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ESI Announces Fourth Quarter Fiscal 2012 Results

Stocks in this article: ESIO

Electro Scientific Industries, Inc. (NASDAQ:ESIO), a leading supplier of innovative laser-based manufacturing solutions for the microtechnology industry, today announced results for its fiscal 2012 fourth quarter and year ended March 31, 2012. Financial measures are provided on both a GAAP and non-GAAP basis, which excludes the impact of purchase accounting, equity compensation, restructuring charges, and non-recurring items.

Revenue in the fourth quarter was $45.5 million, compared to $49.8 million in the third quarter of 2012 and $71.6 million in the fourth quarter of last fiscal year. On a GAAP basis, net loss was $7.7 million or $0.26 per share, and included $6.1 million of restructuring and non-recurring charges, compared to a loss of $1.9 million or $0.07 per share in the prior quarter. On a non-GAAP basis, fourth quarter net loss was $1.9 million or $0.06 per share, compared to net income of $0.5 million or $0.02 per diluted share in the third quarter of fiscal 2012 and income of $6.5 million or $0.22 per diluted share in the fourth quarter of fiscal 2011.

“Our fourth quarter results met our expectations, as we introduced new microfabrication products and capability, were disciplined in our spending, and made progress on our growth initiatives,” stated Nick Konidaris, president and CEO of ESI. “During the quarter we improved operational efficiency by focusing our resources and further implementing our ongoing globalization strategy.”

Orders for the fourth quarter increased to $70.3 million, compared to $45.4 million in the prior quarter. Konidaris continued, “Strong demand for our flex interconnect and advanced microfabrication products led to 55% sequential orders growth, despite continued overcapacity in the LED, DRAM, and component test markets.”

GAAP gross margin was 37.0%, down from 42.5% last quarter due to $2.0 million of non-recurring charges for inventory write-off in cost of goods sold and lower sales volume. Non-GAAP gross margin was 42.6% compared to 43.7% in the prior quarter. Operating expenses increased sequentially by $2.0 million due to approximately $4.1 million in restructuring and other non-recurring charges. Non-GAAP operating expenses decreased by $0.8 million to $21.5 million reflecting the impact of cost control measures. Non-GAAP operating loss was $2.1 million compared to a loss of $0.5 million in the third quarter.

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