Electro Scientific restates results, CEO on leave
NEW YORK, April 15 (Reuters) - Electronics maker Electro Scientific Industries Inc. on Tuesday revised its fiscal first and second-quarter results to report wider losses, citing an accounting review, and shuffled its executive ranks, placing Chief Executive James Dooley on leave.
Dooley, who stepped into the CEO role in December, will be on leave pending the results of an ongoing review of the company's financial statements for fiscal 2003. Barry Harmon has been named president and CEO, and Jon Tompkins has been named chairman, succeeding David Bolender.
Last month, Electro, which makes tools that build automotive electronics and semiconductors, said it would restate its financial statements for the quarters ended Aug. 31, 2002, and Nov. 30, 2002.
The Portland, Oregon-based company adjusted its first fiscal-quarter loss to $2.2 million from $1 million and changed its second-quarter loss to $11.9 million from $11.5 million.
For the third quarter of fiscal 2003, the company expects its net loss to be $11 million, or 40 cents a share, compared with the previously reported net loss of $10.3 million, or 37 cents a share. |
