Electro Scientific Industries, Inc. announced results for its fiscal 2002 second quarter, ended December 1, 2001. Second quarter sales were $40 million, down approximately 20 percent from first quarter sales of $50 million. The net loss for the current quarter, including $1.6 million in charges primarily related to actions announced in August 2001, was $1.5 million or $0.05 per diluted share, compared with a net loss of $8.0 million or $0.30 per share, including restructuring charges, in the first quarter. Excluding the restructuring charges for both quarters, the pro-forma net loss in the second quarter was $0.4 million or $0.01 per diluted share, compared with a pro-forma net loss of $2.8 million or $0.10 per diluted share in the first quarter.
"Our overall business level continued to show worldwide weakness in the electronics industry," said Donald R. VanLuvanee, ESI's CEO and president. "While we have reduced our costs significantly in light of the revenue decline in the last year, we have continued our research and development spending, at over 20% of revenue for the quarter, and maintained gross margin above 50%. Although the near-term outlook remains uncertain, our market positions remain strong, and we believe ESI is well positioned to capitalize on its strengths when the markets recover."
Backlog was $22 million on December 1, 2001, compared to $34 million at the end of the first quarter on September 1, 2001.
ESI, headquartered in Portland, OR, designs and manufactures sophisticated products used around the world in electronics manufacturing including: laser manufacturing systems for semiconductor yield improvement; production and test equipment for the manufacture of surface mount ceramic capacitors; laser trim systems for precise electrical tuning of circuits; precision laser and mechanical drilling systems for electronic interconnection; and machine vision systems.
ESI's web site is www.esi.com .