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Electro Scientific Industries Inc · 10-K · For 5/31/95 · EX-13

Filed On 8/17/95 · SEC File 0-12853 · Accession Number 912057-95-6670

  As Of               Filer                 Filing     On/For/As Docs:Pgs              Issuer               Agent

 8/17/95  Electro Scientific Industries Inc 10-K        5/31/95    6:67                                     912057

Annual Report · Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         45    212K 
 2: EX-11       Statement re: Computation of Earnings Per Share        1      7K 
 3: EX-13       Annual or Quarterly Report to Security Holders        17     46K 
 4: EX-22       Published Report Regarding Matters Submitted to        1      7K 
                          Vote of Security Holders                               
 5: EX-23       Consent of Experts or Counsel                          1      5K 
 6: EX-27       Financial Data Schedule                                2      7K

EX-13 · Annual or Quarterly Report to Security Holders

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ELECTRO SCIENTIFIC INDUSTRIES, INC.                                             

1995                                                                            
ANNUAL                                                                          
REPORT                                                                          

ESI IN BRIEF                                                                    

Electro Scientific Industries, Inc. (ESI) designs and builds advanced production
equipment used throughout the world in electronics manufacturing.  The principal
end markets for products made using ESI equipment include the computer,         
telecommunications and automotive industries.  ESI's principal product lines    
include:                                                                        

- Precision, high speed production and test equipment for ceramic capacitor     
manufacturing                                                               

- Industry leading laser processing systems for semiconductor memory yield      
improvement                                                                 

- Advanced laser trimming systems for the precise tuning of electronic circuits 

In addition, ESI is developing new products, based upon the company's strengths,
to serve emerging markets such as advanced electronic packaging and machine     
vision.                                                                         

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ESI backs its products with exceptional service and support, contributing to an 
international reputation for excellence.  With world headquarters in Portland,  
Oregon, USA, ESI has production facilities in Oregon and California, and        
sixteen sales and service offices, five of which are in the United States,      
seven in Asia and four in Europe. Founded in 1953, ESI employs approximately    
730 people. ESI became a public company in 1983 with shares traded on the       
NASDAQ National Market System under the symbol ESIO.                            

SELECTED FINANCIAL DATA                                                         

REVENUES                              
$M                              
1992                  $58.1                                                     
1993                  $67.9                                                     
1994                  $72.6                                                     
1995                 $108.2                                                     

EARNINGS PER SHARE                                
$                         
1992                  ($1.00)                                                   
1993                   $0.37                                                    
1994                   $1.23                                                    
1995                   $1.53                                                    

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YEAR-END EQUITY                                 
$M                            
1992                  $41.5                                                     
1993                  $44.0                                                     
1994                  $53.5                                                     
1995                  $94.4                                                     

RETURN ON EQUITY                                
%                             
1992                  (13.8%)                                                   
1993                    5.2%                                                    
1994                   12.9%                                                    
1995                   15.6%                                                    

FISCAL YEARS ENDING MAY 31                                                      
(THOUSANDS OF DOLLARS EXCEPT PER SHARES                                         

                                                        · Enlarge/Download Table


                                                     1995     1994     1993     1992      1991  
                                                     ----     ----     ----     ----      ----  
                                                                                                
Net Sales                                          $108,215  $72,550  $67,851  $58,170   $66,677
  Sales From Core Businesses                        108,215   68,508   59,871   49,863    57,832
  Divested Product Lines (1)                            - -    4,042    7,980    8,307     8,845
Income (Loss) From Continuing Operations             11,517    7,874    2,244   (6,122)      863
Income (Loss) Per Share From Continuing Operations     1.53     1.23     0.37    (1.00)     0.14
Working Capital                                      76,089   36,247   28,883   23,739    33,110
Net Property And Equipment                           15,616   14,592   16,696   19,128    19,186
Total Assets                                        110,598   62,366   61,161   58,536    68,692
Long-Term Debt                                          - -      - -    4,809    4,954     7,557
Shareholders' Equity                                 94,444   53,547   43,950   41,533    47,281


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TO OUR SHAREHOLDERS                                                             

Our focus on continuous improvement and our ability to grow by leveraging our   
strengths have resulted in a successful formula for ESI.  In 1995, we achieved  
notable successes:  We surpassed $100 million in annual sales; earned record    
profits; completed a stock offering; concluded the Chicago Laser Systems        
acquisition and improved our ability to meet our customers' needs.              

Sales for fiscal 1995 were $108.2 million, an increase of 49 percent over the   
$72.6 million recorded in fiscal 1994.  Net income was $11.5 million, or $1.53  
per share, compared to $7.9 million, or $1.23 per share, in fiscal 1994.  Net   
income increased 84 percent over the prior year, excluding the effect of the    
after-tax gain of $1.6 million associated with the disposition of a non-        
strategic asset in fiscal 1994.  The fourth quarter of fiscal 1995 represented  
ESI's twelfth consecutive quarter of improved income per share from operations. 
Backlog on May 31, 1995, was $26 million, up 225 percent from the $8 million    
reported on May 31, 1994.                                                       

The financial information presented throughout this report depicts strong       
operating results for fiscal 1995 and a strengthening balance sheet.  We        
improved in all six of the indices we use to measure ESI's progress in achieving
our goal of continuous improvement.  Our balance sheet and equity position      
benefited from the November, 1994 stock offering, during which we raised $23    
million of new equity.  The fiscal 1995 return on equity was a solid 16         
percent. An additional outcome of the stock offering was the significantly      
increased awareness of our company in the investment community.                 

ESI's position improved in each of its key markets during 1995.  We began the   
year with good product offerings and worldwide customer support capabilities.   
The acquisition of Chicago Laser Systems, Inc. (CLS) in fiscal 1995 further     
improved these strengths.  CLS, founded in 1976, was the second largest supplier
of laser systems for                                                            

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the fine tuning of electrical circuits.  We are now in the final phases of      
integrating the CLS and ESI business activities.                                

Sales of our Palomar Systems, Inc. subsidiary led the company last year, at more
than $39 million.  Exploding demand for the miniature capacitors produced by    
Palomar systems fueled the growth.  In addition, Palomar's commitment to        
customer-involved research and development, created a broad line of fast, high  
quality equipment that has made them the market leader.                         

Just after the conclusion of fiscal 1995, we completed the acquisition of XRL,  
Inc., of Canton, Massachusetts.  XRL, formed in 1984, is a major supplier of    
laser systems to improve the manufacturing yield of semiconductor Dynamic Random
Access Memories (DRAMs) and Static Random Access Memories (SRAMs).  While we    
have just begun the post-acquisition effort with XRL, we already are identifying
opportunities to pool talents and resources to better serve our customers.      

ESI introduced several important new products in 1995.  Some focused on         
improving our position in existing ESI markets and others on developing new     
market opportunities. Three important examples are:                             

   Model 9250 -- The latest generation Memory Yield Improvement System, with
the capability to repair DRAMs to 64 megabit, and beyond.                       

Model 5000 -- New Laser Via Drilling System, focused on the developing
advanced electronic packaging industry. The Model 5000, introduced at the IPC   
Printed Circuits Expo in May, was the talk of the show.                         

    Model 2007 -- New high speed Ceramic Capacitor Termination System, focused
on a part of the miniature capacitor market where our customers have typically  
developed their own equipment.  The Model 2007 can process more than 400,000    
capacitors per hour.                                                            

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During fiscal 1995, Keith Thomson, vice president and Oregon site manager for   
Intel Corp. and Vernon Ryles, a prominent Portland business leader, joined the  
ESI Board of Directors.  Keith and Vern bring new perspectives and are superb   
additions to our Board.                                                         

ESI accomplished much in 1995.  These accomplishments are the result of the hard
work and dedication of ESI employees, worldwide. We extend our thanks to all    
ESI'ers for a record year. You are our most valuable asset.                     

Our goal is to build on the results achieved to date.  We are optimistic about  
the broad demand for our equipment.  However, we are mindful of the risks       
associated with adding fixed costs and are expanding capacity judiciously.  We  
look forward to the challenges and opportunities associated with serving dynamic
markets and sharing our progress with you.                                      

DAVID F. BOLENDER                                                               

CHAIRMAN OF THE BOARD                                                           

DONALD R. VANLUVANEE                                                            

PRESIDENT & CHIEF EXECUTIVE OFFICER                                             

SERVING GROWING MARKETS                                                         

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The markets for ESI's products and services have grown steadily in the past     
year.  What is creating this increased demand?  It's the continuing digital     
electronics revolution:  compact and convenient wireless communication devices; 
powerful, easy to use multi-media personal computers; advanced automotive       
electronics; and all the increasing number of electronic devices that surround  
us in everyday life.  ESI has seized market opportunities and gained leadership 
in providing electronic products for manufacturing computers, telecommunications
products and automobiles.                                                       

According to several research firms, we may be entering a new era for           
electronics.  The percentage of electronics content in most products and        
services we use continues to climb, often doubling projections.  Companies are  
finding new ways to use personal computers for greater productivity and customer
service.  Why are we emphasizing personal computers?  Because they are so       
interrelated to many of the markets ESI serves.  According to VLSI Research,    
Inc., a leading international electronics forecasting firm, personal computers  
account for more than one third of worldwide semiconductor sales.               

How does ESI benefit from these trends?  ESI has developed sophisticated        
techniques and equipment to produce essential electronic building blocks...most 
notably miniature ceramic capacitors, semiconductor memories, circuit assemblies
and advanced electronic packages.  ESI systems produce, test, fine tune and     
improve manufacturing yields of these building blocks at extremely high speed   
and reliability.  ESI delivers value to customers by integrating a combination  
of capabilities, including:  solid state lasers: high speed, sub-micron         
positioning systems; precision optics; high speed small parts handling; image   
processing and optical character recognition; real time precision measurement;  
software; and systems integration.                                              

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1995 WORLDWIDE REVENUE DISTRIBUTION                                             

Asia/Pacific Rim                        53%                                     
North America                           29%                                     
Europe                                  18%                                     

AT ESI, WE ARE ON A JOURNEY OF CONTINUOUS IMPROVEMENT AND GROWTH, WORLDWIDE.    
MORE THAN TWO-THIRDS OF ESI'S BUSINESS IS OUTSIDE THE UNITED STATES, BUT HIGH   
QUALITY PRODUCTS AND RESPONSIVE SUPPORT CREATE AN INTERNATIONAL LANGUAGE ALL    
THEIR OWN.  ESI WILL CONTINUE TO PUT PRODUCTS AND PEOPLE IN PLACE TO MEET OUR   
CUSTOMERS' NEEDS.                                                               

(Photo Captions page 5)                                                         

ABOVE:  PALOMAR SYSTEMS MODEL 2007 TERMINATION SYSTEM ADDS METAL TO THE CONTACT 
POINTS OF MINIATURE CAPACITORS, AT MORE THAN 400,000 UNITS PER HOUR.  BELOW:    
ESI'S MODEL 9250 MEMORY YIELD ENHANCEMENT SYSTEM IS THE LATEST GENERATION MEMORY
REPAIR STATION AND CAN PROCESS 64 AND 256 MEGABIT DRAMS.                        

MINIATURE CERAMIC CAPACITOR PRODUCTION EQUIPMENT                                

At our Palomar Systems, Inc. subsidiary, continuous improvement and cooperative 
efforts with the world's leading miniature ceramic capacitor manufacturers have 
increased quality, customer satisfaction, and sales.  Palomar manufactures and  
sells a broad line of automatic test, production and handling equipment for     
manufacturing multi-layer ceramic capacitors (MLCCs).  MLCCs are used to filter 
and smooth electrical signals and are found in virtually all electronic         
applications and products.  Palomar's advantage comes from combining small parts
handling technology with microprocessor-based controllers to create highly      
automated systems.                                                              

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SEMICONDUCTOR MEMORY YIELD ENHANCEMENT SYSTEMS                                  

The changes occurring in personal computers and software from one generation to 
the next have created unprecedented demand for semiconductor memory.  Despite   
rising factory costs, memory producers have realized great gains by having the  
most advanced factories to produce dynamic random access memories (DRAMs) and   
static random access memories (SRAMs).  ESI systems are the leader in a critical
step in the memory manufacturing process.  ESI laser systems perform micro-     
surgery on defective elements to improve yields quickly and profitably.  Each   
ESI machine performs the sub-micron task of repairing hundreds of thousands of  
memory chips per day.  Our machines work 24-hour days in factories located in   
the USA, Europe, Asia, and Japan.  ESI's worldwide network of service and       
support engineers provides valuable assistance to memory producers, wherever    
their factories might be.                                                       

BUILDING FOR THE FUTURE                                                         

LASER FINE TUNING SYSTEMS                                                       

The demand upon telecommunications and automotive electronics products          
manufacturers to supply increasing quantities of devices has been accompanied by
increased complexity, tighter specifications, and reduced size.  To get the     
performance, ESI provides turnkey, microprocessor-controlled systems that allow 
our customers to fine tune their products to precise electrical values using    
lasers.  For example, portable pagers are permanently laser tuned to precise    
frequency specifications, avoiding interference due to frequency drift.  The    
combination of ESI's laser trim group with Chicago Laser Systems, acquired in   
August, 1994, has created a powerful team.  The resulting product offerings     
allow the company to provide fine tuning solutions for the widest range of      
applications in the industry -- from high speed, high volume passive component  
trimming to the most precise fine tuning of complex electronic assemblies.      

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MACHINE VISION                                                                  

Over the past several years, electronics production equipment manufacturers have
increased their efforts in process integration and automation.  Machine vision  
systems continue to play an increasing part in those efforts.  ESI's Vision     
Product Division originally focused on the requirements of our laser processing 
systems.  Today, we are making the technology available to other original       
equipment manufacturers in the semiconductor and electronics industry who need  
machine vision to improve the productivity and performance of their machines.   

LASER MICROMACHINING AND VIA DRILLING SYSTEMS                                   

ESI's latest technological development uses lasers to make very small holes     
(vias) in printed circuit boards and other substrates.  This technology         
addresses several problems involved in achieving high density advanced          
electronic packaging.  One editor has even characterized the ESI Model 5000     
Laser Via Drilling System as enabling technology.  Potential users include      
advanced printed circuit board manufacturers, leading single and multi-chip     
module fabricators and other manufacturers of high density electronic products. 
The Model 5000 is a flexible tool that can accept computer aided design (CAD)   
data directly, for more rapid production starts.                                

(Photo Captions -- Page 6)                                                      

ABOVE:  THE MODEL CLS960 LASER TRIMMING SYSTEM OPERATES IN A CONVENIENT         
MICROSOFT WINDOWS -REGISTERED TRADEMARK- ENVIRONMENT. BELOW: ESI'S ROBUST       
OPTICAL CHARACTER RECOGNITION SYSTEM FOR SEMICONDUCTOR WAFER READING, USED ON   
THE MODEL 9250 MEMORY YIELD IMPROVEMENT SYSTEM, IS NOW AVAILABLE TO OTHER       
MANUFACTURERS.                                                                  

(Photo Caption -- Page 7)                                                       

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ESI'S NEW MODEL 5000 LASER VIA DRILLING SYSTEM, SHOWN WITH AN OPTIONAL WEB FEED 
MATERIAL HANDLING SUB-SYSTEM, BUILT SPECIFICALLY FOR SHELDAHL, INC.'S UNIQUE,   
FINE LINE PROCESS.                                                              

1995 REVENUE DISTRIBUTION BY BUSINESS SEGMENT                                   

Capacitor Manufacturing Equipment                   36%                         
Semiconductor Memory Yield Improvement              30%                         
Laser Fine Tuning                                   28%                         
Other                                                6%                         

ESI HAS BECOME THE LEADING EQUIPMENT SUPPLIER IN THE CAPACITOR MANUFACTURING    
EQUIPMENT, SEMICONDUCTOR YIELD IMPROVEMENT AND LASER FINE TUNING MARKET         
SEGMENTS.                                                                       

KEY FINANCIAL INDICES FOR ESI                                                   

Sound financial management and discipline are critical to the sustained success 
of any company.  It is the foundation for future growth and prosperity.  The    
following graphs present several of the important ratios which management       
utilizes to regularly measure ESI's performance and progress.                   

SALES PER EMPLOYEE                                        
1992             $105.8                                                         
1993             $130.5                                                         
1994             $134.4                                                         
1995             $161.6                                                         

SALES/OPERATING EXPENSES RATIO                            
1992               1.86                                                         
1993               2.41                                                         

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1994               2.57                                                         
1995               2.66                                                         

INVENTORY TURNOVER RATIO                                  
1992               2.01                                                         
1993               2.15                                                         
1994               1.93                                                         
1995               2.28                                                         

SALES/NET PROPERTY &                                      
EQUIPMENT RATIO                                     
1992               3.04                                                         
1993               3.79                                                         
1994               4.64                                                         
1995               7.16                                                         

GROSS MARGIN                                        
1992               42.7%                                                        
1993               46.7%                                                        
1994               50.6%                                                        
1995               52.5%                                                        

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DEBT AS % OF CAPITALIZATION                               
1992               19.3%                                                        
1993               14.7%                                                        
1994                1.4%                                                        
1995                0.0%                                                        

SHAREHOLDER INFORMATION                                                         

ANNUAL MEETING OF SHAREHOLDERS                                                  

The annual meeting of shareholders is                                           
Friday, September 22, 1995 at 1 PM at                                           
ESI's offices, 13900 NW Science Park Drive,                                     
Portland, Oregon.                                                               

ANNUAL REPORT/10K REPORT                                                        

Publications and information of interest to current and potential investors are 
available on request.  Please contact the Investor Relations Department, ESI,   
13900 NW Science Park Drive, Portland, Oregon 97229-5497.                       

TRANSFER AGENT AND REGISTRAR                                                    

First Chicago Trust Company of New York                                         

INDEPENDENT PUBLIC ACCOUNTANTS                                                  

Arthur Andersen LLP                                                             
Portland, Oregon                                                                

CORPORATE OFFICERS                                                              

Donald R. VanLuvanee                                                            
President and Chief Executive Officer                                           

Barry L Harmon                                                                  
Senior Vice President and                                                       
Chief Financial Officer                                                         

Edward J. Swenson                                                               

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Senior Vice President                                                           

Mark W. Klug                                                                    
Vice President/President                                                        
Palomar Systems, Inc.                                                           

David B. Moser                                                                  
Vice President                                                                  

Joseph Z. Rivlin                                                                
Vice President                                                                  

Vernon R. Swearingen                                                            
Vice President                                                                  

Richard M. Walker                                                               
Vice President                                                                  

Larry T. Rapp                                                                   
Corporate Secretary                                                             

BOARD OF DIRECTORS                                                              

David F. Bolender                                                               
Chairman of the Board                                                           
President (Retired)                                                             
Electric Operations Group, PacifiCorp                                           
Portland, Oregon                                                                

Douglas C. Strain                                                               
Vice Chairman of the Board                                                      
Founder of ESI                                                                  

Donald R. VanLuvanee                                                            
President and Chief Executive Officer                                           

Larry L. Hanson                                                                 
Executive Vice President (Retired)                                              
Tylan General, Inc.                                                             
San Diego, California                                                           

Dr. W Arthur Porter                                                             
President                                                                       
Houston Area Research Center                                                    
The Woodlands, Texas                                                            

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Vernon B. Ryles, Jr.                                                            
Chief Executive Officer                                                         
Poppers Supply                                                                  
Portland, Oregon                                                                

Keith L. Thomson                                                                
Vice President and Oregon Site Mgr.                                             
Intel Corporation                                                               
Beaverton, Oregon                                                               

WORLD HEADQUARTERS                                                              

Electro Scientific Industries, Inc.                                             
13900 NW Science Park Drive                                                     
Portland, Oregon 97229-5497                                                     
503/641-4141   Fax: 503/643-4873                                                
htip://www.elcsci.com                                                           

SUBSIDIARIES                                                                    

Palomar Systems, Inc.                                                           
231 0 Aldergrove Avenue                                                         
Escondido, California 92029-1935                                                

XRL Corporation                                                                 
150 Dan Road                                                                    
Canton, Massachusetts  02021-2849                                               

Electro Scientific Industries GmbH/CLS GmbH                                     
Riesstrasse 17                                                                  
D-80992 Munchen 50                                                              
Germany                                                                         

Electro Scientific Industries Ltd/CLS Ltd                                       
Duke House, The Pavilions                                                       
Downmill Road                                                                   
Bracknell, Berkshire                                                            
England RG121QS                                                                 

Electro Scientific Industries SARL                                              
Cite Descartes                                                                  
1, Allee Lorentz                                                                
77420 Champs-sur-Morne                                                          
France                                                                          

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Electro Scientific Industries KK                                                
Japan Co, Ltd.                                                                  
Donpa Bldg                                                                      
1-11-15 Higashi Gotando                                                         
Shinagawa-Ku, Tokyo 141                                                         
Japan                                                                           

Electro Scientific Industries BV                                                
Elisabethhof 21, PO Box 77                                                      
2350 AB Leiderdorp                                                              
The Netherlands                                                                 

Electro Scientific Industries Korea                                             
So-Mang Bldg, 2nd Floor                                                         
99-16 Itaewon-Dong                                                              
Yongsan-Gu, Seoul                                                               
Korea                                                                           

1995 Electro Scientific Industries, Inc.  ESI is an equal opportunity and       
affirmative action employer.                                                    

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 Appendix  A
Description of Graphic and Image Information

Page      Description                                                           

1.        Four Bar Charts:  See tables; Revenues,                               
Earnings Per Share, Year End Equity, and Return on Equity.  

3.        Photo of David F. Bolender, Chairman of the Board and Donald R.       
VanLuvanee, President and CEO.                              

4.        Pie Chart:  See table 1995                                            
Worldwide Revenue Distribution.                             

5.        Photos:  See photo captions page 5.                                   

6.        Photos:  See photo captions page 6.                                   

7.        Photo:  See photo caption page 7.                                     
        Pie Chart:  see table 1995 Revenue Distribution by Business Segment.

8.        Six Bar Charts:  See tables; Sales Per Employee, Sales/Operating      
  Expenses Ratio, Inventory Turnover Ratio, Sales/Net Property &
  Equipment Ratio, Gross Margin and Debt As % Of Capitalization.

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Dates Referenced Herein and Documents Incorporated By Reference

		Referenced-On Page
This 10-K Filing	Date	First	Last	Other Filings

	5/31/94	4
For The Period Ended	5/31/95	4
Filed On / Filed As Of	8/17/95			DEF 14A
	9/22/95	13		DEF 14A

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Electro Scientific Industries Inc · 10-K · For 5/31/95 · EX-13

Filed On 8/17/95 · SEC File 0-12853 · Accession Number 912057-95-6670

Annual Report · Form 10-KFiling Table of Contents

EX-13 · Annual or Quarterly Report to Security Holders

Dates Referenced Herein and Documents Incorporated By Reference

Annual Report · Form 10-K
Filing Table of Contents