-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Kb8zrxATwJ/BcbGSGwbIFRa0g4uZL6tqBQk+tQpCyGcRKphoBM4pGNdSDSB05qDQ b/uaepaBEOFw0vQqUGQEWg== 0001047469-98-015017.txt : 19980416 0001047469-98-015017.hdr.sgml : 19980416 ACCESSION NUMBER: 0001047469-98-015017 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980228 FILED AS OF DATE: 19980415 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ELECTRO SCIENTIFIC INDUSTRIES INC CENTRAL INDEX KEY: 0000726514 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690] IRS NUMBER: 930370304 STATE OF INCORPORATION: OR FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-12853 FILM NUMBER: 98593829 BUSINESS ADDRESS: STREET 1: 13900 NW SCIENCE PARK DR CITY: PORTLAND STATE: OR ZIP: 97229 BUSINESS PHONE: 5036414141 MAIL ADDRESS: STREET 1: 13900 NW SCIENCE PARK DRIVE CITY: PORTLAND STATE: OR ZIP: 97229-5497 10-Q 1 FORM 10-Q Page 1/16 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________________ TO ______________________ COMMISSION FILE NUMBER 0-12853 ELECTRO SCIENTIFIC INDUSTRIES, INC. OREGON 93-0370304 13900 N.W. SCIENCE PARK DRIVE, PORTLAND, OREGON 97229 (503) 641-4141 INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH FILING REQUIREMENTS FOR THE PAST 90 DAYS. YES X NO ----- --- AS OF FEBRUARY 28, 1998 THERE WERE 11,164,845 SHARES OF COMMON STOCK OF ELECTRO SCIENTIFIC INDUSTRIES, INC. OUTSTANDING. Page 2/16 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES EXHIBIT INDEX Part I. Financial Information
Page No. -------- Item 1. Consolidated Financial Statements (Unaudited) Consolidated Balance Sheets 3-4 February 28, 1998 and May 31, 1997 Consolidated Statements of Income 5 Three Months and Nine Months ended February 28, 1998 and February 28, 1997 Consolidated Statements of Cash Flows 6-7 Nine Months ended February 28, 1998 and February 28, 1997 Notes to Consolidated Financial Statements 8-12 Item 2. Management's Discussion and Analysis of Financial 13-15 Condition and Results of Operations Signature 16
Page 3/16 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Thousands of dollars)
ASSETS February 28, 1998* May 31, 1997 ----------------- ------------ CURRENT ASSETS: Cash and cash equivalents $ 8,656 $ 20,315 Securities available for sale 29,104 27,860 ------ ------ Total Cash and Securities 37,760 48,175 Trade receivables, net 63,060 54,321 Inventories 53,058 35,023 Deferred income taxes 3,966 3,966 Other current assets 2,785 675 ----- --- Total current assets 160,629 142,160 ------- ------- PROPERTY AND EQUIPMENT, AT COST 54,858 46,236 Less - Accumulated depreciation (29,384) (27,203) ------- ------- Net property and equipment 25,474 19,033 ------ ------ DEFERRED INCOME TAXES 4,042 1,042 OTHER ASSETS 7,912 5,115 ----- ----- $198,057 $167,350 -------- -------- -------- --------
The accompanying notes are an integral part of these statements. * Unaudited Page 4/16 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Thousands)
LIABILITIES AND SHAREHOLDERS' EQUITY February 28, 1998* May 31, 1997 - -------------------- ------------------ ------------ CURRENT LIABILITIES: Accounts payable $ 10,699 $ 8,269 Accrued liabilities: Payroll related 5,014 4,749 Commissions 3,347 2,241 Warranty reserve 1,957 1,870 Income taxes 2,055 1,215 Other 2,244 1,645 ----- ----- Total accrued liabilities 14,617 11,720 Deferred revenue 292 666 --- --- Total current liabilities 25,608 20,655 ------ ------ SHAREHOLDERS' EQUITY: Preferred stock, without par value; 1,000 shares authorized, no shares issued -- -- Common stock, without par value; Authorized: 40,000 shares; Outstanding: 11,165, and 10,560 respectively 97,555 81,423 Retained earnings 74,894 65,272 ------ ------ Total shareholders' equity 172,449 146,695 ------- ------- $198,057 $167,350 -------- -------- -------- --------
The accompanying notes are an integral part of these statements. * Unaudited Page 5/16 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Thousands except per share)
Three Months Ended Nine Months Ended ------------------ ----------------- Feb. 28, 1998* Feb. 28, 1997* Feb. 28, 1998* Feb. 28, 1997* -------------- -------------- -------------- -------------- Net Sales $ 57,594 $ 45,764 $174,585 $125,842 Cost of sales 25,295 20,753 77,445 57,656 ------ ------ ------ ------ Gross margin 32,299 25,011 97,140 68,186 Operating expenses: Selling, service and administrative 14,321 11,162 42,593 31,638 Research, development and engineering 7,499 5,212 21,317 16,292 Acquired in-process research and development and merger related expenses 3,510 -- 14,634 -- ----- ------ ------ ----- Total operating expenses 25,330 16,374 78,544 47,930 ------ ------ ------ ------ Operating income 6,969 8,637 18,596 20,256 Interest income 435 392 1,345 1,129 Other income (expense) 295 91 619 (776) ------ --- --- ---- Income before income taxes 7,699 9,120 20,560 20,609 Provision for income taxes 3,165 3,100 9,969 8,491 ----- ----- ----- ----- Net income $ 4,534 $ 6,020 $ 10,591 $ 12,118 -------- --------- -------- -------- -------- --------- -------- -------- Net income per share: Basic $ 0.41 $ 0.57 $ 0.96 $ 1.15 -------- --------- -------- -------- -------- --------- -------- -------- Diluted $ 0.40 $ 0.55 $ 0.93 $ 1.11 -------- --------- -------- -------- -------- --------- -------- -------- Weighted average number of shares: Basic 10,973 10,507 11,006 10,494 Diluted 11,306 11,000 11,343 10,875
The accompanying notes are an integral part of these statements. * Unaudited Page 6/16 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Thousands of dollars)
Nine Months Ended February 28, 1998* February 28, 1997* ------------------ ------------------ Cash Flows From Operating Activities: Net income $10,591 $12,118 Adjustment to align AISI, inc fiscal year with May 31 (565) -- Adjustments to reconcile net income to cash used in operating activities: Acquired in-process research and development and merger-related expenses (1) 14,634 -- Depreciation and amortization 4,098 3,041 Loss on sale of property and equipment -- 132 Changes in operating accounts: Increase in trade receivables (6,973) (7,096) Increase in inventories (12,474) (673) (Increase) decrease in other current assets (2,064) 1,850 Decrease in accounts payable and accrued liabilities (4,822) (2,746) (Decrease) increase in deferred revenue (374) 98 ---- -- Net cash provided by operating activities: 2,051 6,724 ----- ----- Cash Flows From Investing Activities: Purchases of property and equipment (8,896) (3,322) Purchase of securities (18,659) (36,511) Proceeds from sales of securities and maturing securities 17,415 27,800 Increase in other assets (773) (1,171) --- ----- Net cash used in investing activities: (10,913) (13,204) ------ ------ Cash Flows From Financing Activities: Repayment of Dynamotion subsidiary debt (2) (6,979) Net borrowings of AISI subsidiary -- 249 Proceeds from exercise of stock options and stock plans 4,182 515 ----- --- Net cash, (used in) provided by financing activities: (2,797) 764 ----- --- Net Change In Cash And Cash Equivalents (11,659) (5,716) Cash and Cash Equivalents at Beginning of Period 20,315 20,372 ------ ------ Cash and Cash Equivalents at End of Period $ 8,656 $14,656 ------- -------
The accompanying notes are an integral part of these statements. *Unaudited Page 7/16 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (Thousands of dollars) (Unaudited) Cash payments for interest were not significant for the nine months ended February 28, 1998 and February 28, 1997. Cash payments for income taxes were $9,270 and 6,439 for the nine months ended February 28, 1998 and February 28, 1997, respectively. Notes: (1) See Note 5 in Notes to Consolidated Financial Statements. (2) Acquisition of Dynamotion subsidiary: Assets less liabilities acquired, net of cash $(11,950) Issuance of common stock and common stock options 11,950 ------ Net cash used to acquire Dynamotion: $ 0
Page 8/16 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands) (Unaudited) NOTE 1 - BASIS OF PRESENTATION The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in these interim statements. Management believes that the interim statements include all adjustments (consisting of only normal recurring accruals) necessary for a fair presentation of results for the interim periods. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 1997 Annual Report filed on Form 10-K and Forms 8-KA filed in conjunction with the Chip Star and Applied Intelligent Systems, Inc. poolings. Results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. NOTE 2 - ACCOUNTS RECEIVABLE Accounts receivable are net of an allowance for doubtful accounts of $556 at February 28, 1998 and $377 at May 31, 1997*. NOTE 3 - INVENTORIES Inventories consist of the following:
February 28, 1998 May 31, 1997 * ----------------- ------------- Raw materials and purchased parts $ 32,497 $22,345 Work-in-process 15,552 6,952 Finished goods 5,009 5,726 ----- ----- $53,058 $35,023 ------- ------- ------- -------
*Audited Page 9/16 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) (Dollars in thousands) (Unaudited) NOTE 4 - NET INCOME PER SHARE The Company adopted the Financial Accounting Standards Board's Statement 128, Earnings Per Share ("SFAS 128"), in the third fiscal quarter of 1998. Under the provisions of SFAS 128, primary earnings per share has been replaced by basic earnings per share, which does not include the dilutive effect of stock options in its calculation. In addition, fully diluted earnings per share has been replaced by diluted earnings per share. All prior period earnings per share amounts have been restated to reflect the requirements of SFAS 128. Basic earnings per share has been computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share has been computed using the weighted average number of common shares and equivalents (representing the dilutive effect of stock options) outstanding during the period. Net income has not been adjusted for any period presented for purposes of computing basic and diluted earnings per share. All earnings per share amounts in the following table are presented and, where necessary, restated to conform to the SFAS 128 requirements.
Three Months Ended Nine Months Ended Feb. 28,1998 Feb. 28,1997 Feb. 28,1998 Feb. 28,1997 ------------ ------------ ------------ ------------ Net income $4,534 $6,020 $10,591 $12,118 Weighted average number of shares of common stock and common stock equivalents outstanding: Weighted average number of shares outstanding for computing basic net income per share 10,973 10,507 11,006 10,494 Dilutive effect of employee stock options after application of the treasury stock method 333 493 337 381 --- --- --- --- Weighted average number of shares outstanding for computing diluted net income per share 11,306 11,000 11,343 10,875 ------ ------ ------ ------ ------ ------ ------ ------ Net income per share - basic $0.41 $0.57 $0.96 $1.15 ---- ---- ---- ---- ---- ---- ---- ---- Net income per share - diluted $0.40 $0.55 $0.93 $1.11 ---- ---- ---- ---- ---- ---- ---- ----
Page 10/16 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands) (Unaudited) For purposes of computing diluted earnings per share, weighted average common share equivalents do not include the following stock options with an exercise price that exceeds the average fair market value of the Company's common stock for the period.
Three Months Ended Nine Months Ended Feb. 28, 1998 Feb. 28, 1997 Feb. 28, 1998 Feb. 28, 1997 ------------- ------------- ------------- ------------- Employee Stock Options 3 39 10 39
NOTE 5 - ACQUISITION OF DYNAMOTION, INC. On June 9 1997, the Company acquired all of the outstanding stock of Dynamotion Corp., a producer of high performance mechanical drilling and routing systems based in Santa Ana, California. The preliminary purchase consideration consisted of 347,000 shares of ESI stock. The transaction was accounted for as a purchase. The Company is still obtaining data about certain contingent assets and liabilities related to the acquisition and, accordingly, the purchase price allocation remains open. In connection with the purchase price allocation, the Company estimated the fair value of the intangible assets indicating that substantially all of the acquired intangible assets consisted of research and development projects in process. At that time, the development of these projects had not reached technological feasibility and the technology was believed to have no alternative future use. In accordance with generally accepted accounting principles, the acquired in-process research and development was charged to expense during the period ended August 31, 1997 and is reflected in the accompanying Consolidated Statements of Income. The following pro forma combined income statement data for the nine months ended February 28, 1997 was prepared as if the acquisition had occurred at the beginning of the period. The pro forma effect of Dynamotion's revenue and net income for the period from June 1 to June 9, 1997 is not significant. Page 11/16 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands) (Unaudited) Pro forma Combined Statement of Income ------------------- (Unaudited) Nine Months Ended February 28, 1997 ----------------------------------- Net sales $136,161 Net income $ 7,102 Net income per share $ 0.66
NOTE 6 - ACQUISITION OF CHIP STAR, INC. On June 26, 1997, the Company completed the acquisition of Chip Star Inc., a provider of ceramic capacitor termination systems located in San Marcos, California, through the issuance of 700,000 shares of ESI stock. The transaction has been accounted for as a pooling of interests and, accordingly, all data included in the Consolidated Financial Statements has been restated to reflect the Chip Star acquisition. Disclosure of ESI and Chip Star's revenue and net income, on an individual company basis from June 1 to June 25, 1997 is significant. NOTE 7 - ACQUISITION OF APPLIED INTELLIGENT SYSTEMS, INC. (AISI) On December 1, 1997, the Company completed the acquisition of AISI, a provider of machine vision solutions for the semiconductor and electronics industries, located in Ann Arbor, Michigan. The acquisition consideration consists of 1,400,000 shares of ESI common stock, of which 1,126,000 have been issued and the remaining 274,000 have been reserved for stock options assumed in the acquisition. The transaction has been accounted for as a pooling-of-interests and, accordingly, all data included in the Consolidated Financial Statements has been restated. Page 12/16 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands) (Unaudited) A reconciliation of amounts previously reported to amounts included in the financial statements is as follows:
Three Months Ended Nine Months Ended Nine Months Ended February 28, 1997 February 28, 1997 February 28, 1998 ----------------- ----------------- ----------------- Revenue: ESI $ 37,202 $ 107,159 $157,340 Chip Star 3,145 6,802 -- AISI 5,417 11,881 17,245 ----- ------ ------ As restated $ 45,764 $ 125,842 $174,585 Net Income: ESI $ 4,862 $ 13,828 $ 6,843 Chip Star 896 1,636 -- AISI 262 (3,346) 3,748 --- ----- ----- As restated $ 6,020 $ 12,118 $ 10,591
NOTE 8 - INCOME TAXES The effective income tax rate for the interim period is based on estimates of annual amounts of taxable income, tax credits and other factors. Page 13/16 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES MANAGEMENT DISCUSSION AND ANALYSIS Results of Operations Revenue of $57.6 million for the quarter ended February 28, 1998 was $11.8 million or 25.7% higher than in the third quarter of fiscal 1997, and $2.3 million or 3.8% lower than in the quarter ended November 30, 1997. The year over year increase was due to higher demand for electronic packaging equipment, including incremental sales associated with the purchase merger with Dynamotion, Corp., and improved market conditions for capacitor test and termination equipment. Quarter to quarter increases for electronic packaging and circuit fine tuning equipment sales were more than offset by reduced demand for memory yield improvement and machine vision systems. Gross margin for the three months ended February 28, 1998 increased to 56.1% from 54.7% for the third quarter of the prior fiscal year. The increase was due to higher margins on electronic component systems and machine vision products. Gross margin for the current period was slightly lower than for the quarter ended November 30, 1997 due to increased expenses for service and warranty work. Selling, service and administrative expenses for the three months ended February 28, 1998 were $3.2 million higher than for the third quarter of fiscal 1997. The increase is due to several factors: Selling expenses increased in conjunction with higher sales volumes and the increasing breadth of our product offerings; and administrative expenses were higher due to higher incentive compensation accruals and incremental administrative expenses associated with Dynamotion. Expenses for sales, services and administration were down about $0.4 million from the prior quarter. Expenses associated with research, development and engineering increased in absolute terms and as a percentage of sales over both the third quarter of fiscal 1997 and the second quarter of the current fiscal year. The increase of $2.3 million over the same quarter of the prior fiscal year is attributable to R&D activities at Dynamotion, which was purchased in June of 1997. R&D expenses increased $.5 million over the prior quarter. R&D spending typically fluctuates from quarter to quarter as engineering projects move through their life cycles. Net income for the quarter ended February 28, 1998 was $4.5 million or $.41 per basic share. Excluding $3.5 million of merger related expences, net income was $7.4 million or $.67 per basic share. This represents an increase of 22.8% over the third quarter of fiscal 1997, when earnings were $6.0 million or $.57 per basic share. Ending backlog on February 28, 1998 was $30 million as compared to $33 million for November 30, 1997. Page 14/16 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES MANAGEMENT DISCUSSION AND ANALYSIS (continued) Liquidity, Capital Resources and Business Environment The Company's principal sources of liquidity are existing cash and cash equivalents and marketable debt securities of $37.8 million, accounts receivable of $63.1 million, and a $7.0 million line of credit, none of which was outstanding at February 28, 1998. ESI has a current ratio of 6.3:1 and no long-term debt. Working capital increased to $135.0 million at February 28, 1998 versus $129.2 million at November 30, 1997. Inventory increased by $7.6 million over November 30, 1997 due to additional levels of raw materials as production capability for Dynamotion advanced packaging products is added to the Portland facility. The Company's business depends in large part upon the capital expenditures of manufacturers of electronic devices, including miniature capacitors and semiconductor memory devices, and circuits used in wireless telecommunications equipment, such as pagers and cellular phones, automotive electronics and computers. The markets for products manufactured by the Company's customers are cyclical and have historically experienced periodic downturns, which often have had a negative effect on the demand for capital equipment such as that sold by the Company. Several large, multinational electronics companies constituted 45% of the Company's fiscal 1997 sales and are expected to comprise a similar ratio in fiscal 1998. The loss of any of these customers would be significant. The market for the Company's products is characterized by rapidly changing technology and evolving industry standards. The Company believes that its future success will depend on its ability to develop and manufacture new products and product enhancements, to introduce them successfully into the market and to create and sustain intellectual property protection for these new products. Failure to do so in a timely fashion could harm the Company's competitive position. The announcements or introductions of new products by the Company or its competitors may adversely affect the Company's operating results, since these announcements may cause customers to defer or forego ordering products from the Company's existing product lines. International shipments have accounted for 55% of year-to-date sales for fiscal 1998 as compared to 59% for fiscal 1997. About 40% of the company's year-to-date product sales are to Asian customers. Several countries in this region, notably South Korea, Japan and Taiwan, have experienced currency devaluation and/or difficulties in financing short-term obligations. While some orders to Japanese and Korean customers have been delayed, the Company's customers in these countries thus far have continued to purchase and pay for ESI products on normal terms. There can be no assurance that difficulties in the Asian economy will not adversely affect the demand for the company's products in that region or elsewhere. Page 15/16 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES MANAGEMENT DISCUSSION AND ANALYSIS (continued) The Company expects that international shipments will continue to represent a significant percentage of net sales in the future. As a result, a significant portion of the Company's net sales will be subject to certain risks, including changes in demand resulting from fluctuations in interest and currency exchange rates, as well as factors such as government financed competition, changes in trade policies, tariff regulations, difficulties in obtaining US export licenses and the difficulties of staffing and managing foreign operations. Most of the Company's sales are transacted in dollars and the Company's products are made in the United States. Many Japanese customers pay us in yen, and ESI hedges these sales transactions to mitigate currency risks. The European and Asian sales subsidiaries' operating expenses are denominated in their respective local currencies. These transactions represent approximately 9% of total consolidated operating expenses with about 60% attributable to Europe and 40% to Asia. Changes in the value of the local currency, as measured in US dollars, will commensurably increase or decrease operating expenses. Information in the Management Discussion and Analysis regarding expectations for future product demand, customers, international shipments and future product offerings and resources constitute forward-looking statements that involve a number of risks and uncertainties. In addition, the Company may from time to time issue other forward-looking statements. The following factors could cause actual results to differ materially from the forward-looking statements: general economic conditions, including their impact on capital expenditures; business conditions in the electronics industry, including the cyclical nature of the market for the Company's products; rapidly changing technology and evolving industry standards; availability and continued validity of intellectual property protection; competitive factors, including increased competition, new product offerings by competitors and price pressures; availability of supplies from third party suppliers on a timely basis and at reasonable prices; and international business conditions, including fluctuations in interest and currency exchange rates, government financed competition, changes in trade policies, tariff regulations, and the difficulties of staffing and managing foreign operations. The forward-looking statements should be considered in light of these factors. Page 16/16 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed by the undersigned thereunto duly authorized. ELECTRO SCIENTIFIC INDUSTRIES, INC. Dated: April 14, 1998 Barry L. Harmon -------------------------------------- Barry L. Harmon, Senior Vice President and Chief Financial Officer EX-27 2 EXHIBIT 27
5 1,000 9-MOS MAY-31-1998 JUN-01-1997 FEB-28-1998 8656 27104 63616 556 53058 160629 54858 29384 198057 25608 0 0 0 97555 74894 198057 174585 174585 77445 77445 78544 0 0 20560 9969 0 0 0 0 10591 0.96 0.93
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