ESI Announces Second Quarter Fiscal 2019 Results and Agreement to be Acquired by MKS Instruments, Inc.

Electro Scientific Industries, Inc.

Second Quarter Fiscal 2019 Results

Condensed Consolidated Balance Sheets
(Unaudited)

(In thousands) Sep 29, 2018  Jun 30, 2018  Mar 31, 2018
Assets     
Current assets:     
Cash and cash equivalents$66,183  $74,854  $76,792 
Short-term investments112,004  55,026  47,121 
Trade receivables, net38,422  80,525  63,044 
Inventories81,434  94,265  87,686 
Shipped systems pending acceptance1,831  1,937  4,734 
Other current assets (1)4,474  5,041  5,493 
Total current assets304,348  311,648  284,870 
Non-current assets:     
Property, plant and equipment, net24,711  22,870  22,025 
Non-current deferred income taxes, net43,734  43,637  43,518 
Goodwill2,626  2,626  2,626 
Acquired intangible assets, net4,456  4,812  5,169 
Other assets(1)12,997  11,110  14,780 
Total assets$392,872  $396,703  $372,988 
Liabilities and shareholders' equity     
Current liabilities:     
Accounts payable$16,675  $32,616  $37,354 
Accrued liabilities28,430  32,193  34,533 
Deferred revenue8,535  9,026   9,818  
Total current liabilities 53,640     73,835     81,705  
Non-current liabilities          
Long-term debt 12,550     12,659     12,766  
Income taxes payable 2,349     2,345     1,901  
Other liabilities 7,932     10,614     10,258  
Total liabilities 76,471     99,453     106,630  
Shareholders' equity:          
Preferred and common stock 214,485     211,766     210,995  
Retained earnings 102,836     86,000     54,816  
Accumulated other comprehensive (loss) income (920 )   (516 )   547  
Total shareholders' equity 316,401     297,250     266,358  
Total liabilities and shareholders' equity $ 392,872     $ 396,703     $ 372,988  
End of period shares outstanding 34,699     34,525     34,387  

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