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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Electro Scientific Industries, Inc. | NASDAQ:ESIO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 29.99 | 29.99 | 30.01 | 0 | 01:00:00 |
|
|
FORM 10-Q
|
|
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
ELECTRO SCIENTIFIC INDUSTRIES, INC.
|
||
|
|
|
Oregon
|
|
93-0370304
|
(State or other jurisdiction of incorporation
or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
13900 N.W. Science Park Drive, Portland, Oregon
|
|
97229
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Large accelerated filer
|
¨
|
Accelerated filer
|
ý
|
Non-accelerated filer
|
¨
|
Smaller reporting company
|
¨
|
Emerging growth company
|
¨
|
|
|
|
Part I
|
FINANCIAL INFORMATION
|
|
Financial Statements (Unaudited)
|
|
|
|
||
|
||
|
||
|
||
|
||
Part II
|
OTHER INFORMATION
|
|
(In thousands)
|
Sep 30, 2017
|
|
Apr 1, 2017
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
47,973
|
|
|
$
|
56,642
|
|
Short-term investments
|
32,802
|
|
|
5,743
|
|
||
Trade receivables, net of allowances of $474 and $603
|
47,565
|
|
|
40,494
|
|
||
Inventories, net
|
61,423
|
|
|
58,942
|
|
||
Shipped systems pending acceptance
|
7,765
|
|
|
5,713
|
|
||
Other current assets
|
5,309
|
|
|
6,180
|
|
||
Total current assets
|
202,837
|
|
|
173,714
|
|
||
Non-current assets:
|
|
|
|
||||
Property, plant and equipment, net of accumulated depreciation of $80,860 and $112,075, (PP&E)
|
18,874
|
|
|
21,619
|
|
||
Goodwill
|
2,626
|
|
|
3,027
|
|
||
Acquired intangible assets, net of accumulated amortization of $22,676 and $21,994
|
5,883
|
|
|
6,564
|
|
||
Other assets
|
17,819
|
|
|
19,821
|
|
||
Total assets
|
$
|
248,039
|
|
|
$
|
224,745
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
24,378
|
|
|
$
|
21,213
|
|
Accrued liabilities
|
32,050
|
|
|
22,186
|
|
||
Deferred revenue
|
15,782
|
|
|
14,712
|
|
||
Total current liabilities
|
72,210
|
|
|
58,111
|
|
||
Non-current liabilities:
|
|
|
|
||||
Long-term debt
|
12,982
|
|
|
13,489
|
|
||
Income taxes payable
|
1,285
|
|
|
1,036
|
|
||
Other liabilities
|
7,956
|
|
|
7,578
|
|
||
Total liabilities
|
94,433
|
|
|
80,214
|
|
||
Commitments and contingencies (See Note 12: Commitments & Contingencies)
|
|
|
|
|
|
||
Shareholders’ equity:
|
|
|
|
||||
Preferred stock, without par value; 1,000 shares authorized; no shares issued
|
—
|
|
|
—
|
|
||
Common stock, without par value; 100,000 shares authorized; 34,067 and 33,260 issued and outstanding
|
208,670
|
|
|
207,152
|
|
||
Accumulated deficit
|
(54,246
|
)
|
|
(61,407
|
)
|
||
Accumulated other comprehensive loss
|
(818
|
)
|
|
(1,214
|
)
|
||
Total shareholders’ equity
|
153,606
|
|
|
144,531
|
|
||
Total liabilities and shareholders’ equity
|
$
|
248,039
|
|
|
$
|
224,745
|
|
|
Fiscal quarter ended
|
|
Two fiscal quarters ended
|
||||||||||||
(In thousands, except per share amounts)
|
Sep 30, 2017
|
|
Oct 1, 2016
|
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
||||||||
Systems
|
$
|
60,316
|
|
|
$
|
21,442
|
|
|
$
|
122,409
|
|
|
$
|
59,642
|
|
Services
|
10,651
|
|
|
8,216
|
|
|
21,242
|
|
|
17,684
|
|
||||
Total net sales
|
70,967
|
|
|
29,658
|
|
|
143,651
|
|
|
77,326
|
|
||||
Cost of sales:
|
|
|
|
|
|
|
|
||||||||
Systems
|
38,179
|
|
|
14,146
|
|
|
79,605
|
|
|
36,568
|
|
||||
Services
|
6,256
|
|
|
4,532
|
|
|
11,094
|
|
|
8,970
|
|
||||
Total cost of sales
|
44,435
|
|
|
18,678
|
|
|
90,699
|
|
|
45,538
|
|
||||
Gross profit
|
26,532
|
|
|
10,980
|
|
|
52,952
|
|
|
31,788
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
11,648
|
|
|
12,766
|
|
|
24,456
|
|
|
25,637
|
|
||||
Research, development and engineering
|
8,274
|
|
|
7,760
|
|
|
17,208
|
|
|
15,390
|
|
||||
Restructuring costs
|
2,162
|
|
|
—
|
|
|
3,373
|
|
|
—
|
|
||||
Acquisition and integration costs
|
—
|
|
|
335
|
|
|
—
|
|
|
335
|
|
||||
Total operating expenses
|
22,084
|
|
|
20,861
|
|
|
45,037
|
|
|
41,362
|
|
||||
Operating income (loss)
|
4,448
|
|
|
(9,881
|
)
|
|
7,915
|
|
|
(9,574
|
)
|
||||
Non-operating (expense) income:
|
|
|
|
|
|
|
|
||||||||
Interest and other (expense) income, net
|
(229
|
)
|
|
206
|
|
|
(413
|
)
|
|
128
|
|
||||
Total non-operating (expense) income
|
(229
|
)
|
|
206
|
|
|
(413
|
)
|
|
128
|
|
||||
Income (loss) before income taxes
|
4,219
|
|
|
(9,675
|
)
|
|
7,502
|
|
|
(9,446
|
)
|
||||
(Benefit from) provision for income taxes
|
(41
|
)
|
|
—
|
|
|
340
|
|
|
347
|
|
||||
Net income (loss)
|
$
|
4,260
|
|
|
$
|
(9,675
|
)
|
|
$
|
7,162
|
|
|
$
|
(9,793
|
)
|
Net income (loss) per share - basic
|
$
|
0.13
|
|
|
$
|
(0.30
|
)
|
|
$
|
0.21
|
|
|
$
|
(0.30
|
)
|
Net income (loss) per share - diluted
|
$
|
0.12
|
|
|
$
|
(0.30
|
)
|
|
$
|
0.21
|
|
|
$
|
(0.30
|
)
|
Weighted average number of shares - basic
|
33,861
|
|
|
32,396
|
|
|
33,647
|
|
|
32,109
|
|
||||
Weighted average number of shares - diluted
|
34,874
|
|
|
32,396
|
|
|
34,716
|
|
|
32,109
|
|
|
Fiscal quarter ended
|
|
Two fiscal quarters ended
|
||||||||||||
(In thousands)
|
Sep 30, 2017
|
|
Oct 1, 2016
|
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||
Net income (loss)
|
$
|
4,260
|
|
|
$
|
(9,675
|
)
|
|
$
|
7,162
|
|
|
$
|
(9,793
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment, net of taxes of $0, $0, $0 and $0
|
180
|
|
|
47
|
|
|
388
|
|
|
(139
|
)
|
||||
Accumulated other comprehensive income related to benefit plan obligation, net of taxes of $(3), $2, $(5) and $(2)
|
5
|
|
|
5
|
|
|
9
|
|
|
9
|
|
||||
Net unrealized loss on available-for-sale securities, net of taxes of $0, $0, $0 and $0
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(4
|
)
|
||||
Other comprehensive income (loss):
|
185
|
|
|
51
|
|
|
396
|
|
|
(134
|
)
|
||||
Comprehensive income (loss)
|
$
|
4,445
|
|
|
$
|
(9,624
|
)
|
|
$
|
7,558
|
|
|
$
|
(9,927
|
)
|
|
Two fiscal quarters ended
|
||||||
(In thousands)
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
||||
Net income (loss)
|
$
|
7,162
|
|
|
$
|
(9,793
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
||||
Non-cash restructuring charges
|
13,858
|
|
|
—
|
|
||
Depreciation and amortization
|
3,469
|
|
|
3,592
|
|
||
Share-based compensation expense
|
2,797
|
|
|
3,136
|
|
||
Amortization of acquired intangible assets
|
657
|
|
|
554
|
|
||
Provision for (benefit from) doubtful accounts
|
371
|
|
|
(235
|
)
|
||
Loss on disposal of property and equipment, net
|
—
|
|
|
40
|
|
||
Impairment of inventory
|
—
|
|
|
1,170
|
|
||
(Increase) decrease in deferred income taxes
|
(31
|
)
|
|
87
|
|
||
Changes in operating accounts, net of acquisitions:
|
|
|
|
||||
Increase (decrease) in accounts payable and accrued liabilities
|
12,392
|
|
|
(6,100
|
)
|
||
(Increase) decrease in trade receivables, net
|
(7,094
|
)
|
|
13,373
|
|
||
Increase in inventories
|
(7,874
|
)
|
|
(3,669
|
)
|
||
Increase in shipped systems pending acceptance
|
(2,051
|
)
|
|
(2,712
|
)
|
||
Increase in deferred revenue
|
1,070
|
|
|
4,577
|
|
||
Decrease (increase) in other current assets
|
970
|
|
|
(43
|
)
|
||
Net cash provided by operating activities
|
25,696
|
|
|
3,977
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
||||
Purchase of investments
|
(38,336
|
)
|
|
(228,921
|
)
|
||
Proceeds from sales and maturities of investments
|
10,861
|
|
|
240,209
|
|
||
Purchase of property, plant and equipment
|
(1,445
|
)
|
|
(2,710
|
)
|
||
Proceeds from sale of property, plant and equipment
|
37
|
|
|
7
|
|
||
Cash paid for business acquisitions, net of cash acquired
|
—
|
|
|
(2,010
|
)
|
||
Increase in other assets
|
(4,503
|
)
|
|
(71
|
)
|
||
Net cash (used in) provided by investing activities
|
(33,386
|
)
|
|
6,504
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
||||
Repayment of debt
|
(212
|
)
|
|
—
|
|
||
Payment of withholding taxes on stock-based compensation
|
(1,684
|
)
|
|
(793
|
)
|
||
Proceeds from issuance of common stock
|
665
|
|
|
654
|
|
||
Net cash used in financing activities
|
(1,231
|
)
|
|
(139
|
)
|
||
Effect of exchange rate changes on cash
|
260
|
|
|
(70
|
)
|
||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
(8,661
|
)
|
|
10,272
|
|
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD
|
57,732
|
|
|
42,413
|
|
||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD
|
$
|
49,071
|
|
|
$
|
52,685
|
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
|
|
|
||||
Cash paid for interest
|
$
|
(331
|
)
|
|
$
|
(25
|
)
|
Cash paid for income taxes
|
(500
|
)
|
|
(251
|
)
|
||
Income tax refunds received
|
67
|
|
|
6
|
|
||
Net (decrease) increase in PP&E and other assets related to transfers from inventory
|
(2,052
|
)
|
|
3,128
|
|
||
Non-cash additions to PP&E
|
112
|
|
|
270
|
|
Note 1
|
||
Note 2
|
||
Note 3
|
||
Note 4
|
||
Note 5
|
||
Note 6
|
||
Note 7
|
||
Note 8
|
||
Note 9
|
||
Note 10
|
||
Note 11
|
||
Note 12
|
||
Note 13
|
||
Note 14
|
||
Note 15
|
||
Note 16
|
||
Note 17
|
||
Note 18
|
||
Note 19
|
•
|
Level 1
, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;
|
•
|
Level 2
, defined as inputs that are observable either directly or indirectly such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and other inputs that can be corroborated by observable market data; and
|
•
|
Level 3
, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.
|
September 30, 2017
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market securities
|
$
|
2,182
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,182
|
|
U.S. treasury fund
|
5,997
|
|
|
—
|
|
|
—
|
|
|
5,997
|
|
||||
Commercial paper
|
—
|
|
|
4,796
|
|
|
—
|
|
|
4,796
|
|
||||
Repurchase agreements
|
—
|
|
|
5,000
|
|
|
—
|
|
|
5,000
|
|
||||
Total cash equivalents
|
$
|
8,179
|
|
|
$
|
9,796
|
|
|
$
|
—
|
|
|
$
|
17,975
|
|
Short term investments - available for sale:
|
|
|
|
|
|
|
|
||||||||
U.S. treasury fund
|
$
|
1,504
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,504
|
|
Commercial paper
|
—
|
|
|
29,097
|
|
|
—
|
|
|
29,097
|
|
||||
Corporate bonds
|
—
|
|
|
2,201
|
|
|
—
|
|
|
2,201
|
|
||||
Total short-term investments - available for sale
|
$
|
1,504
|
|
|
$
|
31,298
|
|
|
$
|
—
|
|
|
$
|
32,802
|
|
Forward purchase or (sale) contracts:
|
|
|
|
|
|
|
|
||||||||
Japanese Yen
|
$
|
—
|
|
|
$
|
54
|
|
|
$
|
—
|
|
|
$
|
54
|
|
New Taiwan Dollar
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
||||
Korean Won
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
(21
|
)
|
||||
Euro
|
—
|
|
|
47
|
|
|
—
|
|
|
47
|
|
||||
British Pound
|
—
|
|
|
81
|
|
|
—
|
|
|
81
|
|
||||
Chinese Renminbi
|
—
|
|
|
14
|
|
|
—
|
|
|
14
|
|
||||
Total forward contracts
|
$
|
—
|
|
|
$
|
157
|
|
|
$
|
—
|
|
|
$
|
157
|
|
Deferred compensation plan assets:*
|
|
|
|
|
|
|
|
||||||||
Mutual funds and exchange traded funds
|
$
|
2,519
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,519
|
|
Money market securities
|
954
|
|
|
—
|
|
|
—
|
|
|
954
|
|
||||
Total deferred compensation plan assets
|
$
|
3,473
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,473
|
|
April 1, 2017
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market securities
|
$
|
22,395
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22,395
|
|
Commercial paper
|
—
|
|
|
4,945
|
|
|
—
|
|
|
4,945
|
|
||||
Total cash equivalents
|
$
|
22,395
|
|
|
$
|
4,945
|
|
|
$
|
—
|
|
|
$
|
27,340
|
|
Short term investments - available for sale:
|
|
|
|
|
|
|
|
||||||||
Commercial paper
|
$
|
—
|
|
|
$
|
5,743
|
|
|
$
|
—
|
|
|
$
|
5,743
|
|
Total short-term investments - available for sale
|
$
|
—
|
|
|
$
|
5,743
|
|
|
$
|
—
|
|
|
$
|
5,743
|
|
Forward purchase or (sale) contracts:
|
|
|
|
|
|
|
|
||||||||
Japanese Yen
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
9
|
|
New Taiwan Dollar
|
—
|
|
|
20
|
|
|
—
|
|
|
20
|
|
||||
Korean Won
|
—
|
|
|
39
|
|
|
—
|
|
|
39
|
|
||||
Euro
|
—
|
|
|
(96
|
)
|
|
—
|
|
|
(96
|
)
|
||||
British Pound
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
||||
Chinese Renminbi
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
||||
Singapore Dollar
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Total forward contracts
|
$
|
—
|
|
|
$
|
(18
|
)
|
|
$
|
—
|
|
|
$
|
(18
|
)
|
Deferred compensation plan assets:*
|
|
|
|
|
|
|
|
||||||||
Mutual funds and exchange traded funds
|
$
|
845
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
845
|
|
Money market securities
|
2,213
|
|
|
—
|
|
|
—
|
|
|
2,213
|
|
||||
Total deferred compensation plan assets
|
$
|
3,058
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,058
|
|
|
|
|
Unrealized
|
|
|
||||||||||
September 30, 2017
|
Cost
|
|
Gain
|
|
Loss
|
|
Fair Value
|
||||||||
Available-for-sale securities (current):
|
|
|
|
|
|
|
|
||||||||
U.S. treasury fund
|
$
|
7,501
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,501
|
|
Commercial paper
|
33,893
|
|
|
—
|
|
|
—
|
|
|
33,893
|
|
||||
Corporate Bonds
|
2,202
|
|
|
—
|
|
|
(1
|
)
|
|
2,201
|
|
||||
Repurchase Agreements
|
5,000
|
|
|
—
|
|
|
—
|
|
|
5,000
|
|
||||
Total investments (current)
|
$
|
48,596
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
48,595
|
|
Available-for-sale securities (non-current):
|
|
|
|
|
|
|
|
||||||||
Mutual funds, exchange traded funds and money market securities*
|
$
|
3,247
|
|
|
$
|
226
|
|
|
$
|
—
|
|
|
$
|
3,473
|
|
Total investments (non-current)
|
$
|
3,247
|
|
|
$
|
226
|
|
|
$
|
—
|
|
|
$
|
3,473
|
|
|
|
|
Unrealized
|
|
|
||||||||||
April 1, 2017
|
Cost
|
|
Gain
|
|
Loss
|
|
Fair Value
|
||||||||
Available-for-sale securities (current):
|
|
|
|
|
|
|
|
||||||||
Commercial paper
|
$
|
10,688
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,688
|
|
Total investments (current)
|
$
|
10,688
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,688
|
|
Available-for-sale securities (non-current):
|
|
|
|
|
|
|
|
||||||||
Mutual funds, exchange traded funds and money market securities*
|
$
|
2,974
|
|
|
$
|
84
|
|
|
$
|
—
|
|
|
$
|
3,058
|
|
Total investments (non-current)
|
$
|
2,974
|
|
|
$
|
84
|
|
|
$
|
—
|
|
|
$
|
3,058
|
|
(In thousands)
|
Sep 30, 2017
|
|
Apr 1, 2017
|
||||
Current trade accounts receivable, net
|
$
|
47,565
|
|
|
$
|
40,494
|
|
Non-current trade accounts receivable
|
194
|
|
|
489
|
|
||
|
$
|
47,759
|
|
|
$
|
40,983
|
|
(In thousands)
|
Sep 30, 2017
|
|
Apr 1, 2017
|
||||
Raw materials and purchased parts
|
$
|
43,824
|
|
|
$
|
41,383
|
|
Work-in-process
|
13,753
|
|
|
13,829
|
|
||
Finished goods
|
3,846
|
|
|
3,730
|
|
||
|
$
|
61,423
|
|
|
$
|
58,942
|
|
(In thousands)
|
Sep 30, 2017
|
|
Apr 1, 2017
|
||||
Demo and leased equipment, net
|
$
|
8,353
|
|
|
$
|
11,011
|
|
Long term deposits
|
3,755
|
|
|
2,872
|
|
||
Non-current restricted cash
|
1,098
|
|
|
1,090
|
|
||
Non-current deferred income taxes, net
|
844
|
|
|
890
|
|
||
Other non-current assets
|
3,769
|
|
|
3,958
|
|
||
|
$
|
17,819
|
|
|
$
|
19,821
|
|
(In thousands)
|
Sep 30, 2017
|
|
Apr 1, 2017
|
||||
Payroll-related liabilities
|
$
|
10,318
|
|
|
$
|
6,335
|
|
Customer deposits
|
6,221
|
|
|
1,242
|
|
||
Product warranty accrual
|
4,929
|
|
|
3,394
|
|
||
Purchase order commitments and receipts
|
3,631
|
|
|
2,522
|
|
||
Restructuring costs payable
|
2,466
|
|
|
4,996
|
|
||
Professional fees payable
|
1,024
|
|
|
734
|
|
||
Current portion, long-term debt
|
410
|
|
|
434
|
|
||
Other current liabilities
|
3,051
|
|
|
2,529
|
|
||
|
$
|
32,050
|
|
|
$
|
22,186
|
|
|
Fiscal quarter ended
|
|
Two fiscal quarters ended
|
||||||||||||
(In thousands)
|
Sep 30, 2017
|
|
Oct 1, 2016
|
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||
Product warranty accrual, beginning
|
$
|
6,538
|
|
|
$
|
5,947
|
|
|
$
|
5,474
|
|
|
$
|
5,734
|
|
Warranty charges incurred, net
|
(2,666
|
)
|
|
(1,263
|
)
|
|
(5,111
|
)
|
|
(3,314
|
)
|
||||
Provision for warranty charges
|
3,284
|
|
|
837
|
|
|
6,793
|
|
|
3,101
|
|
||||
Product warranty accrual, ending
|
$
|
7,156
|
|
|
$
|
5,521
|
|
|
$
|
7,156
|
|
|
$
|
5,521
|
|
|
Fiscal quarter ended
|
|
Two fiscal quarters ended
|
||||||||||||
(In thousands)
|
Sep 30, 2017
|
|
Oct 1, 2016
|
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||
Deferred revenue, beginning
|
$
|
15,616
|
|
|
$
|
9,757
|
|
|
$
|
15,397
|
|
|
$
|
7,685
|
|
Revenue deferred
|
31,182
|
|
|
9,119
|
|
|
46,652
|
|
|
19,472
|
|
||||
Revenue recognized
|
(30,429
|
)
|
|
(7,293
|
)
|
|
(45,680
|
)
|
|
(15,574
|
)
|
||||
Deferred revenue, ending
|
$
|
16,369
|
|
|
$
|
11,583
|
|
|
$
|
16,369
|
|
|
$
|
11,583
|
|
(In thousands)
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||||
Principal maturities
|
$
|
444
|
|
|
$
|
466
|
|
|
$
|
487
|
|
|
$
|
512
|
|
|
$
|
537
|
|
(In thousands)
|
Sep 30, 2017
|
|
Apr 1, 2017
|
||||
Total debt outstanding
|
$
|
13,392
|
|
|
$
|
13,923
|
|
Less: Current portion, long-term debt
|
(410
|
)
|
|
(434
|
)
|
||
Long-term debt
|
$
|
12,982
|
|
|
$
|
13,489
|
|
|
Foreign currency translation adjustment
|
|
Accumulated other comprehensive income related to benefit plan obligation
|
|
Net unrealized loss on available-for-sale securities
|
|
Total
|
||||||||
Balance at April 1, 2017
|
$
|
(1,242
|
)
|
|
$
|
45
|
|
|
$
|
(17
|
)
|
|
$
|
(1,214
|
)
|
Other comprehensive income (loss) before reclassifications and taxes
|
388
|
|
|
14
|
|
|
(1
|
)
|
|
401
|
|
||||
Amounts reclassified from AOCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Tax effect
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
||||
Other Comprehensive income (loss)
|
388
|
|
|
9
|
|
|
(1
|
)
|
|
396
|
|
||||
Balance at September 30, 2017
|
$
|
(854
|
)
|
|
$
|
54
|
|
|
$
|
(18
|
)
|
|
$
|
(818
|
)
|
|
Fiscal quarter ended
|
|
Two fiscal quarters ended
|
||||||||||||
(In thousands)
|
Sep 30, 2017
|
|
Oct 1, 2016
|
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||
Cost of sales
|
$
|
77
|
|
|
$
|
136
|
|
|
$
|
144
|
|
|
$
|
256
|
|
Selling, general and administrative
|
1,070
|
|
|
1,205
|
|
|
2,131
|
|
|
2,182
|
|
||||
Research, development and engineering
|
183
|
|
|
177
|
|
|
333
|
|
|
371
|
|
||||
Total share-based compensation expense
|
$
|
1,330
|
|
|
$
|
1,518
|
|
|
$
|
2,608
|
|
|
$
|
2,809
|
|
|
Fiscal quarter ended
|
|
Two fiscal quarters ended
|
||||||||||||
(In thousands)
|
Sep 30, 2017
|
|
Oct 1, 2016
|
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||
Printed Circuit Board
|
$
|
43,541
|
|
|
$
|
13,527
|
|
|
$
|
95,859
|
|
|
$
|
44,445
|
|
Component Test
|
7,677
|
|
|
4,990
|
|
|
15,858
|
|
|
9,592
|
|
||||
Semiconductor
|
12,028
|
|
|
7,222
|
|
|
18,765
|
|
|
14,831
|
|
||||
Industrial Machining
|
7,721
|
|
|
3,919
|
|
|
13,169
|
|
|
8,458
|
|
||||
Net Sales
|
$
|
70,967
|
|
|
$
|
29,658
|
|
|
$
|
143,651
|
|
|
$
|
77,326
|
|
|
Fiscal quarter ended
|
|
Two fiscal quarters ended
|
||||||||||||
(In thousands)
|
Sep 30, 2017
|
|
Oct 1, 2016
|
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||
Asia
|
$
|
64,053
|
|
|
$
|
25,721
|
|
|
$
|
130,616
|
|
|
$
|
66,169
|
|
Americas
|
2,936
|
|
|
2,236
|
|
|
7,106
|
|
|
5,254
|
|
||||
Europe
|
3,978
|
|
|
1,701
|
|
|
5,929
|
|
|
5,903
|
|
||||
Net Sales
|
$
|
70,967
|
|
|
$
|
29,658
|
|
|
$
|
143,651
|
|
|
$
|
77,326
|
|
|
Total Expected Costs for the Plan
|
|
Costs Recognized from inception of the plan through the Quarter ended Sep 30, 2017
|
|
Remaining Costs to be Recognized Subsequent to Sep 30, 2017
|
||||||
Employee severance and related personnel costs
|
$
|
4,165
|
|
|
$
|
4,165
|
|
|
$
|
—
|
|
Site closure costs
|
2,090
|
|
|
1,690
|
|
|
400
|
|
|||
Current asset impairments and other gross profit charges
(1)
|
14,947
|
|
|
14,947
|
|
|
—
|
|
|||
Non-current asset impairments
|
3,032
|
|
|
3,032
|
|
|
—
|
|
|||
Other Costs
|
427
|
|
|
227
|
|
|
200
|
|
|||
Total
|
$
|
24,661
|
|
|
$
|
24,061
|
|
|
$
|
600
|
|
|
Employee severance and related personnel costs
|
|
Site closure costs
|
|
Current asset impairments and other gross profit charges
(1)
|
|
Non-current asset impairments
|
|
Other Costs
|
|
Total
|
||||||||||||
Balance as of April 2, 2016
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Costs incurred
|
3,588
|
|
|
888
|
|
|
1,669
|
|
|
1,376
|
|
|
66
|
|
|
7,587
|
|
||||||
Cash payments
|
(341
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66
|
)
|
|
(407
|
)
|
||||||
Non-cash items
|
—
|
|
|
—
|
|
|
(1,669
|
)
|
|
(1,376
|
)
|
|
—
|
|
|
(3,045
|
)
|
||||||
Balance as of April 1, 2017
|
$
|
3,247
|
|
|
$
|
888
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,135
|
|
Costs incurred
|
577
|
|
|
800
|
|
|
13,278
|
|
|
1,657
|
|
|
163
|
|
|
16,475
|
|
||||||
Cash (payments) receipts
|
(3,672
|
)
|
|
(863
|
)
|
|
(1,750
|
)
|
|
32
|
|
|
(163
|
)
|
|
(6,416
|
)
|
||||||
Non-cash items
|
—
|
|
|
—
|
|
|
(10,876
|
)
|
|
(1,689
|
)
|
|
—
|
|
|
(12,565
|
)
|
||||||
Balance as of September 30, 2017
|
$
|
152
|
|
|
$
|
825
|
|
|
$
|
652
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,629
|
|
Restructuring & cost management amounts payable as of April 2, 2016
|
$
|
757
|
|
Cash payments and other adjustments
|
(297
|
)
|
|
Costs incurred
|
401
|
|
|
Restructuring & cost management amounts payable as of April 1, 2017
|
861
|
|
|
Cash payments and other adjustments
|
(380
|
)
|
|
Costs incurred
|
356
|
|
|
Restructuring & cost management amounts payable as of September 30, 2017
|
$
|
837
|
|
|
Fiscal quarter ended
|
|
Two fiscal quarters ended
|
||||||||||||
(In thousands, except per share data)
|
Sep 30, 2017
|
|
Oct 1, 2016
|
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||
Net income (loss)
|
$
|
4,260
|
|
|
$
|
(9,675
|
)
|
|
$
|
7,162
|
|
|
$
|
(9,793
|
)
|
Weighted average shares used for basic earnings per share
|
33,861
|
|
|
32,396
|
|
|
33,647
|
|
|
32,109
|
|
||||
Incremental diluted shares
|
1,013
|
|
|
—
|
|
|
1,069
|
|
|
—
|
|
||||
Weighted average shares used for diluted earnings per share
|
34,874
|
|
|
32,396
|
|
|
34,716
|
|
|
32,109
|
|
||||
Net income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.13
|
|
|
$
|
(0.30
|
)
|
|
$
|
0.21
|
|
|
$
|
(0.30
|
)
|
Diluted
|
$
|
0.12
|
|
|
$
|
(0.30
|
)
|
|
$
|
0.21
|
|
|
$
|
(0.30
|
)
|
•
|
Orders in the
second quarter
of
2018
were
$128.9 million
, growing
360%
versus the
second quarter
of
2017
. It was the highest order level in over ten years. The order levels reflected a healthy environment, strong technology and market drivers, and seasonal strength in several of our markets. Orders from our PCB customers more than tripled versus a year ago as flexible PCB manufacturers ramped up capacity to meet the demand from consumer electronics manufacturers. Flexible circuit demand is growing due to unit growth in consumer electronics devices, more flexible circuits per device, plus new materials, technologies and applications utilizing complex flexible circuits. Demand for our semiconductor products was also above the level from a year ago, reflecting a healthy semiconductor capital spending environment. Orders for our new Ultrus
TM
wafer scribing tool were driven by initial high volume production orders associated with a trend toward new manufacturing technologies and thinner wafers. The healthy capacity investment environment also drove higher demand for our semiconductor trim, wafer marking, and legacy memory repair tools. Component Test (CT) product demand was up more than double compared to last year, reflecting increased capacity spend on the part of MLCC manufacturers. This market has recently been capacity constrained driven by increased in consumer electronics, automotive and radio frequency (RF) end markets. Demand for our Industrial Machining (IM) products grew year-over-year primarily due to orders for our Garnet
TM
micromachining systems.
|
•
|
Total net sales increased by
139%
year-over-year to
$71.0 million
in the
second quarter
of
2018
, due primarily to the higher order levels in the prior quarter compared to the year-ago period. Backlog increased by
$47.0 million
during the quarter.
|
•
|
Operating expenses of
$22.1 million
increased by
$1.2 million
year-over-year on higher variable expenses related to higher revenues and improved profitability and
$2.2 million
of restructuring costs, partially offset by lower fixed expenses as a result of our restructuring program announced in February 2017.
|
•
|
Net income was
$0.12
per diluted share, compared to a loss of
$0.30
per share a year ago, on higher sales and gross profit, partially offset by higher operating and restructuring expenses.
|
•
|
Operating cash flow was
$18.3 million
, compared to a cash use of
$7.5 million
in the
second quarter
of 2017, on higher net income.
|
•
|
Significant progress was made on the restructuring announced in February 2017, and these actions are largely completed as of the end of the second quarter of 2018. We are now operating fully within our new lower fixed cost structure as of the end of the second quarter of 2018.
|
|
Fiscal quarter ended
|
||||
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales
|
62.6
|
|
|
63.0
|
|
Gross profit
|
37.4
|
|
|
37.0
|
|
Selling, general and administrative
|
16.5
|
|
|
43.0
|
|
Research, development and engineering
|
11.7
|
|
|
26.2
|
|
Acquisition and integration costs
|
—
|
|
|
1.1
|
|
Restructuring costs
|
3.0
|
|
|
—
|
|
Operating income (loss)
|
6.2
|
|
|
(33.3
|
)
|
Interest and other (expense) income, net
|
(0.3
|
)
|
|
0.7
|
|
Total non-operating (expense) income
|
(0.3
|
)
|
|
0.7
|
|
Income (loss) before income taxes
|
5.9
|
|
|
(32.6
|
)
|
Provision for income taxes
|
(0.1
|
)
|
|
—
|
|
Net income (loss)
|
6.0
|
%
|
|
(32.6
|
)%
|
|
Fiscal quarter ended
|
||||||||||||
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||||
(In thousands, except percentages)
|
Net Sales
|
|
% of Net Sales
|
|
Net Sales
|
|
% of Net Sales
|
||||||
Printed Circuit Board
|
$
|
43,541
|
|
|
61.4
|
%
|
|
$
|
13,527
|
|
|
45.6
|
%
|
Component Test
|
7,677
|
|
|
10.8
|
|
|
4,990
|
|
|
16.8
|
|
||
Semiconductor
|
12,028
|
|
|
16.9
|
|
|
7,222
|
|
|
24.4
|
|
||
Industrial Machining
|
7,721
|
|
|
10.9
|
|
|
3,919
|
|
|
13.2
|
|
||
Net Sales
|
$
|
70,967
|
|
|
100.0
|
%
|
|
$
|
29,658
|
|
|
100.0
|
%
|
|
Fiscal quarter ended
|
||||||||||||
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||||
(In thousands, except percentages)
|
Net Sales
|
|
% of Net Sales
|
|
Net Sales
|
|
% of Net Sales
|
||||||
Asia
|
$
|
64,053
|
|
|
90.3
|
%
|
|
$
|
25,721
|
|
|
86.7
|
%
|
Americas
|
2,936
|
|
|
4.1
|
|
|
2,236
|
|
|
7.5
|
|
||
Europe
|
3,978
|
|
|
5.6
|
|
|
1,701
|
|
|
5.7
|
|
||
Net Sales
|
$
|
70,967
|
|
|
100.0
|
%
|
|
$
|
29,658
|
|
|
100.0
|
%
|
|
Fiscal quarter ended
|
||||||||||||
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||||
(In thousands, except percentages)
|
Gross Profit
|
|
% of Net Sales
|
|
Gross Profit
|
|
% of Net Sales
|
||||||
Gross Profit
|
$
|
26,532
|
|
|
37.4
|
%
|
|
$
|
10,980
|
|
|
37.0
|
%
|
|
Fiscal quarter ended
|
||||||||||||
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||||
(In thousands, except percentages)
|
Expense
|
|
% of Net Sales
|
|
Expense
|
|
% of Net Sales
|
||||||
Selling, general and administrative
|
$
|
11,648
|
|
|
16.5
|
%
|
|
$
|
12,766
|
|
|
43.0
|
%
|
Research, development and engineering
|
8,274
|
|
|
11.7
|
|
|
7,760
|
|
|
26.2
|
|
||
Restructuring costs
|
2,162
|
|
|
3.0
|
|
|
—
|
|
|
—
|
|
||
Acquisition and integration costs
|
—
|
|
|
—
|
|
|
335
|
|
|
1.1
|
|
||
Operating Expenses
|
$
|
22,084
|
|
|
31.2
|
%
|
|
$
|
20,861
|
|
|
70.3
|
%
|
|
Fiscal quarter ended
|
||||||||||||
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||||
(In thousands, except percentages)
|
Non-Operating (Expense)
Income |
|
% of Net Sales
|
|
Non-Operating (Expense)
Income |
|
% of Net Sales
|
||||||
Interest and other (expense) income, net
|
$
|
(229
|
)
|
|
(0.3
|
)%
|
|
$
|
206
|
|
|
0.7
|
%
|
Total non-operating (expense) income
|
$
|
(229
|
)
|
|
(0.3
|
)%
|
|
$
|
206
|
|
|
0.7
|
%
|
|
Fiscal quarter ended
|
||||||||||||
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||||
(In thousands, except percentages)
|
Income Tax Benefit
|
|
Effective
Tax Rate
|
|
Income Tax Provision
|
|
Effective
Tax Rate
|
||||||
(Benefit from) provision for income taxes
|
$
|
(41
|
)
|
|
(1.0
|
)%
|
|
$
|
—
|
|
|
—
|
%
|
|
Two fiscal quarters ended
|
||||
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales
|
63.1
|
|
|
58.9
|
|
Gross profit
|
36.9
|
|
|
41.1
|
|
Selling, general and administrative
|
17.1
|
|
|
33.2
|
|
Research, development and engineering
|
12.0
|
|
|
19.9
|
|
Acquisition and integration costs
|
—
|
|
|
0.4
|
|
Restructuring costs
|
2.3
|
|
|
—
|
|
Operating income (loss)
|
5.5
|
|
|
(12.4
|
)
|
Interest and other (expense) income, net
|
(0.3
|
)
|
|
0.2
|
|
Total non-operating (expense) income
|
(0.3
|
)
|
|
0.2
|
|
Income (loss) before income taxes
|
5.2
|
|
|
(12.2
|
)
|
Provision for income taxes
|
0.2
|
|
|
0.4
|
|
Net income (loss)
|
5.0
|
%
|
|
(12.7
|
)%
|
|
Two fiscal quarters ended
|
||||||||||||
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||||
(In thousands, except percentages)
|
Net Sales
|
|
% of Net Sales
|
|
Net Sales
|
|
% of Net Sales
|
||||||
Printed Circuit Board
|
$
|
95,859
|
|
|
66.7
|
%
|
|
$
|
44,445
|
|
|
57.5
|
%
|
Component Test
|
15,858
|
|
|
11.0
|
|
|
9,592
|
|
|
12.4
|
|
||
Semiconductor
|
18,765
|
|
|
13.1
|
|
|
14,831
|
|
|
19.2
|
|
||
Industrial Machining
|
13,169
|
|
|
9.2
|
%
|
|
8,458
|
|
|
10.9
|
%
|
||
Net Sales
|
$
|
143,651
|
|
|
100.0
|
%
|
|
$
|
77,326
|
|
|
100.0
|
%
|
|
Two fiscal quarters ended
|
||||||||||||
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||||
(In thousands, except percentages)
|
Net Sales
|
|
% of Net Sales
|
|
Net Sales
|
|
% of Net Sales
|
||||||
Asia
|
$
|
130,616
|
|
|
90.9
|
%
|
|
$
|
66,169
|
|
|
85.6
|
%
|
Americas
|
7,106
|
|
|
4.9
|
|
|
5,254
|
|
|
6.8
|
|
||
Europe
|
5,929
|
|
|
4.1
|
|
|
5,903
|
|
|
7.6
|
|
||
Net Sales
|
$
|
143,651
|
|
|
100.0
|
%
|
|
$
|
77,326
|
|
|
100.0
|
%
|
|
Two fiscal quarters ended
|
||||||||||||
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||||
(In thousands, except percentages)
|
Gross Profit
|
|
% of Net Sales
|
|
Gross Profit
|
|
% of Net Sales
|
||||||
Gross Profit
|
$
|
52,952
|
|
|
36.9
|
%
|
|
$
|
31,788
|
|
|
41.1
|
%
|
|
Two fiscal quarters ended
|
||||||||||||
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||||
(In thousands, except percentages)
|
Expense
|
|
% of Net Sales
|
|
Expense
|
|
% of Net Sales
|
||||||
Selling, general and administrative
|
$
|
24,456
|
|
|
17.1
|
%
|
|
$
|
25,637
|
|
|
33.2
|
%
|
Research, development and engineering
|
17,208
|
|
|
12.0
|
|
|
15,390
|
|
|
19.9
|
|
||
Restructuring costs
|
3,373
|
|
|
2.3
|
|
|
—
|
|
|
—
|
|
||
Acquisition and integration costs
|
—
|
|
|
—
|
|
|
335
|
|
|
0.4
|
|
||
Operating Expenses
|
$
|
45,037
|
|
|
31.4
|
%
|
|
$
|
41,362
|
|
|
53.5
|
%
|
|
Two fiscal quarters ended
|
||||||||||||
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||||
(In thousands, except percentages)
|
Non-Operating (Expense)
Income
|
|
% of Net Sales
|
|
Non-Operating (Expense)
Income
|
|
% of Net Sales
|
||||||
Interest and other (expense) income, net
|
$
|
(413
|
)
|
|
(0.3
|
)%
|
|
$
|
128
|
|
|
0.2
|
%
|
Total non-operating (expense) income
|
$
|
(413
|
)
|
|
(0.3
|
)%
|
|
$
|
128
|
|
|
0.2
|
%
|
|
Two fiscal quarters ended
|
||||||||||||
|
Sep 30, 2017
|
|
Oct 1, 2016
|
||||||||||
(In thousands, except percentages)
|
Income Tax Provision
|
|
Effective
Tax Rate
|
|
Income Tax Provision
|
|
Effective
Tax Rate
|
||||||
Provision for income taxes
|
$
|
340
|
|
|
4.5
|
%
|
|
$
|
347
|
|
|
(3.7
|
)%
|
•
|
the timing of orders and terms or acceptance of product shipments by our customers;
|
•
|
the mix of products and services that we sell in a given quarter;
|
•
|
timing and market acceptance of our new product introductions; and
|
•
|
delays or problems in the planned introduction of new products, or in the performance of any such products following delivery to customers.
|
•
|
periodic local or geographic economic downturns;
|
•
|
price and currency exchange controls;
|
•
|
fluctuation in the relative values of currencies;
|
•
|
difficulty in repatriating money, whether as a result of tax laws or otherwise;
|
•
|
difficulties protecting intellectual property;
|
•
|
shipping delays and disruptions, including as a result of border controls;
|
•
|
changes in trading policies, regulatory requirements, export control regulations, tariffs and other barriers, or the termination or renegotiation of existing trade agreements; and
|
•
|
difficulties in managing a global enterprise, including staffing, collecting accounts receivable, and managing suppliers, distributors and representatives.
|
•
|
designing facilities we can scale for future expansion, replicating current processes and bringing new facilities up to full operation;
|
•
|
unpredictable costs, redundancy costs and cost overruns for developing facilities and acquiring equipment;
|
•
|
building local management teams, technical personnel and other staff for functions that we have not previously conducted outside of the United States;
|
•
|
technical obstacles such as poor production or process yield and loss of quality control during the ramp of a new facility;
|
•
|
re-qualifications and other procedures that our customers may require;
|
•
|
our ability to bring up local suppliers to meet our quality and cycle-time needs;
|
•
|
our ability to ship timely or incur costs associated with export control restrictions of certain of our technologies;
|
•
|
our ability to reduce costs in the United States;
|
•
|
rapidly changing business conditions that may require us to change or abandon plans before we fully implement them; and
|
•
|
challenges posed by distance and differences in language and culture.
|
•
|
recent and potential future tightening of immigration and travel controls may adversely affect the residence status of non-U.S. engineers and other key technical employees in our U.S. facilities, our ability to attract, hire and retain new non-U.S. employees in such facilities or our ability to bring our non-U.S. employees into the United States for business related activities;
|
•
|
more frequent instances of shipping delays; and
|
•
|
our customers or suppliers may experience financial difficulties or cease operations.
|
•
|
increased costs in connection with integration of personnel, operations, technologies and products of the acquired businesses;
|
•
|
difficulties in implementation of our enterprise resource planning (ERP) system into the acquired company’s operations;
|
•
|
diversion of management’s attention from other operational matters;
|
•
|
the potential loss of key employees of the acquired company;
|
•
|
lack of synergy or inability to realize expected synergies resulting from the acquisition;
|
•
|
the inability to successfully enter new markets expected to result from the acquisition;
|
•
|
acquired assets becoming impaired as a result of technological advancements or worse-than-expected performance by the acquired company;
|
•
|
establishing satisfactory internal controls and accounting practices at the acquired company;
|
•
|
difficulties implementing internal manufacturing processes at the acquired company;
|
•
|
achieving our anticipated financial and operational performance for the acquired company or the performance of the combined company following the transaction; and
|
•
|
acquiring unanticipated liabilities for which we will not be indemnified.
|
Date:
|
November 7, 2017
|
ELECTRO SCIENTIFIC INDUSTRIES, INC.
|
|
|
|
By:
|
/s/ Michael D. Burger
|
|
|
|
Michael D. Burger
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
By:
|
/s/ Paul Oldham
|
|
|
|
Paul Oldham
|
|
|
|
Senior Vice President of Administration, Chief Financial Officer and Corporate Secretary
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
1 Year Electro Scientific Industries, Inc. Chart |
1 Month Electro Scientific Industries, Inc. Chart |
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