Electro Scientific Industries, Inc.
FY 1999 Results
(In thousands, except per share data)
Operating Results: Three Months Ended Six Months Ended
Nov-98 Nov-97 Nov-98 Nov-97
Net sales $45,349 $59,872 $90,541 $116,991
Gross margin 22,538 32,606 44,938 64,841
Operating expenses: Selling, service and
administrative 13,306 14,703 26,771 28,272
Research, engineering
and development 6,743 7,032 14,217 13,818
Merger related expenses 0 0 0 11,124
Total operating expenses 20,049 21,735 40,988 53,214
Operating income 2,489 10,871 3,950 11,627
Interest income 273 420 641 910
Other income (expense) 47 267 91 324
Income before income taxes 2,809 11,558 4,682 12,861
Provision for income taxes 960 3,583 1,592 6,804
Net income $1,849 $7,975 $3,090 $6,057
Net income per share
- Basic $0.16 $0.72 $0.27 $0.55
Net income per share
- Diluted $0.16 $0.70 $0.27 $0.53
Pro-forma EPS - Basic * N/A N/A N/A $1.46
Pro-forma EPS - Diluted * N/A N/A N/A $1.42
*Excludes the acquired research and development charge and
transaction costs of mergers in fiscal 1998.
Electro Scientific Industries, Inc.
Analysis of FY 1999 Results
(In thousands, except percentages)
Three Months Ended Six Months Ended
Nov-98 Nov-97 Nov-98 Nov-97
Sales detail: Semiconductor yield
improvement systems $14,849 $16,612 $29,532 34,383
Capacitor production equipment 9,954 17,565 17,770 33,128
Laser fine tuning systems 6,181 4,886 13,129 11,278
Electronic packaging 11,096 10,365 22,784 17,950
Vision systems 3,270 10,444 7,327 20,252
Total $45,349 $59,872 $90,541 $116,991
Gross margin % 49.7% 54.5% 49.7% 55.5%
Selling, service and
administrative expense % 29.3% 24.6% 29.6% 24.2%
Research, engineering
and development expense % * 14.9% 11.7% 15.7% 11.8%
Operating income margin % * 5.5% 18.2% 4.4% 19.4%
Effective tax rate % * 34.2% 31.0% 34.0% 33.0%
Average shares outstanding
- Basic 11,400 11,075 11,392 11,022
Average shares outstanding
- Diluted 11,584 11,417 11,619 11,363
*Excludes the acquired research and development charge and
transaction costs of mergers in fiscal 1998.
Electro Scientific Industries, Inc.
FY 1999 Results
(In thousands)
Financial Position As Of: Nov-98 Aug-98 May-98
Cash and S/T investments $33,185 $31,513 $38,916
Trade receivables 70,762 69,569 61,890
Inventory 50,600 49,491 49,805
Deferred tax assets 4,788 4,788 4,788
Other current assets 4,733 5,315 3,558
Total current assets 164,068 160,676 158,957
Property and equipment, net 30,321 28,746 27,638
Deferred tax assets 2,692 2,692 2,692
Other assets 9,934 10,835 10,156
Total assets $207,015 $202,949 $199,443
Current liabilities $19,691 $18,455 $17,162
Long-term debt 0 0 0
Shareholders' equity 187,324 184,494 182,281
Total liabilities and equity $207,015 $202,949 $199,443
End of period shares
outstanding 11,404 11,397 11,368
SOURCE Electro Scientific Industries, Inc.
-0- 12/17/98
/CONTACT: investors, Joe Reinhart, 503-671-5500; or media, Kimberly
McAlear, 503-671-5233, both of ESI/ /Web site: esio.com
|
