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ESI Announces Second 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 second quarter ended September 29, 2012. Financial measures are provided on both a GAAP and non-GAAP basis.

Revenue in the second quarter was $80.2 million, compared to $59.0 million in the first quarter of 2013 and $81.9 million in the second quarter of last fiscal year. On a GAAP basis, net income was $5.2 million or $0.17 per diluted share, compared to a loss of $0.9 million or $0.03 per share in the prior quarter and income of $8.5 million or $0.29 per diluted share in the second quarter of fiscal 2012. On a non-GAAP basis, second quarter net income was $7.0 million or $0.23 per diluted share, compared to income of $1.9 million or $0.06 per diluted share in the first quarter of fiscal 2013 and income of $9.3 million or $0.32 per diluted share in the second quarter of fiscal 2012.

“We delivered strong sequential growth in revenues and profitability, as we shipped most of the large microfabrication orders received in the June quarter,” stated Nick Konidaris, president and CEO of ESI. “Our Singapore factory shipped a record number of units, enabling us to meet customer commitments and driving solid operating margins.”

Net orders for the second quarter were $35.0 million, compared to $74.1 million in the prior quarter. Konidaris continued, “The order rate reflects the variability of our advanced microfabrication business, following the large design wins last quarter. However, overall microfabrication orders are up from last year for both the quarter and year to date.”

GAAP gross margin was 41.8%, up from 40.1% last quarter. Non-GAAP gross margin was 42.8% compared to 41.0% in the prior quarter. GAAP operating expenses were essentially flat, while non-GAAP operating expenses increased by $2.2 million due to higher variable expenses, the addition of Eolite and continued investment in our growth initiatives. Non-GAAP operating income was $10.5 million, or 13.1% of sales, compared to $2.7 million, or 4.5% of sales, in the first quarter.

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