SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 17, 2018
ELECTRO SCIENTIFIC INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
13900 NW Science Park Drive, Portland, Oregon
(Address of principal executive offices)
Registrant’s telephone number, including area code: (503) 641-4141
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On January 17, 2018, Electro Scientific Industries, Inc. (the “Company”) announced its preliminary results for revenue, adjusted earnings per diluted share and bookings for the third fiscal quarter of 2018. The Company’s press release is attached as Exhibit 99.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
99.1 Press release dated January 17, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 17, 2018
Electro Scientific Industries, Inc.
/s/ Allen Muhich
Vice President, Chief Financial Officer and Corporate Secretary
ESI Reports Strong Preliminary Third Quarter 2018 Financial Results
PORTLAND, Ore. - January 17, 2018 - Electro Scientific Industries, Inc. (Nasdaq: ESIO), an innovator in laser-based manufacturing solutions for the micro-machining industry, today reported preliminary financial results for the fiscal 2018 third quarter ended December 30, 2017. For the third quarter ESI expects to report revenue of between $106 and $111 million, and adjusted earnings per diluted share that exceeds the guided range provided on November 1. The company also expects to report third quarter bookings of approximately $134 million, up from $44.1 million in the third quarter of 2017. The company anticipates reporting its full third quarter financial results on January 31.
“I’m pleased the market conditions we experienced in the summer of 2017 continued into the December quarter, enabling us to deliver another exceptional quarter with both our top and bottom line results projected to exceed expectations,” stated Michael Burger, President and CEO of ESI. “Our strong results continue to
be driven primarily by capacity expansion in the flexible circuit market which generated strong demand for our industry-leading laser drilling products.”
Burger concluded, “Given the strong third quarter demand, our currently elevated backlog position and our visibility into the current buy cycle, we now expect fourth quarter 2018 and first quarter 2019 revenues to approximate the same level as the third quarter.”
ESI management, including CEO Michael Burger, will discuss ESI’s strategy and progress, including these preliminary results, on Thursday, January 18, at the Needham Growth Conference in New York City.
About ESI, Inc.
ESI enables our customers to commercialize technology using precision laser processes. ESI’s solutions produce the industry’s highest quality and throughput, and target the lowest total cost of ownership. ESI is headquartered in Portland, Oregon, with global operations and subsidiaries in Asia, Europe and North America. More information is available at www.esi.com.
The statements contained in this press release that are not statements of historical fact, including statements regarding our expected financial results for the fiscal 2018 third quarter, including revenue, adjusted earnings per diluted share and bookings, our anticipated announcement of full third quarter financial results, our expectation regarding continued capacity expansion in the flexible circuit market, our expectations regarding fourth quarter and first half fiscal 2019 revenues, the expected buy cycle, our anticipated backlog position and other statements containing the words “believes”, “expects”, “anticipates,” “continue,” “will,” “may” and similar words, constitute forward-looking statements that are subject to a number of risks and uncertainties. These forward-looking statements are based on information available to us on the date of this release and we undertake no obligation to update these forward-looking statements for any reason. Actual results may differ materially from those in the forward-looking statements. Risks and uncertainties that may affect the forward-looking statements include those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as: the risk that anticipated growth opportunities may be smaller than anticipated or may not be realized; risks related to the relative strength and volatility of the electronics industry; the health of the financial markets and availability of credit for end customers and related effect on the global economy; the volatility associated with the industries we serve which includes the relative level of capacity and demand, and financial strength of the manufacturers; the risk that customer orders may be canceled or delayed, including as a result of any shipment delays; our ability to respond promptly to customer requirements; the risk, especially at heighted production levels, that we may not be able to ship products on the schedule required by customers, whether as a result of production delays, supply delays, or otherwise; our ability to develop, manufacture and successfully deliver new products and enhancements; the risk that customer acceptance of new or customized products may be delayed; the risk that large orders and related revenues may not be repeated; our need to continue investing in research and development; our ability to hire and retain key employees; our ability to create and sustain intellectual property protection around our products; the risk that competing or alternative technologies could reduce demand for our products; the risk that we may not be successful in penetrating new or adjacent markets; the risk that our new products may not gain acceptance in the marketplace; the risk that new products may not be introduced to the market in the anticipated time frame or at all; risks associated with our restructuring efforts; foreign currency fluctuations; the risk that duties or tariffs could be imposed or increased on goods imported or exported by us; the risk of timing of shipments or increased costs related to licenses for goods exported by us; the risk that changes to policies regarding immigration and visits to the United States could negatively impact our ability to hire or retain and train qualified personnel or our ability to operate internationally on an integrated basis; the company’s ability to utilize recorded deferred tax assets; taxes, interest or penalties resulting from tax audits; and changes in tax laws or the interpretation of such tax laws.