PRI's reductions come at a low point in the notoriously cyclical semiconductor industry. Most industry players have lowered their financial outlook and fired workers as demand for the chips that power PCs, laptops and cell phones, falls off. Last week, Boston-based Teradyne said it would cut 650 workers. PRI will take an unspecified charge for severance packages and other costs associated with the job cuts.
Layoffs includes both full-time and temporary workers.
We will maintain our critical investment in new product development to position the company for growth opportunities when the industry recovers. The new product development includes systems for producing 300 millimeter silicon wafers, which represent a larger revenue opportunity than the 200 millimeter fabrication equipment. PRI will offer automation systems, software and services as customers move to high-volume 300 millimeter wafer production. The company plans to announce official financial results for the second quarter before the market opens on April 19. Shares of PRIA sank 2.188, or 12 percent, to 15.75 on the bad news.