Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  
FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 31, 2018
 
 
ELECTRO SCIENTIFIC INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
  

 
 
 
 
 
OREGON
 
0-12853
 
93-0370304
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
 
13900 NW Science Park Drive, Portland, Oregon
 
97229
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (503) 641-4141
No Change
(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 31, 2018, Electro Scientific Industries, Inc. (the “Company”) announced its financial results for the third quarter of fiscal 2018. The Company’s press release announcing this event is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01    Financial Statements and Exhibits
(d)Exhibits
99.1    Press release dated January 31, 2018





Exhibit Index

Exhibit No.
 
Description
99.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






SIGNATURE
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 31, 2018
 
 
 
 
 
 
Electro Scientific Industries, Inc.
 
 
 
 
By:
 
/s/ Allen Muhich
 
Name:
 
Allen Muhich
 
Title:
 
Vice President, Chief Financial Officer and Corporate Secretary


Exhibit


http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12014232&doc=3

Brian Smith                                                
ESI
503-672-5760
smithb@esi.com

ESI Announces Strong Third Quarter Fiscal 2018 Results
 
PORTLAND, Ore. – January 31, 2018Electro Scientific Industries, Inc. (NASDAQ:ESIO), an innovator of laser-based manufacturing solutions for the microtechnology industry, today announced results for its fiscal 2018 third quarter ended December 30, 2017. Financial measures are provided on both a GAAP and a non-GAAP basis. Non-GAAP results exclude the impact of purchase accounting, equity compensation, restructuring, and other items shown in the non-GAAP reconciliation table below.
Third quarter revenue was $110.8 million, compared to $33.8 million in the third quarter of last fiscal year. GAAP net income was $34.0 million or $0.94 per diluted share, compared to a net loss of $9.7 million or $0.29 per share one year ago. On a non-GAAP basis net income was $35.6 million or $0.99 per diluted share, compared to net loss of $7.6 million or $0.23 per share in the prior year's third quarter.
Michael Burger, ESI's president and CEO, stated, “We delivered another quarter of excellent financial results. I’m particularly proud of the entire ESI team as they demonstrated the power of our highly scalable cost model by shipping a record amount of product, resulting in dramatic increases in revenue and profitability. Our non-GAAP gross margin rate of nearly 49% enabled adjusted operating margin of over 32% and adjusted quarterly earnings of nearly $1.00 per share."
Total orders for the quarter were $134.0 million, compared to $44.1 million one year ago and $128.9 million in the prior quarter. Burger continued, "Bookings more than tripled year over year as increasingly complex consumer electronics have driven an expansion of the flexible circuit content per device,

13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com


ESI Announces Third Quarter Fiscal 2018 Results

requiring flexible circuit manufacturers to add capacity of our industry-leading laser drilling products."
GAAP gross margin was 48.0%, compared to 33.9% in the third quarter of last year, on significantly higher revenues. Operating expense was $19.9 million, down from $21.5 million last year, as a result of our now-completed cost reduction activities that were partially offset in the quarter by higher volume-related variable expenses. Operating income was $33.2 million, or 30% of revenue, compared to a loss of $10.1 million in last year's third quarter.
Balance Sheet and Cash Flow
At quarter end, total cash, restricted cash and current investments increased to $100.2 million. The company generated $15.1 million of cash from operations during the quarter. Sequentially, and as a result of our increased production and shipment levels, inventories increased by $13.1 million to $74.5 million, and accounts receivable increased by $28.0 million to $75.7 million. Inventory turnover improved to 3.4 times and days sales outstanding remained relatively steady at 62 days.
Fourth Quarter 2018 Outlook
Based on current market and backlog conditions, revenues for the fourth quarter of fiscal 2018 are expected to be between $95 and $110 million. Non-GAAP earnings per diluted share is expected to be $0.75 to $0.95.
Burger concluded, "Similar to other capital equipment providers, our visibility of specific demand levels beyond the first quarter of fiscal 2019 remains limited. That said, we believe the underlying technology trends for our products will drive long-term growth in our targeted markets, and our business model should translate the incremental revenue into leveraged earnings growth."
The company will hold a conference call today at 5:00 p.m. ET. The session will include a review of the financial results, operational performance and business outlook, and also a question and answer period. The conference call can be accessed by calling 888-339-2688 (domestic participants) or

13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com


ESI Announces Third Quarter Fiscal 2018 Results

617-847-3007 (international participants). The conference ID number is 24885109. A live audio webcast can be accessed at www.esi.com.
Discussion of Non-GAAP Financial Measures
In this press release, we have presented financial measures which have not been determined in accordance with generally accepted accounting principles (GAAP) and are therefore non-GAAP financial measures. Non-GAAP, or adjusted, financial measures exclude the impact of purchase accounting, equity compensation, restructuring, and other items. We believe that this presentation of non-GAAP financial measures allows investors to assess the company’s operating performance by comparing it to prior periods on a more consistent basis. We have included a reconciliation of various non-GAAP financial measures to those measures reported in accordance with GAAP. Because our calculation of non-GAAP financial measures may differ from similar measures used by other companies, investors should be careful when comparing our non-GAAP financial measures to those of other companies.
About ESI
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.

Forward-Looking Statements
The statements contained in this press release that are not statements of historical fact, including our expected financial results for the fiscal 2018 fourth quarter and fiscal 2019 first quarter, our projections for orders and backlog, anticipated technology trends, the ability of our business model to translate incremental revenue into leveraged earnings growth, and other statements containing the words “believes”, “expects”, “anticipates,” “continue,” “will,” “may,” "should," 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

13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com


ESI Announces Third Quarter Fiscal 2018 Results

electronics industry; 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 heightened 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 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; 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; our 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.

13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com


ESI Announces Third Quarter Fiscal 2018 Results

ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
Third Quarter Fiscal 2018 Results
Condensed Consolidated Statements of Operations
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
Fiscal quarter ended
 
Three fiscal quarters ended
(In thousands, except per share data)
Dec 30, 2017
 
Sep 30, 2017
 
Dec 31, 2016
 
Dec 30, 2017
 
Dec 31, 2016
Net sales:
 
 
 
 
 
 
 
 
 
Systems
$
99,418

 
$
60,316

 
$
25,427

 
$
221,827

 
$
85,069

Services
11,422

 
10,651

 
8,352

 
32,664

 
26,036

Total net sales
110,840

 
70,967

 
33,779

 
254,491

 
111,105

Cost of sales:
 
 
 
 
 
 
 
 
 
Systems
52,502

 
38,179

 
17,283

 
132,107

 
53,851

Services
5,182

 
6,256

 
5,048

 
16,276

 
14,018

Total cost of sales
57,684

 
44,435

 
22,331

 
148,383

 
67,869

Gross profit
53,156

 
26,532

 
11,448

 
106,108

 
43,236

Gross margin
48.0
%
 
37.4
%
 
33.9
%
 
41.7
%
 
38.9
%
Operating expenses:
 
 
 
 
 
 
 
 
 
Selling, general and administrative
11,040

 
11,648

 
13,280

 
35,496

 
38,917

Research, development and engineering
8,165

 
8,274

 
7,868

 
25,373

 
23,258

Restructuring costs
706

 
2,162

 
321

 
4,079

 
321

Acquisition and integration costs

 

 
31

 

 
366

Total operating expenses
19,911

 
22,084

 
21,500

 
64,948

 
62,862

Operating income (loss)
33,245

 
4,448

 
(10,052
)
 
41,160

 
(19,626
)
Non-operating income (expense):
 
 
 
 
 
 
 
 
 
Interest and other income (expense), net
789

 
(229
)
 
34

 
376

 
162

Total non-operating income (expense)
789

 
(229
)
 
34

 
376

 
162

Income (loss) before income taxes
34,034

 
4,219

 
(10,018
)
 
41,536

 
(19,464
)
(Benefit from) provision for income taxes
61

 
(41
)
 
(325
)
 
401

 
22

Net income (loss)
$
33,973

 
$
4,260

 
$
(9,693
)
 
$
41,135

 
$
(19,486
)
Net income (loss) per share - basic
$
0.99

 
$
0.13

 
$
(0.29
)
 
$
1.22

 
$
(0.60
)
Net income (loss) per share - diluted
$
0.94

 
$
0.12

 
$
(0.29
)
 
$
1.16

 
$
(0.60
)

13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com


ESI Announces Third Quarter Fiscal 2018 Results

Electro Scientific Industries, Inc.
Third Quarter Fiscal 2018 Results
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
Dec 30, 2017
 
Sep 30, 2017
 
Apr 1, 2017
Assets
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash and cash equivalents
$
62,251

 
$
47,973

 
$
56,642

Short-term investments
36,824

 
32,802

 
5,743

Trade receivables, net
75,674

 
47,565

 
40,494

Inventories
74,502

 
61,423

 
58,942

Shipped systems pending acceptance
5,780

 
7,765

 
5,713

Other current assets
5,116

 
5,309

 
6,180

Total current assets
260,147

 
202,837

 
173,714

Non-current assets:
 
 
 
 
 
Property, plant and equipment, net
19,732

 
18,874

 
21,619

Goodwill
2,626

 
2,626

 
3,027

Acquired intangible assets, net
5,525

 
5,883

 
6,564

Income taxes receivable
935

 

 

Other assets(1)
17,339

 
17,819

 
19,821

Total assets
$
306,304

 
$
248,039

 
$
224,745

Liabilities and shareholders' equity
 
 
 
 
 
Current liabilities:
 
 
 
 
 
Accounts payable
$
38,577

 
$
24,378

 
$
21,213

Accrued liabilities
40,391

 
32,050

 
22,186

Deferred revenue
11,982

 
15,782

 
14,712

Total current liabilities
90,950

 
72,210

 
58,111

Non-current liabilities
 
 
 
 
 
Long-term debt
12,875

 
12,982

 
13,489

Income taxes payable
1,587

 
1,285

 
1,036

Other liabilities
10,085

 
7,956

 
7,578

Total liabilities
115,497

 
94,433

 
80,214

Shareholders' equity:
 
 
 
 
 
Preferred and common stock
211,330

 
208,670

 
207,152

Accumulated deficit
(20,273
)
 
(54,246
)
 
(61,407
)
Accumulated other comprehensive loss
(250
)
 
(818
)
 
(1,214
)
Total shareholders' equity
190,807

 
153,606

 
144,531

Total liabilities and shareholders' equity
$
306,304

 
$
248,039

 
$
224,745

End of period shares outstanding
34,309

 
34,067

 
33,260

(1)
Included in Other assets is long-term restricted cash of $1.1 million each on Dec 30, 2017, Sep 30, 2017 and Apr 1, 2017.

13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com


ESI Announces Third Quarter Fiscal 2018 Results

Electro Scientific Industries, Inc.
Analysis of Third Quarter Fiscal 2018 Results
(Unaudited)
 
Fiscal quarter ended
 
Three fiscal quarters ended
(Dollars and shares in thousands)
Dec 30, 2017
 
Sep 30, 2017
 
Dec 31, 2016
 
Dec 30, 2017
 
Dec 31, 2016
Sales detail:
 
 
 
 
 
 
 
 
 
Printed Circuit Board
$
83,799

 
$
43,541

 
$
15,987

 
$
179,658

 
$
60,432

Component Test
7,473

 
7,677

 
5,407

 
23,331

 
14,999

Semiconductor
12,351

 
12,028

 
6,690

 
31,116

 
21,521

Industrial Machining
7,217

 
7,721

 
5,695

 
20,386

 
14,153

Net Sales
$
110,840

 
$
70,967

 
$
33,779

 
$
254,491

 
$
111,105

 
 
 
 
 
 
 
 
 
 
As % of Net Sales
 
 
 
 
 
 
 
 
 
GAAP
 
 
 
 
 
 
 
 
 
Gross profit
48.0%
 
37.4%
 
33.9%
 
41.7%
 
38.9%
Selling, general and administrative expense
10%
 
16%
 
39%
 
14%
 
35%
Research, development and engineering expense
7%
 
12%
 
23%
 
10%
 
21%
Total operating expenses
18%
 
31%
 
64%
 
26%
 
57%
Operating income (loss)
30%
 
6%
 
(30%)
 
16%
 
(18%)
Non-GAAP
 
 
 
 
 
 
 
 
 
Gross profit
48.9%
 
46.4%
 
34.5%
 
47.6%
 
40.7%
Net operating expenses
17%
 
26%
 
57%
 
23%
 
51%
Operating income (loss)
32%
 
20%
 
(23%)
 
25%
 
(11%)
 
 
 
 
 
 
 
 
 
 
GAAP - Effective tax rate %
0.2%
 
(1.0%)
 
3.2%
 
1.0%
 
(0.1%)
Weighted average shares outstanding
 
 
 
 
 
 
 
 
 
Basic
34,224
 
33,861
 
32,919
 
33,839
 
32,379
Diluted GAAP
36,010
 
34,874
 
32,919
 
35,562
 
32,379
Diluted Non-GAAP
36,010
 
34,874
 
32,919
 
35,562
 
32,379
End of period employees
595
 
594
 
716
 
595
 
716
 
 
 
 
 
 
 
 
 
 
Reconciliation of Cash and Investments
 
 
 
 
 
 
 
 
 
 
 
 
Dec 30, 2017
 
Sep 30, 2017
 
Apr 1, 2017
 
Dec 31, 2016
Cash
 
 
33,565

 
29,998

 
29,302

 
30,325

Cash equivalents
 
 
28,686

 
17,975

 
27,340

 
14,566

Restricted cash
 
 
1,087

 
1,098

 
1,090

 

Cash, cash equivalents, and restricted cash at end of period
 
63,338

 
49,071

 
57,732

 
44,891

Short-term investments
 
 
36,824

 
32,802

 
5,743

 
6,301

Cash, restricted cash and current investments
 
100,162

 
81,873

 
63,475

 
51,192


13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com


ESI Announces Third Quarter Fiscal 2018 Results

Electro Scientific Industries, Inc.
Third Quarter Fiscal 2018 Results
Reconciliation of GAAP to Non-GAAP Financial Measures:
(Unaudited)
 
Fiscal quarter ended
 
Three fiscal quarters ended
(In thousands, except per share data)
Dec 30, 2017
 
Sep 30, 2017
 
Dec 31, 2016
 
Dec 30, 2017
 
Dec 31, 2016
Gross profit per GAAP
$
53,156

 
$
26,532

 
$
11,448

 
$
106,108

 
$
43,236

Purchase accounting
242

 
242

 
229

 
735

 
686

Equity compensation
64

 
77

 
142

 
208

 
398

Charges for other asset and inventory impairment

 
6,083

 
(170
)
 
13,277

 
946

Charges from VAT audit
777

 

 

 
777

 

Non-GAAP gross profit
$
54,239

 
$
32,934

 
$
11,649

 
$
121,105

 
$
45,266

 
 
 
 
 
 
 
 
 
 
Operating expenses per GAAP
$
19,911

 
$
22,084

 
$
21,500

 
$
64,948

 
$
62,862

Purchase accounting
(116
)
 
(117
)
 
(210
)
 
(452
)
 
(663
)
Equity compensation
(649
)
 
(1,253
)
 
(1,674
)
 
(3,113
)
 
(4,227
)
Impairment of assets

 

 
54

 

 
(46
)
Acquisition and integration costs

 

 
(31
)
 

 
(366
)
Restructuring costs
(706
)
 
(2,162
)
 
(321
)
 
(4,079
)
 
(372
)
Non-GAAP operating expenses
$
18,440

 
$
18,552

 
$
19,318

 
$
57,304

 
$
57,188

 
 
 
 
 
 
 
 
 
 
Operating income (loss) per GAAP
$
33,245

 
$
4,448

 
$
(10,052
)
 
$
41,160

 
$
(19,626
)
Non-GAAP adjustments to gross profit
1,083

 
6,402

 
201

 
14,997

 
2,030

Non-GAAP adjustments to operating expenses
1,471

 
3,532

 
2,182

 
7,644

 
5,674

Non-GAAP operating income (loss)
$
35,799

 
$
14,382

 
$
(7,669
)
 
$
63,801

 
$
(11,922
)
 
 
 
 
 
 
 
 
 
 
Non-operating income (expense), net per GAAP
$
789

 
$
(229
)
 
$
34

 
$
376

 
$
162

Gain on asset sale net of other non-operating expenses
(687
)
 

 

 
(687
)
 

Acquisition-related adjustments

 

 

 

 
(190
)
Non-GAAP non-operating income
(expense)
$
102

 
$
(229
)
 
$
34

 
$
(311
)
 
$
(28
)
Non-GAAP income (loss) before income taxes
$
35,901

 
$
14,153

 
$
(7,635
)
 
$
63,490

 
$
(11,950
)
 
 
 
 
 
 
 
 
 
 
Net income (loss) per GAAP
$
33,973

 
$
4,260

 
$
(9,693
)
 
$
41,135

 
$
(19,486
)
Non-GAAP adjustments to gross profit
1,083

 
6,402

 
201

 
14,997

 
2,030

Non-GAAP adjustments to operating expenses
1,471

 
3,532

 
2,182

 
7,644

 
5,674

Non-GAAP adjustments to non-operating expense
(687
)
 

 

 
(687
)
 
(190
)
Income tax effect of other non-GAAP adjustments
(235
)
 
(483
)
 
(248
)
 
(742
)
 
(284
)
Non-GAAP net income (loss)
$
35,605

 
$
13,711

 
$
(7,558
)
 
$
62,347

 
$
(12,256
)
Basic Non-GAAP net income (loss) per share
$
1.04

 
$
0.40

 
$
(0.23
)
 
$
1.84

 
$
(0.38
)
Diluted Non-GAAP net income (loss) per share
$
0.99

 
$
0.39

 
$
(0.23
)
 
$
1.75

 
$
(0.38
)

13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com


ESI Announces Third Quarter Fiscal 2018 Results

Electro Scientific Industries, Inc.
Third Quarter Fiscal 2018 Results
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Fiscal quarter ended
 
Three fiscal quarters ended
(In thousands)
Dec 30, 2017
 
Sep 30, 2017
 
Dec 31, 2016
 
Dec 30, 2017
 
Dec 31, 2016
Net income (loss)
$
33,973

 
$
4,260

 
$
(9,693
)
 
$
41,135

 
$
(19,486
)
Non-cash adjustments and changes in operating activities
(18,872
)
 
14,005

 
6,017

 
(338
)
 
19,787

Net cash provided by (used in) operating activities
15,101

 
18,265

 
(3,676
)
 
40,797

 
301

Net cash (used in) provided by investing activities
(2,974
)
 
(28,597
)
 
(3,687
)
 
(36,360
)
 
2,817

Net cash provided by (used in) financing activities
1,838

 
(725
)
 
381

 
607

 
242

Effect of exchange rate changes on cash
302

 
125

 
(812
)
 
562

 
(882
)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
14,267

 
(10,932
)
 
(7,794
)
 
5,606

 
2,478

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD
49,071

 
60,003

 
52,685

 
57,732

 
42,413

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD
$
63,338

 
$
49,071

 
$
44,891

 
$
63,338

 
$
44,891




13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com


ESI Announces Third Quarter Fiscal 2018 Results

Reconciliation of GAAP to Non-GAAP Financial Measures - Projected
Fiscal quarter ending March 31, 2018
 
 
Non-GAAP earnings per diluted share
0.75 - 0.95
Purchase accounting
(0.01)
Equity compensation
(0.04)
Other items
(0.05)
GAAP earnings per diluted share
0.65 - 0.85


13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com