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
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)

  Fiscal quarter ended  Two fiscal quarters ended
(In thousands, except per share data) Sep 29, 2018  Jun 30, 2018  Sep 30, 2017  Sep 29, 2018  Sep 30, 2017
Gross profit per GAAP $ 39,067   $ 53,198   $ 26,532   $ 92,265   $ 52,952 
Purchase accounting242  243  242  485  493 
Equity compensation122  106  77  228  144 
Charges for other asset and inventory impairment    6,083    13,277 
Charges from VAT audit  (97)   (97)  
Non-GAAP gross profit $ 39,431   $ 53,450   $ 32,934   $ 92,881   $ 66,866 
          
Operating expenses per GAAP $ 19,992   $ 20,189   $ 22,084   $ 40,181   $ 45,037 
Purchase accounting(116) (114) (117) (230) (336)
Equity compensation(1,543) (1,393) (1,253) (2,936) (2,464)
Restructuring costs    (2,162 )       (3,373 )
Non-GAAP operating expenses $ 18,333     $ 18,682     $ 18,552     $ 37,015     $ 38,864  
                   
Operating income per GAAP $ 19,075     $ 33,009     $ 4,448     $ 52,084     $ 7,915  
Non-GAAP adjustments to gross profit 364     252     6,402     616     13,914  
Non-GAAP adjustments to operating expenses 1,659     1,507     3,532     3,166     6,173  
Non-GAAP operating income $ 21,098     $ 34,768     $ 14,382     $ 55,866     $ 28,002  
                   
Non-operating income (expense), net per GAAP $ 383     $ 452     $ (229 )   $ 835     $ (413 )
Adjustment to VAT audit     (49 )       (49 )    
Non-GAAP non-operating income (expense) $ 383     $ 403     $ (229 )   $ 786     $ (413 )
Non-GAAP income before income taxes $ 21,481     $ 35,171     $ 14,153     $ 56,652     $ 27,589  
                   
Net income per GAAP $ 16,835     $ 31,143     $ 4,260     $ 47,978     $ 7,162  
Non-GAAP adjustments to gross profit 364     252     6,402     616     13,914  
Non-GAAP adjustments to operating expenses 1,659     1,507     3,532     3,166     6,173  
Non-GAAP adjustments to non-operating expense     (49 )       (49 )    
Income tax effect of other non-GAAP adjustments (a) 2,239     1,734     (483 )   3,973     (507 )
Non-GAAP net income $ 21,097     $ 34,587     $ 13,711     $ 55,684     $ 26,742  
Basic Non-GAAP net income per share $ 0.61     $ 1.00     $ 0.40     $ 1.61     $ 0.79  
Diluted Non-GAAP net income per share $ 0.59     $ 0.96     $ 0.39     $ 1.55     $ 0.77  

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