Electro Scientific Industries, Inc. (ESIO), Tuesday announced fourth-quarter financial results, posting a loss, compared to profit in the same quarter a year ago, hurt by one-time charges as well as a sharp decline in revenues.
Portland, Oregon-based Electro Scientific Industries' net loss for the fourth quarter was $14.93 million or $0.55 per share, compared to net income of $2.98 million or $0.11 per share in the same quarter a year ago.
On average, three analysts polled by Thomson Reuters expected fourth-quarter loss of $0.27 per share. Analysts estimate typically excludes special items such as one-time charges or gains.
The company said financial results for the fourth quarter included a charge of $9.0 million related to the restructuring charges associated with Zygo transaction, write-off of engineering material, and an impairment of auction rate securities.
Excluding the charges, non-GAAP net loss for the fourth quarter was $7.1 million or $0.26 per share.
Operating loss for the fourth quarter was $21.677 million, compared to operating income of $2.83 million in the comparable quarter last year.
Net revenues for the fourth quarter plunged to $18.06 million from $70.59 million in the corresponding quarter a year ago.
Total operating expenses for the fourth quarter, however, declined to $26.31 million from $28.74 million in the comparable quarter a year ago.
For the fiscal year 2009, net loss was $51.05 million $1.89 per share, compared to net income of $16.59 million last year, which consisted only ten months.
Revenues for the fiscal year 2009, plummeted to $157.31 million from $247.15 million in the corresponding quarter a year ago.
Looking forward to first quarter of the year 2010, the company now expects non-GAAP loss in the range of $0.25 per share to $0.30 per share, excluding the impact of purchase accounting, equity compensation, restructuring costs, and non-recurring items.
Wall Street analysts currently anticipate a loss of $0.23 per share for the first quarter.
ESIO closed Tuesday's trading at $8.57, down $0.26 or 2.94% on a volume of 68k shares in the Nasdaq. In the after days trading, the stock further lost $0.29 or 3.58% to trade at $8.54.
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