ESI Announces Strong First Quarter Fiscal 2019 Results

(1) On June 30, 2018, $1.1 million of current restricted cash was included in Other current assets. Included in Other assets as of March 31, 2018, is long-term restricted cash of $1.1 million.


Electro Scientific Industries, Inc.
Analysis of First Quarter Fiscal 2019 Results
(Unaudited)

  Fiscal quarter ended
(Dollars and shares in thousands) Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Oct 1, 2017 Jul 1, 2017
Sales detail:     
Printed Circuit Board$66,337$70,896$76,933$38,187$46,185
Component Test9,4058,4016,5047,0077,448
Semiconductor18,77722,36210,6649,6415,181
Industrial Machining2,3381,8635,3175,4813,279
Service13,7679,87111,42210,65110,591
Net Sales$110,624$113,393$110,840$70,967$72,684


As % of Net Sales Fiscal quarter ended
GAAP Jun 30, 2018  Mar 31, 2018  Jul 1, 2017
Gross profit48.1% 48.3% 36.3%
Selling, general and administrative expense9% 10% 18%
Research, development and engineering expense9% 8% 12%
Total operating expenses18% 18% 32%
Operating income30% 31% 5%
Non-GAAP     
Gross profit48.3% 49.2% 46.7%
Net operating expenses17% 17% 28%
Operating income31% 33% 19%
      
GAAP - Effective tax rate %6.9% (118.2%) 11.6%
Weighted average shares outstanding     
Basic34,459 34,350 33,432
Diluted GAAP35,924 35,830 34,321
Diluted Non-GAAP35,924 35,830 34,321
End of period employees634 615 607
      
      


Reconciliation of Cash and Investments Fiscal quarter ended
  Jun 30, 2018  Mar 31, 2018
Cash$25,808 $ 58,817
Cash equivalents49,046   17,975
Current restricted cash 1,097     —
Long-term restricted cash   —     1,093
Cash, cash equivalents, and restricted cash at end of period   75,951     77,885
Short-term investments   55,026     47,121
Cash, restricted cash and current investments $  130,977   $  125,006
       



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