI Automation, Inc. (NASDAQ:BRKS), which
delivers total automation for the semiconductor industry, today announced
that it has signed a definitive agreement to acquire privately held
Berkeley Process Control, Inc., a leader in motion and machine control
technologies, in exchange for 614,374 shares of Brooks-PRI stock.
These shares are subject to adjustment depending upon the performance
of Berkeley in the quarter ended December 31, 2002. The purchase method
of accounting will be used to account for the transaction, which is
expected to close by calendar year end and be accretive to Brooks-PRI
in the first full quarter after its completion.
Berkeley Process Control is known for its innovative technology
and strong customer relationships. Its patented Autocalibration(TM)
technology recently was awarded 300 mm system control design wins
by two of the largest tool manufacturing companies in the semiconductor
capital equipment industry.
"The multiple learning cycles that Berkeley Process Control has
gained in their 21-year history will be invaluable to Brooks-PRI,"
said Chuck McKenna, Executive Vice-President of Brooks-PRI's Equipment
Automation Group. "Their innovative machine, I/O and motion control
technology further strengthens our ability to deliver integrated
system solutions for semiconductor OEM's. In addition, Berkeley's
product offerings in equipment automation for other industries will
provide Brooks-PRI with new entry points into the broader general
automation market."
Paul Sagues, President of Berkeley Process Control, noted "In
an industry where time-to-market is everything, our customers really
value Berkeley's technology. Our control products let customers
incorporate improvements in machine control more efficiently which
in turn leads to faster installation of machines, thereby delivering
semiconductor equipment to market faster and at reduced cost. For
example, our patented Autocalibration(TM) technology allows a robot
to precisely locate system objects without the need for operator
assistance, reducing the time-consuming calibration process from
hours or even days to just a few minutes."
About Berkeley Process Control About Brooks-PRI Automation, Inc. "Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: The foregoing discussion contains forward-looking
statements related to the anticipated benefits, operational efficiencies
and future financial results of the acquisition of Berkeley Process
Control, Inc. Brooks-PRI Automation, Inc. (the "Company") cannot
guarantee that the acquisition will be completed due to the risks
and uncertainties relating to the ability to satisfy the conditions
to the closing of the acquisition. Even if the acquisition is completed,
the forward-looking statements involve additional known and unknown
risks and uncertainties including, without limitation, risks relating
to the benefits of the acquisition of Berkeley Process Control,
Inc. by the Company, risks relating to the ability of the Company
to integrate Berkeley Process Control in a cost effective, timely
manner, the continued success of the Company in the marketplace,
the Company's ability to capitalize on Berkeley Process Control's
technology, the financial contribution of the acquired business,
the Company's dependence on the cyclical semiconductor industry,
the highly competitive nature and rapid technological change that
characterize the industries in which the Company competes, and other
risks and uncertainties described in the Company's reports and registration
statements filed with the Securities and Exchange Commission. As
a result, there can be no assurance that the Company's future results
will not be materially different from those projected. The Company
expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any such statement to reflect any change
in the Company's expectations or any change in events, conditions
or circumstances on which any such statement is based. All trademarks
contained herein are the property of their respective owners.
To Participate in Upcoming Conferences
CHELMSFORD, Mass.,
August 21, 2002 -- Brooks-PRI Automation, Inc. (Nasdaq: BRKS), which
delivers total automation for semiconductor manufacturing, announced
its schedule to participate in upcoming investor conferences.
-- August 28, 2002 -- SoundView Technology Semi Bus Tour -- Westin
Hotel, Santa Clara, CA. Presentation slides will be posted on the Investor Relations section
of the Brooks-PRI website, http://investor.brooks.com. All conferences
will be Webcast live.
About Brooks-PRI Automation, Inc.
Reports Fiscal 2002 Third Quarter Results
CHELMSFORD, Mass.,
July 26, 2002 -- Brooks-PRI Automation, Inc. (NASDAQ:BRKS), which
delivers total automation for semiconductor manufacturing and related
industries, announced the results for its third quarter of fiscal
year 2002 ended June 30, 2002. Brooks Automation, Inc. completed its
acquisition of PRI Automation, Inc. on May 14, 2002 to form Brooks-PRI
Automation ("the Company"), and the results reported today include
the full contributions of Brooks Automation and the partial-quarter
contributions of PRI Automation, Inc.
Revenues for the third quarter of fiscal 2002 totaled $85.8 million,
and bookings for the quarter were $103.8 million. Before amortization
of acquired intangible assets, acquisition-related and restructuring
charges and other charges ("pro forma" earnings), the net loss for
the quarter was $12.3 million, or $0.45 loss per share.
Contemporaneous with the acquisition of PRI, restructuring charges,
and acquisition reserves have been provided principally for severance
and benefits payments, facility shutdowns and long-term lease obligations.
A headcount reduction plan has been implemented affecting approximately
350 people since the acquisition, while consolidation of facilities
is in process and on track. Additionally, due to the cancellation
of a customer fab and the renegotiation of a related long-term contract
during the third quarter, the Company's fiscal first and second
quarter revenues will be restated downward by $3.3 million and $1.2
million, respectively, for a total of $4.5 million. The Company
elected to make these adjustments to its prior quarters' financial
results because the revenues related to this cancelled project were
originally recognized during those periods. Despite these adjustments,
revenues and earnings for the first nine months of the Company's
fiscal year are in line with its prior guidance.
"The June quarter results reflected the prior rebound in the semiconductor
industry which resulted in firmer bookings and revenues from our
OEM customers," said Robert J. Therrien, President and Chief Executive
Officer of Brooks-PRI Automation. He noted, "Revenues for the quarter
grew 50% over the preceding quarter's adjusted revenues of $57.1
million, and bookings increased 88% quarter-to-quarter. For Brooks
Automation on a standalone basis, excluding the impact of the PRI
acquisition, revenues increased 17% quarter-to-quarter, and bookings
increased 16% quarter-to-quarter."
Therrien commented on the outlook for the next quarter. "With
select semiconductor industry end-markets showing little growth
and chip inventories having being restocked in the second quarter
of calendar year 2002, we are cautious on growth projections for
capital spending in the near term. Brooks-PRI continues to gain
share in the automation market, which may allow the company to continue
to outpace the growth of its peer group. With a full contribution
from PRI, we plan on meeting our previous guidance for the fourth
fiscal quarter ending in September of $100 to $105 million in revenues
and are targeting a book-to-bill ratio of at least parity. Our hope
is to improve upon our previous guidance for earnings of $0.30 to
$0.35 loss per share pro forma for the fourth quarter."
Q3 Fiscal 2002 Brooks-PRI Highlights: Notice of Conference Call:
Date: Friday, July 26, 2002 This event will also be available in the Audio Archive section
of the Investor Relations section of the company web site, http://www.brooks.com
.
About Brooks-PRI Automation, Inc. "Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: The foregoing discussion contains forward-looking
statements related to future financial results and speaks only of
the Company's expectations as of the date of this press release.
The forward-looking statements involve several known and unknown
risks and uncertainties including, without limitation, risks relating
to the benefits to Brooks Automation ("the Company") of purchasing
PRI Automation Systems, Inc., the continued success of the Company
in the marketplace, the Company's ability to capitalize on PRI Automation's
technology, the financial contribution of the acquired business,
the ease of integrating PRI Automation into the Company, the uncertainty
of the general economy and the semiconductor industry in particular,
the Company's dependence on the cyclical semiconductor industry,
the highly competitive nature and rapid technological change that
characterize the industries in which the Company competes, and other
risks and uncertainties described in the Company's reports and registration
statements filed with the Securities and Exchange Commission. As
a result, there can be no assurance that the Company's future results
will not be materially different from those projected. The Company
expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any such statement to reflect any change
in the Company's expectations or any change in events, conditions
or circumstances on which any such statement is based.
Analyst Day Conference to be Broadcast by Vcall Over the Internet
RICHMOND, Va.,
July 19, 2002--Brooks-PRI Automation, Inc. (Nasdaq:BRKS) will broadcast
a replay of its June Analyst Day Conference on Monday, July 22, 2002,
at 10:00 AM Eastern, Vcall, a Service of WILink, announced today.
This event webcast can be accessed at http://www.vcall.com/eventpage.asp?ID=82051.
Interested parties can access this webcast through the Vcall website,
located at http://www.vcall.com. Listeners should go to the website
at least fifteen minutes before this event to download and install
any necessary audio software. For those unable to attend the live
broadcast, a replay will be available beginning approximately one
hour after the event. There is no charge to access any event.
About WILink: Since 1992, WILink (www.wilink.com) has opened information
channels between public companies and potential investors.
WILink is an investor relations and investment services group
that markets a range of services that help publicly traded companies
and mutual funds attract and retain well informed investors, while
providing investors with access to information to make well informed
investment decisions.
This year WILink will make more than 7 million investor introductions
to over 4,200 corporate clients through services including The Annual
Reports Service, The Fund Info Service, Vcall (www.vcall.com) Investor
Conference (www.investorconference.com) and Informed Investors Forums
(www.informedinvestors.com).
These services provide investors free access to onsite and webcast
investor events and company financial reports through WILink's relationships
with over 220 leading financial media channels in 14 countries including
The Wall Street Journal, Financial Times, Barron's and Yahoo!Finance.
For companies and mutual funds, these services enable compliance
with regulation fair-disclosure requirements and provide visibility
with investors at the precise point investors are making decisions.
WILink, Inc. a wholly owned subsidiary of WILink.com plc (WLK on
The London Stock Exchange) began operations in Richmond, Va. in
1993.
Announces Acquisition of HERMOS Informatik GmbH
CHELMSFORD, Mass.,
July 8, 2002 -- Brooks-PRI Automation, Inc. (NASDAQ:BRKS), which delivers
total automation for the semiconductor and related industries, today
announced that it completed the acquisition of HERMOS Informatik GmbH
based in Mistelgau, Germany from its parent, the HERMOS Group, on
July 3, 2002. The purchase method of accounting will be used to account
for the transaction which is valued at $41 million, based on $37 million
in shares of stock and $4 million in cash.
"The acquisition of HERMOS Informatik now enables Brooks-PRI to
directly offer RF identification systems for tracking material in
a semiconductor fab," said Robert J. Therrien, president and CEO
of Brooks-PRI Automation. "Virtually all new 300mm semiconductor
fabs are transitioning to RF technology from the infrared ID systems
used in 200mm fabs. Not only do we gain best-in- class technology
that fills a white space in our product line, thus enhancing our
ability to offer more integrated and complete solutions, but we
also obtain a commercially profitable enterprise with the largest
installed base and the most experience within its domain. We believe
that this strategic acquisition will be a relatively seamless integration
and it will have a modestly positive impact on our fiscal Q4 results."
"HERMOS Informatik, as the industry's leading provider of wafer
carrier ID readers for the 300mm market, believes that there are
tremendous benefits in teaming with Brooks-PRI, the market leader
in 300mm load ports, and a current customer of HERMOS," said Harald
Buchmann, Managing Director of HERMOS Informatik. "We believe that
our technology, with important differentiators such as longer read
distance, application-specific hand held readers, ability to integrate
easily with the manufacturing execution system (MES) and adjustable
read parameters all result in a strong competitive advantage for
Brooks-PRI in the RF identification market segment. We have stayed
focused on achieving strong gross margins and operating income throughout
this industry down cycle, and will strive to continue making positive
contributions to Brooks-PRI."
About HERMOS Group About Brooks-PRI Automation, Inc. "Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: The foregoing discussion contains forward-looking
statements related to future financial results and speaks only of
the Company's expectations as of the date of this press release.
The forward-looking statements involve several known and unknown
risks and uncertainties including, without limitation, risks relating
to the benefits of the acquisition of HERMOS Informatik GmbH by
Brooks-PRI Automation, Inc. ("the Company"), the continued success
of the Company in the marketplace, the Company's ability to capitalize
on HERMOS Informatik GmbH's technology, the financial contribution
of the acquired business, the ease of integrating HERMOS Informatik
GmbH into the Company, the Company's dependence on the cyclical
semiconductor industry, the highly competitive nature and rapid
technological change that characterize the industries in which the
Company competes, and other risks and uncertainties described in
the Company's reports and registration statements filed with the
Securities and Exchange Commission. As a result, there can be no
assurance that the Company's future results will not be materially
different from those projected. The Company expressly disclaims
any obligation or undertaking to release publicly any updates or
revisions to any such statement to reflect any change in the Company's
expectations or any change in events, conditions or circumstances
on which any such statement is based.
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