ESI announces Q1 sales of $50 million

Sept. 25, 2001
Electro Scientific Industries Inc. (ESI; Portland, OR) has announced results for Q1 fiscal 2002 ended September 1. First quarter sales were $50 million, down some 45 percent from fiscal 2001 fourth quarter sales of $91 million. The Q1 net loss, including previously announced restructuring charges, was $8.0 million or $0.30 per diluted share, compared with net income of $21.1 million or $0.75 per diluted share in Q4 of fiscal 2001.

Electro Scientific Industries Inc. (ESI; Portland, OR) has announced results for its fiscal 2002 first quarter ended September 1, 2001. First quarter sales were $50 million, down approximately 45% from fiscal 2001 fourth quarter sales of $91 million. The net loss for the quarter, including previously announced restructuring charges, was $8.0 million or $0.30 per diluted share, compared with net income of $21.1 million or $0.75 per diluted share in the fourth quarter of fiscal 2001, including the impact of a patent litigation award. Excluding the impact of both non-recurring events, the pro-forma net loss for the latest quarter was $2.8 million or $0.10 per diluted share, versus a pro-forma gain of $12.0 million or $0.43 per diluted share for the prior quarter. Backlog was $34 million on September 1, 2001, compared to $57 million at the end of the fourth quarter on June 2, 2001.

“These results are in line with our August 22, 2001 guidance,” said Donald R. VanLuvanee, ESI CEO and president, “Our sales have been affected by the slowdown in the electronic business worldwide, even as we maintained solid competitive positions in our markets. Despite the company's first quarterly loss since 1992, ESI has a very strong financial position and continues to invest aggressively in new products to further improve our position, spending over 24% of net sales on research and development in the latest quarter. We have taken steps to restructure our operations, reduce costs and lower our breakeven point, in order to maintain the Company's financial strength. Although the near-term outlook remains uncertain, we believe we are well positioned for future growth and profitability.”

Sponsored Recommendations

Request a quote: Micro 3D Printed Part or microArch micro-precision 3D printers

April 11, 2024
See the results for yourself! We'll print a benchmark part so that you can assess our quality. Just send us your file and we'll get to work.

Request a free Micro 3D Printed sample part

April 11, 2024
The best way to understand the part quality we can achieve is by seeing it first-hand. Request a free 3D printed high-precision sample part.

How to Tune Servo Systems: The Basics

April 10, 2024
Learn how to tune a servo system using frequency-based tools to meet system specifications by watching our webinar!

Precision Motion Control for Sample Manipulation in Ultra-High Resolution Tomography

April 10, 2024
Learn the critical items that designers and engineers must consider when attempting to achieve reliable ultra-high resolution tomography results here!

Voice your opinion!

To join the conversation, and become an exclusive member of Laser Focus World, create an account today!