EESI Announces Second Quarter Earnings
PORTLAND, Ore., Dec. 15 /PRNewswire/ -- Electro Scientific Industries, Inc. (Nasdaq: ESIO) announced record second quarter sales of $59.9 million and earnings of $8.0 million or $0.72 per share. These results include the pooling merger with Applied Intelligent Systems, Inc. (AISI), based in Ann Arbor, Michigan. All previously reported results were restated to combine AISI with ESI. Restated sales and earnings for ESI's first quarter ended August 31, 1997 were $57.1 million and earnings, excluding one time charges resulting from acquisitions, were $8.1 million or $0.74 per share.
In announcing the results, Donald R. VanLuvanee, ESI's CEO and President said, "The results this quarter reflect the advanced capability of our products and the continued diversification of our revenue stream. In recent quarters through internal development, partnering and acquisitions we have meaningfully expanded the breadth of our products and served markets."
VanLuvanee continued, "We are carefully monitoring the instability in the Korean and Asian financial markets and are factoring it into our ongoing business planning. The addition of AISI to vision products, Dynamotion to advanced packaging and Chip Star to our electronic components systems business expands ESI's available markets by over $400 million. We will continue to emphasize the delivery of leadership customer value as we integrate these acquisitions and develop the Company."
Backlog, including AISI, at November 30, 1997 was $32 million up from $31 million on May 31, 1997.
Statements in this press release may include forward looking statements that involve a number of risks and uncertainties that could cause actual results to materially differ, either better or worse, from those discussed. Such risks and uncertainties are numerous and are identified in filings with the SEC, including the Company's Annual Report on Form 10-K and interim reports on Form 10-Q for fiscal 1998.
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 interconnect; and machine vision systems. Electro Scientific Industries is traded on the Nasdaq National Market System under the symbol, "ESIO." ESI's web site is esio.com. |
