BILLERICA, Mass. -- PRI Automation Inc. today reported a 16% sequential drop in revenues to $45.7 million in the company's fiscal second quarter, ended March 31, compared to $54.9 billion in the prior three-month period. The company's revenues were 37% lower than $72.9 million in the same fiscal quarter last year.
PRI--which is now in the process of being acquired by Brooks Automation Inc.--posted a net loss of $7.0 million vs. a loss of $6.8 million in the prior quarter and a loss of $29.8 million in the same quarter last year.
The Billerica-based company said its bookings for the second fiscal quarter were $32 million, up 60% from $20 million in the previous quarter.
"We're beginning to see the signs of an industry recovery, as leading-edge customers are making 300-mm technology buys, and companies that have been out of the market entirely for the last year are now discussing capacity buys," said Mitch Tyson, president and CEO of PRI. "These are good signsfor capital equipment suppliers."
"At this point, our team is very focused on closing the Brooks-PRI transaction," Tyson added. "Integration planning is progressing rapidly. We're doing everything possible to ensure a smooth transition for all involved, and are very excited to be just days away from creating the world's greatest fab automation company."
Last week, Brooks and PRI said they were moving ahead with their merger plans after the U.S. Justice Department completed its review of the transaction (see April 24 story). Both Brooks and PRI have set shareholder meetings for May 13 to take action on the merger, which will create a new company called Brooks-PRI Automation Inc. based in Chelmsford, Mass.
Last week, Brooks reported a 5% sequential decline in revenues to $58.3 million in the company's second fiscal quarter, ended March 31, compared to $61.5 million in the prior three-month period. The Chelmsford-based company had a net loss of $11.7 million in the just-ended quarter, including acquisition-related charges and restructuring items. Brooks management is aiming to build a full service and solution automation supplier through internal growth and a wave of acquisitions, including the big PRI purchase (see company strategy feature from March).