ESI forecasts steep decline in current quarter

ESI forecasts steep decline in current quarter

Electro Scientific Industries reported a 24% decline in sales last quarter and lost $8.3 million, 27 cents per share.

ESI, headquartered north of Highway 26 just west of Portland, has been devastated by the collapse of its chief market: The memory chip industry. It's trying to retool under new CEO Ed Grady by offering advanced laser tools to a broader range of electronics manufacturers.

Sales in ESI's fiscal first quarter totaled $35.0 million, down from $46.2 million in the same quarter last year.

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