This excerpt taken from the ESIO 8-K filed Jul 23, 2009.
Orders and Revenues Increase Sequentially
PORTLAND, ORE.July 23, 2009Electro Scientific Industries, Inc. (NASDAQ:ESIO), a leading provider of world-class photonic and laser microengineering systems, today announced results for its fiscal 2010 first quarter, ended June 27, 2009. Financial measures are provided on both a GAAP and non-GAAP basis, which excludes the impact of purchase accounting, equity compensation, restructuring costs, and non-recurring items.
Revenues in the first quarter were $22.6 million, a 25% increase from the fourth quarter of fiscal 2009. On a GAAP basis, net loss was $5.5 million or $0.20 per share, compared to a net loss of $14.9 million or $0.55 per share in the prior quarter. Excluding the impact of purchase accounting, equity compensation, and a one-time net benefit of $4.5 million related to a merger termination fee, non-GAAP net loss was $6.2 million or $0.23 per share, compared to a non-GAAP net loss of $7.1 million or $0.26 per share in the fourth quarter.
Orders in the first quarter were $28.7 million, up 79% from $16.1 million in the prior quarter, with improvement seen in all business divisions. Order activity exceeded our expectations, with virtually all our end markets showing some signs of improvement, noted Nick Konidaris, ESI president and CEO.
First quarter operating expenses on a non-GAAP basis declined sequentially, marking five consecutive quarters of sequential declines. Konidaris added, We continue to realize the benefits of our cost containment programs, reflecting our continued commitment to manage our cost structure and preserve cash through the bottom of this cycle.
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