ESI Announces Strong Third Quarter Fiscal 2018 Results

Third Quarter Fiscal 2018 Results
Reconciliation of GAAP to Non-GAAP Financial Measures:
(Unaudited)

    
  Fiscal quarter ended  Three fiscal quarters ended
(In thousands, except per share data) Dec 30, 2017  Sep 30, 2017  Dec 31, 2016  Dec 30, 2017  Dec 31, 2016
Gross profit per GAAP $ 53,156   $ 26,532   $ 11,448   $ 106,108   $ 43,236 
Purchase accounting242  242  229  735  686 
Equity compensation64  77  142  208  398 
Charges for other asset and inventory impairment  6,083  (170) 13,277  946 
Charges from VAT audit777      777   
Non-GAAP gross profit $ 54,239   $ 32,934   $ 11,649   $ 121,105   $ 45,266 
          
Operating expenses per GAAP $ 19,911   $ 22,084   $ 21,500   $ 64,948   $ 62,862 
Purchase accounting(116) (117) (210) (452) (663)
Equity compensation(649) (1,253) (1,674) (3,113) (4,227)
Impairment of assets    54    (46)
Acquisition and integration costs    (31)   (366)
Restructuring costs(706) (2,162) (321) (4,079)   (372 )
Non-GAAP operating expenses $ 18,440     $ 18,552     $ 19,318     $ 57,304     $ 57,188  
                   
Operating income (loss) per GAAP $ 33,245     $ 4,448     $ (10,052 )   $ 41,160     $ (19,626 )
Non-GAAP adjustments to gross profit 1,083     6,402     201     14,997     2,030  
Non-GAAP adjustments to operating expenses 1,471     3,532     2,182     7,644     5,674  
Non-GAAP operating income (loss) $ 35,799     $ 14,382     $ (7,669 )   $ 63,801     $ (11,922 )
                   
Non-operating income (expense), net per GAAP $ 789     $ (229 )   $ 34     $ 376     $ 162  
Gain on asset sale net of other non-operating expenses (687 )           (687 )    
Acquisition-related adjustments                 (190 )
Non-GAAP non-operating income
(expense)
$ 102     $ (229 )   $ 34     $ (311 )   $ (28 )
Non-GAAP income (loss) before income taxes $ 35,901     $ 14,153     $ (7,635 )   $ 63,490     $ (11,950 )
                   
Net income (loss) per GAAP $ 33,973     $ 4,260     $ (9,693 )   $ 41,135     $ (19,486 )
Non-GAAP adjustments to gross profit 1,083     6,402     201     14,997     2,030  
Non-GAAP adjustments to operating expenses 1,471     3,532     2,182     7,644     5,674  
Non-GAAP adjustments to non-operating expense (687 )           (687 )   (190 )
Income tax effect of other non-GAAP adjustments (235 )   (483 )   (248 )   (742 )   (284 )
Non-GAAP net income (loss) $ 35,605     $ 13,711     $ (7,558 )   $ 62,347     $ (12,256 )
Basic Non-GAAP net income (loss) per share $ 1.04     $ 0.40     $ (0.23 )   $ 1.84     $ (0.38 )
Diluted Non-GAAP net income (loss) per share $ 0.99     $ 0.39     $ (0.23 )   $ 1.75     $ (0.38 )
                                       

Electro Scientific Industries, Inc.

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