ELECTRO SCIENTIFIC INDUSTRIES INC

CIK:0000726514|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 29, 2018	Dec. 30, 2017	Dec. 29, 2018	Dec. 30, 2017
Revenues	$ 67,942	$ 110,840	$ 264,483	$ 254,491
Cost of sales	41,804	57,684	146,080	148,383
Gross profit	26,138	53,156	118,403	106,108
Operating expenses:
Selling, service and administration	9,376	11,040	30,344	35,496
Research, development and engineering	8,609	8,165	27,821	25,373
Restructuring Costs	0	706	0	4,079
Business Combination, Integration Related Costs	4,277	0	4,277	0
Net operating expenses	22,262	19,911	62,442	64,948
Operating (loss) income	3,876	33,245	55,961	41,160
Non-operating (expense) income:
Interest and other (expense) income, net	1,985	789	2,820	376
Other Nonoperating Income (Expense)	1,985	789	2,820	376
Income (loss) before income taxes	5,861	34,034	58,781	41,536
Provision for (benefit from) income taxes	(479)	61	4,462	401
Net (loss) income	$ 6,340	$ 33,973	$ 54,319	$ 41,135
Net (loss) income per share - basic	$ 0.18	$ 0.99	$ 1.57	$ 1.22
Net (loss) income per share - diluted	$ 0.18	$ 0.94	$ 1.50	$ 1.16
Weighted average number of shares - basic	34,769	34,224	34,623	33,839
Weighted Average Number of Shares Outstanding, Diluted	35,975	36,010	36,127	35,562
Product [Member]
Revenues	$ 55,679	$ 99,418	$ 223,799	$ 221,827
Cost of sales	34,744	52,502	125,377	132,107
Service Market [Member]
Revenues	12,263	11,422	40,684	32,664
Cost of sales	$ 7,060	$ 5,182	$ 20,703	$ 16,276

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 29, 2018	Dec. 30, 2017
Repayments of Long-term Debt	$ (337)	$ (321)
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	54,319	41,135
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	6,528	6,523
Share-based compensation expense	4,868	3,510
Impairment of PP&E and other long-term assets due to restructuring	0	5,610
Provision for Doubtful Accounts	(550)	603
Inventory Write-down	247	0
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities	0	8,248
Gain (Loss) on Disposition of Assets	0	101
Gain (Loss) on Disposition of Business	0	(917)
Decrease (increase) in deferred income taxes	2,797	2
Changes in operating accounts, net of acquisitions:
Decrease (increase) in trade receivables, net	7,643	(35,271)
Decrease (increase) in inventories	1,502	(24,402)
Decrease (increase) in shipped systems pending acceptance	2,041	(67)
Decrease (increase) in other current assets	518	1,489
Increase (decrease) in accounts payable and accrued liabilities	(21,579)	36,963
Increase (decrease) in deferred revenue	(988)	(2,730)
Net cash (used in) provided by operating activities	57,346	40,797
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments	(155,020)	(48,668)
Proceeds from sales and maturities of investments	78,918	17,034
Purchase of property, plant and equipment	(6,670)	(3,079)
Decrease (increase) in other assets	523	(4,646)
Net cash (used in) provided by investing activities	(80,611)	(36,360)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments Related to Tax Withholding for Share-based Compensation	(951)	(1,696)
Proceeds from Issuance of Common Stock	1,238	2,624
Net cash (used in) provided by financing activities	(50)	607
Effect of exchange rate changes on cash	(1,337)	562
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(24,652)	5,606
Cash and Cash Equivalents, at Carrying Value	52,129	62,251
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	53,233	63,338
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	477	496
Cash paid for income taxes	(1,766)	(979)
Income tax refunds received	34	67
Property, Plant and Equipment, Gross, Period Increase (Decrease)	3,990	(824)
Property, Plant and Equipment, Additions	1,537	483
Proceeds from Divestiture of Businesses	$ 1,638	$ 2,999

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 29, 2018	Mar. 31, 2018
Current assets:
Cash and Cash Equivalents, at Carrying Value	$ 52,129	$ 76,792
Short-term investments	123,081	47,121
Accounts Receivable, Net, Current	55,557	63,044
Inventories	81,846	87,686
Shipped systems pending acceptance	2,693	4,734
Other current assets	6,077	5,493
Total current assets	321,383	284,870
Non-current assets:
Property, plant and equipment, net	25,623	22,025
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	40,919	43,518
Goodwill	2,626	2,626
Acquired intangible assets, net	4,099	5,169
Other assets	13,502	14,780
Total assets	408,152	372,988
Current liabilities:
Accounts payable	27,505	37,354
Accrued liabilities	25,487	34,533
Deferred Revenue, Current	8,777	9,818
Total current liabilities	61,769	81,705
Long-term Debt	12,438	12,766
Non-current liabilities:
Non-current income taxes payable	2,119	1,901
Liabilities, Other than Long-term Debt, Noncurrent	7,447	10,258
Liabilities	83,773	106,630
Commitments and Contingencies
Shareholders' equity:
Preferred stock, without par value	0	0
Common stock, without par value	216,174	210,995
Retained earnings	109,176	54,816
Accumulated other comprehensive income	(971)	547
Total shareholders' equity	324,379	266,358
Total liabilities and shareholders' equity	$ 408,152	$ 372,988