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.”