Portland, OR--Electro Scientific Industries, Inc. (NASDQ: ESIO) announced its financial results for its fiscal 2011 second quarter ended October 2, 2010. ESI reported revenue of $59.6 million in the second quarter compared to $58.5 million in the first quarter of 2011 and $27.6 million in the same quarter one year ago. Also during the quarter ESI acquired the assets of PyroPhotonics Lasers Inc. (Montreal, Canada), a manufacturer of tailored-pulse fiber lasers.
On a GAAP basis, net loss was $0.6 million or $0.02 per share, compared to net income of $0.2 million or $0.01 per diluted share in the prior quarter. On a non-GAAP basis, excluding the impact of purchase accounting, equity compensation and non-recurring items, second quarter net income was $2.9 million or $0.10 per diluted share, compared to net income of $0.8 million or $0.03 per diluted share in the first quarter.
"We saw excellent demand this quarter, with orders at $70 million. Solid revenue and improved gross margin yielded strong non-GAAP earnings," stated Nick Konidaris, president and CEO of ESI. For the first half of fiscal 2011, sales were $118 million, up 135% from the first half of last fiscal year.
Orders for the second quarter were $70.2 million, compared to $64.1 million in the prior quarter and up 139% from $29.3 million in the prior year's second quarter. Konidaris continued, "Our semiconductor and interconnect groups saw double-digit sequential order growth. We received orders from multiple customers in our DRAM repair business, including a large order from Hynix, and our flex circuit interconnect business had a record quarter."
Revenues increased 2% sequentially driven by strong orders and reduction of backlog in the interconnect and micromachining business.
Regarding the PyroPhotonics acquisition, Konidaris stated, "We are enthusiastic about tailored-pulse technology and its capability. Tailored-pulse technology has provided significant differentiated value in our market-leading DRAM repair tools. In addition, PyroPhotonics will allow us to enter and strengthen our position across multiple markets and applications, including solar."
For more information visit www.esi.comPosted by Steve AndersonFollow us on TwitterSubscribe now to Laser Focus World magazine; Itâs free!