PORTLAND, Ore., Oct. 30, 2018 (GLOBE NEWSWIRE) -- Electro
Scientific Industries, Inc. (NASDAQ:ESIO), an innovator of
laser-based manufacturing solutions for the microtechnology
industry, today announced the signing of a definitive agreement to
be acquired by MKS Instruments, Inc. and financial results for its
fiscal 2019 second quarter ended September 29, 2018. Financial
measures are provided on both a GAAP and non-GAAP basis. Non-GAAP
results exclude the impact of purchase accounting, equity
compensation, restructuring, and other items shown in the non-GAAP
reconciliation table below.
ESI Signs Definitive Agreement
ESI announces the signing of a definitive agreement for MKS
Instruments, Inc. (NASDAQ:MKSI) to acquire ESI for $30.00 per
share. The all-cash transaction is valued at approximately $1
billion. The transaction is subject to customary closing
conditions, including the approval of ESI’s shareholders and
antitrust approvals in the U.S. and certain other foreign
jurisdictions, and is expected to close in the first quarter of
calendar 2019. MKS intends to fund the transaction with cash on
hand and a new, fully-committed debt financing. See the separate
announcement from MKS Instruments for additional transaction
details.
As a result, ESI is canceling today’s previously announced
investor call.
In connection with this transaction, Stifel is acting as
financial advisor and Wilson Sonsini Goodrich & Rosati P.C. is
acting as legal advisor to ESI.
FY19 Q2 Financial Performance
Second quarter revenue was $85.9 million, compared to $71.0
million in the second quarter of last fiscal year. GAAP net income
was $16.8 million or $0.47 per diluted share, compared to net
income of $4.3 million or $0.12 per diluted share one year ago. On
a non-GAAP basis net income was $21.1 million or $0.59 per diluted
share, compared to net income of $13.7 million or $0.39 per share
in the prior fiscal year's second quarter. Total orders for the
quarter were $66.9 million, compared to $128.9 million one year ago
and $82.3 million in the prior quarter.
Michael Burger, ESI’s president and CEO stated, "With Component
Test and Service bookings remaining well above historical levels in
the quarter, we continue to demonstrate the increased diversity of
our product portfolio. We also officially launched our new Capstone
TM flex drilling system and Allegro LC MLCC test tool,
both of which have been extremely well received, and are expected
to contribute new product revenue in the second half of the fiscal
year."
GAAP gross margin was 45.5%, compared to 37.4% in the second
quarter of last fiscal year and operating expense was $20.0
million, down from $22.1 million last year, both improvements
resulting from last year's restructuring costs. Operating income
was $19.1 million, or 22% of revenue, compared to income of $4.4
million in last fiscal year's second quarter.
Non-GAAP gross margin was 45.9%, compared to 46.4% one year ago.
Non-GAAP operating expense decreased year over year from $18.6
million to $18.3 million resulting in non-GAAP operating income of
$21.1 million or 25% of sales.
At quarter end, total cash, cash equivalents, restricted cash
and current investments increased to $179.3 million. The company
generated $51.1 million of cash from operations during the quarter,
driven primarily by strong customer collections and reduced
inventory levels.
Discussion of Non-GAAP Financial Measures
In this press release, we have presented financial measures
which have not been determined in accordance with generally
accepted accounting principles (GAAP) and are therefore non-GAAP
financial measures. Non-GAAP, or adjusted, financial measures
exclude the impact of purchase accounting, equity compensation,
restructuring, and other items. We believe that this presentation
of non-GAAP financial measures allows investors to assess the
Company's operating performance by comparing it to prior periods on
a more consistent basis. We have included a reconciliation of
various non-GAAP financial measures to those measures reported in
accordance with GAAP. Because our calculation of non-GAAP financial
measures may differ from similar measures used by other companies,
investors should be careful when comparing our non-GAAP financial
measures to those of other companies.
About ESI
ESI enables our customers to commercialize technology using
precision laser processes. ESI's solutions produce the industry's
highest quality and throughput, and target the lowest total cost of
ownership. ESI is headquartered in Portland, Oregon, with global
operations and subsidiaries in Asia, Europe and North America. More
information is available at www.esi.com.
Additional Information and Where to Find
It
This communication is being made in respect of the
proposed transaction involving Electro Scientific Industries, Inc.
(“ESI”) and MKS Instruments, Inc. (“MKS”). In connection with the
proposed transaction, ESI intends to file relevant materials with
the Securities and Exchange Commission (the “SEC”), including a
proxy statement. Promptly after filing its definitive proxy
statement with the SEC, ESI will mail the definitive proxy
statement and a proxy card to each stockholder of ESI entitled to
vote at the special meeting relating to the proposed transaction.
This communication is not a substitute for the proxy statement or
any other document that ESI may file with the SEC or send to its
stockholders in connection with the proposed transaction. BEFORE
MAKING ANY VOTING DECISION, ESI SHAREHOLDERS ARE URGED TO READ
THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO)
AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED
TRANSACTION THAT ESI WILL FILE WITH THE SEC WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ESI
AND THE PROPOSED TRANSACTION. ESI stockholders may obtain free
copies of the proxy statement (when it becomes available) and other
relevant documents filed with the SEC by ESI at the SEC’s web site
(http://www.sec.gov). Free copies of the proxy statement, when
available, and other filings made by ESI with the SEC also may be
obtained from the Investor Relations section of ESI web site
(www.esi.com) or by directing a request to ESI, Attn: Investor
Relations, at 13900 N.W. Science Park Drive, Portland, Oregon
97229.
Participants in the Solicitation
ESI and its
directors and executive officers may be deemed to be participants
in the solicitation of proxies from ESI’s stockholders with respect
to the proposed transaction. Information about ESI’s directors and
executive officers and their ownership of ESI’s common stock is set
forth in ESI’s proxy statement on Schedule 14A filed with the SEC
on July 10, 2018, and ESI’s Annual Report on Form 10-K for the
fiscal year ended March 31, 2018, which was filed with the SEC on
June 8, 2018. Additional information regarding the potential
participants, and their direct or indirect interests in the
proposed transaction, by security holdings or otherwise, will be
set forth in the proxy statement and other materials to be filed
with SEC in connection with the proposed transaction.
Notice Regarding Forward-Looking Statements
This communication, and any documents to which ESI refers you in
this communication, contains not only historical information, but
also forward-looking statements made pursuant to the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements represent ESI’s current
expectations or beliefs concerning future events, including but not
limited to the expected completion and timing of the proposed
transaction, expected benefits and costs of the proposed
transaction, management plans relating to the proposed transaction,
strategies and objectives of ESI for future operations and other
information relating to the proposed transaction. Without limiting
the foregoing, the words “believes,” “anticipates,” “plans,”
“expects,” “intends,” “forecasts,” “should,” “estimates,”
“contemplate,” “future,” “goal,” “potential,” “predict,” “project,”
“projection,” “target,” “seek,” “may,” “will,” “could,” “should,”
“would,” “assuming,” and similar expressions are intended to
identify forward-looking statements. You should read any such
forward-looking statements carefully, as they involve a number of
risks, uncertainties and assumptions that may cause actual results
to differ significantly from those projected or contemplated in any
such forward-looking statement. Those risks, uncertainties and
assumptions include, (i) the risk that the proposed transaction may
not be completed in a timely manner or at all, which may adversely
affect ESI’s business and the price of the common stock of ESI,
(ii) the failure to satisfy any of the conditions to the
consummation of the proposed transaction, including the adoption of
the merger agreement by the stockholders of ESI and the receipt of
certain regulatory approvals, (iii) the occurrence of any event,
change or other circumstance that could give rise to the
termination of the merger agreement, (iv) the effect of the
announcement or pendency of the proposed transaction on ESI’s
business relationships, operating results and business generally,
(v) risks that the proposed transaction disrupts current plans
and operations and the potential difficulties in employee retention
as a result of the proposed transaction, (vi) risks related to
diverting management’s attention from ESI’s ongoing business
operations, (vii) the outcome of any legal proceedings that
may be instituted against us related to the merger agreement or the
proposed transaction, (viii) unexpected costs, charges or expenses
resulting from the proposed transaction, and (ix) other risks
described in ESI’s filings with the SEC, such as its Quarterly
Reports on Form 10-Q and Annual Reports on Form 10-K.
The forward-looking statements also include the risk that
anticipated growth opportunities may be smaller than anticipated or
may not be realized; risks related to the relative strength and
volatility of the electronics industry; the volatility associated
with the industries we serve which includes the relative level of
capacity and demand, and financial strength of the manufacturers;
the risk that customer orders may be canceled or delayed, including
as a result of any shipment delays; our ability to respond promptly
to customer requirements; the risk, especially at heightened
production levels, that we may not be able to ship products on the
schedule required by customers, whether as a result of production
delays, supply delays, or otherwise; our ability to develop,
manufacture and successfully deliver new products and enhancements;
the risk that customer acceptance of new or customized products may
be delayed; the risk that large orders and related revenues may not
be repeated; our ability to create and sustain intellectual
property protection around our products; the risk that competing or
alternative technologies could reduce demand for our products; the
risk that we may not be successful in penetrating new or adjacent
markets; the risk that our new products may not gain acceptance in
the marketplace; the risk that new products may not be introduced
to the market in the anticipated time frame or at all; foreign
currency fluctuations; the risk that duties or tariffs could be
imposed or increased on goods imported or exported by us; the risk
of timing of shipments or increased costs related to licenses for
goods exported by us; the risk that changes to policies regarding
immigration and visits to the United States could negatively impact
our ability to hire or retain and train qualified personnel or our
ability to operate internationally on an integrated basis; our
ability to utilize recorded deferred tax assets; taxes, interest or
penalties resulting from tax audits; and changes in tax laws or the
interpretation of such tax laws.
Forward-looking statements speak only as of the date of this
communication or the date of any document incorporated by reference
in this document. Except as required by applicable law or
regulation, ESI does not assume any obligation to update any such
forward-looking statements whether as the result of new
developments or otherwise.
Contact
Erica Mannion or Michael Funari
Sapphire Investor Relations, LLC
617-542-6180
investorrelations@esi.com
ELECTRO SCIENTIFIC INDUSTRIES, INC. AND
SUBSIDIARIES
Second Quarter Fiscal 2019
Results
Condensed Consolidated Statements of
Operations
(Unaudited)
|
Fiscal quarter
ended |
|
Two fiscal quarters
ended |
(In thousands, except per share data) |
Sep 29, 2018 |
|
Jun 30, 2018 |
|
Sep 30, 2017 |
|
Sep 29, 2018 |
|
Sep 30, 2017 |
Net sales: |
|
|
|
|
|
|
|
|
|
Systems |
$ |
71,263 |
|
|
$ |
96,857 |
|
|
$ |
60,316 |
|
|
$ |
168,120 |
|
|
$ |
122,409 |
|
Services |
14,654 |
|
|
13,767 |
|
|
10,651 |
|
|
28,421 |
|
|
21,242 |
|
Total net sales |
85,917 |
|
|
110,624 |
|
|
70,967 |
|
|
196,541 |
|
|
143,651 |
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
Systems |
40,539 |
|
|
50,094 |
|
|
38,179 |
|
|
90,633 |
|
|
79,605 |
|
Services |
6,311 |
|
|
7,332 |
|
|
6,256 |
|
|
13,643 |
|
|
11,094 |
|
Total cost of sales |
46,850 |
|
|
57,426 |
|
|
44,435 |
|
|
104,276 |
|
|
90,699 |
|
Gross profit |
39,067 |
|
|
53,198 |
|
|
26,532 |
|
|
92,265 |
|
|
52,952 |
|
Gross margin |
45.5 |
% |
|
48.1 |
% |
|
37.4 |
% |
|
46.9 |
% |
|
36.9 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
10,838 |
|
|
10,130 |
|
|
11,648 |
|
|
20,968 |
|
|
24,456 |
|
Research, development and engineering |
9,154 |
|
|
10,059 |
|
|
8,274 |
|
|
19,213 |
|
|
17,208 |
|
Restructuring costs |
— |
|
|
— |
|
|
2,162 |
|
|
— |
|
|
3,373 |
|
Total operating expenses |
19,992 |
|
|
20,189 |
|
|
22,084 |
|
|
40,181 |
|
|
45,037 |
|
Operating income |
19,075 |
|
|
33,009 |
|
|
4,448 |
|
|
52,084 |
|
|
7,915 |
|
Non-operating income (expense): |
|
|
|
|
|
|
|
|
|
Interest and other income (expense), net |
383 |
|
|
452 |
|
|
(229 |
) |
|
835 |
|
|
(413 |
) |
Total non-operating income (loss) |
383 |
|
|
452 |
|
|
(229 |
) |
|
835 |
|
|
(413 |
) |
Income before income taxes |
19,458 |
|
|
33,461 |
|
|
4,219 |
|
|
52,919 |
|
|
7,502 |
|
Provision for (benefit from) income taxes |
2,623 |
|
|
2,318 |
|
|
(41 |
) |
|
4,941 |
|
|
340 |
|
Net income |
$ |
16,835 |
|
|
$ |
31,143 |
|
|
$ |
4,260 |
|
|
$ |
47,978 |
|
|
$ |
7,162 |
|
Net income per share - basic |
$ |
0.49 |
|
|
$ |
0.90 |
|
|
$ |
0.13 |
|
|
$ |
1.39 |
|
|
$ |
0.21 |
|
Net income per share - diluted |
$ |
0.47 |
|
|
$ |
0.87 |
|
|
$ |
0.12 |
|
|
$ |
1.34 |
|
|
$ |
0.21 |
|
Electro Scientific Industries,
Inc.
Second Quarter Fiscal 2019
Results
Condensed Consolidated Balance
Sheets
(Unaudited)
(In thousands) |
Sep 29, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2018 |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
66,183 |
|
|
$ |
74,854 |
|
|
$ |
76,792 |
|
Short-term investments |
112,004 |
|
|
55,026 |
|
|
47,121 |
|
Trade receivables, net |
38,422 |
|
|
80,525 |
|
|
63,044 |
|
Inventories |
81,434 |
|
|
94,265 |
|
|
87,686 |
|
Shipped systems pending acceptance |
1,831 |
|
|
1,937 |
|
|
4,734 |
|
Other current assets (1) |
4,474 |
|
|
5,041 |
|
|
5,493 |
|
Total current assets |
304,348 |
|
|
311,648 |
|
|
284,870 |
|
Non-current assets: |
|
|
|
|
|
Property, plant and equipment, net |
24,711 |
|
|
22,870 |
|
|
22,025 |
|
Non-current deferred income taxes, net |
43,734 |
|
|
43,637 |
|
|
43,518 |
|
Goodwill |
2,626 |
|
|
2,626 |
|
|
2,626 |
|
Acquired intangible assets, net |
4,456 |
|
|
4,812 |
|
|
5,169 |
|
Other assets(1) |
12,997 |
|
|
11,110 |
|
|
14,780 |
|
Total assets |
$ |
392,872 |
|
|
$ |
396,703 |
|
|
$ |
372,988 |
|
Liabilities and shareholders' equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
16,675 |
|
|
$ |
32,616 |
|
|
$ |
37,354 |
|
Accrued liabilities |
28,430 |
|
|
32,193 |
|
|
34,533 |
|
Deferred revenue |
8,535 |
|
|
9,026 |
|
|
9,818 |
|
Total current liabilities |
53,640 |
|
|
73,835 |
|
|
81,705 |
|
Non-current liabilities |
|
|
|
|
|
Long-term debt |
12,550 |
|
|
12,659 |
|
|
12,766 |
|
Income taxes payable |
2,349 |
|
|
2,345 |
|
|
1,901 |
|
Other liabilities |
7,932 |
|
|
10,614 |
|
|
10,258 |
|
Total liabilities |
76,471 |
|
|
99,453 |
|
|
106,630 |
|
Shareholders' equity: |
|
|
|
|
|
Preferred and common stock |
214,485 |
|
|
211,766 |
|
|
210,995 |
|
Retained earnings |
102,836 |
|
|
86,000 |
|
|
54,816 |
|
Accumulated other comprehensive (loss) income |
(920 |
) |
|
(516 |
) |
|
547 |
|
Total shareholders' equity |
316,401 |
|
|
297,250 |
|
|
266,358 |
|
Total liabilities and shareholders' equity |
$ |
392,872 |
|
|
$ |
396,703 |
|
|
$ |
372,988 |
|
End of period shares outstanding |
34,699 |
|
|
34,525 |
|
|
34,387 |
|
(1)As of September 29, 2018 and June 30,
2018, $1.1 million of current restricted cash was included in Other
current assets. Included in Other assets as of March 31, 2018,
is long-term restricted cash of $1.1 million.
Electro Scientific Industries, Inc.
Second Quarter Fiscal 2019
Results
Condensed Consolidated Statements of Cash
Flows
(Unaudited)
|
Fiscal quarter
ended |
|
Two fiscal quarters
ended |
(In thousands) |
Sep 29, 2018 |
|
Jun 30, 2018 |
|
Sep 30, 2017 |
|
Sep 29, 2018 |
|
Sep 30, 2017 |
Net income |
$ |
16,835 |
|
|
$ |
31,143 |
|
|
$ |
4,260 |
|
|
$ |
47,978 |
|
|
$ |
7,162 |
|
Non-cash adjustments and changes in operating activities |
34,236 |
|
|
(21,374 |
) |
|
14,005 |
|
|
12,862 |
|
|
18,534 |
|
Net cash provided by operating activities |
51,071 |
|
|
9,769 |
|
|
18,265 |
|
|
60,840 |
|
|
25,696 |
|
Net cash used in investing activities |
(60,334 |
) |
|
(9,916 |
) |
|
(28,597 |
) |
|
(70,250 |
) |
|
(33,386 |
) |
Net cash provided by (used in) financing activities |
931 |
|
|
(840 |
) |
|
(725 |
) |
|
91 |
|
|
(1,231 |
) |
Effect of exchange rate changes on cash |
(336 |
) |
|
(947 |
) |
|
125 |
|
|
(1,283 |
) |
|
260 |
|
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED
CASH |
(8,668 |
) |
|
(1,934 |
) |
|
(10,932 |
) |
|
(10,602 |
) |
|
(8,661 |
) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF
PERIOD |
75,951 |
|
|
77,885 |
|
|
60,003 |
|
|
77,885 |
|
|
57,732 |
|
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF
PERIOD |
$ |
67,283 |
|
|
$ |
75,951 |
|
|
$ |
49,071 |
|
|
$ |
67,283 |
|
|
$ |
49,071 |
|
Electro Scientific Industries,
Inc.
Analysis of Second Quarter Fiscal 2019
Results
(Unaudited)
|
Fiscal quarter
ended |
|
Two fiscal quarters
ended |
(Dollars and shares in thousands) |
Sep 29, 2018 |
|
Jun 30, 2018 |
|
Sep 30, 2017 |
|
Sep 29, 2018 |
|
Sep 30, 2017 |
Sales detail: |
|
|
|
|
|
|
|
|
|
Printed Circuit Board |
$ |
38,816 |
|
$ |
66,337 |
|
$ |
38,187 |
|
$ |
105,153 |
|
$ |
84,372 |
Component Test |
18,555 |
|
9,405 |
|
7,007 |
|
27,960 |
|
14,455 |
Semiconductor |
11,227 |
|
18,777 |
|
9,641 |
|
30,004 |
|
14,822 |
Industrial Machining |
2,665 |
|
2,338 |
|
5,481 |
|
5,003 |
|
8,760 |
Service |
14,654 |
|
13,767 |
|
10,651 |
|
28,421 |
|
21,242 |
Net sales |
$ |
85,917 |
|
$ |
110,624 |
|
$ |
70,967 |
|
$ |
196,541 |
|
$ |
143,651 |
|
|
|
|
|
|
|
|
|
|
As
% of Net Sales |
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
|
|
|
|
Gross profit |
45.5% |
|
48.1% |
|
37.4% |
|
46.9% |
|
36.9% |
Selling, general and administrative expense |
13% |
|
9% |
|
16% |
|
11% |
|
17% |
Research, development and engineering expense |
11% |
|
9% |
|
12% |
|
10% |
|
12% |
Total operating expenses |
23% |
|
18% |
|
31% |
|
20% |
|
31% |
Operating income |
22% |
|
30% |
|
6% |
|
27% |
|
6% |
Non-GAAP |
|
|
|
|
|
|
|
|
|
Gross profit |
45.9% |
|
48.3% |
|
46.4% |
|
47.3% |
|
46.5% |
Net operating expenses |
21% |
|
17% |
|
26% |
|
19% |
|
27% |
Operating income |
25% |
|
31% |
|
20% |
|
28% |
|
19% |
|
|
|
|
|
|
|
|
|
|
GAAP - Effective tax rate % |
13.5% |
|
6.9% |
|
(1.0%) |
|
9.3% |
|
4.5% |
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
Basic |
34,606 |
|
34,459 |
|
33,861 |
|
34,529 |
|
33,647 |
Diluted |
35,959 |
|
35,924 |
|
34,874 |
|
35,916 |
|
34,716 |
End of period employees |
644 |
|
634 |
|
594 |
|
644 |
|
594 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Cash, cash equivalents, restricted cash
and current Investments |
|
|
Fiscal quarter
ended |
|
|
|
Sep 29, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Sep 30, 2017 |
Cash |
|
|
$ |
29,817 |
|
$ |
25,808 |
|
27,043 |
|
29,998 |
Cash equivalents |
|
|
36,366 |
|
49,046 |
|
49,749 |
|
17,975 |
Current restricted cash |
|
|
1,100 |
|
1,097 |
|
— |
|
— |
Long-term restricted cash |
|
|
— |
|
— |
|
1,093 |
|
1,098 |
Cash, cash equivalents, and restricted cash at end of
period |
|
|
67,283 |
|
75,951 |
|
77,885 |
|
49,071 |
Short-term investments |
|
|
112,004 |
|
55,026 |
|
47,121 |
|
32,802 |
Cash, cash equivalents, restricted cash and current
investments |
|
|
$ |
179,287 |
|
$ |
130,977 |
|
125,006 |
|
81,873 |
Electro Scientific Industries,
Inc.
Second Quarter Fiscal 2019 Results
Reconciliation of GAAP to Non-GAAP Financial
Measures
(Unaudited)
|
Fiscal quarter
ended |
|
Two fiscal quarters
ended |
(In thousands, except per share data) |
Sep 29, 2018 |
|
Jun 30, 2018 |
|
Sep 30, 2017 |
|
Sep 29, 2018 |
|
Sep 30, 2017 |
Gross profit per GAAP |
$ |
39,067 |
|
|
$ |
53,198 |
|
|
$ |
26,532 |
|
|
$ |
92,265 |
|
|
$ |
52,952 |
|
Purchase accounting |
242 |
|
|
243 |
|
|
242 |
|
|
485 |
|
|
493 |
|
Equity compensation |
122 |
|
|
106 |
|
|
77 |
|
|
228 |
|
|
144 |
|
Charges for other asset and inventory
impairment |
— |
|
|
— |
|
|
6,083 |
|
|
— |
|
|
13,277 |
|
Charges from VAT audit |
— |
|
|
(97 |
) |
|
— |
|
|
(97 |
) |
|
— |
|
Non-GAAP gross profit |
$ |
39,431 |
|
|
$ |
53,450 |
|
|
$ |
32,934 |
|
|
$ |
92,881 |
|
|
$ |
66,866 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses per GAAP |
$ |
19,992 |
|
|
$ |
20,189 |
|
|
$ |
22,084 |
|
|
$ |
40,181 |
|
|
$ |
45,037 |
|
Purchase accounting |
(116 |
) |
|
(114 |
) |
|
(117 |
) |
|
(230 |
) |
|
(336 |
) |
Equity compensation |
(1,543 |
) |
|
(1,393 |
) |
|
(1,253 |
) |
|
(2,936 |
) |
|
(2,464 |
) |
Restructuring costs |
— |
|
|
— |
|
|
(2,162 |
) |
|
— |
|
|
(3,373 |
) |
Non-GAAP operating expenses |
$ |
18,333 |
|
|
$ |
18,682 |
|
|
$ |
18,552 |
|
|
$ |
37,015 |
|
|
$ |
38,864 |
|
|
|
|
|
|
|
|
|
|
|
Operating income per GAAP |
$ |
19,075 |
|
|
$ |
33,009 |
|
|
$ |
4,448 |
|
|
$ |
52,084 |
|
|
$ |
7,915 |
|
Non-GAAP adjustments to gross profit |
364 |
|
|
252 |
|
|
6,402 |
|
|
616 |
|
|
13,914 |
|
Non-GAAP adjustments to operating expenses |
1,659 |
|
|
1,507 |
|
|
3,532 |
|
|
3,166 |
|
|
6,173 |
|
Non-GAAP operating income |
$ |
21,098 |
|
|
$ |
34,768 |
|
|
$ |
14,382 |
|
|
$ |
55,866 |
|
|
$ |
28,002 |
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense), net per GAAP |
$ |
383 |
|
|
$ |
452 |
|
|
$ |
(229 |
) |
|
$ |
835 |
|
|
$ |
(413 |
) |
Adjustment to VAT audit |
— |
|
|
(49 |
) |
|
— |
|
|
(49 |
) |
|
— |
|
Non-GAAP non-operating income (expense) |
$ |
383 |
|
|
$ |
403 |
|
|
$ |
(229 |
) |
|
$ |
786 |
|
|
$ |
(413 |
) |
Non-GAAP income before income taxes |
$ |
21,481 |
|
|
$ |
35,171 |
|
|
$ |
14,153 |
|
|
$ |
56,652 |
|
|
$ |
27,589 |
|
|
|
|
|
|
|
|
|
|
|
Net income per GAAP |
$ |
16,835 |
|
|
$ |
31,143 |
|
|
$ |
4,260 |
|
|
$ |
47,978 |
|
|
$ |
7,162 |
|
Non-GAAP adjustments to gross profit |
364 |
|
|
252 |
|
|
6,402 |
|
|
616 |
|
|
13,914 |
|
Non-GAAP adjustments to operating expenses |
1,659 |
|
|
1,507 |
|
|
3,532 |
|
|
3,166 |
|
|
6,173 |
|
Non-GAAP adjustments to non-operating expense |
— |
|
|
(49 |
) |
|
— |
|
|
(49 |
) |
|
— |
|
Income tax effect of other non-GAAP adjustments
(a) |
2,239 |
|
|
1,734 |
|
|
(483 |
) |
|
3,973 |
|
|
(507 |
) |
Non-GAAP net income |
$ |
21,097 |
|
|
$ |
34,587 |
|
|
$ |
13,711 |
|
|
$ |
55,684 |
|
|
$ |
26,742 |
|
Basic Non-GAAP net income per share |
$ |
0.61 |
|
|
$ |
1.00 |
|
|
$ |
0.40 |
|
|
$ |
1.61 |
|
|
$ |
0.79 |
|
Diluted Non-GAAP net income per share |
$ |
0.59 |
|
|
$ |
0.96 |
|
|
$ |
0.39 |
|
|
$ |
1.55 |
|
|
$ |
0.77 |
|
(a) The income tax effect of other non-GAAP
adjustments in the first quarter and second quarter of fiscal 2019
was primarily due to offsets from net operating losses
utilization.
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