SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Technology Stocks : ESIO: Electro Scientific Inds.
ESIO 29.990.0%Feb 1 4:00 PM EST
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: All Mtn Ski who wrote (24)8/22/2001 2:05:08 PM
From: All Mtn Ski   of 43
 
Electro Scientific Sees Loss
PORTLAND, Ore. (Reuters) - Electro Scientific Industries Inc. (NasdaqNM:ESIO - news), which makes equipment used to produce components for telecommunications, computer and automotive electronics, on Wednesday said it expects to post a first-quarter operating loss on lower sales and take a charge for restructuring efforts, including job cuts.

For the first quarter ending Sept. 1, Electro Scientific expects sales to be 40 percent to 50 percent below the $91.4 million in sales reported in the fourth quarter. It previously said it expected sales to fall 20 percent to 30 percent.

As a result of the decline in sales, the company expects to report an operating loss for the first quarter. It did not elaborate.

Electro Scientific said it has taken several steps to cut operating expenses, including employment reduction. After the latest job cuts, it expects to have about 875 employees, down about 40 percent from its peak employment during fiscal 2001. It expects to take a one-time charge related to the restructuring actions. The expense cuts are expected to ''substantially lower'' the company's quarterly operating break-even level. Electro Scientific expects to report its first-quarter results on Sept. 17.

Trading in shares of Electro Scientific were halted for the announcement.

biz.yahoo.com
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News