Electro Scientific Industries, Inc. (ESIO) swung to a net loss for the quarter ended Apr. 01, 2017. The company has made a net loss of $17.92 million, or $ 0.54 a share in the quarter, against a net profit of $1.95 million, or $0.06 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $2.89 million, or $0.09 a share compared with $3.40 million or $0.11 a share, a year ago.
Revenue during the quarter dropped 3.05 percent to $49.92 million from $51.49 million in the previous year period. Gross margin for the quarter contracted 463 basis points over the previous year period to 36.52 percent. Operating margin for the quarter stood at negative 36.20 percent as compared to a positive 2.19 percent for the previous year period.
Operating loss for the quarter was $18.07 million, compared with an operating income of $1.13 million in the previous year period.
However, the adjusted operating income for the quarter stood at $2.71 million compared to $3.31 million in the prior year period. At the same time, adjusted operating margin contracted 101 basis points in the quarter to 5.42 percent from 6.43 percent in the last year period.
"The company had a strong quarter operationally with orders, revenues, and non-GAAP earnings exceeding expectations," stated Michael Burger, president and CEO of ESI. "The seasonally strong orders resulted in our highest backlog in nearly five years and position us well as we enter fiscal 2018. I am also pleased with the progress we are making on our restructuring plan. Our new executive team is in place and we are on track with our plans to improve our consistency of earnings over time."
For the first-quarter, Electro Scientific Industries, Inc. forecasts diluted loss per share to be in the range of negative $0.12 to $0.03. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $0.15 to $0.20.
Operating cash flow turns negative
Electro Scientific Industries, Inc. has spent $0.83 million cash to meet operating activities during the year as against cash inflow of $4.70 million in the last year.
Cash flow from investing activities was $2.61 million from investing activities during the year as against cash outgo of $13.81 million in the last year.
Cash flow from financing activities was $14.16 million for the year, up 1,856.49 percent or $13.44 million, when compared with the last year.
Cash and cash equivalents stood at $56.64 million as on Apr. 01, 2017, up 33.55 percent or $14.23 million from $42.41 million on Apr. 02, 2016.
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