PORTLAND, OR -- Electro Scientific Industries, Inc. (ESI) reported that its fiscal 2009 third quarter revenues were $25.6 million, down 48% from the previous quarter. The company's fiscal 2009 third quarter ended December 27, 2008.
New business in the third quarter was down $16.4 million, compared to the second quarter and included a loss of approximately $5 million in previously-booked orders that resulted in deferrals or cancellations.
The company plans to reduce headcount by an additional 12% this quarter. Further the company plans to enact executive pay reductions, company-wide furloughs, plant shutdowns and will suspend 401K matching. Nick Konidaris, ESI president and CEO said, “Although these actions are difficult, we are committed to managing our cost structure consistent with market conditions.”