PORTLAND, OR -- Electro Scientific Industries today announced revenues for its fiscal 2016 fourth quarter were $51.5 million, up 18.9% sequentially and 37% from a year ago.

GAAP net income was $2 million for the quarter year ended Apr. 2, up from  loss of $23 million last year.

On a GAAP basis gross margin was 41.1%, up from 40.9% sequentially. Operating expenses were $20.1 million, down from $22.2 million in the prior quarter. Operating income was $1.1 million, up from a loss of $4.5 million in the third quarter.

Bookings in the fourth quarter were $55.6 million, compared to $52.6 million in the prior quarter and $40 million last year.

“Revenue grew 19% sequentially and 37% over the same quarter last year,” said Ed Grady, president and CEO of ESI. “Revenue growth combined with diligent expense management led to a quarter of solid profitability. Further, we continued to advance our strategy by introducing Garnet, a new large format micromachining platform, and receiving commitments for placement of our new nViant system at multiple customers."

Fiscal 2016 revenue was $184 million, up 16% from fiscal 2015. The net loss was $12.3 million, versus a net loss of $43.8 million the prior year.

Revenues for the first fiscal quarter are expected to be between $48 million and $53 million.