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ESI Announces First Quarter Fiscal 2013 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 2013 first quarter ended June 30, 2012. Financial measures are provided on both a GAAP and non-GAAP basis.

Revenue in the first quarter was $59.0 million, compared to $45.5 million in the fourth quarter of 2012 and $77.0 million in the first quarter of last fiscal year. On a GAAP basis, net loss was $0.9 million or $0.03 per share, compared to a loss of $7.7 million or $0.26 per share in the prior quarter. On a non-GAAP basis, first quarter net income was $1.9 million or $0.06 per diluted share, compared to a loss of $1.9 million or $0.06 per share in the fourth quarter of fiscal 2012 and income of $7.9 million or $0.27 per diluted share in the first quarter of fiscal 2012.

“Our first quarter results were solid despite continued challenges in some of our markets, as revenues grew 30% sequentially, operating margins improved, and strong orders drove backlog to its highest level in more than six years,” stated Nick Konidaris, president and CEO of ESI. “Also, during the quarter we strengthened both our product portfolio and our laser supply chain with the acquisition of Eolite Systems.”

Orders for the first quarter increased to $74.1 million, compared to $70.3 million in the prior quarter. Konidaris continued, “Strong demand for our advanced microfabrication products led to sequential orders growth. Also, orders for our component test products more than doubled, driven by demand for our new 3510 MLCC microchip tester.”

GAAP gross margin was 40.1%, up from 37.0% last quarter. Non-GAAP gross margin was 41.0% compared to 42.6% in the prior quarter. Operating expenses decreased sequentially by $2.1 million primarily due to lower restructuring and other non-recurring charges. Non-GAAP operating expenses were flat sequentially. Non-GAAP operating income was $2.7 million compared to a loss of $2.1 million in the fourth quarter.

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