PORTLAND, OR -- Electro Scientific Industries announced fiscal third quarter revenue rose 228% year-over-year to $110.8 million.
GAAP net income for the period ended Dec. 31 was $34 million, up from a net loss of $9.7 million one year ago.
Total orders for the quarter were $134 million, compared to $44.1 million one year ago and $128.9 million in the prior quarter. Burger continued, "Bookings more than tripled year over year as increasingly complex consumer electronics have driven an expansion of the flexible circuit content per device, requiring flexible circuit manufacturers to add capacity of our industry-leading laser drilling products."
GAAP gross margin was 48%, compared to 33.9% in the fiscal third quarter a year before. Operating expense was $19.9 million, down from $21.5 million. Operating income was $33.2 million, or 30% of revenue, compared to a loss of $10.1 million in last year's third quarter.
The company generated $15.1 million of cash from operations during the quarter. Accounts receivable increased by $28 million to $75.7 million.
Revenues for the fiscal fourth quarter are expected to be $95 million to $110 million.
"We delivered another quarter of excellent financial results," said Michael Burger, president and CEO of ESI. "Similar to other capital equipment providers, our visibility of specific demand levels beyond the first quarter of fiscal 2019 remains limited. That said, we believe the underlying technology trends for our products will drive long-term growth in our targeted markets, and our business model should translate the incremental revenue into leveraged earnings growth."