ESI Announces Record Fiscal 2000 Sales and Earnings
PR Newswire - July 11, 2000 16:20
PORTLAND, Ore., July 11 /PRNewswire/ -- Electro Scientific Industries, Inc. (Nasdaq: ESIO) announced record results for its fiscal year ended June 3, 2000. Sales were $317 million and earnings were $40.9 million, or $1.49 per diluted share. This compares to sales of $206 million and earnings of $10.4 million, or $0.39 per diluted share for the prior fiscal year, excluding merger related and non-recurring patent litigation trial expenses.
(Photo: newscom.com )
Fourth quarter sales were $109 million, an increase of 33% over third quarter sales of $82 million. Earnings were $17.2 million, or $0.61 per diluted share, up 42% over third quarter earnings of $11.9 million, or $0.43 per diluted share.
"Our record performance for fiscal year 2000 reflects both growth in demand across the entire electronics industry and growth in our market share," said Donald R. VanLuvanee, ESI's Chief Executive Officer and President. "Miniature surface mount capacitor manufacturing systems continue to be ESI's strongest product area. Geographically, sales to Asia and Japan were again strong, accounting for 63 percent of total sales in Q4."
Backlog was $169 million on June 3, 2000, compared to $96 million at the end of the third quarter, and $23 million on May 31, 1999.
This press release may include forward-looking statements, which are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to be materially different, either better or worse, from those discussed. Such risks and uncertainties are numerous and are discussed in more detail in the Company's Annual Report on Form 10-K and interim reports on Form 10-Q and include: the continuing strength of the electronics industry -- which is dependent on many factors including component prices, global economic strength and overall demand for electronic devices used in wireless telecommunications equipment, automotive and consumer electronics and computers (such as miniature capacitors, semiconductor memory devices, and advanced electronic packages); the ability of the Company to respond quickly to customer requirements; the ability of the Company to develop and manufacture new products and enhancements, and to introduce them successfully into the market; and the Company's ability to create and sustain intellectual property protection around its products.
About ESI
ESI, headquartered in Portland, Oregon, designs and manufactures sophisticated products used around the world in electronics manufacturing including: laser manufacturing systems for semiconductor yield improvement; production and test equipment for the manufacture of surface mount ceramic capacitors; laser trim systems for precise electrical tuning of circuits; precision laser and mechanical drilling systems for electronic interconnection; and machine vision systems. Electro Scientific Industries is traded on the NASDAQ National Market System under the symbol, "ESIO." ESI's web site is esi.com.
Electro Scientific Industries, Inc.
FY 2000 Results
(In thousands, except per share data)
Three Months Ended Year Ended
Operating Results: June 3, May 31, June 3, May 31,
2000 1999 2000 1999
Net sales $108,935 $57,277 $316,925 $206,242
Gross margin 61,657 28,084 174,465 102,931
Operating expenses:
Selling, service
and administrative 28,711 15,753 86,033 58,718
Research,
engineering
and development 8,876 7,382 31,143 30,289
Merger related
expenses 0 1,407 0 4,180
Total operating
expenses 37,587 24,542 117,176 93,187
Operating income 24,070 3,542 57,289 9,744
Interest income 1,290 240 2,695 1,147
Other income (275) (71) (112) 89
Income before
income taxes 25,085 3,711 59,872 10,980
Provision for
income taxes 7,880 775 19,012 3,452
Net income $17,205 $2,936 $40,860 $7,528
Net income
per share
- Basic $0.64 $0.11 $1.55 $0.29
Net income
per share
- Diluted $0.61 $0.11 $1.49 $0.28
Pro-forma
EPS - Basic * $0.64 $0.16 $1.55 $0.40
Pro-forma
EPS - Diluted * $0.61 $0.15 $1.49 $0.39
* Excludes the transaction cost of mergers in fiscal 1999.
Electro Scientific Industries, Inc.
Analysis of FY 2000 Results
(Dollars in thousands)
Three Months Ended Year Ended
June 3, May 31, June 3, May 31,
2000 1999 2000 1999
Sales detail:
Memory yield
improvement
systems $26,243 $18,372 $81,947 64,953
Electronic component
manufacturing
equipment 47,504 13,525 117,915 46,312
Circuit fine
tuning systems 10,441 3,343 31,044 21,807
Advanced electronic
packaging systems 11,541 13,911 40,897 46,149
Vision and
inspection
products 13,206 8,126 45,122 27,021
Total $108,935 $57,277 $316,925 $206,242
Gross margin % 56.6% 49.0% 55.0% 49.9%
Selling, service and
administrative expense % 26.4% 27.5% 27.1% 28.5%
Research, engineering
and development
expense % 8.1% 12.9% 9.8% 14.7%
Operating income
margin % * 22.1% 8.6% 18.1% 6.8%
Effective tax rate %* 31.4% 20.9% 31.8% 31.4%
Average shares
outstanding - Basic 26,766 26,046 26,357 25,854
Average shares
outstanding - Diluted 28,111 26,838 27,357 26,480
* Excludes the transaction cost of mergers in fiscal 1999.
Electro Scientific Industries, Inc.
FY 2000 Results
(Amounts in thousands)
Financial Position As Of: June 3, February 26, May 31,
2000 2000 1999
Cash and S/T investments $98,398 $59,298 $32,658
Trade receivables 73,346 83,518 78,998
Inventory 56,334 53,218 51,313
Deferred tax assets 8,171 6,779 6,699
Other current assets 3,625 7,458 4,033
Total current assets 239,874 210,271 173,701
Property and equipment, net 36,017 34,145 33,462
Deferred tax assets 0 2,539 2,455
Other assets 15,750 13,972 12,205
Total assets $291,641 $260,927 $221,823
Current liabilities $35,074 $27,490 $20,562
Deferred tax liabilities 426 0 0
Shareholders' equity 256,141 233,437 201,261
Total liabilities
and equity $291,641 $260,927 $221,823
End of period shares
outstanding 26,855 26,670 26,094
SOURCE Electro Scientific Industries, Inc.
/CONTACT: Joe Reinhart, Investor Relations, 503-671-5500, or Kimberly
McAlear, Press Relations, 503-671-5233, both of Electro Scientific Industries,
Inc./
/Photo: newscom.com
AP Archive: photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467/
/Web site: esio.com
(ESIO) |
