Form 8-K ELECTRO SCIENTIFIC INDUS For: Feb 02
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 2, 2016
ELECTRO SCIENTIFIC INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
OREGON | 0-12853 | 93-0370304 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
13900 NW Science Park Drive, Portland, Oregon | 97229 | |||
(Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (503) 641-4141
No Change
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On February 2, 2016, Electro Scientific Industries, Inc. (the “Company”) announced its financial results for the third quarter of fiscal 2016. The Company’s press release announcing this event is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d)Exhibits
99.1 Press release dated February 2, 2016
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 2, 2016
Electro Scientific Industries, Inc. | |||
By: | /s/ Paul Oldham | ||
Name: | Paul Oldham | ||
Title: | Vice President of Administration, Chief Financial Officer and Corporate Secretary | ||
Brian Smith
ESI
503-672-5760
ESI Announces Third Quarter Fiscal 2016 Results
PORTLAND, Ore. – February 2, 2016 – Electro Scientific Industries, Inc. (NASDAQ: ESIO), an innovator of laser-based manufacturing solutions for the microtechnology industry, today announced results for its fiscal 2016 third quarter ended January 2, 2016, which comprised fourteen weeks, compared to thirteen weeks in the prior and year-ago quarters. Financial measures are provided on both a GAAP and a non-GAAP basis, which excludes the impact of purchase accounting, equity compensation, restructuring, inventory write-down and other items.
Third quarter revenue was $43.3 million, compared to $46.5 million in the second quarter of 2016 and $43.7 million in the third quarter of last fiscal year. GAAP net loss was $4.6 million or $0.15 per share. Non-GAAP net income was $0.4 million or $0.01 per diluted share.
“In the third quarter we continued to deliver on our turnaround plan as we grew our orders, increased gross margin, reduced adjusted operating expenses, and generated positive non-GAAP earnings. For the third consecutive quarter we generated positive cash from operations and grew our cash balance,” stated Ed Grady, president and CEO of ESI. “Further, the company took another step forward in our market expansion strategy as we announced nViantTM, a laser system designed for via drilling in High-Density Interconnect circuit boards.”
Bookings in the third quarter were $52.6 million, compared to $51.5 million in the prior quarter and $40.6 million last year. Grady continued, “Flex via drilling had another strong quarter, with growth
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Third Quarter Fiscal 2016 Results
coming from our new GemStoneTM system. Micromachining also saw solid demand, with a follow-on order for our Lumen series system. Perhaps most important strategically, we were selected as plan of record and received our first order for the CornerStoneTM Series 2 laser drilling system from a large semiconductor manufacturer. We believe this selection positions us well in the high-performance IC Package via drilling market with industry leading cost of ownership and capability."
GAAP gross margin was 40.9%. Non-GAAP gross margin was 44.9% compared to 40.6% in the prior quarter. Operating expenses on a GAAP basis were $22.2 million, up slightly from $21.4 million in the prior quarter. On a non-GAAP basis operating expenses decreased to $19.0 million from $19.6 million last quarter. Non-GAAP operating income was $0.5 million compared to a loss of $0.8 million in the second quarter. Grady added, “We are pleased with our sequential improvement in gross margin and lower operating expenses as our lean programs and cost management efforts continue to show results."
Balance Sheet and Cash Flow
At quarter end, cash and investments grew to $62.8 million, from $60.2 million last quarter. The company generated $3.5 million in cash from operations. Inventories increased by $2.8 million, total trade receivables decreased by $12.6 million, and accounts payable decreased by $3.0 million.
Fourth Quarter 2016 Outlook
Based on current market conditions, revenues for the fourth quarter of fiscal 2016 are expected to be between $47 million and $53 million. Non-GAAP earnings per diluted share is expected to be $0.03 to $0.08.
Grady concluded, "With the introduction of GemStone, CornerStone, and now nViant, ESI has more than tripled its addressable market in PCB laser processing. In addition, the trend in these markets is transitioning towards requiring the level of precision, accuracy, and speed that are the strengths of ESI. With these new products we believe there is significant opportunity to grow our share of this large market. Market penetration, leading to revenue and earnings growth, remains our top priority. While
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Third Quarter Fiscal 2016 Results
economic and market forces could impact capacity buys and the timing of new product adoption, ESI's turnaround and success story continues to progress. "
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 888-339-2688 (domestic participants) or 617-847-3007 (international participants). The conference ID number is 62533773. A live audio webcast can be accessed at www.esi.com. Upon completion of the call, an audio replay will be accessible through February 12, 2016, at 888-286-8010 (domestic participants) or 617-801-6888 (international participants), passcode 33654635. 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, or adjusted, financial measures exclude the impact of purchase accounting, equity compensation, restructuring, inventory write-down and other 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.
About ESI
ESI’s integrated solutions allow industrial designers and process engineers to control the power of laser light to transform materials in ways that differentiate their consumer electronics, wearable devices, semiconductor circuits and high-precision components for market advantage. ESI’s laser-based
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Third Quarter Fiscal 2016 Results
manufacturing solutions feature the micro-machining industry’s highest precision and speed, and target the lowest total cost of ownership. 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, growth, products, 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 and regional economic strength and political stability, timing of consumer product introductions and overall demand for electronic devices (such as semiconductors, printed circuit boards, displays, LEDs, capacitors and other components) 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; the risk that we may not be successful in penetrating new or adjacent markets; the risk that we do not successfully integrate Topwin Optoelectronics; the risk that our new products may not gain acceptance in the marketplace; the risk that new products may not be introduced to the market in the anticipated time frame or at all; the risk that our cost-reduction program will not result in the anticipated level of savings; foreign currency fluctuations; the risk that efficiencies realized from our site consolidation are not as large as expected; 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 2016 Results
Electro Scientific Industries, Inc.
Third Quarter Fiscal 2016 Results
(In thousands, except per share data)
(Unaudited)
Operating Results: | |||||||||||||||||||
Fiscal quarter ended | Three fiscal quarters ended | ||||||||||||||||||
Jan 2, 2016 | Sep 26, 2015 | Dec 27, 2014 | Jan 2, 2016 | Dec 27, 2014 | |||||||||||||||
Net sales: | |||||||||||||||||||
Systems | $ | 31,282 | $ | 35,570 | $ | 31,750 | $ | 98,914 | $ | 85,447 | |||||||||
Services | 12,060 | 10,902 | 11,911 | 33,991 | 36,100 | ||||||||||||||
Total net sales | 43,342 | 46,472 | 43,661 | 132,905 | 121,547 | ||||||||||||||
Cost of sales: | |||||||||||||||||||
Systems | 20,292 | 22,345 | 22,031 | 63,922 | 59,707 | ||||||||||||||
Services | 5,329 | 5,706 | 6,917 | 17,464 | 20,074 | ||||||||||||||
Total cost of sales | 25,621 | 28,051 | 28,948 | 81,386 | 79,781 | ||||||||||||||
Gross profit | 17,721 | 18,421 | 14,713 | 51,519 | 41,766 | ||||||||||||||
40.9 | % | 39.6 | % | 33.7 | % | 38.8 | % | 34.4 | % | ||||||||||
Operating expenses: | |||||||||||||||||||
Selling, general and administrative | 12,468 | 12,534 | 12,332 | 37,619 | 36,384 | ||||||||||||||
Research, development and engineering | 7,778 | 8,283 | 8,384 | 24,706 | 25,953 | ||||||||||||||
Acquisition and integration costs | — | 40 | — | 194 | — | ||||||||||||||
Restructuring costs | 1,944 | 591 | — | 2,597 | — | ||||||||||||||
Net operating expenses | 22,190 | 21,448 | 20,716 | 65,116 | 62,337 | ||||||||||||||
Operating loss | (4,469 | ) | (3,027 | ) | (6,003 | ) | (13,597 | ) | (20,571 | ) | |||||||||
Non-operating income (expense): | |||||||||||||||||||
Interest and other income (expense), net | 67 | 6 | 64 | 68 | (134 | ) | |||||||||||||
Total non-operating income (expense) | 67 | 6 | 64 | 68 | (134 | ) | |||||||||||||
Loss before income taxes | (4,402 | ) | (3,021 | ) | (5,939 | ) | (13,529 | ) | (20,705 | ) | |||||||||
Provision for income taxes | 184 | 239 | 437 | 681 | 165 | ||||||||||||||
Net loss | $ | (4,586 | ) | $ | (3,260 | ) | $ | (6,376 | ) | $ | (14,210 | ) | $ | (20,870 | ) | ||||
Net loss per share—basic | $ | (0.15 | ) | $ | (0.10 | ) | $ | (0.21 | ) | $ | (0.45 | ) | $ | (0.68 | ) | ||||
Net loss per share—diluted | $ | (0.14 | ) | $ | (0.10 | ) | $ | (0.21 | ) | $ | (0.45 | ) | $ | (0.68 | ) | ||||
*Certain reclassifications have been made to amounts reported in prior periods to conform to current period presentation, as previously disclosed on our Forms 10-K and 10-Q
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Third Quarter Fiscal 2016 Results
Electro Scientific Industries, Inc.
Third Quarter Fiscal 2016 Results
(Amounts in thousands)
(Unaudited)
Financial Position As Of: | |||||||||||
Jan 2, 2016 | Sep 26, 2015 | Mar 28, 2015 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 42,071 | $ | 43,642 | $ | 50,994 | |||||
Short-term investments | 20,771 | 16,607 | 6,612 | ||||||||
Trade receivables, net | 37,012 | 49,097 | 42,295 | ||||||||
Inventories | 60,881 | 58,035 | 56,637 | ||||||||
Shipped systems pending acceptance | 1,470 | 2,499 | 2,516 | ||||||||
Deferred income taxes, net | 134 | 135 | 178 | ||||||||
Other current assets | 4,371 | 3,475 | 6,090 | ||||||||
Total current assets | 166,710 | 173,490 | 165,322 | ||||||||
Non-current assets: | |||||||||||
Property, plant and equipment, net | 23,507 | 24,650 | 25,858 | ||||||||
Non-current deferred income taxes, net | 98 | 85 | 174 | ||||||||
Goodwill | 7,445 | 7,445 | 7,717 | ||||||||
Acquired intangible assets, net | 7,909 | 8,230 | 8,958 | ||||||||
Trade receivable | 288 | 794 | 3,656 | ||||||||
Other assets | 10,776 | 10,464 | 9,555 | ||||||||
Total assets | $ | 216,733 | $ | 225,158 | $ | 221,240 | |||||
Liabilities and shareholders' equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 16,344 | $ | 19,347 | $ | 9,514 | |||||
Accrued liabilities | 20,980 | 18,913 | 18,666 | ||||||||
Deferred income tax liability, net | 174 | 174 | 173 | ||||||||
Deferred revenue | 7,708 | 12,662 | 12,376 | ||||||||
Total current liabilities | 45,206 | 51,096 | 40,729 | ||||||||
Income taxes payable | 1,384 | 1,278 | 1,176 | ||||||||
Deferred income tax liability, net | 232 | 407 | 443 | ||||||||
Other liabilities | 3,166 | 2,585 | 1,571 | ||||||||
Shareholders' equity: | |||||||||||
Preferred and common stock | 193,547 | 191,948 | 189,134 | ||||||||
Accumulated deficit | (25,950 | ) | (21,366 | ) | (11,741 | ) | |||||
Accumulated other comprehensive loss | (852 | ) | (790 | ) | (72 | ) | |||||
Total shareholders' equity | 166,745 | 169,792 | 177,321 | ||||||||
Total liabilities and shareholders' equity | $ | 216,733 | $ | 225,158 | $ | 221,240 | |||||
End of period shares outstanding | 31,537 | 31,448 | 30,704 | ||||||||
*Certain reclassifications have been made to amounts reported in prior periods to conform to current period presentation, as previously disclosed on our Forms 10-K and 10-Q
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Third Quarter Fiscal 2016 Results
Electro Scientific Industries, Inc.
Analysis of Third Quarter Fiscal 2016 Results
(Dollars and shares in thousands)
(Unaudited)
Fiscal quarter ended | Three fiscal quarters ended | ||||||||||||||||||
Jan 2, 2016 | Sep 26, 2015 | Dec 27, 2014 | Jan 2, 2016 | Dec 27, 2014 | |||||||||||||||
Sales detail: | |||||||||||||||||||
Component Processing | |||||||||||||||||||
Interconnect Products (IP) | $ | 22,824 | $ | 21,500 | $ | 16,213 | $ | 64,969 | $ | 48,531 | |||||||||
Component Test Products (CTP) | 3,303 | 4,491 | 4,164 | 14,292 | 13,986 | ||||||||||||||
Semiconductor Products (SP) | 11,384 | 6,763 | 11,453 | 29,288 | 31,969 | ||||||||||||||
37,511 | 32,754 | 31,830 | 108,549 | 94,486 | |||||||||||||||
Micromachining | |||||||||||||||||||
Micromachining Products (MP) | 5,831 | 13,718 | 11,831 | 24,356 | 27,061 | ||||||||||||||
Net Sales | $ | 43,342 | $ | 46,472 | $ | 43,661 | $ | 132,905 | $ | 121,547 | |||||||||
Gross margin % | 41% | 40% | 34% | 39% | 34% | ||||||||||||||
Selling, general and administrative expense % | 29% | 27% | 28% | 28% | 30% | ||||||||||||||
Research, development and engineering expense % | 18% | 18% | 19% | 19% | 21% | ||||||||||||||
Operating loss % | (10%) | (7%) | (14%) | (10%) | (17%) | ||||||||||||||
Effective tax rate % | (4%) | (8%) | (7%) | (5%) | (1%) | ||||||||||||||
Weighted average shares outstanding - basic | 31,495 | 31,384 | 30,617 | 31,355 | 30,507 | ||||||||||||||
Weighted average shares outstanding - diluted | 31,713 | 31,384 | 30,617 | 31,355 | 30,507 | ||||||||||||||
End of period employees | 647 | 677 | 652 | 647 | 652 | ||||||||||||||
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Third Quarter Fiscal 2016 Results
Electro Scientific Industries, Inc.
Third Quarter Fiscal 2016 Results
(In thousands, except per share data)
(Unaudited)
Reconciliation of GAAP to Non-GAAP Financial Measures: | |||||||||||||||||||
Fiscal quarter ended | Three fiscal quarters ended | ||||||||||||||||||
Jan 2, 2016 | Sep 26, 2015 | Dec 27, 2014 | Jan 2, 2016 | Dec 27, 2014 | |||||||||||||||
Gross profit per GAAP | $ | 17,721 | $ | 18,421 | $ | 14,713 | $ | 51,519 | $ | 41,766 | |||||||||
Purchase accounting | 271 | 325 | 163 | 862 | 836 | ||||||||||||||
Equity compensation | 103 | 114 | 154 | 346 | 474 | ||||||||||||||
Charges for inventory write-off of discontinued product | 1,356 | — | — | 1,356 | — | ||||||||||||||
Non-GAAP gross profit | $ | 19,451 | $ | 18,860 | $ | 15,030 | $ | 54,083 | $ | 43,076 | |||||||||
Non-GAAP gross margin | 44.9 | % | 40.6 | % | 34.4 | % | 40.7 | % | 35.4 | % | |||||||||
Operating expenses per GAAP | $ | 22,190 | $ | 21,448 | $ | 20,716 | $ | 65,116 | $ | 62,337 | |||||||||
Purchase accounting | (264 | ) | (248 | ) | (90 | ) | (967 | ) | (270 | ) | |||||||||
Equity compensation | (1,020 | ) | (952 | ) | (885 | ) | (2,905 | ) | (2,928 | ) | |||||||||
Acquisition and integration costs | — | (40 | ) | (311 | ) | (194 | ) | (311 | ) | ||||||||||
Restructuring costs | (1,944 | ) | (591 | ) | — | (2,597 | ) | — | |||||||||||
Non-GAAP operating expenses | $ | 18,962 | $ | 19,617 | $ | 19,430 | $ | 58,453 | $ | 58,828 | |||||||||
% of Net sales | 44 | % | 42 | % | 45 | % | 44 | % | 48 | % | |||||||||
Operating loss per GAAP | $ | (4,469 | ) | $ | (3,027 | ) | $ | (6,003 | ) | $ | (13,597 | ) | $ | (20,571 | ) | ||||
Non-GAAP adjustments to gross profit | 1,730 | 439 | 317 | 2,564 | 1,310 | ||||||||||||||
Non-GAAP adjustments to operating expenses | 3,228 | 1,831 | 1,286 | 6,663 | 3,509 | ||||||||||||||
Non-GAAP operating income (loss) | $ | 489 | $ | (757 | ) | $ | (4,400 | ) | $ | (4,370 | ) | $ | (15,752 | ) | |||||
% of Net sales | 1 | % | (2 | %) | (10 | %) | (3 | %) | (13 | %) | |||||||||
Non-operating income (expense), net per GAAP | $ | 67 | $ | 6 | $ | 64 | $ | 68 | $ | (134 | ) | ||||||||
Non-GAAP non-operating income (expense) | $ | 67 | $ | 6 | $ | 64 | $ | 68 | $ | (134 | ) | ||||||||
Net loss per GAAP | $ | (4,586 | ) | $ | (3,260 | ) | $ | (6,376 | ) | $ | (14,210 | ) | $ | (20,870 | ) | ||||
Non-GAAP adjustments to gross profit | 1,730 | 439 | 317 | 2,564 | 1,310 | ||||||||||||||
Non-GAAP adjustments to operating expenses | 3,228 | 1,831 | 1,286 | 6,663 | 3,509 | ||||||||||||||
Income tax effect of other non-GAAP adjustments | 26 | (53 | ) | 93 | (126 | ) | (830 | ) | |||||||||||
Non-GAAP net income (loss) | $ | 398 | $ | (1,043 | ) | $ | (4,680 | ) | $ | (5,109 | ) | $ | (16,881 | ) | |||||
% of Net sales | 1 | % | (2 | %) | (11 | %) | (4 | %) | (14 | %) | |||||||||
Basic Non-GAAP net income (loss) per share | $ | 0.01 | $ | (0.03 | ) | $ | (0.15 | ) | $ | (0.16 | ) | $ | (0.55 | ) | |||||
Diluted Non-GAAP net income (loss) per share | $ | 0.01 | $ | (0.03 | ) | $ | (0.15 | ) | $ | (0.16 | ) | $ | (0.55 | ) | |||||
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Third Quarter Fiscal 2016 Results
Electro Scientific Industries, Inc.
Third Quarter Fiscal 2016 Results
(Amounts in thousands)
(Unaudited)
Consolidated Condensed Statements of Cash Flows: | |||||||||||||||||||
Fiscal quarter ended | Three fiscal quarters ended | ||||||||||||||||||
Jan 2, 2016 | Sep 26, 2015 | Dec 27, 2014 | Jan 2, 2016 | Dec 27, 2014 | |||||||||||||||
Net loss | $ | (4,586 | ) | $ | (3,260 | ) | $ | (6,376 | ) | $ | (14,210 | ) | $ | (20,870 | ) | ||||
Non-cash adjustments and changes in operating activities | 8,089 | 5,428 | (7,043 | ) | 22,208 | 4,349 | |||||||||||||
Net cash provided by (used in) operating activities | 3,503 | 2,168 | (13,419 | ) | 7,998 | (16,521 | ) | ||||||||||||
Net cash (used in) provided by investing activities | (5,234 | ) | (12,264 | ) | 7,613 | (17,029 | ) | 28,420 | |||||||||||
Net cash provided by (used in) financing activities | 277 | 264 | (2,613 | ) | 411 | (9,165 | ) | ||||||||||||
Effect of exchange rate changes on cash | (117 | ) | (357 | ) | (770 | ) | (303 | ) | (1,129 | ) | |||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,571 | ) | (10,189 | ) | (9,189 | ) | (8,923 | ) | 1,605 | ||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 43,642 | 53,831 | 79,255 | 50,994 | 68,461 | ||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 42,071 | $ | 43,642 | $ | 70,066 | $ | 42,071 | $ | 70,066 | |||||||||
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Third Quarter Fiscal 2016 Results
Reconciliation of GAAP to Non-GAAP Financial Measures - Projected | Fiscal quarter ending April 02, 2016 |
Non-GAAP diluted earnings per share | $ 0.03 - $0.08 |
Purchase accounting | (0.02) |
Equity compensation | (0.04) |
Other items | — |
GAAP diluted EPS | $(0.03) - $0.02 |
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
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