posted a slightly narrower-than-expected second-quarter loss and said it will tap the convertibles market.
The laser-device maker said it lost $1.5 million, or 5 cents a share, on revenue of $40 million in the second quarter. Analysts were expecting a loss of 6 cents a share in the period. The company said its near-term outlook remains uncertain.
Electro-Scientific also said it plans to sell $125 million of convertible subordinated notes due 2006 in a private placement.
The company's shares fell as low as $31.30 in the late session after closing at $33.69 in regular trading.