Portland, OR - Laser micromachining systems maker Electro Scientific Industries (ESI) has reported select preliminary results for its fiscal fourth quarter ended March 29, 2014.
Related: ESI receives order from consumer electronics provider, releases 3Q financials
Net revenues for the fourth quarter were approximately $37 million. Non-generally accepted accounting principle (GAAP) loss for the fourth quarter is now expected to be between $0.16 and $0.18 per share, which is a larger loss than the guidance range of a $0.09 to $0.14 loss per share that was provided in the company's February 4, 2014 announcement. Contributing to the loss were higher expenses related to the first shipments of both gen 4.5 and gen 6 glass cutting systems to touch-panel manufacturers, and the shipment of a development tool for a semiconductor manufacturer. The company further announced that it expects GAAP results to include a write-down of inventory related to discontinued products and other non-cash impairment charges that are still being determined. These amounts are not included in the non-GAAP estimate above.
Orders for the quarter were approximately $32 million. ESI CEO Ed Grady notes that "Sales and orders for the quarter came in below our expectations. Our markets were challenging, and anticipated demand for advanced microfabrication tools did not materialize. While we do not expect a meaningful increase in orders in the near term, we continue to see multiple potential opportunities for new applications."
The company will provide a full report on the financial results for its fiscal 2014 fourth quarter and year after the market closes on Tuesday, May 13, 2014.
(Image via Shutterstock)