UPDATE - Brooks-PRI Automation posts fourth-quarter loss
Wednesday November 20, 9:36 pm ET
CHELMSFORD, Mass., Nov 20 (Reuters) - Brooks-PRI Automation Inc. (NasdaqNM:BRKS - News), a maker of equipment that moves microchips around a chip factory, on Wednesday reported a fourth quarter net loss as it struggles with an ongoing slump in the semiconductor industry.
The company, formed by Brooks's $536 million acquisition of PRI Automation completed in May, said it had a net loss of $673.3 million, or $18.76 a share in the quarter ended Sept. 30, including charges of $623.1 million. It had revenues of $103.2 million.
Excluding the charges for asset impairments, restructuring, and other costs, the company reported a loss of $16.3 million, or 45 cents a share in the most recent fourth quarter.
Analysts were expecting a loss in the range of 27 cents to 32 cents a share, with an average estimate of a loss of 31 cents, according to a poll of 12 analysts by market tracker Thomson First Call.
Comparisons with last year's fourth quarter are not meaningful because they do not include PRI Automation results.
In the third quarter, the company lost $24.2 million, or 89 cents a share, on revenue of $85.8 million.
The company also said it expects revenue to fall in the current quarter to a range of $80 million to $85 million, citing what it called a "double dip in semiconductor capital spending."
Brooks also said it was completing an additional round of work force cuts in hopes of breaking even on an operating basis. A Brooks spokesman said further details on the cuts would be discussed during the company's quarterly conference call with analysts on Thursday.
Brooks Chief Executive Robert Therrien said in a statement the company sees "no catalyst apparent that might drive a meaningful semiconductor industry upturn in the immediate future."
Shares of Brooks closed up $1.20 at $13.69 on Wednesday on Nasdaq.
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