Electro Scientific Industries, Inc.
Analysis of Second Quarter Fiscal 2019 Results
(Unaudited)
| Fiscal quarter ended | Two fiscal quarters ended | |||||||||||||||||||||||
| (Dollars and shares in thousands) | Sep 29, 2018 | Jun 30, 2018 | Sep 30, 2017 | Sep 29, 2018 | Sep 30, 2017 | |||||||||||||||||||
| Sales detail: | ||||||||||||||||||||||||
| Printed Circuit Board | $ | 38,816 | $ | 66,337 | $ | 38,187 | $ | 105,153 | $ | 84,372 | ||||||||||||||
| Component Test | 18,555 | 9,405 | 7,007 | 27,960 | 14,455 | |||||||||||||||||||
| Semiconductor | 11,227 | 18,777 | 9,641 | 30,004 | 14,822 | |||||||||||||||||||
| Industrial Machining | 2,665 | 2,338 | 5,481 | 5,003 | 8,760 | |||||||||||||||||||
| Service | 14,654 | 13,767 | 10,651 | 28,421 | 21,242 | |||||||||||||||||||
| Net sales | $ | 85,917 | $ | 110,624 | $ | 70,967 | $ | 196,541 | $ | 143,651 | ||||||||||||||
| As % of Net Sales | ||||||||||||||||||||||||
| GAAP | ||||||||||||||||||||||||
| Gross profit | 45.5% | 48.1% | 37.4% | 46.9% | 36.9% | |||||||||||||||||||
| Selling, general and administrative expense | 13% | 9% | 16% | 11% | 17% | |||||||||||||||||||
| Research, development and engineering expense | 11% | 9% | 12% | 10% | 12% | |||||||||||||||||||
| Total operating expenses | 23% | 18% | 31% | 20% | 31% | |||||||||||||||||||
| Operating income | 22% | 30% | 6% | 27% | 6% | |||||||||||||||||||
| Non-GAAP | ||||||||||||||||||||||||
| Gross profit | 45.9% | 48.3% | 46.4% | 47.3% | 46.5% | |||||||||||||||||||
| Net operating expenses | 21% | 17% | 26% | 19% | 27% | |||||||||||||||||||
| Operating income | 25% | 31% | 20% | 28% | 19% | |||||||||||||||||||
| GAAP - Effective tax rate % | 13.5% | 6.9% | (1.0%) | 9.3% | 4.5% | |||||||||||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||||||
| Basic | 34,606 | 34,459 | 33,861 | 34,529 | 33,647 | |||||||||||||||||||
| Diluted | 35,959 | 35,924 | 34,874 | 35,916 | 34,716 | |||||||||||||||||||
| End of period employees | 644 | 634 | 594 | 644 | 594 | |||||||||||||||||||
| Reconciliation of Cash, cash equivalents, restricted cash and current Investments | Fiscal quarter ended | |||||||||||||||||||||||
| Sep 29, 2018 | Jun 30, 2018 | Mar 31, 2018 | Sep 30, 2017 | |||||||||||||||||||||
| Cash | $ | 29,817 | $ | 25,808 | 27,043 | 29,998 | ||||||||||||||||||
| Cash equivalents | 36,366 | 49,046 | 49,749 | 17,975 | ||||||||||||||||||||
| Current restricted cash | 1,100 | 1,097 | — | — | ||||||||||||||||||||
| Long-term restricted cash | — | — | 1,093 | 1,098 | ||||||||||||||||||||
| Cash, cash equivalents, and restricted cash at end of period | 67,283 | 75,951 | 77,885 | 49,071 | ||||||||||||||||||||
| Short-term investments | 112,004 | 55,026 | 47,121 | 32,802 | ||||||||||||||||||||
| Cash, cash equivalents, restricted cash and current investments | $ | 179,287 | $ | 130,977 | 125,006 | 81,873 | ||||||||||||||||||
