ESI Eyes Changes Amid Sustained Losses

Electro Scientific Industries Inc. touted a sequential rise in revenues even as it closed its fiscal 2015 second quarter with a net loss of $6.2 million.

CEO Ed Grady said ESI is implementing changes “to better connect our core competencies to large and growing markets,” and expects the laser-based manufacturing systems firm to return to profitability soon.

The loss was an improvement over the previous quarter’s $8.3 million. The net loss in the second quarter of fiscal 2014 was $2.8 million.

Revenue in the second quarter of 2015 was $42.9 million, compared to $35.0 million in the first quarter and $59.6 million in the second quarter of the previous fiscal year.

Grady said there was strong demand for the company’s flex via drilling products as well as after-sales service and support

Based on recent order levels, ESI expects revenues for the third quarter of fiscal 2015 to be around $40 million.

For more information, visit www.esi.com.