Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ELECTRO SCIENTIFIC INDUSTRIES INC | d287942d8k.htm |
Exhibit 99.1
Brian Smith
ESI
503-672-5760
smithb@esi.com
ESI Announces Third Quarter Fiscal 2012 Results
Orders Increase 11% Sequentially
PORTLAND, Ore. – January 26, 2012 – Electro Scientific Industries, Inc. (NASDAQ:ESIO), a leading supplier of innovative laser-based manufacturing solutions for the microtechnology industry, today announced results for its fiscal 2012 third quarter ended December 31, 2011. Financial measures are provided on both a GAAP and non-GAAP basis, which excludes the impact of purchase accounting, equity compensation, restructuring charges, and non-recurring items.
Revenue in the third quarter was $49.8 million, compared to $81.9 million in the second quarter of 2012 and $67.2 million in the third quarter of last fiscal year. On a GAAP basis, net loss was $1.9 million or $0.07 per share, compared to income of $8.5 million or $0.29 per diluted share in the prior quarter. On a non-GAAP basis, third quarter net income was $0.5 million or $0.02 per diluted share, compared to $9.3 million or $0.32 per diluted share in the second quarter of fiscal 2012 and $5.9 million or $0.21 per diluted share in the third quarter of fiscal 2011.
“We executed well in our third quarter, delivering non-GAAP financial results near breakeven and positive cash flow in very challenging market conditions,” stated Nick Konidaris, president and CEO of ESI.
Orders for the third quarter were $45.4 million, compared to $40.6 million in the prior quarter and $77.9 million in the corresponding quarter last year. Konidaris continued, “Orders increased sequentially but continued to reflect the relatively weak macro environment and overcapacity in many of our markets.”
Gross margin at 42.5% was down compared to last quarter and last year on lower sales volume. Operating expenses decreased sequentially by $0.3 million due to lower discretionary spending, partially offset by $0.9 million of restructuring charges. Non-GAAP operating expenses decreased by $1.1 million to $22.2 million. Non-GAAP operating loss was $0.5 million compared to income of $13.1 million in the second quarter.
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Third Quarter Fiscal 2012 Results
Balance Sheet and Cash Flow
At quarter end, cash and investments including restricted cash grew to $227 million. Cash flow from operations was $1.4 million during the third quarter.
Quarterly Dividend Initiated
On December 13, 2011 the company announced that its Board of Directors had initiated a quarterly dividend. It authorized a cash dividend of $0.08 per share, payable on February 17, 2012 to shareholders of record on January 27, 2012.
Fourth Quarter 2012 Outlook
Based on recent order levels, ESI expects revenues for the fourth quarter of fiscal 2012 to be in the mid-$40 million range. Fourth quarter non-GAAP loss per share is expected to be $0.05 to $0.10.
Konidaris concluded, “Looking forward, we are focused on qualifying new products, winning opportunities in consumer electronics, and managing our cost structure consistent with current business levels. We remain committed to our goals of expanding our addressable market and driving shareholder value with innovations and breakthrough technologies that grow our top and bottom line.”
The company will hold a conference call today at 5:00 p.m. ET. The session will include a review of the financial results, operational performance and business outlook, and also a question and answer period.
The conference call can be accessed by calling 888-419-5570 (domestic participants) or 617-896-9871 (international participants). The conference ID number is 50336551. A live audio webcast can be accessed at www.esi.com. Upon completion of the call, an audio replay will be accessible through February 5, 2012, at 888-286-8010 (domestic participants) or 617-801-6888 (international participants), passcode 79943740. The webcast will be available on ESI’s website for one year.
Discussion of Non-GAAP Financial Measures
In this press release, we have presented financial measures which have not been determined in accordance with generally accepted accounting principles (GAAP) and are therefore non-GAAP financial measures. Non-GAAP financial measures exclude the impact of purchase accounting, equity compensation, restructuring charges and other non-recurring items. We believe that this presentation of non-GAAP financial measures allows investors to better assess the company’s operating performance by comparing it to prior periods on a more consistent basis. We have included a reconciliation of various non-GAAP financial measures to those measures reported in accordance with GAAP. Because our calculation of non-GAAP financial measures may differ from similar measures used by other companies, investors should be careful when comparing our non-GAAP financial measures to those of other companies.
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Third Quarter Fiscal 2012 Results
About ESI
ESI is a leading supplier of innovative, laser-based manufacturing solutions for the microtechnology industry. Our systems enable precise structuring and testing of micron to submicron features in electronic devices, semiconductors, LEDs and other high-value components. We partner with our customers to make breakthrough technologies possible in the microelectronics, semiconductor and other emerging industries. Founded in 1944, ESI is headquartered in Portland, Ore., with global operations from the Pacific Northwest to the Pacific Rim. More information is available at www.esi.com.
Forward-Looking Statements
This press release includes forward-looking statements about the markets we serve, revenue, and earnings per share. These forward-looking statements are based on information available to us on the date of this release and we assume no obligation to update these forward-looking statements for any reason. Actual results may differ materially from those in the forward-looking statements. Risks and uncertainties that may affect the forward-looking statements include: the risk that anticipated growth opportunities may be smaller than anticipated or may not be realized; risks related to the relative strength and volatility of the electronics industry - which is dependent on many factors including component prices, global economic strength and political stability, and overall demand for electronic devices (such as capacitors, semiconductor memory devices and advanced electronic packages) used in wireless telecommunications equipment, computers and consumer and automotive electronics; the health of the financial markets and availability of credit for end customers and related effect on the global economy; the volatility associated with the industries we serve which includes the relative level of capacity and demand, and financial strength of the manufacturers; the risk that customer orders may be canceled or delayed; the ability of the company to respond promptly to customer requirements; the risk that the company may not be able to ship products on the schedule required by customers, whether as a result of production delays, supply delays, or otherwise; the ability of the company to develop, manufacture and successfully deliver new products and enhancements; the risk that customer acceptance of new or customized products may be delayed; the risk that large orders and related revenues may not be repeated; the company’s need to continue investing in research and development; the company’s ability to hire and retain key employees; the company’s ability to create and sustain intellectual property protection around its products; the risk that competing or alternative technologies could reduce demand for our products; foreign currency fluctuations; the company’s ability to utilize recorded deferred tax assets; taxes, interest or penalties resulting from tax audits; and changes in tax laws or the interpretation of such tax laws.
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Third Quarter Fiscal 2012 Results
Electro Scientific Industries, Inc.
Third Quarter Fiscal 2012 Results
(In thousands, except per share data)
(Unaudited)
| Fiscal quarter ended | Three fiscal quarters ended | |||||||||||||||||||
| Dec 31, 2011 | Oct 1, 2011 | Jan 1, 2011 | Dec 31, 2011 | Jan 1, 2011 | ||||||||||||||||
| Operating Results: |
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| Net sales |
$ | 49,807 | $ | 81,884 | $ | 67,209 | $ | 208,737 | $ | 185,234 | ||||||||||
| Cost of sales |
28,646 | 45,943 | 37,182 | 117,875 | 107,733 | |||||||||||||||
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| Gross profit |
21,161 | 35,941 | 30,027 | 90,862 | 77,501 | |||||||||||||||
| Operating expenses: |
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| Selling, service and administration |
13,944 | 14,884 | 15,172 | 45,324 | 43,063 | |||||||||||||||
| Research, development and engineering |
10,480 | 10,742 | 10,210 | 32,456 | 30,638 | |||||||||||||||
| Legal settlement costs |
— | — | 1,311 | 550 | 1,311 | |||||||||||||||
| Restructuring costs |
861 | — | 827 | 861 | 827 | |||||||||||||||
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| Net operating expenses |
25,285 | 25,626 | 27,520 | 79,191 | 75,839 | |||||||||||||||
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| Operating (loss) income |
(4,124 | ) | 10,315 | 2,507 | 11,671 | 1,662 | ||||||||||||||
| Non-operating income (expense): |
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| Gain on sale of previously impaired auction rate securities |
— | — | — | 2,729 | — | |||||||||||||||
| Interest and other income (expense), net |
47 | (406 | ) | (39 | ) | (496 | ) | 206 | ||||||||||||
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| Total non-operating income (expense) |
47 | (406 | ) | (39 | ) | 2,233 | 206 | |||||||||||||
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| (Loss) income before income taxes |
(4,077 | ) | 9,909 | 2,468 | 13,904 | 1,868 | ||||||||||||||
| (Benefit from) provision for income taxes |
(2,196 | ) | 1,372 | 117 | 1,335 | (73 | ) | |||||||||||||
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| Net (loss) income |
$ | (1,881 | ) | $ | 8,537 | $ | 2,351 | $ | 12,569 | $ | 1,941 | |||||||||
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| Net (loss) income per share - basic |
$ | (0.07 | ) | $ | 0.30 | $ | 0.08 | $ | 0.44 | $ | 0.07 | |||||||||
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| Net (loss) income per share - diluted |
$ | (0.07 | ) | $ | 0.29 | $ | 0.08 | $ | 0.43 | $ | 0.07 | |||||||||
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13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141
ESI Announces Third Quarter Fiscal 2012 Results
Electro Scientific Industries, Inc.
Third Quarter Fiscal 2012 Results
(Amounts in thousands)
(Unaudited)
| Dec 31, 2011 | Oct 1, 2011 | Apr 2, 2011 | ||||||||||
| Financial Position As Of: |
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| Assets |
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| Current assets: |
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| Cash and cash equivalents |
$ | 67,557 | $ | 84,143 | $ | 116,412 | ||||||
| Restricted cash |
22,269 | 22,269 | 10,769 | |||||||||
| Short-term investments |
124,738 | 96,503 | 69,245 | |||||||||
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| Total cash, restricted cash and investments |
214,564 | 202,915 | 196,426 | |||||||||
| Trade receivables, net |
25,707 | 29,631 | 44,100 | |||||||||
| Inventories |
72,631 | 75,705 | 65,362 | |||||||||
| Shipped systems pending acceptance |
1,239 | 1,339 | 5,289 | |||||||||
| Deferred income taxes, net |
11,985 | 9,644 | 9,892 | |||||||||
| Other current assets |
3,942 | 4,308 | 6,784 | |||||||||
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| Total current assets |
330,068 | 323,542 | 327,853 | |||||||||
| Non-current assets: |
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| Non-current investments |
12,867 | 23,063 | 8,097 | |||||||||
| Auction rate securities |
— | — | 5,166 | |||||||||
| Property, plant and equipment, net |
36,159 | 38,730 | 39,661 | |||||||||
| Non-current deferred income taxes, net |
30,849 | 28,865 | 30,822 | |||||||||
| Goodwill |
4,014 | 4,014 | 4,014 | |||||||||
| Acquired intangible assets, net |
8,745 | 9,159 | 10,035 | |||||||||
| Other assets |
12,661 | 12,469 | 14,519 | |||||||||
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| Total assets |
$ | 435,363 | $ | 439,842 | $ | 440,167 | ||||||
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| Liabilities and shareholders’ equity |
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| Current liabilities: |
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| Accounts payable |
$ | 11,062 | $ | 15,936 | $ | 18,650 | ||||||
| Accrued liabilities |
21,912 | 20,021 | 33,425 | |||||||||
| Deferred revenue |
8,384 | 9,363 | 16,039 | |||||||||
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| Total current liabilities |
41,358 | 45,320 | 68,114 | |||||||||
| Non-current income taxes payable |
10,102 | 9,603 | 9,754 | |||||||||
| Shareholders’ equity: |
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| Preferred and common stock |
165,557 | 162,546 | 153,189 | |||||||||
| Retained earnings |
217,678 | 221,870 | 207,420 | |||||||||
| Accumulated other comprehensive income |
668 | 503 | 1,690 | |||||||||
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| Total shareholders’ equity |
383,903 | 384,919 | 362,299 | |||||||||
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| Total liabilities and shareholders’ equity |
$ | 435,363 | $ | 439,842 | $ | 440,167 | ||||||
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| End of period shares outstanding |
28,887 | 28,805 | 28,299 | |||||||||
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13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141
ESI Announces Third Quarter Fiscal 2012 Results
Electro Scientific Industries, Inc.
Third Quarter Fiscal 2012 Results
(Dollars and shares in thousands)
(Unaudited)
| Fiscal quarter ended | Three fiscal quarters ended | |||||||||||||||||||
| Dec 31, 2011 | Oct 1, 2011 | Jan 1, 2011 | Dec 31, 2011 | Jan 1, 2011 | ||||||||||||||||
| Sales detail: |
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| Interconnect/ Micromachining Group |
$ | 35,318 | $ | 51,227 | $ | 29,780 | $ | 134,757 | $ | 83,481 | ||||||||||
| Semiconductor Group |
8,435 | 24,171 | 29,674 | 50,631 | 61,891 | |||||||||||||||
| Components Group |
6,054 | 6,486 | 7,755 | 23,349 | 39,862 | |||||||||||||||
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| Total |
$ | 49,807 | $ | 81,884 | $ | 67,209 | $ | 208,737 | $ | 185,234 | ||||||||||
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| Gross margin % |
42 | % | 44 | % | 45 | % | 44 | % | 42 | % | ||||||||||
| Selling, service and administration expense % |
28 | % | 18 | % | 23 | % | 22 | % | 23 | % | ||||||||||
| Research, development and engineering expense % |
21 | % | 13 | % | 15 | % | 16 | % | 17 | % | ||||||||||
| Operating (loss) income % |
(8 | %) | 13 | % | 4 | % | 6 | % | 1 | % | ||||||||||
| Effective tax rate % |
54 | % | 14 | % | 5 | % | 10 | % | (4 | %) | ||||||||||
| Weighted Average shares outstanding - basic |
28,849 | 28,747 | 28,132 | 28,689 | 27,978 | |||||||||||||||
| Weighted Average shares outstanding - diluted |
28,849 | 29,426 | 28,667 | 29,384 | 28,458 | |||||||||||||||
| End of period employees |
655 | 683 | 638 | 655 | 638 | |||||||||||||||
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141
ESI Announces Third Quarter Fiscal 2012 Results
Electro Scientific Industries, Inc.
Third Quarter Fiscal 2012 Results
(In thousands, except per share data)
(Unaudited)
| Reconciliation of GAAP to Non-GAAP Financial Measures: |
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| Fiscal quarter ended | Three fiscal quarters ended | |||||||||||||||||||
| Dec 31, 2011 | Oct 1, 2011 | Jan 1, 2011 | Dec 31, 2011 | Jan 1, 2011 | ||||||||||||||||
| Net sales |
$ | 49,807 | $ | 81,884 | $ | 67,209 | $ | 208,737 | $ | 185,234 | ||||||||||
| Gross profit per GAAP |
$ | 21,161 | $ | 35,941 | $ | 30,027 | $ | 90,862 | $ | 77,501 | ||||||||||
| Add back: |
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| Purchase accounting included in cost of sales |
289 | 289 | 289 | 867 | 867 | |||||||||||||||
| Equity compensation included in cost of sales |
302 | 261 | 252 | 859 | 828 | |||||||||||||||
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| Total non-GAAP adjustments to gross profit |
591 | 550 | 541 | 1,726 | 1,695 | |||||||||||||||
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| Non-GAAP gross profit |
$ | 21,752 | $ | 36,491 | $ | 30,568 | $ | 92,588 | $ | 79,196 | ||||||||||
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| Non-GAAP gross margin |
43.7 | % | 44.6 | % | 45.5 | % | 44.4 | % | 42.8 | % | ||||||||||
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| Operating expenses per GAAP |
$ | 25,285 | $ | 25,626 | $ | 27,520 | $ | 79,191 | $ | 75,839 | ||||||||||
| Less: |
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| Purchase accounting included in operating expenses: |
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| Selling, service and administration |
64 | 72 | 135 | 250 | 463 | |||||||||||||||
| Research, development and engineering |
47 | 47 | 36 | 141 | 108 | |||||||||||||||
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| Subtotal - purchase accounting included in operating expenses |
111 | 119 | 171 | 391 | 571 | |||||||||||||||
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| Equity compensation included in operating expenses: |
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| Selling, service and administration |
1,557 | 1,599 | 1,414 | 7,094 | 5,276 | |||||||||||||||
| Research, development and engineering |
534 | 537 | 420 | 1,617 | 1,196 | |||||||||||||||
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| Subtotal - equity compensation included in operating expenses |
2,091 | 2,136 | 1,834 | 8,711 | 6,472 | |||||||||||||||
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| Acquisition costs (settlement proceeds) included in operating expenses: |
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| Selling, service and administration |
— | — | 17 | — | (592 | ) | ||||||||||||||
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| Subtotal - acquisition costs (settlement proceeds) included in operating expenses |
— | — | 17 | — | (592 | ) | ||||||||||||||
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| Other non-recurring items included in operating expenses: |
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| Legal settlement costs |
— | — | 1,311 | 550 | 1,311 | |||||||||||||||
| Restructuring costs |
861 | — | 827 | 861 | 827 | |||||||||||||||
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| Subtotal - other non-recurring items included in operating expenses |
861 | — | 2,138 | 1,411 | 2,138 | |||||||||||||||
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| Total non-GAAP adjustments to operating expenses |
3,063 | 2,255 | 4,160 | 10,513 | 8,589 | |||||||||||||||
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| Non-GAAP operating expenses |
$ | 22,222 | $ | 23,371 | $ | 23,360 | $ | 68,678 | $ | 67,250 | ||||||||||
| % of Net sales |
45 | % | 29 | % | 35 | % | 33 | % | 36 | % | ||||||||||
| Operating (loss) income per GAAP |
$ | (4,124 | ) | $ | 10,315 | $ | 2,507 | $ | 11,671 | $ | 1,662 | |||||||||
| Non-GAAP adjustments to gross profit |
591 | 550 | 541 | 1,726 | 1,695 | |||||||||||||||
| Non-GAAP adjustments to operating expenses |
3,063 | 2,255 | 4,160 | 10,513 | 8,589 | |||||||||||||||
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| Non-GAAP operating (loss) income |
$ | (470 | ) | $ | 13,120 | $ | 7,208 | $ | 23,910 | $ | 11,946 | |||||||||
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| % of Net sales |
(1 | %) | 16 | % | 11 | % | 11 | % | 6 | % | ||||||||||
| Non-operating income (expense), net per GAAP |
$ | 47 | $ | (406 | ) | $ | (39 | ) | $ | 2,233 | $ | 206 | ||||||||
| Non-GAAP adjustment for gain on sale of previously impaired auction rate securities |
— | — | — | (2,729 | ) | — | ||||||||||||||
| Non-GAAP adjustment for other litigation related costs |
— | — | — | 59 | — | |||||||||||||||
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| Non-GAAP non-operating income (expense) |
$ | 47 | $ | (406 | ) | $ | (39 | ) | $ | (437 | ) | $ | 206 | |||||||
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| Net (loss) income per GAAP |
$ | (1,881 | ) | $ | 8,537 | $ | 2,351 | $ | 12,569 | $ | 1,941 | |||||||||
| Non-GAAP adjustments to gross profit |
591 | 550 | 541 | 1,726 | 1,695 | |||||||||||||||
| Non-GAAP adjustments to operating expenses |
3,063 | 2,255 | 4,160 | 10,513 | 8,589 | |||||||||||||||
| Non-GAAP adjustments to non-operating expense |
— | — | — | (2,670 | ) | — | ||||||||||||||
| Income tax effect of non-GAAP adjustments |
(1,269 | ) | (2,002 | ) | (1,148 | ) | (4,434 | ) | (2,695 | ) | ||||||||||
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| Non-GAAP net income |
$ | 504 | $ | 9,340 | $ | 5,904 | $ | 17,704 | $ | 9,530 | ||||||||||
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| % of Net sales |
1 | % | 11 | % | 9 | % | 8 | % | 5 | % | ||||||||||
| Basic Non-GAAP net income per share |
$ | 0.02 | $ | 0.32 | $ | 0.21 | $ | 0.62 | $ | 0.34 | ||||||||||
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| Diluted Non-GAAP net income per share |
$ | 0.02 | $ | 0.32 | $ | 0.21 | $ | 0.60 | $ | 0.33 | ||||||||||
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13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141
ESI Announces Third Quarter Fiscal 2012 Results
Electro Scientific Industries, Inc.
Third Quarter Fiscal 2012 Results
(Amounts in thousands)
(Unaudited)
Consolidated Condensed Statements of Cash Flows:
| Fiscal quarter ended | Three fiscal quarters ended | |||||||||||||||||||
| Dec 31, 2011 | Oct 1, 2011 | Jan 1, 2011 | Dec 31, 2011 | Jan 1, 2011 | ||||||||||||||||
| Net (loss) income |
$ | (1,881 | ) | $ | 8,537 | $ | 2,351 | $ | 12,569 | $ | 1,941 | |||||||||
| Non-cash adjustments and changes in operating activities |
3,289 | 17,867 | 6,007 | 4,375 | 19,309 | |||||||||||||||
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| NET CASH PROVIDED BY OPERATING ACTIVITIES |
1,408 | 26,404 | 8,358 | 16,944 | 21,250 | |||||||||||||||
| NET CASH USED IN INVESTING ACTIVITIES |
(18,792 | ) | (32,233 | ) | (2,335 | ) | (69,328 | ) | (15,453 | ) | ||||||||||
| NET CASH PROVIDED BY FINANCING ACTIVITIES |
659 | 1,810 | 562 | 2,864 | 781 | |||||||||||||||
| Effect of exchange rate changes on cash |
139 | (169 | ) | 56 | 665 | 1,148 | ||||||||||||||
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| NET CHANGE IN CASH AND CASH EQUIVALENTS |
(16,586 | ) | (4,188 | ) | 6,641 | (48,855 | ) | 7,726 | ||||||||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
84,143 | 88,331 | 40,420 | 116,412 | 39,335 | |||||||||||||||
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| CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ | 67,557 | $ | 84,143 | $ | 47,061 | $ | 67,557 | $ | 47,061 | ||||||||||
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13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141