ESI Announces Fourth Quarter and Fiscal Year Results
PORTLAND, Ore., Jul 15, 2002 (BUSINESS WIRE) -- Electro Scientific Industries, Inc. (Nasdaq:ESIO) announced results for its fourth quarter and fiscal year ended June 1, 2002.
Fourth quarter sales were $41.1 million, compared with third quarter sales of $36.4 million and last year's fourth quarter sales of $87.8 million. Sales for the full year were $166.5 million, compared with $471.9 million in the prior fiscal year. The net loss for the fourth quarter, including non-recurring items, was $8.2 million or $0.30 per diluted share, compared with net income of $1.7 million or $0.06 per diluted share in the third quarter and net income of $21.1 million or $0.78 per diluted share in the fourth quarter of fiscal 2001. The net loss for the full year was $16.0 million or $0.58 per diluted share, compared with net income in fiscal 2001 of $99.9 million or $3.58 per share.
The fourth quarter of fiscal 2002 included non-recurring charges of $11.5 million, primarily related to the company's decision to exit the mechanical drill business. The company will continue to support customers for these products. Excluding the non-recurring charges, the pro-forma net loss was $0.9 million or $0.03 per diluted share for the fourth quarter of fiscal 2002, compared with a pro-forma net loss of $2.2 million or $0.08 per diluted share in the third quarter.
Net orders for the fourth quarter were $49.8 million compared with $33.3 million in the third quarter, and the backlog at the end of the quarter was $27.2 million, compared with $18.5 million at the beginning of the quarter.
"Demand for our products increased in the fourth quarter compared with the first three quarters of the fiscal year," said David Bolender, chairman of the board and acting chief executive officer of ESI. "With the level of business in the fourth quarter and what we have seen so far in the first quarter, we are optimistic about the outlook for our business. We continue to reduce our expenses in order to return ESI to profitability.
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