PORTLAND, OR – Electro Scientific Industries reported fiscal second quarter 2018 revenue of $71 million, an increase of 139.1% year-over-year.
GAAP net income for the quartered ended Sept. 30 was $4.3 million, compared to a net loss of $9.7 million in the prior-year quarter. Operating income was $4.4 million, compared to a loss of $9.9 million in last year's fiscal second quarter.
“We delivered a quarter of strong financial results, with revenues more than doubling from one year ago, higher gross margin, lower fixed expenses, and strong earning," said Michael Burger, CEO of ESI. "We are in an extraordinary time as we have seen a near-term inflection in growth for flexible circuit drilling equipment as a result of new materials, technologies, and applications for flexible circuits. During the quarter we received several large orders for our industry-leading 5335 series of flexible circuit drilling products. Combining our flex demand with excellent performance across our product categories resulted in total orders for the quarter of $128.9 million.”
Operating expenses for the quarter were $22.1 million, up from $20.9 million last year, with lower fixed expenses offset by higher variable expenses and $2.2 million of restructuring costs.
At quarter end, total cash, restricted cash and current investments increased to $81.9 million. The company generated $18.3 million of cash from operations during the quarter. Sequentially, inventories decreased by $800,000, and accounts receivable decreased by $1.4 million.
Revenues for the fiscal third quarter are expected to be between $80 million and $90 million.