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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) March 23, 1998
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PRI Automation, Inc.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Massachusetts 0-24934 04-2495703
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(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
805 Middlesex Turnpike, Billerica, Massachusetts 01821-3986
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area code (978) 670-4270
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Not Applicable
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS.
On March 23, 1998, PRI Automation, Inc., a Massachusetts corporation,
announced in a press release that its expected operating results for the fiscal
quarter ended March 29, 1998, would be lower than previously anticipated.
A copy of the press release is attached as Exhibit 99.1 to this
Current Report on Form 8-K.
ITEM 7. Exhibits.
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EXHIBIT
NUMBER DESCRIPTION
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99.1 Press Release dated March 23, 1998, entitled "PRI
Automation Announces Anticipated Lower Second Fiscal
Quarter Results.''
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PRI AUTOMATION, INC.
Date: March 23, 1998 By: /s/ Stephen D. Allison
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Stephen D. Allison
Chief Financial Officer
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
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99.1 Press Release dated March 23, 1998, entitled "PRI Automation
Announces Anticipated Lower Second Fiscal Quarter Results."
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EXHIBIT 99.1
For Further Information Contact:
Stephen D. Allison,
Chief Financial Officer
(978) 670-4270 ext. 3129
Marianne Baldrica,
FOR IMMEDIATE RELEASE Demer IR Counsel, Inc.
(925) 938-2678
[email protected]
PRI AUTOMATION ANNOUNCES ANTICIPATED
LOWER SECOND FISCAL QUARTER RESULTS
Billerica, MA - March 23, 1998 - PRI Automation, Inc. (NASDAQ:PRIA), a leading
supplier of factory automation systems to the semiconductor industry, today
announced it expects lower than anticipated financial results for the second
fiscal quarter ending March 29, 1998. The company anticipates its revenue for
the quarter, including revenue of its recently acquired subsidiary, Equipe
Technologies, Inc., to be between $47 million and $49 million. Diluted net
earnings per share are expected to be between $0.05 and $0.07, prior to a charge
for costs related to the January 1998 acquisition of Equipe. The charge for
acquisition costs is expected to be approximately $5.0M.
"The Asian financial crisis and DRAM over-capacity continue to impact the
semiconductor industry as a whole. Despite our limited exposure to Asian
semiconductor manufacturers, the overall situation has caused several shifts in
deliveries this quarter," stated Mitch Tyson, President and Chief Operating
Officer of PRI Automation.
"We remain optimistic with respect to our long term prospects due to our unique
ability to provide complete solutions of seamless fab automation. We are
continuing to invest in 300mm and 200mm product development and global
infrastructure in order to strengthen our market position and prepare for the
next market upturn and transition to 300mm wafer processing," said Tyson.
PRI noted that its expectations for second fiscal quarter results are
preliminary, subject to the closing of its books and the completion of customary
quarterly review procedures by company management and independent auditors. PRI
plans to announce its final results on Thursday, April 23, 1998, after the close
of market.
PRI Automation, Inc. is a leading supplier of advanced factory automation
systems that enhance the competitiveness of semiconductor manufacturers. PRI is
the only company to provide a tightly integrated and flexible hardware and
software solution that optimizes the flow of wafers throughout the fab. For more
information, visit PRI's Website at www.pria.com.
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Some statements made in this release are forward looking. Actual results could
differ materially from these statements. Certain risk factors that affect future
results are listed in PRI's latest Form 10-K and Form 10-Q filed with the
Securities and Exchange Commission.
