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

Electro Scientific Industries, Inc.

Analysis of Second Quarter Fiscal 2019 Results

(Unaudited)

  Fiscal quarter ended  Two fiscal quarters ended
(Dollars and shares in thousands) Sep 29, 2018  Jun 30, 2018  Sep 30, 2017  Sep 29, 2018  Sep 30, 2017
Sales detail:         
Printed Circuit Board$38,816 $66,337 $38,187 $105,153 $84,372
Component Test18,555 9,405 7,007 27,960 14,455
Semiconductor11,227 18,777 9,641 30,004 14,822
Industrial Machining2,665 2,338 5,481 5,003 8,760
Service14,654 13,767 10,651 28,421 21,242
Net sales$85,917 $110,624 $70,967 $196,541 $143,651
          
As % of Net Sales         
GAAP         
Gross profit45.5% 48.1% 37.4% 46.9% 36.9%
Selling, general and administrative expense13% 9% 16% 11% 17%
Research, development and engineering expense11% 9% 12% 10% 12%
Total operating expenses23% 18% 31% 20% 31%
Operating income22% 30% 6% 27% 6%
Non-GAAP                
Gross profit 45.9%   48.3%   46.4%   47.3%   46.5%
Net operating expenses 21%   17%   26%   19%   27%
Operating income 25%   31%   20%   28%   19%
                   
GAAP - Effective tax rate % 13.5%   6.9%   (1.0%)   9.3%   4.5%
Weighted average shares outstanding                  
Basic 34,606   34,459   33,861   34,529   33,647
Diluted 35,959   35,924   34,874   35,916   34,716
End of period employees 644   634   594   644   594
                   
Reconciliation of Cash, cash equivalents, restricted cash and current Investments     Fiscal quarter ended
      Sep 29, 2018   Jun 30, 2018   Mar 31, 2018   Sep 30, 2017
Cash     $ 29,817   $ 25,808   27,043   29,998
Cash equivalents     36,366   49,046   49,749   17,975
Current restricted cash     1,100   1,097    
Long-term restricted cash         1,093   1,098
Cash, cash equivalents, and restricted cash at end of period     67,283   75,951   77,885   49,071
Short-term investments     112,004   55,026   47,121   32,802
Cash, cash equivalents, restricted cash and current investments     $ 179,287   $ 130,977   125,006   81,873



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