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 Test	7,473			7,677			5,407			23,331			14,999
Semiconductor	12,351			12,028			6,690			31,116			21,521
Industrial Machining	7,217			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 profit	48.0		%	37.4		%	33.9		%	41.7		%	38.9		%
Selling, general and administrative expense	10		%	16		%	39		%	14		%	35		%
Research, development and engineering expense	7		%	12		%	23		%	10		%	21		%
Total operating expenses	18		%	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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