Electro Scientific Industries Inc. (ESIO, Financial) filed Quarterly Report for the period ended 2011-01-01.
Electro Scientific Industries Inc. has a market cap of $460.4 million; its shares were traded at around $16.45 with a P/E ratio of 91.1 and P/S ratio of 3.1. Hedge Fund Gurus that owns ESIO: David Nierenberg of D3 Family of Funds, Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns ESIO: Third Avenue Management, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors.
Gross margin was 44.7% on net sales of $67.2 million for the third quarter of 2011 compared to 43.7% on net sales of $59.6 million for the prior quarter. The increase in gross margin percentage was primarily due to the favorable impact of a higher proportion of SG sales.
Net operating expenses of $27.5 million in the third quarter of 2011 increased $2.3 million compared to the prior quarter. This increase was primarily due to $1.3 million of legal settlement costs and $0.8 million of restructuring costs included in the third quarter of 2011. Excluding these items, net operating expenses increased slightly with higher costs from a full quarter of activity from our Pyrophotonics operations, largely offset by lower share-based compensation expenses and acquisition-related costs.
Operating income was $2.5 million in the third quarter of 2011, an increase of $1.8 million compared to $0.7 million in the prior quarter. The improvement was primarily due to higher gross profit, partially offset by legal settlement costs and restructuring charges.
Net sales were $67.2 million for the third quarter of 2011, an increase of $28.2 million or 72.1% compared to net sales of $39.0 million for the third quarter of 2010. The increase was primarily driven by high shipment levels of our SG products as well as strong demand for our IMG products.
Net sales were $185.2 million for the first three quarters of 2011, an increase of $95.9 million or 107% compared to net sales of $89.3 million for the first three quarters of 2010. Revenue increased in each of our product groups, reflecting improved capacity utilization as customers continued to recover from the global economic downturn and improved demand for consumer electronics.
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Electro Scientific Industries Inc. has a market cap of $460.4 million; its shares were traded at around $16.45 with a P/E ratio of 91.1 and P/S ratio of 3.1. Hedge Fund Gurus that owns ESIO: David Nierenberg of D3 Family of Funds, Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns ESIO: Third Avenue Management, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:
Net sales of $67.2 million for the third quarter of 2011 increased $7.7 million compared to the prior quarter. SG sales increased $16.5 million due to the fulfillment of backlog orders to memory repair customers as they ramp capacity. Sales for our IMG products decreased $3.3 million primarily due to seasonal declines in deliveries to our flex circuit customers. Sales of our micromachining systems declined modestly due to timing of demand, partially offset by an increase in our laser ablation tools as a result of demand for a new platform from our New Wave Research (NWR) division. CG sales decreased $5.5 million as customers absorb capacity expansion from prior quarter deliveries.Gross margin was 44.7% on net sales of $67.2 million for the third quarter of 2011 compared to 43.7% on net sales of $59.6 million for the prior quarter. The increase in gross margin percentage was primarily due to the favorable impact of a higher proportion of SG sales.
Net operating expenses of $27.5 million in the third quarter of 2011 increased $2.3 million compared to the prior quarter. This increase was primarily due to $1.3 million of legal settlement costs and $0.8 million of restructuring costs included in the third quarter of 2011. Excluding these items, net operating expenses increased slightly with higher costs from a full quarter of activity from our Pyrophotonics operations, largely offset by lower share-based compensation expenses and acquisition-related costs.
Operating income was $2.5 million in the third quarter of 2011, an increase of $1.8 million compared to $0.7 million in the prior quarter. The improvement was primarily due to higher gross profit, partially offset by legal settlement costs and restructuring charges.
Net sales were $67.2 million for the third quarter of 2011, an increase of $28.2 million or 72.1% compared to net sales of $39.0 million for the third quarter of 2010. The increase was primarily driven by high shipment levels of our SG products as well as strong demand for our IMG products.
Net sales were $185.2 million for the first three quarters of 2011, an increase of $95.9 million or 107% compared to net sales of $89.3 million for the first three quarters of 2010. Revenue increased in each of our product groups, reflecting improved capacity utilization as customers continued to recover from the global economic downturn and improved demand for consumer electronics.
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