Exhibit 99.1
Brian Smith
ESI
503-672-5760
smithb@esi.com
ESI Announces Fourth Quarter Fiscal 2013 Results
Orders Increase Sequentially
PORTLAND, Ore. – May 7, 2013 – Electro Scientific Industries, Inc. (NASDAQ:ESIO), a leading supplier of innovative laser-based manufacturing solutions for the microtechnology industry, today announced results for its fiscal 2013 fourth quarter and year ended March 30, 2013. 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.
Revenue in the fourth quarter was $39.6 million, compared to $37.9 million in the third quarter of 2013 and $45.5 million in the fourth quarter of last fiscal year. On a GAAP basis, net loss was $65.8 million or $2.23 per share, compared to net income of $6.8 million or $0.23 per share in the prior quarter. 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. On a non-GAAP basis, fourth quarter net loss was $1.0 million or $0.03 per share, compared to net loss of $1.5 million or $0.05 per diluted share in the third quarter of fiscal 2013 and loss of $1.9 million or $0.06 per diluted share in the fourth quarter of fiscal 2012.
“During the quarter we continued to transform the company toward our growth initiatives in laser microfabrication for smart consumer electronics and announced a restructuring plan to improve efficiency,” stated Nick Konidaris, president and CEO of ESI. “The result will be a leaner and more focused company better able to drive profitable growth.”
Orders for the fourth quarter increased to $44.1 million, compared to $26.3 million in the prior quarter. Konidaris continued, “In addition to increased demand for our interconnect products, we also received the first orders for our new DiamondBlaze™ series of glass cutting systems.”
GAAP gross margin reflected the inventory and asset write-offs that were part of the corporate restructuring program. Non-GAAP gross margin was 42.2% compared to 39.9% in the prior quarter. Operating expenses were $24.7 million, well above last quarter due to the restructuring and asset write-off charges in the fourth quarter and the patent settlement expense credit in the prior quarter. On a non-GAAP basis operating expenses remained relatively flat sequentially at $19.4 million. Non-GAAP operating loss was $2.7 million compared to a loss of $3.9 million in the third quarter.
Full Year Fiscal 2013 Results
Fiscal 2013 revenue was $217 million, down 15% compared to $254 million in fiscal 2012. On a GAAP basis, fiscal 2013 net loss was $54.7 million or $1.86 per diluted share, compared to net income of $4.9 million or $0.17 per diluted share in the prior year. On a non-GAAP basis, net income was $6.4 million or $0.21 per diluted share, compared to net income of $15.9 million or $0.54 per diluted share in 2012. Konidaris added, “In fiscal 2013 we felt the full impact of a prolonged slump in capital spending on new capacity for LED, passive components and memory repair. At the same time, our advanced microfabrication business remained robust following record levels last year. Looking to fiscal 2014, we expect our focus on laser microfabrication for smart consumer electronics to drive revenue and earnings growth.”
Balance Sheet and Cash Flow
At quarter end, cash and investments fell by $13.7 million from the previous quarter to $157.4 million. The company used $10.4 million in operating cash during the quarter primarily due to increased receivables on timing of shipments in the quarter. For the fiscal year, operating cash flow was $17.1 million.
Acquisition of Semiconductor Systems Business from GSI Group
After the quarter ended the company announced it had entered into an agreement to acquire the Semiconductor Systems business from GSI Group, Inc. The transaction closed on May 3, 2013, and it brings together two of the preeminent providers
ESI Announces Fourth Quarter and Fiscal 2013 Results
of laser manufacturing systems serving the semiconductor industry. Konidaris stated, "With complementary capabilities but almost no product overlap, this acquisition broadens our product portfolio and allows ESI to provide a more complete set of laser-based manufacturing solutions to our customers."
First Quarter 2014 Outlook
Based on recent order levels, ESI 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.
Konidaris concluded, “ESI is focused on the growth industries of smart consumer electronics, 3D semiconductor packaging and LED. We continue to pursue applications within those industries where our expertise in laser microfabrication can improve our customers' manufacturing yield, add new capabilities, increase their throughput and lower their cost. And with our acquisition of GSI's Semiconductor Systems business we have expanded our offerings and services to our customers. Laser microfabrication is a growing business, and our mission is to be the leading laser microfabrication company in the world.”
The company will hold a conference call today at 5:00 p.m. ET. The session will include a review of the financial results, operational performance and business outlook, and also a question and answer period.
The conference call can be accessed by calling 888-339-2688 (domestic participants) or 617-847-3007 (international participants). The conference ID number is 73379529. A live audio webcast can be accessed at www.esi.com. Upon completion of the call, an audio replay will be accessible through May 17, 2013, at 888-286-8010 (domestic participants) or 617-801-6888 (international participants), passcode 21331365. The webcast will be available on ESI’s website for one year.
Discussion of Non-GAAP Financial Measures
In this press release, we have presented financial measures which have not been determined in accordance with generally accepted accounting principles (GAAP) and are therefore non-GAAP financial measures. Non-GAAP financial measures exclude the impact of purchase accounting, equity compensation, restructuring charges and other items. We believe that this presentation of non-GAAP financial measures allows investors to better assess the company’s operating performance by comparing it to prior periods on a more consistent basis. We have included a reconciliation of various non-GAAP financial measures to those measures reported in accordance with GAAP. Because our calculation of non-GAAP financial measures may differ from similar measures used by other companies, investors should be careful when comparing our non-GAAP financial measures to those of other companies.
About ESI
ESI is a leading supplier of innovative, laser-based manufacturing solutions for the microtechnology industry. Our systems enable precise structuring and testing of micron to submicron features in electronic devices, semiconductors, LEDs and other high-value components. We partner with our customers to make breakthrough technologies possible in the microelectronics, semiconductor and other emerging industries. Founded in 1944, ESI is headquartered in Portland, Ore., with global operations from the Pacific Northwest to the Pacific Rim. More information is available at www.esi.com.
Forward-Looking Statements
This press release includes forward-looking statements about the markets we serve, revenue, earnings growth and earnings per share. These forward-looking statements are based on information available to us on the date of this release and we assume no obligation to update these forward-looking statements for any reason. Actual results may differ materially from those in the forward-looking statements. Risks and uncertainties that may affect the forward-looking statements include: the risk that anticipated growth opportunities may be smaller than anticipated or may not be realized; risks related to the relative strength and volatility of the electronics industry—which is dependent on many factors including component prices, global economic strength and political stability, and overall demand for electronic devices (such as capacitors, semiconductor memory devices and advanced electronic packages) used in wireless telecommunications equipment, computers and consumer and automotive electronics; the health of the financial markets and availability of credit for end customers and related effect on the global economy; the volatility associated with the industries we serve which includes the relative level of capacity and demand, and financial strength of the manufacturers; the risk that customer orders may be canceled or delayed; the ability of the company to respond promptly to customer requirements; the risk that the company may not be able to ship products on the schedule required by customers, whether as a result of production delays, supply delays, or otherwise; the ability of the company to develop, manufacture and successfully deliver new products and enhancements; the risk that customer acceptance of new or customized products may be delayed; the risk that large orders and related revenues may not be repeated; the company’s need to continue investing in research and development; the company’s ability to hire and retain key employees; the company’s ability to create and sustain intellectual property protection around its products; the risk that competing or alternative technologies could reduce demand for our products; risks related to the integration of the Semiconductor Systems business acquired from GSI Group, Inc.; foreign currency fluctuations; the company’s ability to utilize recorded deferred tax assets; taxes, interest or penalties resulting from tax audits; and changes in tax laws or the interpretation of such tax laws.
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Fourth Quarter and Fiscal 2013 Results
Electro Scientific Industries, Inc.
Fourth Quarter and Fiscal 2013 Results
(In thousands, except per share data)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | |
| Operating Results: | | | | | | | | | |
| | Fiscal quarter ended | | Fiscal year ended |
| | Mar 30, 2013 | | Dec 29, 2012 | | Mar 31, 2012 | | Mar 30, 2013 | | Mar 31, 2012 |
| Net sales | $ | 39,574 |
| | $ | 37,930 |
| | $ | 45,492 |
| | $ | 216,625 |
| | $ | 254,229 |
|
| Cost of sales | 45,727 |
| | 24,697 |
| | 28,663 |
| | 152,372 |
| | 146,538 |
|
| Gross profit | (6,153 | ) | | 13,233 |
| | 16,829 |
| | 64,253 |
| | 107,691 |
|
| | (16 | %) | | 35 | % | | 37 | % | | 30 | % | | 42 | % |
| Operating expenses: | | | | | | | | | |
| Selling, service and administration | 13,578 |
| | 11,696 |
| | 13,231 |
| | 56,051 |
| | 58,555 |
|
| Research, development and engineering | 8,405 |
| | 8,730 |
| | 10,184 |
| | 37,196 |
| | 42,640 |
|
| Restructuring costs | 2,612 |
| | — |
| | 2,924 |
| | 2,612 |
| | 3,785 |
|
| (Gain) loss on sale of property and equipment, net | — |
| | (1,226 | ) | | 966 |
| | (1,226 | ) | | 966 |
|
| Legal settlement costs (proceeds), net | 103 |
| | (15,365 | ) | | — |
| | (15,262 | ) | | 550 |
|
| Net operating expenses | 24,698 |
| | 3,835 |
| | 27,305 |
| | 79,371 |
| | 106,496 |
|
| Operating (loss) income | (30,851 | ) | | 9,398 |
| | (10,476 | ) | | (15,118 | ) | | 1,195 |
|
| Non-operating income (expense): | | | | | | | | | |
| Gain on sale of previously impaired auction rate securities | — |
| | — |
| | — |
| | — |
| | 2,729 |
|
| Interest and other income (expense), net | 317 |
| | (5 | ) | | 59 |
| | 253 |
| | (437 | ) |
| Total non-operating income (expense) | 317 |
| | (5 | ) | | 59 |
| | 253 |
| | 2,292 |
|
| (Loss) income before income taxes | (30,534 | ) | | 9,393 |
| | (10,417 | ) | | (14,865 | ) | | 3,487 |
|
| Provision for (benefit from) income taxes | 35,217 |
| | 2,625 |
| | (2,752 | ) | | 39,851 |
| | (1,417 | ) |
| Net (loss) income | $ | (65,751 | ) | | $ | 6,768 |
| | $ | (7,665 | ) | | $ | (54,716 | ) | | $ | 4,904 |
|
| Net (loss) income per share—basic | $ | (2.23 | ) | | $ | 0.23 |
| | $ | (0.26 | ) | | $ | (1.86 | ) | | $ | 0.17 |
|
| Net (loss) income per share—diluted | $ | (2.23 | ) | | $ | 0.23 |
| | $ | (0.26 | ) | | $ | (1.86 | ) | | $ | 0.17 |
|
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Fourth Quarter and Fiscal 2013 Results
Electro Scientific Industries, Inc.
Fourth Quarter and Fiscal 2013 Results
(Amounts in thousands)
(Unaudited)
|
| | | | | | | | | | | |
| Financial Position As Of: | | | | | |
| | Mar 30, 2013 | | Dec 29, 2012 | | Mar 31, 2012 |
| Assets | | | | | |
| Current assets: | | | | | |
| Cash and cash equivalents | $ | 88,913 |
| | $ | 47,240 |
| | $ | 69,780 |
|
| Restricted cash | — |
| | 22,269 |
| | 22,269 |
|
| Short-term investments | 56,144 |
| | 95,364 |
| | 106,674 |
|
| Trade receivables, net | 31,779 |
| | 18,614 |
| | 32,744 |
|
| Inventories | 63,067 |
| | 80,224 |
| | 68,055 |
|
| Shipped systems pending acceptance | 1,007 |
| | 359 |
| | 1,360 |
|
| Deferred income taxes, net | 1,682 |
| | 9,048 |
| | 10,021 |
|
| Other current assets | 3,898 |
| | 4,563 |
| | 4,060 |
|
| Total current assets | 246,490 |
| | 277,681 |
| | 314,963 |
|
| Non-current assets: | | | | | |
| Non-current investments | 12,329 |
| | 6,253 |
| | 23,046 |
|
| Property, plant and equipment, net | 27,894 |
| | 30,253 |
| | 32,103 |
|
| Non-current deferred income taxes, net | 3,766 |
| | 32,880 |
| | 36,489 |
|
| Goodwill | 7,889 |
| | 7,889 |
| | 4,014 |
|
| Acquired intangible assets, net | 9,088 |
| | 12,059 |
| | 8,332 |
|
| Other assets | 14,752 |
| | 14,865 |
| | 14,263 |
|
| Total assets | $ | 322,208 |
| | $ | 381,880 |
| | $ | 433,210 |
|
| Liabilities and shareholders' equity | | | | | |
| Current liabilities: | | | | | |
| Accounts payable | $ | 16,958 |
| | $ | 12,511 |
| | $ | 13,045 |
|
| Accrued liabilities | 24,930 |
| | 23,340 |
| | 21,635 |
|
| Deferred revenue | 10,196 |
| | 6,520 |
| | 10,751 |
|
| Total current liabilities | 52,084 |
| | 42,371 |
| | 45,431 |
|
| Non-current income taxes payable | 5,982 |
| | 9,521 |
| | 9,109 |
|
| Shareholders' equity: | | | | | |
| Preferred and common stock | 176,631 |
| | 174,113 |
| | 168,143 |
|
| Retained earnings | 87,228 |
| | 155,333 |
| | 210,021 |
|
| Accumulated other comprehensive income | 283 |
| | 542 |
| | 506 |
|
| Total shareholders' equity | 264,142 |
| | 329,988 |
| | 378,670 |
|
| Total liabilities and shareholders' equity | $ | 322,208 |
| | $ | 381,880 |
| | $ | 433,210 |
|
| End of period shares outstanding | 29,583 |
| | 29,497 |
| | 28,970 |
|
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Fourth Quarter and Fiscal 2013 Results
Electro Scientific Industries, Inc.
Analysis of Fourth Quarter and Fiscal 2013 Results
(Dollars and shares in thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | |
| | Fiscal quarter ended | | Fiscal year ended |
| | Mar 30, 2013 | | Dec 29, 2012 | | Mar 31, 2012 | | Mar 30, 2013 | | Mar 31, 2012 |
| Sales detail: | | | | | | | | | |
| Interconnect & Microfabrication Group | $ | 22,988 |
| | $ | 30,537 |
| | $ | 31,720 |
| | $ | 170,360 |
| | $ | 166,477 |
|
| Semiconductor Group | 8,682 |
| | 3,322 |
| | 8,145 |
| | 18,754 |
| | 58,776 |
|
| Components Group | 7,904 |
| | 4,071 |
| | 5,627 |
| | 27,511 |
| | 28,976 |
|
| Total | $ | 39,574 |
| | $ | 37,930 |
| | $ | 45,492 |
| | $ | 216,625 |
| | $ | 254,229 |
|
| | | | | | | | | | |
| Gross margin % | (16 | %) | | 35 | % | | 37 | % | | 30 | % | | 42 | % |
| Selling, service and administration expense % | 34 | % | | 31 | % | | 29 | % | | 26 | % | | 23 | % |
| Research, development and engineering expense % | 21 | % | | 23 | % | | 22 | % | | 17 | % | | 17 | % |
| Operating (loss) income % | (78 | %) | | 25 | % | | (23 | %) | | (7 | %) | | 0 | % |
| Effective tax rate % | (115 | %) | | 28 | % | | 26 | % | | (268 | %) | | (41 | %) |
| Weighted average shares outstanding - basic | 29,540 |
| | 29,434 |
| | 28,931 |
| | 29,357 |
| | 28,749 |
|
| Weighted average shares outstanding - diluted | 29,540 |
| | 30,043 |
| | 28,931 |
| | 29,357 |
| | 29,461 |
|
| End of period employees | 579 |
| | 655 |
| | 627 |
| | 579 |
| | 627 |
|
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Fourth Quarter and Fiscal 2013 Results
Electro Scientific Industries, Inc.
Fourth Quarter and Fiscal 2013 Results
(In thousands, except per share data)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | |
| Reconciliation of GAAP to Non-GAAP Financial Measures: | | | | | | |
| | Fiscal quarter ended | | Fiscal year ended |
| | Mar 30, 2013 | | Dec 29, 2012 | | Mar 31, 2012 | | Mar 30, 2013 | | Mar 31, 2012 |
| Net sales | $ | 39,574 |
| | $ | 37,930 |
| | $ | 45,492 |
| | $ | 216,625 |
| | $ | 254,229 |
|
| Gross profit per GAAP | $ | (6,153 | ) | | $ | 13,233 |
| | $ | 16,829 |
| | $ | 64,253 |
| | $ | 107,691 |
|
| Add back: | | | | | | | | | |
| Purchase accounting included in cost of sales | 489 |
| | 520 |
| | 289 |
| | 1,891 |
| | 1,156 |
|
| Equity compensation included in cost of sales | 263 |
| | 202 |
| | 259 |
| | 898 |
| | 1,118 |
|
| Charges for inventory write-off of discontinued product | 19,765 |
| | 1,168 |
| | 1,982 |
| | 20,933 |
| | 1,982 |
|
| Charges for intangibles write-off of discontinued product | 2,347 |
| | — |
| | — |
| | 2,347 |
| | — |
|
| Total non-GAAP adjustments to gross profit | 22,864 |
| | 1,890 |
| | 2,530 |
| | 26,069 |
| | 4,256 |
|
| Non-GAAP gross profit | $ | 16,711 |
| | $ | 15,123 |
| | $ | 19,359 |
| | $ | 90,322 |
| | $ | 111,947 |
|
| Non-GAAP gross margin | 42.2 | % | | 39.9 | % | | 42.6 | % | | 41.7 | % | | 44.0 | % |
| Operating expenses per GAAP | $ | 24,698 |
| | $ | 3,835 |
| | $ | 27,305 |
| | $ | 79,371 |
| | $ | 106,496 |
|
| Less: | | | | | | | | | |
| Purchase accounting included in operating expenses: | | | | | | | | | |
| Selling, service and administration | 76 |
| | 74 |
| | 64 |
| | 305 |
| | 314 |
|
| Research, development and engineering | 47 |
| | 47 |
| | 47 |
| | 188 |
| | 188 |
|
| Subtotal - purchase accounting included in operating expenses | 123 |
| | 121 |
| | 111 |
| | 493 |
| | 502 |
|
| Equity compensation included in operating expenses: | | | | | | | | | |
| Selling, service and administration | 1,073 |
| | 979 |
| | 1,150 |
| | 5,330 |
| | 8,244 |
|
| Research, development and engineering | 393 |
| | 301 |
| | 496 |
| | 1,860 |
| | 2,113 |
|
| Subtotal - equity compensation included in operating expenses | 1,466 |
| | 1,280 |
| | 1,646 |
| | 7,190 |
| | 10,357 |
|
| Acquisition and integration costs included in operating expenses: | | | | | | | | | |
| Selling, service and administration | — |
| | 27 |
| | — |
| | 886 |
| | — |
|
| Subtotal - acquisition and integration costs included in operating expenses | — |
| | 27 |
| | — |
| | 886 |
| | — |
|
| Other items excluded from operating expenses: | | | | | | | | | |
| Restructuring costs | 2,612 |
| | — |
| | 2,924 |
| | 2,612 |
| | 3,785 |
|
| Legal settlement costs (proceeds), net | 103 |
| | (15,365 | ) | | — |
| | (15,262 | ) | | 550 |
|
| (Gain) loss on sale of property and equipment, net | — |
| | (1,262 | ) | | 966 |
| | (1,262 | ) | | 966 |
|
| Charges for asset write-off | 1,006 |
| | — |
| | — |
| | 1,006 |
| | — |
|
| Charges for engineering material write-off | — |
| | — |
| | 199 |
| | — |
| | 199 |
|
| Subtotal - other items excluded from operating expenses | 3,721 |
| | (16,627 | ) | | 4,089 |
| | (12,906 | ) | | 5,500 |
|
| Total non-GAAP adjustments to operating expenses | 5,310 |
| | (15,199 | ) | | 5,846 |
| | (4,337 | ) | | 16,359 |
|
| Non-GAAP operating expenses | $ | 19,388 |
| | $ | 19,034 |
| | $ | 21,459 |
| | $ | 83,708 |
| | $ | 90,137 |
|
| % of Net sales | 49 | % | | 50 | % | | 47 | % | | 39 | % | | 35 | % |
| Operating (loss) income per GAAP | $ | (30,851 | ) | | $ | 9,398 |
| | $ | (10,476 | ) | | $ | (15,118 | ) | | $ | 1,195 |
|
| Non-GAAP adjustments to gross profit | 22,864 |
| | 1,890 |
| | 2,530 |
| | 26,069 |
| | 4,256 |
|
| Non-GAAP adjustments to operating expenses | 5,310 |
| | (15,199 | ) | | 5,846 |
| | (4,337 | ) | | 16,359 |
|
| Non-GAAP operating (loss) income | $ | (2,677 | ) | | $ | (3,911 | ) | | $ | (2,100 | ) | | $ | 6,614 |
| | $ | 21,810 |
|
| % of Net sales | (7 | %) | | (10 | %) | | (5 | %) | | 3 | % | | 9 | % |
| Non-operating income (expense), net per GAAP | $ | 317 |
| | $ | (5 | ) | | $ | 59 |
| | $ | 253 |
| | $ | 2,292 |
|
| Non-GAAP adjustment for gain on sale of previously impaired auction rate securities | — |
| | — |
| | — |
| | — |
| | (2,729 | ) |
| Non-GAAP adjustment for other litigation related costs | — |
| | — |
| | — |
| | — |
| | 59 |
|
| Non-GAAP non-operating income (expense) | $ | 317 |
| | $ | (5 | ) | | $ | 59 |
| | $ | 253 |
| | $ | (378 | ) |
| Net (loss) income per GAAP | $ | (65,751 | ) | | $ | 6,768 |
| | $ | (7,665 | ) | | $ | (54,716 | ) | | $ | 4,904 |
|
| Non-GAAP adjustments to gross profit | 22,864 |
| | 1,890 |
| | 2,530 |
| | 26,069 |
| | 4,256 |
|
| Non-GAAP adjustments to operating expenses | 5,310 |
| | (15,199 | ) | | 5,846 |
| | (4,337 | ) | | 16,359 |
|
| Non-GAAP adjustments to non-operating expense | — |
| | — |
| | — |
| | — |
| | (2,670 | ) |
| Income tax effect of valuation adjustments | 46,916 |
| | — |
| | — |
| | 46,916 |
| | — |
|
| Income tax effect of other non-GAAP adjustments | (10,319 | ) | | 5,070 |
| | (2,565 | ) | | (7,508 | ) | | (6,999 | ) |
| Non-GAAP net (loss) income | $ | (980 | ) | | $ | (1,471 | ) | | $ | (1,854 | ) | | $ | 6,424 |
| | $ | 15,850 |
|
| % of Net sales | (2 | %) | | (4 | %) | | (4 | %) | | 3 | % | | 6 | % |
| Basic Non-GAAP net (loss) income per share | $ | (0.03 | ) | | $ | (0.05 | ) | | $ | (0.06 | ) | | $ | 0.22 |
| | $ | 0.55 |
|
| Diluted Non-GAAP net (loss) income per share | $ | (0.03 | ) | | $ | (0.05 | ) | | $ | (0.06 | ) | | $ | 0.21 |
| | $ | 0.54 |
|
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
ESI Announces Fourth Quarter and Fiscal 2013 Results
Electro Scientific Industries, Inc.
Fourth Quarter and Fiscal 2013 Results
(Amounts in thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | |
| Consolidated Condensed Statements of Cash Flows: | | | | | | | | |
| | Fiscal quarter ended | | Fiscal year ended |
| | Mar 30, 2013 | | Dec 29, 2012 | | Mar 31, 2012 | | Mar 30, 2013 | | Mar 31, 2012 |
| Net (loss) income | $ | (65,751 | ) | | $ | 6,768 |
| | $ | (7,665 | ) | | $ | (54,716 | ) | | $ | 4,904 |
|
| Non-cash adjustments and changes in operating activities | 55,324 |
| | 20,616 |
| | 5,034 |
| | 71,823 |
| | 9,409 |
|
| NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (10,427 | ) | | 27,384 |
| | (2,631 | ) | | 17,107 |
| | 14,313 |
|
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 54,534 |
| | 10,447 |
| | 6,857 |
| | 70,747 |
| | (62,471 | ) |
| NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (1,564 | ) | | (60,482 | ) | | (1,622 | ) | | (67,143 | ) | | 1,242 |
|
| Effect of exchange rate changes on cash | (870 | ) | | (1,065 | ) | | (381 | ) | | (1,578 | ) | | 284 |
|
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 41,673 |
| | (23,716 | ) | | 2,223 |
| | 19,133 |
| | (46,632 | ) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 47,240 |
| | 70,956 |
| | 67,557 |
| | 69,780 |
| | 116,412 |
|
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 88,913 |
| | $ | 47,240 |
| | $ | 69,780 |
| | $ | 88,913 |
| | $ | 69,780 |
|
13900 NW Science Park Drive | Portland, Oregon 97229 | 503.641.4141 | www.esi.com
