PORTLAND, OR -- Electro Scientific Industries reported fiscal fourth quarter revenue rose 127% year-over-year to $113.4 million.

Orders rose 36% year-over-year to $111.8 million.

GAAP net income was $75.1 million for the period ended Mar. 31, versus a net loss of $17.9 million, including a tax credit of approximately $41 million. On a non-GAAP basis net income was $36.5 million, compared to $2.9 million in fiscal 2017.

GAAP gross margin was 48.3%, compared to 36.5% in the fourth quarter last year. Operating expense was $20 million, down from $36.3 million last year. Operating income was $34.7 million, compared to a loss of $18.1 million in the year-ago quarter.

For the year, revenue more than doubled to $367.9 million and orders were up 144% to $451.4 million. At the end of March, backlogs were $148.4 million, primarily expected to ship in the first half of fiscal 2019. GAAP operating margin was 20.6%, while non-GAAP operating margin was 27.4%. Cash from operations was $67.4 million.

“We delivered another quarter of exceptional financial results, which closed out a defining and transformative year for ESI," said Michael Burger, president and CEO, ESI. "Our team executed well and capitalized on strong market conditions, positioning us for future success. “Overall, our markets enabled strong bookings in the fourth quarter, primarily as a result of demand for flex circuit drilling. Demand for our semiconductor and component test products remained strong and total book to bill was 0.99, even as we delivered our highest quarterly revenues in recent history."

Based on current market and backlog conditions, revenues for the first quarter of fiscal 2019 are expected to be between $97 and $111 million.

"We enter our fiscal 2019 with a product portfolio that is retaining or growing market share," said Burger. "In this coming fiscal year we expect to introduce significant new products that will expand our addressable market, extend our competitive advantage, generate incremental revenue, and increase our exposure to secular growth drivers. Our markets will naturally cycle, and our visibility into the timing of those cycles remains limited. That said, the long-term technology trends and drivers indicate solid growth across our markets, and our new products should enable us to retain or grow share. Through the cycles our technology advantages and lower fixed cost base should allow us to generate solid earnings in all market conditions."

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