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): May 8, 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 May 8, 2018, Electro Scientific Industries, Inc. (the “Company”) announced its financial results for the fourth quarter and full year 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 May 8, 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: May 8, 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=12238202&doc=3


Brian Smith                                             
ESI
503-672-5760
smithb@esi.com            
ESI Announces Fourth Quarter and Full Year Fiscal 2018 Results

PORTLAND, Ore. – May 8, 2018Electro Scientific Industries, Inc. (NASDAQ:ESIO), an innovator of laser-based manufacturing solutions for the microtechnology industry, today announced results for its fiscal 2018 fourth quarter and year ended March 31, 2018. 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.
Fourth Quarter and Fiscal 2018 Financial and Operational Highlights
Fourth quarter orders of $111.8 million, reflecting 36% year over year growth. Fiscal 2018 orders of $451.4 million, up 144% from fiscal 2017
Fourth quarter and fiscal 2018 revenue of $113.4 million and $367.9 million, respectively; each more than doubled the revenue in fiscal 2017
Backlog of $148.4 million, primarily expected to ship in the first half of fiscal 2019
Fiscal 2018 GAAP operating margin of 20.6%. Non-GAAP operating margin was 27.4%
Fiscal 2018 GAAP EPS of $3.27 and non-GAAP EPS of $2.78. For the fourth quarter GAAP EPS was $2.10 and non-GAAP EPS was $1.02, exceeding one dollar for the first time in recent history
Fiscal 2018 operating cash flow of $67.4 million, leading to total cash and investments balance of $125.0 million
Fourth Quarter Results
Fourth quarter revenue was $113.4 million, compared to $49.9 million in the fourth quarter of last fiscal year and $110.8 million last quarter. GAAP net income was $75.1 million or $2.10 per diluted share, compared to a net loss of $17.9 million or $0.54 per share last year, as the Company’s strong financial performance over the last twelve months triggered the reversal of our tax valuation allowance, resulting in a fourth quarter tax credit of approximately $41 million. On a non-GAAP basis net income was $36.5 million or $1.02 per diluted share, compared to $2.9 million or $0.09 per diluted share last year and net income of $35.6 million or $0.99 per diluted share last quarter.
Michael Burger, ESI's president and CEO, stated, “We delivered another quarter of exceptional financial results, which closed out a defining and transformative year for ESI. Our team executed well and capitalized on strong market conditions, positioning us for future success."
Orders in the fourth quarter were $111.8 million, compared to $82.3 million one year ago. Burger continued, “Overall, our markets enabled strong bookings in the fourth quarter, primarily as a result of demand for flex circuit drilling. Demand for our semiconductor and component test products remained strong and total book to bill was 0.99, even as we delivered our highest quarterly revenues in recent history."
GAAP gross margin was 48.3%, compared to 36.5% in the fourth quarter of last year. Operating expense was $20.0 million, down from $36.3 million last year. Operating income was $34.7 million, or 30.6% of sales, compared to a loss of $18.1 million in the year-ago quarter.
Non-GAAP gross margin was 49.2%, up from 45.7% one year ago, on significantly higher revenues. Non-GAAP operating expenses decreased year over year from $20.1 million to $18.8 million as a result of the completion of our restructuring activities, and non-GAAP operating income was $37.0 million, or 32.6% of sales, up from $2.7 million, or 5.4% of sales, in last year's fourth quarter.
First Quarter 2019 Outlook
Based on current market and backlog conditions, revenues for the first quarter of fiscal 2019 are expected to be between $97 and $111 million. Non-GAAP earnings per diluted share is expected to be $0.75 to $0.95.
Burger concluded, "We enter our fiscal 2019 with a product portfolio that is retaining or growing market share. In this coming fiscal year we expect to introduce significant new products that will expand our addressable market, extend our competitive advantage, generate incremental revenue, and increase our exposure to secular growth drivers. Our markets will naturally cycle, and our visibility into the timing of those cycles remains limited. That said, the long-term technology trends and drivers indicate solid growth across our markets, and our new products should enable us to retain or grow share. Through the cycles our technology advantages and lower fixed cost base should allow us to generate solid earnings in all market conditions."
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 888-419-5570 (domestic participants) or 617-896-9871 (international participants). The conference ID number is 48069661. A live audio webcast can be accessed at www.esi.com. The webcast will be available on ESI’s website for one year.
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, reversal of tax valuation allowance, inventory and goodwill write-downs, 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’s integrated solutions allow industrial designers and process engineers to control the power of laser light to transform materials in ways that differentiate their consumer electronics, wearable devices, semiconductor circuits and high-precision components for market advantage. ESI’s laser-based manufacturing solutions feature the micro-machining industry’s highest precision and speed, 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 statements regarding expected shipment of backlog, our positioning for future growth and success, our expected financial results for the fiscal 2019 first quarter, including revenue and non-GAAP earnings per diluted share, our expectations regarding market share of our product portfolio, the introduction of new products, and their ability to expand our addressable market, retain or grow share, extend our competitive advantage, generate incremental revenue, reduce cyclicality and increase our exposure to secular growth drivers, our belief that our markets will naturally cycle, and our expectations regarding the effect of long-term technology trends and drivers and our ability to generate solid earnings in all market conditions, 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: 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 reduced, canceled or delayed; our ability to respond promptly to customer requirements; the risk 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 its 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 the incorporation of Visicon's vision technology does not give us a competitive advantage; 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 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.




Electro Scientific Industries, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
 
Fiscal quarter ended
 
Fiscal year ended
(In thousands, except per share data)
Mar 31, 2018
 
Dec 30, 2017
 
Apr 1, 2017
 
Mar 31, 2018
 
Apr 1, 2017
Net sales:
 
 
 
 
 
 
 
 
 
Systems
$
103,522

 
$
99,418

 
$
40,029

 
$
325,349

 
$
125,098

Services
9,871

 
11,422

 
9,889

 
42,535

 
35,925

Total net sales
113,393

 
110,840

 
49,918

 
367,884

 
161,023

Cost of sales:
 
 
 
 
 
 
 
 
 
Systems
53,247

 
52,502

 
27,499

 
185,354

 
81,350

Services
5,424

 
5,182

 
4,189

 
21,700

 
18,207

Total cost of sales
58,671

 
57,684

 
31,688

 
207,054

 
99,557

Gross profit
54,722

 
53,156

 
18,230

 
160,830

 
61,466

Gross margin
48.3
%
 
48.0
%
 
36.5
%
 
43.7
%
 
38.2
%
Operating expenses:

 

 

 

 

Selling, general and administration
11,128

 
11,040

 
13,781

 
46,624

 
52,698

Research, development and engineering
9,038

 
8,165

 
8,461

 
34,411

 
31,719

Restructuring costs
(144
)
 
706

 
6,614

 
3,935

 
6,935

Acquisition and integration costs

 

 

 

 
366

Impairment of goodwill

 

 
7,445

 

 
7,445

Net operating expenses
20,022

 
19,911

 
36,301

 
84,970

 
99,163

Operating income (loss)
34,700

 
33,245

 
(18,071
)
 
75,860

 
(37,697
)
Non-operating (expense) income:
 
 
 
 
 
 
 
 
 
Interest and other (expense) income, net
(283
)
 
789

 
103

 
93

 
265

Total non-operating (expense) income
(283
)
 
789

 
103

 
93

 
265

Income (loss) before income taxes
34,417

 
34,034

 
(17,968
)
 
75,953

 
(37,432
)
(Benefit from) provision for income taxes
(40,671
)
 
61

 
(45
)
 
(40,270
)
 
(23
)
Net income (loss)
$
75,088

 
$
33,973

 
$
(17,923
)
 
$
116,223

 
$
(37,409
)
Net income (loss) per share—basic
$
2.19

 
$
0.99

 
$
(0.54
)
 
$
3.42

 
$
(1.15
)
Net income (loss) per share—diluted
$
2.10

 
$
0.94

 
$
(0.54
)
 
$
3.27

 
$
(1.15
)

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


Electro Scientific Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
Mar 31, 2018
 
Dec 30, 2017
 
Apr 1, 2017
ASSETS
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash and cash equivalents
$
76,792

 
$
62,251

 
$
56,642

Short-term investments
47,121

 
36,824

 
5,743

       Trade receivables, net
63,044

 
75,674

 
40,494

Inventories, net
87,686

 
74,502

 
58,942

Shipped systems pending acceptance
4,734

 
5,780

 
5,713

Other current assets
5,493

 
5,116

 
6,180

Total current assets
284,870

 
260,147

 
173,714

Non-current assets:
 
 
 
 
 
Property, plant and equipment, net
22,025

 
19,732

 
21,619

Deferred income taxes, net
43,518

 

 
890

Goodwill
2,626

 
2,626

 
3,027

Acquired intangible assets, net
5,169

 
5,525

 
6,564

Other assets(1)
14,780

 
18,274

 
18,931

Total assets
$
372,988

 
$
306,304

 
$
224,745

LIABILITIES AND SHAREHOLDERS' EQUITY

 
 
 
 
Current liabilities:
 
 
 
 
 
Accounts payable
$
37,354

 
$
38,577

 
$
21,213

Accrued liabilities
34,533

 
40,391

 
22,186

Deferred revenue
9,818

 
11,982

 
14,712

Total current liabilities
81,705

 
90,950

 
58,111

Non-current liabilities:
 
 
 
 
 
Long-term debt
12,766

 
12,875

 
13,489

Income taxes payable
1,901

 
1,587

 
1,036

Other liabilities
10,258

 
10,085

 
7,578

Total liabilities
106,630

 
115,497

 
80,214

Shareholders’ equity:
 
 
 
 
 
Preferred and common stock
210,995

 
211,330

 
207,152

Retained earnings (accumulated deficit)
54,816

 
(20,273
)
 
(61,407
)
Accumulated other comprehensive income (loss)
547

 
(250
)
 
(1,214
)
Total shareholders’ equity
266,358

 
190,807

 
144,531

Total liabilities and shareholders’ equity
$
372,988

 
$
306,304

 
$
224,745

End of period shares outstanding
34,387

 
34,309

 
33,260

(1)
Included in Other assets is long-term restricted cash of $1.1 million each on March 31, 2018, December 30, 2017 and April 1, 2017.


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


Electro Scientific Industries, Inc.
Analysis of Key Metrics
(Unaudited)
 
Fiscal quarter ended
 
Fiscal year ended
(Dollars and shares in thousands)
Mar 31, 2018
 
Dec 30, 2017
 
Apr 1, 2017
 
Mar 31, 2018
 
Apr 1, 2017
Sales detail:
 
 
 
 
 
 
 
 
 
Printed Circuit Board
$
76,772

 
$
83,799

 
$
28,339

 
$
256,430

 
$
88,771

Component Test
9,459

 
7,473

 
7,382

 
32,790

 
22,381

Semiconductor
24,055

 
12,351

 
8,036

 
55,171

 
29,557

Industrial Machining
3,107

 
7,217

 
6,161

 
23,493

 
20,314

Net Sales
$
113,393

 
$
110,840

 
$
49,918

 
$
367,884

 
$
161,023

 
 
 
 
 
 
 
 
 
 
As % of net sales
 
 
 
 
 
 
 
 
 
GAAP
 
 
 
 
 
 
 
 
 
Gross profit
48.3%
 
48.0%
 
36.5%
 
43.7%
 
38.2%
Selling, service and administration expense
10%
 
10%
 
28%
 
13%
 
33%
Research, development and engineering expense
8%
 
7%
 
17%
 
9%
 
20%
Net operating expenses
18%
 
18%
 
73%
 
23%
 
62%
Operating income (loss)
31%
 
30%
 
(36%)
 
21%
 
(23%)
Non-GAAP
 
 
 
 
 
 
 
 
 
Gross profit
49.2%
 
48.9%
 
45.7%
 
48.1%
 
42.3%
Net operating expenses
17%
 
17%
 
40%
 
21%
 
48%
Operating income (loss)
33%
 
32%
 
5%
 
27%
 
(6%)
 
 
 
 
 
 
 
 
 
 
GAAP - Effective tax rate %
(118.2%)
 
0.2%
 
0.3%
 
(53.0%)
 
0.1%
Weighted average shares outstanding
 
 
 
 
 
 
 
 
 
Basic
34,350
 
34,224
 
33,065
 
33,967
 
32,551
Diluted GAAP
35,830
 
36,010
 
33,065
 
35,571
 
32,551
Diluted Non-GAAP
35,830
 
36,010
 
33,822
 
35,571
 
32,551
End of period employees
615
 
595
 
683
 
615
 
683
 
 
 
 
 
 
 
 
 
 
Reconciliation of Cash and Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mar 31, 2018
 
Dec 30, 2017
 
Apr 1, 2017
Cash
 
 
 
 
$
27,043

 
$
33,565

 
$
29,302

Cash equivalents
 
 
 
 
49,749

 
28,686

 
27,340

Restricted cash
 
 
 
 
1,093

 
1,087

 
1,090

Cash, cash equivalents, and restricted cash at end of period
 
 
 
77,885

 
63,338

 
57,732

Short-term investments
 
 
 
 
47,121

 
36,824

 
5,743

Cash, restricted cash and current investments
 
 
 
$
125,006

 
$
100,162

 
$
63,475


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


Electro Scientific Industries, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
 
Fiscal quarter ended
 
Fiscal year ended
(In thousands, except per share data)
Mar 31, 2018
 
Dec 30, 2017
 
Apr 1, 2017
 
Mar 31, 2018
 
Apr 1, 2017
Gross profit per GAAP
$
54,722

 
$
53,156

 
$
18,230

 
$
160,830

 
$
61,466

Purchase accounting
242

 
242

 
447

 
977

 
1,133

Equity compensation
69

 
64

 
105

 
277

 
503

Charges for other asset and inventory impairment
277

 

 
1,696

 
13,554

 
2,642

Charges from VAT audit
521

 
777

 

 
1,298

 

Charges for impairment of intangibles

 

 
2,349

 

 
2,349

Non-GAAP gross profit
$
55,831

 
$
54,239

 
$
22,827

 
$
176,936

 
$
68,093

 
 
 
 
 
 
 
 
 
 
Operating expenses per GAAP
$
20,022

 
$
19,911

 
$
36,301

 
$
84,970

 
$
99,163

Purchase accounting
(114
)
 
(116
)
 
(414
)
 
(566
)
 
(1,077
)
Equity compensation
(1,223
)
 
(649
)
 
(1,707
)
 
(4,336
)
 
(5,934
)
Impairment of assets

 

 

 

 
(46
)
Acquisition and integration costs

 

 

 

 
(366
)
Restructuring costs
144

 
(706
)
 
(6,614
)
 
(3,935
)
 
(6,986
)
Impairment of goodwill

 

 
(7,445
)
 

 
(7,445
)
Non-GAAP operating expenses
$
18,829

 
$
18,440

 
$
20,121

 
$
76,133

 
$
77,309

 
 
 
 
 
 
 
 
 
 
Operating income (loss) per GAAP
$
34,700

 
$
33,245

 
$
(18,071
)
 
$
75,860

 
$
(37,697
)
Non-GAAP adjustments to gross profit
1,109

 
1,083

 
4,597

 
16,106

 
6,627

Non-GAAP adjustments to operating expenses
1,193

 
1,471

 
16,180

 
8,837

 
21,854

Non-GAAP operating income (loss)
$
37,002

 
$
35,799

 
$
2,706

 
$
100,803

 
$
(9,216
)
 
 
 
 
 
 
 
 
 
 
Non-operating (expense) income, net per GAAP
$
(283
)
 
$
789

 
$
103

 
$
93

 
$
265

Expense (income), on charges from VAT audit, Gain on asset sale, net of other non-operating expense (income)
336

 
(687
)
 

 
(351
)
 

Acquisition-related adjustments

 

 

 

 
(190
)
Non-GAAP non-operating income (expense)
$
53

 
$
102

 
$
103

 
$
(258
)
 
$
75

Non-GAAP income (expense) before income taxes
$
37,055

 
$
35,901

 
$
2,809

 
$
100,545

 
$
(9,141
)
 
 
 
 
 
 
 
 
 
 
Net income (loss) per GAAP
$
75,088

 
$
33,973

 
$
(17,923
)
 
$
116,223

 
$
(37,409
)
Non-GAAP adjustments to gross profit
1,109

 
1,083

 
4,597

 
16,106

 
6,627

Non-GAAP adjustments to operating expenses
1,193

 
1,471

 
16,180

 
8,837

 
21,854

Non-GAAP adjustments to non-operating income (expense)
336

 
(687
)
 

 
(351
)
 
(190
)
Income tax effect of other non-GAAP adjustments (a)
(41,225
)
 
(235
)
 
32

 
(41,967
)
 
(252
)
Non-GAAP net income (loss)
$
36,501

 
$
35,605

 
$
2,886

 
$
98,848

 
$
(9,370
)
Basic Non-GAAP net income (loss) per share
$
1.06

 
$
1.04

 
$
0.09

 
$
2.91

 
$
(0.29
)
Diluted Non-GAAP net income (loss) per share
$
1.02

 
$
0.99

 
$
0.09

 
$
2.78

 
$
(0.29
)
(a)
The income tax effect of other non-GAAP adjustments in the fourth quarter of 2018 and fiscal 2018 was primarily due to release of tax valuation allowance.

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


Electro Scientific Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Fiscal quarter ended
 
Fiscal year ended
(In thousands)
Mar 31, 2018
 
Dec 30, 2017
 
Apr 1, 2017
 
Mar 31, 2018
 
Apr 1, 2017
Net income (loss)
$
75,088

 
$
33,973

 
$
(17,923
)
 
$
116,223

 
$
(37,409
)
Non-cash adjustments and changes in operating activities
(48,457
)
 
(18,872
)
 
16,789

 
(48,795
)
 
36,576

Net cash provided by (used in) operating activities
26,631

 
15,101

 
(1,134
)
 
67,428

 
(833
)
Net cash (used in) provided by investing activities
(10,993
)
 
(2,974
)
 
(203
)
 
(47,353
)
 
2,614

Net cash (used in) provided by financing activities
(1,739
)
 
1,838

 
13,923

 
(1,132
)
 
14,165

Effect of exchange rate changes on cash
648

 
302

 
255

 
1,210

 
(627
)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
14,547

 
14,267

 
12,841

 
20,153

 
15,319

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD
63,338

 
49,071

 
44,891

 
57,732

 
42,413

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD
$
77,885

 
$
63,338

 
$
57,732

 
$
77,885

 
$
57,732


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


Electro Scientific Industries, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures - Projected
(Unaudited)
 
Fiscal quarter ending
Jun 30, 2018
Non-GAAP diluted earnings per share
$0.75 - $0.95
Purchase accounting
(0.01)
Equity compensation
(0.04)
Income tax
(0.09) - (0.12)
GAAP diluted EPS
$0.61 - $0.78

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