ESI Announces Strong Third Quarter Fiscal 2018 Results

Analysis of Third Quarter Fiscal 2018 Results 

(Unaudited)

    
  Fiscal quarter ended  Three fiscal quarters ended
(Dollars and shares in thousands) Dec 30, 2017  Sep 30, 2017  Dec 31, 2016  Dec 30, 2017  Dec 31, 2016
Sales detail:         
Printed Circuit Board$83,799  $43,541  $15,987  $179,658  $60,432 
Component Test7,473  7,677  5,407  23,331  14,999 
Semiconductor12,351  12,028  6,690  31,116  21,521 
Industrial Machining7,217  7,721  5,695  20,386  14,153 
Net Sales$110,840  $70,967  $33,779  $254,491  $111,105 
          
As % of Net Sales         
GAAP         
Gross profit48.0% 37.4% 33.9% 41.7% 38.9%
Selling, general and administrative expense10% 16% 39% 14% 35%
Research, development and engineering expense7% 12% 23% 10% 21%
Total operating expenses18% 31% 64% 26% 57%
Operating income (loss)30% 6% (30%) 16% (18%)
Non-GAAP                  
Gross profit 48.9 %   46.4 %   34.5 %   47.6 %   40.7 %
Net operating expenses 17 %   26 %   57 %   23 %   51 %
Operating income (loss) 32 %   20 %   (23 %)   25 %   (11 %)
                   
GAAP - Effective tax rate % 0.2 %   (1.0 %)   3.2 %   1.0 %   (0.1 %)
Weighted average shares outstanding                  
Basic 34,224     33,861     32,919     33,839     32,379  
Diluted GAAP 36,010     34,874     32,919     35,562     32,379  
Diluted Non-GAAP 36,010     34,874     32,919     35,562     32,379  
End of period employees 595     594     716     595     716  
                   
Reconciliation of Cash and Investments                  
      Dec 30, 2017   Sep 30, 2017   Apr 1, 2017   Dec 31, 2016
Cash     33,565     29,998     29,302     30,325  
Cash equivalents     28,686     17,975     27,340     14,566  
Restricted cash     1,087     1,098     1,090      
Cash, cash equivalents, and restricted cash at end of period   63,338     49,071     57,732     44,891  
Short-term investments     36,824     32,802     5,743     6,301  
Cash, restricted cash and current investments   100,162     81,873     63,475     51,192  
                         

Electro Scientific Industries, Inc.

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