ESI Announces First Quarter Fiscal 2018 Results


Electro Scientific Industries, Inc.
First Quarter Fiscal 2018 Results
Reconciliation of GAAP to Non-GAAP Financial Measures:
(Unaudited)
 
   Fiscal quarter ended
(In thousands, except per share data)  Jul 1, 2017  Apr 1, 2017  Jul 2, 2016
Gross profit per GAAP  $ 26,420   $ 18,230   $ 20,808 
Purchase accounting 251  447  229 
Equity compensation 67  105  120 
Charges for other asset and inventory impairment 7,194  1,696  1,116 
Charges for impairment of intangibles   2,349   
Non-GAAP gross profit  $ 33,932   $ 22,827   $ 22,273 
       
Operating expenses per GAAP  $ 22,953   $ 36,301   $ 20,501 
Purchase accounting (219) (414) (250)
Equity compensation (1,211) (1,707) (1,170)
Impairment of inventory     (100)
Restructuring costs (1,211) (6,614) (37)
Impairment of goodwill   (7,445)  
Non-GAAP operating expenses  $ 20,312   $ 20,121   $ 18,944 
       
Operating income (loss) per GAAP  $ 3,467   $ (18,071 )  $ 307 
Non-GAAP adjustments to gross profit 7,512  4,597  1,465 
Non-GAAP adjustments to operating expenses 2,641  16,180  1,557 
Non-GAAP operating income  $ 13,620    $ 2,706     $ 3,329  
             
Non-operating (expense) income, net per GAAP   $ (184 )   $ 103     $ (78 )
Non-GAAP non-operating (expense) income   $ (184 )   $ 103     $ (78 )
Non-GAAP income (loss) before income taxes   $ 13,436     $ 2,809     $ 3,251  
             
Net income (loss) per GAAP   $ 2,902     $ (17,923 )   $ (118 )
Non-GAAP adjustments to gross profit   7,512     4,597     1,465  
Non-GAAP adjustments to operating expenses   2,641     16,180     1,557  
Income tax effect of other non-GAAP adjustments   (24 )   32     65  
Non-GAAP net income   $ 13,031     $ 2,886     $ 2,969  
Basic Non-GAAP net income per share   $ 0.39     $ 0.09     $ 0.09  
Diluted Non-GAAP net income per share   $ 0.38     $ 0.09     $ 0.09  
                         
                         

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