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 Test | 9,405 | 8,401 | 6,504 | 7,007 | 7,448 | |||||
Semiconductor | 18,777 | 22,362 | 10,664 | 9,641 | 5,181 | |||||
Industrial Machining | 2,338 | 1,863 | 5,317 | 5,481 | 3,279 | |||||
Service | 13,767 | 9,871 | 11,422 | 10,651 | 10,591 | |||||
Net Sales | $ | 110,624 | $ | 113,393 | $ | 110,840 | $ | 70,967 | $ | 72,684 |
As % of Net Sales |
Fiscal quarter ended
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GAAP | Jun 30, 2018 | Mar 31, 2018 | Jul 1, 2017 | ||
Gross profit | 48.1% | 48.3% | 36.3% | ||
Selling, general and administrative expense | 9% | 10% | 18% | ||
Research, development and engineering expense | 9% | 8% | 12% | ||
Total operating expenses | 18% | 18% | 32% | ||
Operating income | 30% | 31% | 5% | ||
Non-GAAP | |||||
Gross profit | 48.3% | 49.2% | 46.7% | ||
Net operating expenses | 17% | 17% | 28% | ||
Operating income | 31% | 33% | 19% | ||
GAAP - Effective tax rate % | 6.9% | (118.2%) | 11.6% | ||
Weighted average shares outstanding | |||||
Basic | 34,459 | 34,350 | 33,432 | ||
Diluted GAAP | 35,924 | 35,830 | 34,321 | ||
Diluted Non-GAAP | 35,924 | 35,830 | 34,321 | ||
End of period employees | 634 | 615 | 607 | ||
Reconciliation of Cash and Investments |
Fiscal quarter ended
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Jun 30, 2018 | Mar 31, 2018 | ||||
Cash | $ | 25,808 | $ | 58,817 | |
Cash equivalents | 49,046 | 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 | |