ESI Announces Strong First Quarter Fiscal 2019 Results

Electro Scientific Industries, Inc.
First Quarter Fiscal 2019 Results
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)

  Fiscal quarter ended 
(In thousands, except per share data) Jun 30, 2018   Mar 31, 2018   Jul 1, 2017 
Gross profit per GAAP$53,198  $54,722  $26,420 
Purchase accounting243  242  251 
Equity compensation106  69  67 
Charges for other asset and inventory impairment  277  7,194 
Charges from VAT audit(97) 521   
Non-GAAP gross profit $ 53,450   $ 55,831   $ 33,932 
      
Operating expenses per GAAP $ 20,189   $ 20,022   $ 22,953 
Purchase accounting(114) (114) (219)
Equity compensation(1,393) (1,223) (1,211)
Restructuring costs  144  (1,211)
Non-GAAP operating expenses $ 18,682   $ 18,829   $ 20,312 
      
Operating income per GAAP $ 33,009   $ 34,700   $ 3,467 
Non-GAAP adjustments to gross profit252  1,109  7,512 
Non-GAAP adjustments to operating expenses1,507  1,193  2,641 
Non-GAAP operating income $ 34,768   $ 37,002   $ 13,620 
           
Non-operating income (expense), net per GAAP $ 452     $ (283 )   $ (184 )
(Income) expense, on charges from VAT audit, Gain on asset sale, net of other non-operating expense (income) (49 )   336      
Non-GAAP non-operating income
(expense)
$ 403     $ 53     $ (184 )
Non-GAAP income before income taxes $ 35,171     $ 37,055     $ 13,436  
           
Net income per GAAP $ 31,143     $ 75,088     $ 2,902  
Non-GAAP adjustments to gross profit 252     1,109     7,512  
Non-GAAP adjustments to operating expenses 1,507     1,193     2,641  
Non-GAAP adjustments to non-operating expense (49 )   336      
Income tax effect of other non-GAAP adjustments 1,734     (41,225 )   (24 )
Non-GAAP net income $ 34,587     $ 36,501     $ 13,031  
Basic Non-GAAP net income per share $ 1.00     $ 1.06     $ 0.39  
Diluted Non-GAAP net income per share $ 0.96     $ 1.02     $ 0.38  

Electro Scientific Industries, Inc.

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