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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) July 13, 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 July 13, 1998, PRI Automation, Inc., a Massachusetts corporation,
announced in a press release that it was undertaking a restructuring plan
designed to reduce costs and expenses, including a workforce reduction of
approximately 15%, and that its expected operating results for the fiscal
quarter ended June 30, 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 July 13, 1998, entitled "PRI
Automation Announces Restructuring and Forecasts Lower Q3
Earnings."
-2-
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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: July 15, 1998 By: /s/ Stephen D. Allison
________________________________
Stephen D. Allison
Chief Financial Officer
-3-
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
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99.1 Press Release dated July 13, 1998, entitled "PRI Automation
Announces Restructuring and Forecasts Lower Q3 Earnings."
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EXHIBIT 99.1
BILLERICA, Mass.--(BUSINESS WIRE)--July 13, 1998--PRI Automation, Inc.
(NASDAQ:PRIA - news), a leader in semiconductor factory automation, announced a
restructuring plan designed to bring costs and expenses in line with current
business levels. The plan includes a reduction in the company's workforce of
approximately 15%. As a result, the company will take a charge of $5-$7 million
against third quarter results, including the costs related to severance
compensation, plant consolidations and other assets utilized in the affected
operations.
The company also announced that financial results for the third fiscal quarter,
which ended June 30, 1998, are anticipated to fall below previously stated
expectations. Revenues are expected to be down approximately 15%-20% from Q2
revenues of $47.1 million and the company expects to report a net loss of $0.12-
$0.16 excluding the one-time charges for restructuring and excess assets.
PRI noted that its expectations for third 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 will
release its financial results for the third fiscal quarter on July 23, 1998.
"The Asian financial situation, a slowdown in the PC market and declining
capital equipment spending coupled with the slowdown in the transition to 300mm
manufacturing are affecting the entire semiconductor industry," stated Mitch
Tyson, president and chief operating officer of PRI Automation. "The reduction
in our workforce and other restructuring efforts we are announcing are
difficult, yet necessary steps needed to bring our cost structure in line with
current business levels."
"The steps we are taking will help make PRI a stronger and more competitively
positioned company once the upturn comes," noted Mord Wiesler, chairman and CEO
of PRI Automation. "The competitive pressures on our customers will be even
greater once the industry begins to grow again and it is clear that automation
will be a requirement for helping to improve the productivity of semiconductor
manufacturing."
About PRI Automation
PRI Automation, Inc., headquartered in Billerica, Massachusetts, is a leading
global 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. The company currently has more
than 1,600 systems installed at approximately 100 locations worldwide. For more
information, visit PRI's Web site at http://www.pria.com.
Some of the statements made in this release are forward looking, actual results
could differ materially from these statements. Such forward-looking statements
include, but are not limited to, statements that relate to the company's future
revenue and operating expenses, management's plans and objectives for future
operations, the effect of any contemplated consolidation or restructuring of
operations on the company's future profitability, and a continued downturn in
the semiconductor industry.
