Electro Scientific Closes Mich. Firm Buy For 1.4M Shares
PORTLAND, Ore. (Dow Jones)--Electro Scientific Industries Inc. (ESIO) acquired Applied Intelligent Systems Inc. for about $60.6 million in stock.
Applied Intelligent Systems, Ann Arbor, Mich., provides machine vision solutions to the semiconductor and electronics industries.
In a press release Tuesday, Electro said it expects the acquisition to be accretive to earnings in its first quarter of fiscal year 1998.
Since the acquisition will be accounted for as a pooling of interests, the company plans to restate its earnings for the first quarter ended Aug. 31.
For the first quarter ended Aug. 31, Electro lost $3.9 million, or 39 cents a share, on sales of $48.4 million, including a loss of $11.1 million related to an acquisition.
Excluding the charge, the company earned 68 cents a share.
As reported, Electro exchanged 1.4 million Electro common shares for the 1.2 million shares Applied Intelligent Systems had outstanding. Applied Intelligent Systems resevered 200,000 shares to cover outstanding options.
Applied Intelligent Systems' sales for the three months ending Aug. 31, were $8.7 million.
For the year ended May 31, Electro earned $21.3 million, or $2.27 a share, on sales of $160.1 million.
A company spokeswoman said Electro planned to issue its restated first quarter with its second quarter results on or about Dec. 15.
Electro Scientific, Portland, Ore., makes electronic manufacturing products. |
