UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 18, 2003
ELECTRO SCIENTIFIC INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
OREGON 0-12853 93-0370304
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
13900 NW Science Park Drive, Portland, Oregon 97229
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (503) 641-4141
No Change
(Former name or former address, if changed since last report)
Item 5. Other Events
On February 18, 2003, Electro Scientific Industries, Inc. (the
"Company") announced that it expects revenue for its fiscal third quarter ending
March 1, 2003 will be between $35 million and $38 million. The Company's press
release announcing these events is attached hereto as Exhibit 99.1.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99.1 Press release dated February 18, 2003.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: February 18, 2003.
Electro Scientific Industries, Inc.
By /s/ John E. Isselmann, Jr.
-----------------------
John E. Isselmann, Jr.
General Counsel and Assistant Corporate Secretary
EXHIBIT INDEX
Exhibit Description
99.1 Press release dated February 18, 2003.
ESI Announces Outlook for Fiscal Third Quarter
Business Editors
PORTLAND, Ore.--(BUSINESS WIRE)--Feb. 18, 2003--Electro Scientific
Industries, Inc. (Nasdaq:ESIO) announced today that it expects revenue
for its fiscal third quarter ending March 1, 2003 will be between $35
million and $38 million.
Revenue in the second fiscal quarter ended November 30, 2002 was
$43.3 million.
As a result of the decline in revenue, the company expects to
report a loss per share of approximately $0.04 to $0.06 in the third
quarter, excluding special charges related to the previously announced
consolidation of its Escondido facility and other cost reduction
actions. In the second quarter, earnings per share excluding special
charges were $0.03. The net loss per share in the third quarter,
including special charges, is expected to be in the range of $0.09 to
$0.12, compared with a loss per share of $0.34 in the second fiscal
quarter.
"Capital spending by manufacturers of electronic components
continues to be weak," said James T. Dooley, president and chief
executive officer of ESI, "due to sluggish end-market demand and
global economic uncertainty. This sluggishness is also affecting the
prices we are receiving for our products. We are taking steps to
reduce our costs, and we continue to invest aggressively in research
and development to generate new products which will improve our
customers' manufacturing productivity."
ESI expects to report results for its fiscal third quarter on
March 20, 2003.
This press release includes forward-looking statements, which are
subject to the Safe Harbor provisions created by the Private
Securities Litigation Reform Act of 1995. Such statements are subject
to a number of risks and uncertainties that are discussed in more
detail in Electro Scientific Industries' Annual Report on Form 10-K
and interim reports on Form 10-Q and include: the strength of the
electronics industry -- which is dependent on many factors including
component prices, global economic strength 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
ability of the company to respond promptly to customer requirements;
the ability of the company to develop, manufacture and successfully
deliver new products and enhancements; and the company's ability to
reduce its costs as revenue declines.
About ESI
ESI, headquartered in Portland, Oregon, supplies high-value,
high-technology manufacturing equipment to the global electronics
market. Using its expertise in laser/material interaction, small parts
handling, machine vision and real-time control systems, the company
enables the production of leading-edge products for customers in the
semiconductor, passive component and electronic interconnect markets.
ESI's web site is http://www.esi.com.
--30--MRO/se*
CONTACT: Electro Scientific Industries, Inc.
Joe Reinhart, 503/671-5500
or
Fletcher Chamberlin, 503/671-5233