ESI Announces First Quarter Fiscal 2018 Results
|
Electro Scientific Industries, Inc. | |
First Quarter Fiscal 2018 Results | |
Reconciliation of GAAP to Non-GAAP Financial Measures: | | (Unaudited) | | | | | |
Fiscal quarter ended | | (In thousands, except per share data) | |
Jul 1, 2017 | |
Apr 1, 2017 | |
Jul 2, 2016 | |
Gross profit per GAAP | |
$ |
26,420 | | |
$ |
18,230 | | |
$ |
20,808 | | | Purchase accounting | | 251 | | | 447 | | | 229 | | | Equity compensation | | 67 | | | 105 | | | 120 | | | Charges for other asset and inventory impairment | | 7,194 | | | 1,696 | | | 1,116 | | | Charges for impairment of intangibles | | — | | | 2,349 | | | — | | |
Non-GAAP gross profit | |
$ |
33,932 | | |
$ |
22,827 | | |
$ |
22,273 | | | | | | | | | | |
Operating expenses per GAAP | |
$ |
22,953 | | |
$ |
36,301 | | |
$ |
20,501 | | | Purchase accounting | | (219 | ) | | (414 | ) | | (250 | ) | | Equity compensation | | (1,211 | ) | | (1,707 | ) | | (1,170 | ) | | Impairment of inventory | | — | | | — | | | (100 | ) | | Restructuring costs | | (1,211 | ) | | (6,614 | ) | | (37 | ) | | Impairment of goodwill | | — | | | (7,445 | ) | | — | | |
Non-GAAP operating expenses | |
$ |
20,312 | | |
$ |
20,121 | | |
$ |
18,944 | | | | | | | | | | |
Operating income (loss) per GAAP | |
$ |
3,467 | | |
$ |
(18,071 |
) | |
$ |
307 | | | Non-GAAP adjustments to gross profit | | 7,512 | | | 4,597 | | | 1,465 | | | Non-GAAP adjustments to operating expenses | | 2,641 | | | 16,180 | | | 1,557 | | |
Non-GAAP operating income | |
$ |
13,620 | | |
$ |
2,706 | | |
$ |
3,329 | | | | | | | | | | |
Non-operating (expense) income, net per GAAP | |
$ |
(184 |
) | |
$ |
103 | | |
$ |
(78 |
) | |
Non-GAAP non-operating (expense) income | |
$ |
(184 |
) | |
$ |
103 | | |
$ |
(78 |
) | |
Non-GAAP income (loss) before income taxes | |
$ |
13,436 | | |
$ |
2,809 | | |
$ |
3,251 | | | | | | | | | | |
Net income (loss) per GAAP | |
$ |
2,902 | | |
$ |
(17,923 |
) | |
$ |
(118 |
) | | Non-GAAP adjustments to gross profit | | 7,512 | | | 4,597 | | | 1,465 | | | Non-GAAP adjustments to operating expenses | | 2,641 | | | 16,180 | | | 1,557 | | | Income tax effect of other non-GAAP adjustments | | (24 | ) | | 32 | | | 65 | | |
Non-GAAP net income | |
$ |
13,031 | | |
$ |
2,886 | | |
$ |
2,969 | | |
Basic Non-GAAP net income per share | |
$ |
0.39 | | |
$ |
0.09 | | |
$ |
0.09 | | |
Diluted Non-GAAP net income per share | |
$ |
0.38 | | |
$ |
0.09 | | |
$ |
0.09 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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