Electro Scientific Industries Inc. announced that its board of directors declared a quarterly cash dividend of $0.08 per share. The dividend is payable June 19, 2013 to shareholders of record as of the close of business on June 5, 2013.

Electro Scientific Industries Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended March 30, 2013. For the quarter, the company reported net sales of $39.574 million compared to $45.492 million a year ago. Operating loss was $30.851 million compared to $10.476 million a year ago. Loss before income taxes was $30.534 million compared to $10.417 million a year ago. Net loss was $65.751 million or $2.23 per basic and diluted share compared to $7.665 million or $0.26 per basic and diluted share a year ago. Non-GAAP operating loss was $2.677 million compared to $2.100 million a year ago. Non-GAAP net loss was $0.980 million or $0.03 per basic and diluted share compared to $1.854 million or $0.06 per basic and diluted share a year ago. Net cash used in operating activities was $10.427 million compared to $2.631 million a year ago. Fourth quarter results included a $25.7 million charge related to restructuring and asset write-offs, and a $46.9 million charge related to a valuation allowance recorded against US deferred tax assets. For the year, the company reported net sales of $216.625 million compared to $254.229 million a year ago. Operating loss was $15.118 million compared to operating income of $1.195 million a year ago. Loss before income taxes was $14.865 million compared to income before income taxes of $3.487 million a year ago. Net loss was $54.716 million or $1.86 per basic and diluted share compared to net income of $4.904 million or $0.17 per basic and diluted share a year ago. Non-GAAP operating income was $6.614 million compared to $21.810 million a year ago. Non-GAAP net income was $6.424 million or $0.21 per diluted share compared to $15.850 million or $0.54 per diluted share a year ago. Net cash provided by operating activities was $17.107 million compared to $14.313 million a year ago. Financial measures are provided on both a GAAP and non-GAAP basis, which excludes the impact of purchase accounting, equity compensation, restructuring and valuation allowance charges, and other items. Based on recent order levels, the company expects revenues for the first quarter of fiscal 2014 to be in the mid to high $40 million range including revenues from the recent acquisition. Non-GAAP earnings per share is expected to be breakeven to slightly positive. The company expects the tax rate for both a GAAP and non-GAAP basis to be approximately 5% to 10%. The company expects non-GAAP expenses in the dirst quarter to be higher by $1.5 million to $2 million as a result of the addition of the Semiconductor Systems Group.

Electro Scientific Industries Inc., Q4 2013 Earnings Call, May 07, 2013