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News Article | May 9, 2017
Site: globenewswire.com

PORTLAND, Ore., May 09, 2017 (GLOBE NEWSWIRE) -- Electro Scientific Industries, Inc. (NASDAQ:ESIO), an innovator of laser-based manufacturing solutions for the microtechnology industry, today announced results for its fiscal 2017 fourth quarter and year ended April 1, 2017. Financial measures are provided on both a GAAP and a non-GAAP basis, which excludes the impact of purchase accounting, equity compensation, restructuring, impairments of intangible assets, inventory, and goodwill, and other items. Fourth quarter revenue was $49.9 million, compared to $51.5 million in the fourth quarter of last fiscal year and $33.8 million last quarter. GAAP net loss was $17.9 million or $0.54 per share, and included $18.1 million of charges primarily related to restructuring and the impairment of goodwill, intangible assets, and inventory. Of the charges, approximately $5.2 million are expected to be paid in cash. Non-GAAP net income was $2.9 million or $0.09 per diluted share. “The company had a strong quarter operationally with orders, revenues, and non-GAAP earnings exceeding expectations,” stated Michael Burger, president and CEO of ESI. “The seasonally strong orders resulted in our highest backlog in nearly five years and position us well as we enter fiscal 2018. I am also pleased with the progress we are making on our restructuring plan. Our new executive team is in place and we are on track with our plans to improve our consistency of earnings over time." Orders in the fourth quarter were $82.3 million, compared to $55.6 million last year and $44.1 million in the prior quarter. Burger continued, “Seasonally strong markets and solid execution drove orders to their highest quarterly level in over five years. Year over year we grew fourth quarter orders in all product groups, as well as in service." On a GAAP basis gross margin was 36.5%, compared with 41.1% in the fourth quarter of fiscal 2016, and included approximately $4.0 million dollars of charges reflecting the impairment of intangible assets and impairment of inventory associated with our restructuring activities. Operating expenses were $36.3 million, up from $20.1 million one year ago, and included $6.6 million of restructuring costs and a $7.4 million impairment of goodwill. Operating loss was $18.1 million, compared to income of $1.1 million in the year-ago quarter. On a non-GAAP basis gross margin was 45.7% compared to 42.7% one year ago. Non-GAAP operating expenses increased year over year to $20.1 million. Non-GAAP operating income was $2.7 million, or 5.4% of sales, compared to income of $3.3 million in the fourth quarter of last year. Fiscal 2017 revenue was $161.0 million, a decline of 12.7% compared to $184.4 million in fiscal 2016. On a GAAP basis, fiscal 2017 net loss was $37.4 million or $1.15 per share, compared to net loss of $12.3 million or $0.39 per share in the prior year. On a non-GAAP basis, net loss was $9.4 million or $0.29 per share, compared to net loss of $1.7 million or $0.05 per share in 2016. At quarter end, total cash and investments, including restricted cash, were $66.5 million. The company used $1.1 million of cash in operations during the quarter. For the fiscal year the company used $0.8 million of operating cash. During the quarter, inventories were flat sequentially and trade receivables increased by $12.9 million. In addition, during the quarter the company received proceeds from a $14 million ten-year term loan secured by the company’s headquarters facility. Based on current market and backlog conditions, revenues for the first quarter of fiscal 2018 are expected to be in the low $60 million range. Non-GAAP earnings per diluted share is expected to be $0.15 to $0.20. Additionally, we expect to incur approximately $1-2 million of restructuring charges and $3.5 to $4.5 million of inventory and asset impairments as we finalize our restructuring plans. Burger concluded, "Our markets were seasonally strong in the fourth quarter. Although visibility is limited, we are seeing a better market environment and fewer headwinds than one year ago, which is encouraging. Our objective is to execute and drive demand so that the seasonally weaker quarters will see less of a drop-off compared to last fiscal year. In addition, the reorganization we announced in February should help us to improve execution, lower our breakeven revenue level, and deliver profitability in both strong and weak demand cycles." The company will hold a conference call today at 5:00 p.m. ET. The session will include a review of the financial results, operational performance and business outlook, and also a question and answer period. The conference call can be accessed by calling 888-339-2688 (domestic participants) or 617-847-3007 (international participants). The conference ID number is 12233475. A live audio webcast can be accessed at www.esi.com. The webcast will be available on ESI’s website for one year. In this press release, we have presented financial measures which have not been determined in accordance with generally accepted accounting principles (GAAP) and are therefore non-GAAP financial measures. Non-GAAP, or adjusted, financial measures exclude the impact of purchase accounting, equity compensation, restructuring, inventory and goodwill write-downs, and other items. We believe that this presentation of non-GAAP financial measures allows investors to assess the company’s operating performance by comparing it to prior periods on a more consistent basis. We have included a reconciliation of various non-GAAP financial measures to those measures reported in accordance with GAAP. Because our calculation of non-GAAP financial measures may differ from similar measures used by other companies, investors should be careful when comparing our non-GAAP financial measures to those of other companies. ESI’s integrated solutions allow industrial designers and process engineers to control the power of laser light to transform materials in ways that differentiate their consumer electronics, wearable devices, semiconductor circuits and high-precision components for market advantage. ESI’s laser-based manufacturing solutions feature the micro-machining industry’s highest precision and speed, and target the lowest total cost of ownership. ESI is headquartered in Portland, Oregon, with global operations and subsidiaries in Asia, Europe and North America. More information is available at www.esi.com. This press release includes forward-looking statements about the markets we serve, growth, products, revenue, and earnings, including our expectations around restructuring our business, improving execution, and delivering more consistent earnings. These forward-looking statements are based on information available to us on the date of this release and we undertake no obligation to update these forward-looking statements for any reason. Actual results may differ materially from those in the forward-looking statements. Risks and uncertainties that may affect the forward-looking statements include: the risk that anticipated growth opportunities may be smaller than anticipated or may not be realized; risks related to the relative strength and volatility of the electronics industry; the health of the financial markets and availability of credit for end customers and related effect on the global economy; the volatility associated with the industries we serve which includes the relative level of capacity and demand, and financial strength of the manufacturers; the risk that customer orders may be canceled or delayed; our ability to respond promptly to customer requirements; the risk that we may not be able to ship products on the schedule required by customers, whether as a result of production delays, supply delays, or otherwise; our ability to develop, manufacture and successfully deliver new products and enhancements; the risk that customer acceptance of new or customized products may be delayed; the risk that large orders and related revenues may not be repeated; our need to continue investing in research and development; our ability to hire and retain key employees; our ability to create and sustain intellectual property protection around its products; the risk that competing or alternative technologies could reduce demand for our products; the risk that we may not be successful in penetrating new or adjacent markets; the risk that we do not successfully integrate Visicon Technologies or achieve the anticipated cost synergies; the risk that the incorporation of Visicon's vision technology does not give us a competitive advantage; the risk that our new products may not gain acceptance in the marketplace; the risk that new products may not be introduced to the market in the anticipated time frame or at all; risks associated with our restructuring efforts; foreign currency fluctuations; the risk that duties or tariffs could be imposed or increased on goods imported or exported by us; the risk that changes to policies regarding immigration and visits to the United States could negatively impact our ability to hire or retain and train qualified personnel or our ability to operate internationally on an integrated basis; the company’s ability to utilize recorded deferred tax assets; taxes, interest or penalties resulting from tax audits; and changes in tax laws or the interpretation of such tax laws.


News Article | May 9, 2017
Site: globenewswire.com

PORTLAND, Ore., May 09, 2017 (GLOBE NEWSWIRE) -- Electro Scientific Industries, Inc. (NASDAQ:ESIO), an innovator of laser-based manufacturing solutions for the microtechnology industry, today announced results for its fiscal 2017 fourth quarter and year ended April 1, 2017. Financial measures are provided on both a GAAP and a non-GAAP basis, which excludes the impact of purchase accounting, equity compensation, restructuring, impairments of intangible assets, inventory, and goodwill, and other items. Fourth quarter revenue was $49.9 million, compared to $51.5 million in the fourth quarter of last fiscal year and $33.8 million last quarter. GAAP net loss was $17.9 million or $0.54 per share, and included $18.1 million of charges primarily related to restructuring and the impairment of goodwill, intangible assets, and inventory. Of the charges, approximately $5.2 million are expected to be paid in cash. Non-GAAP net income was $2.9 million or $0.09 per diluted share. “The company had a strong quarter operationally with orders, revenues, and non-GAAP earnings exceeding expectations,” stated Michael Burger, president and CEO of ESI. “The seasonally strong orders resulted in our highest backlog in nearly five years and position us well as we enter fiscal 2018. I am also pleased with the progress we are making on our restructuring plan. Our new executive team is in place and we are on track with our plans to improve our consistency of earnings over time." Orders in the fourth quarter were $82.3 million, compared to $55.6 million last year and $44.1 million in the prior quarter. Burger continued, “Seasonally strong markets and solid execution drove orders to their highest quarterly level in over five years. Year over year we grew fourth quarter orders in all product groups, as well as in service." On a GAAP basis gross margin was 36.5%, compared with 41.1% in the fourth quarter of fiscal 2016, and included approximately $4.0 million dollars of charges reflecting the impairment of intangible assets and impairment of inventory associated with our restructuring activities. Operating expenses were $36.3 million, up from $20.1 million one year ago, and included $6.6 million of restructuring costs and a $7.4 million impairment of goodwill. Operating loss was $18.1 million, compared to income of $1.1 million in the year-ago quarter. On a non-GAAP basis gross margin was 45.7% compared to 42.7% one year ago. Non-GAAP operating expenses increased year over year to $20.1 million. Non-GAAP operating income was $2.7 million, or 5.4% of sales, compared to income of $3.3 million in the fourth quarter of last year. Fiscal 2017 revenue was $161.0 million, a decline of 12.7% compared to $184.4 million in fiscal 2016. On a GAAP basis, fiscal 2017 net loss was $37.4 million or $1.15 per share, compared to net loss of $12.3 million or $0.39 per share in the prior year. On a non-GAAP basis, net loss was $9.4 million or $0.29 per share, compared to net loss of $1.7 million or $0.05 per share in 2016. At quarter end, total cash and investments, including restricted cash, were $66.5 million. The company used $1.1 million of cash in operations during the quarter. For the fiscal year the company used $0.8 million of operating cash. During the quarter, inventories were flat sequentially and trade receivables increased by $12.9 million. In addition, during the quarter the company received proceeds from a $14 million ten-year term loan secured by the company’s headquarters facility. Based on current market and backlog conditions, revenues for the first quarter of fiscal 2018 are expected to be in the low $60 million range. Non-GAAP earnings per diluted share is expected to be $0.15 to $0.20. Additionally, we expect to incur approximately $1-2 million of restructuring charges and $3.5 to $4.5 million of inventory and asset impairments as we finalize our restructuring plans. Burger concluded, "Our markets were seasonally strong in the fourth quarter. Although visibility is limited, we are seeing a better market environment and fewer headwinds than one year ago, which is encouraging. Our objective is to execute and drive demand so that the seasonally weaker quarters will see less of a drop-off compared to last fiscal year. In addition, the reorganization we announced in February should help us to improve execution, lower our breakeven revenue level, and deliver profitability in both strong and weak demand cycles." The company will hold a conference call today at 5:00 p.m. ET. The session will include a review of the financial results, operational performance and business outlook, and also a question and answer period. The conference call can be accessed by calling 888-339-2688 (domestic participants) or 617-847-3007 (international participants). The conference ID number is 12233475. A live audio webcast can be accessed at www.esi.com. The webcast will be available on ESI’s website for one year. In this press release, we have presented financial measures which have not been determined in accordance with generally accepted accounting principles (GAAP) and are therefore non-GAAP financial measures. Non-GAAP, or adjusted, financial measures exclude the impact of purchase accounting, equity compensation, restructuring, inventory and goodwill write-downs, and other items. We believe that this presentation of non-GAAP financial measures allows investors to assess the company’s operating performance by comparing it to prior periods on a more consistent basis. We have included a reconciliation of various non-GAAP financial measures to those measures reported in accordance with GAAP. Because our calculation of non-GAAP financial measures may differ from similar measures used by other companies, investors should be careful when comparing our non-GAAP financial measures to those of other companies. ESI’s integrated solutions allow industrial designers and process engineers to control the power of laser light to transform materials in ways that differentiate their consumer electronics, wearable devices, semiconductor circuits and high-precision components for market advantage. ESI’s laser-based manufacturing solutions feature the micro-machining industry’s highest precision and speed, and target the lowest total cost of ownership. ESI is headquartered in Portland, Oregon, with global operations and subsidiaries in Asia, Europe and North America. More information is available at www.esi.com. This press release includes forward-looking statements about the markets we serve, growth, products, revenue, and earnings, including our expectations around restructuring our business, improving execution, and delivering more consistent earnings. These forward-looking statements are based on information available to us on the date of this release and we undertake no obligation to update these forward-looking statements for any reason. Actual results may differ materially from those in the forward-looking statements. Risks and uncertainties that may affect the forward-looking statements include: the risk that anticipated growth opportunities may be smaller than anticipated or may not be realized; risks related to the relative strength and volatility of the electronics industry; the health of the financial markets and availability of credit for end customers and related effect on the global economy; the volatility associated with the industries we serve which includes the relative level of capacity and demand, and financial strength of the manufacturers; the risk that customer orders may be canceled or delayed; our ability to respond promptly to customer requirements; the risk that we may not be able to ship products on the schedule required by customers, whether as a result of production delays, supply delays, or otherwise; our ability to develop, manufacture and successfully deliver new products and enhancements; the risk that customer acceptance of new or customized products may be delayed; the risk that large orders and related revenues may not be repeated; our need to continue investing in research and development; our ability to hire and retain key employees; our ability to create and sustain intellectual property protection around its products; the risk that competing or alternative technologies could reduce demand for our products; the risk that we may not be successful in penetrating new or adjacent markets; the risk that we do not successfully integrate Visicon Technologies or achieve the anticipated cost synergies; the risk that the incorporation of Visicon's vision technology does not give us a competitive advantage; the risk that our new products may not gain acceptance in the marketplace; the risk that new products may not be introduced to the market in the anticipated time frame or at all; risks associated with our restructuring efforts; foreign currency fluctuations; the risk that duties or tariffs could be imposed or increased on goods imported or exported by us; the risk that changes to policies regarding immigration and visits to the United States could negatively impact our ability to hire or retain and train qualified personnel or our ability to operate internationally on an integrated basis; the company’s ability to utilize recorded deferred tax assets; taxes, interest or penalties resulting from tax audits; and changes in tax laws or the interpretation of such tax laws.


News Article | May 9, 2017
Site: globenewswire.com

PORTLAND, Ore., May 09, 2017 (GLOBE NEWSWIRE) -- Electro Scientific Industries, Inc. (NASDAQ:ESIO), an innovator of laser-based manufacturing solutions for the microtechnology industry, today announced results for its fiscal 2017 fourth quarter and year ended April 1, 2017. Financial measures are provided on both a GAAP and a non-GAAP basis, which excludes the impact of purchase accounting, equity compensation, restructuring, impairments of intangible assets, inventory, and goodwill, and other items. Fourth quarter revenue was $49.9 million, compared to $51.5 million in the fourth quarter of last fiscal year and $33.8 million last quarter. GAAP net loss was $17.9 million or $0.54 per share, and included $18.1 million of charges primarily related to restructuring and the impairment of goodwill, intangible assets, and inventory. Of the charges, approximately $5.2 million are expected to be paid in cash. Non-GAAP net income was $2.9 million or $0.09 per diluted share. “The company had a strong quarter operationally with orders, revenues, and non-GAAP earnings exceeding expectations,” stated Michael Burger, president and CEO of ESI. “The seasonally strong orders resulted in our highest backlog in nearly five years and position us well as we enter fiscal 2018. I am also pleased with the progress we are making on our restructuring plan. Our new executive team is in place and we are on track with our plans to improve our consistency of earnings over time." Orders in the fourth quarter were $82.3 million, compared to $55.6 million last year and $44.1 million in the prior quarter. Burger continued, “Seasonally strong markets and solid execution drove orders to their highest quarterly level in over five years. Year over year we grew fourth quarter orders in all product groups, as well as in service." On a GAAP basis gross margin was 36.5%, compared with 41.1% in the fourth quarter of fiscal 2016, and included approximately $4.0 million dollars of charges reflecting the impairment of intangible assets and impairment of inventory associated with our restructuring activities. Operating expenses were $36.3 million, up from $20.1 million one year ago, and included $6.6 million of restructuring costs and a $7.4 million impairment of goodwill. Operating loss was $18.1 million, compared to income of $1.1 million in the year-ago quarter. On a non-GAAP basis gross margin was 45.7% compared to 42.7% one year ago. Non-GAAP operating expenses increased year over year to $20.1 million. Non-GAAP operating income was $2.7 million, or 5.4% of sales, compared to income of $3.3 million in the fourth quarter of last year. Fiscal 2017 revenue was $161.0 million, a decline of 12.7% compared to $184.4 million in fiscal 2016. On a GAAP basis, fiscal 2017 net loss was $37.4 million or $1.15 per share, compared to net loss of $12.3 million or $0.39 per share in the prior year. On a non-GAAP basis, net loss was $9.4 million or $0.29 per share, compared to net loss of $1.7 million or $0.05 per share in 2016. At quarter end, total cash and investments, including restricted cash, were $66.5 million. The company used $1.1 million of cash in operations during the quarter. For the fiscal year the company used $0.8 million of operating cash. During the quarter, inventories were flat sequentially and trade receivables increased by $12.9 million. In addition, during the quarter the company received proceeds from a $14 million ten-year term loan secured by the company’s headquarters facility. Based on current market and backlog conditions, revenues for the first quarter of fiscal 2018 are expected to be in the low $60 million range. Non-GAAP earnings per diluted share is expected to be $0.15 to $0.20. Additionally, we expect to incur approximately $1-2 million of restructuring charges and $3.5 to $4.5 million of inventory and asset impairments as we finalize our restructuring plans. Burger concluded, "Our markets were seasonally strong in the fourth quarter. Although visibility is limited, we are seeing a better market environment and fewer headwinds than one year ago, which is encouraging. Our objective is to execute and drive demand so that the seasonally weaker quarters will see less of a drop-off compared to last fiscal year. In addition, the reorganization we announced in February should help us to improve execution, lower our breakeven revenue level, and deliver profitability in both strong and weak demand cycles." The company will hold a conference call today at 5:00 p.m. ET. The session will include a review of the financial results, operational performance and business outlook, and also a question and answer period. The conference call can be accessed by calling 888-339-2688 (domestic participants) or 617-847-3007 (international participants). The conference ID number is 12233475. A live audio webcast can be accessed at www.esi.com. The webcast will be available on ESI’s website for one year. In this press release, we have presented financial measures which have not been determined in accordance with generally accepted accounting principles (GAAP) and are therefore non-GAAP financial measures. Non-GAAP, or adjusted, financial measures exclude the impact of purchase accounting, equity compensation, restructuring, inventory and goodwill write-downs, and other items. We believe that this presentation of non-GAAP financial measures allows investors to assess the company’s operating performance by comparing it to prior periods on a more consistent basis. We have included a reconciliation of various non-GAAP financial measures to those measures reported in accordance with GAAP. Because our calculation of non-GAAP financial measures may differ from similar measures used by other companies, investors should be careful when comparing our non-GAAP financial measures to those of other companies. ESI’s integrated solutions allow industrial designers and process engineers to control the power of laser light to transform materials in ways that differentiate their consumer electronics, wearable devices, semiconductor circuits and high-precision components for market advantage. ESI’s laser-based manufacturing solutions feature the micro-machining industry’s highest precision and speed, and target the lowest total cost of ownership. ESI is headquartered in Portland, Oregon, with global operations and subsidiaries in Asia, Europe and North America. More information is available at www.esi.com. This press release includes forward-looking statements about the markets we serve, growth, products, revenue, and earnings, including our expectations around restructuring our business, improving execution, and delivering more consistent earnings. These forward-looking statements are based on information available to us on the date of this release and we undertake no obligation to update these forward-looking statements for any reason. Actual results may differ materially from those in the forward-looking statements. Risks and uncertainties that may affect the forward-looking statements include: the risk that anticipated growth opportunities may be smaller than anticipated or may not be realized; risks related to the relative strength and volatility of the electronics industry; the health of the financial markets and availability of credit for end customers and related effect on the global economy; the volatility associated with the industries we serve which includes the relative level of capacity and demand, and financial strength of the manufacturers; the risk that customer orders may be canceled or delayed; our ability to respond promptly to customer requirements; the risk that we may not be able to ship products on the schedule required by customers, whether as a result of production delays, supply delays, or otherwise; our ability to develop, manufacture and successfully deliver new products and enhancements; the risk that customer acceptance of new or customized products may be delayed; the risk that large orders and related revenues may not be repeated; our need to continue investing in research and development; our ability to hire and retain key employees; our ability to create and sustain intellectual property protection around its products; the risk that competing or alternative technologies could reduce demand for our products; the risk that we may not be successful in penetrating new or adjacent markets; the risk that we do not successfully integrate Visicon Technologies or achieve the anticipated cost synergies; the risk that the incorporation of Visicon's vision technology does not give us a competitive advantage; the risk that our new products may not gain acceptance in the marketplace; the risk that new products may not be introduced to the market in the anticipated time frame or at all; risks associated with our restructuring efforts; foreign currency fluctuations; the risk that duties or tariffs could be imposed or increased on goods imported or exported by us; the risk that changes to policies regarding immigration and visits to the United States could negatively impact our ability to hire or retain and train qualified personnel or our ability to operate internationally on an integrated basis; the company’s ability to utilize recorded deferred tax assets; taxes, interest or penalties resulting from tax audits; and changes in tax laws or the interpretation of such tax laws.


News Article | February 28, 2017
Site: www.prweb.com

Silicon Kinetics Inc., the supplier of 3D nano-porous silicon biosensors and instruments for sensitive, label-free biomolecular interaction analysis, has announced collaborations with Biosys Technologies, Tokyo University and St. Marianna University, School of Medicine in Japan. The collaborators expect rapid and effective screening and ranking of inhibitors, thanks to the novel inline MIK-MS approach pioneered by Silicon Kinetics. MIK-MS (Molecular Interaction Kinetics - Mass Spectrometry) enables researchers to kinetically rank target molecules by affinity capture on silicon biosensor surfaces, then elute the candidate inhibitors to an inline LC- ESI mass spectrometer for identification and quantitation. The 3D surface of SKi Sensors captures more than 100 times the quantities on planar surfaces, making possible this MIK-MS workflow, previously not viable on planar biosensors such as those used in SPR (Surface Plasmon Resonance). The higher loading capacity of 3D SKi Sensors allows the quantification of kinetics, even when the ratio of the molecular weights of the interacting molecules is high (as in the case of a large protein interacting with a small molecule), or when a drug candidate needs to be highly diluted for solubility, or when the biomolecular interactions are weak. MIK-MS technology thus brings new and effective screening capabilities to PPI (Protein Pump Inhibitor), FBDD (Fragment-Based Drug Discovery) and biomarker discovery. Biosys Technologies, Inc., is an application development and system integration company based in Tokyo, serving the biotech and pharma markets in Japan. Through its clinical and technological alliances with major medical schools and hospitals, Biosys has access to tissue and blood samples and cancer databases. Silicon Kinetics and Biosys have agreed to work with lung cancer experts at Tokyo University and St. Marianna University, such as Dr. Kawamura and Prof. Nishimura, to study the progression of lung cancer in non-smoking adults, as well as potential treatments based on the principles of personalized medicine. “The novel MIK-MS approach forms the basis for state-of-the art-screening, as it not only enables novel protein identification but also gives information about protein interactions, signal pathways and mutations in conjunction with databases and related informatics,” said Prof. Toshihide Nishimura, the Director of the Translational Medicine Informatics, St. Marianna University School of Medicine. About Silicon Kinetics: Silicon Kinetics Inc. is the developer and supplier of the world’s first nano-porous silicon biosensor for analyzing biomolecular interactions, including antibody-antigen and protein-small molecule interactions. Unlike the planar surface of biosensors based on SPR, the 3D volume of SKi Sensors, interrogated by white-light interferometry in the SKi Pro line of instruments, offers researchers higher sensitivities in traditional biomolecular interaction analysis and larger amounts of captured molecules in MIK-MS (Molecular Interaction Kinetics - Mass Spectrometry) applications. For MIK-MS, Silicon Kinetics offers SKi Bridge, which acts as a fraction collector and timing synchronization tool, directly connected to any mass spectrometer. More information can be found at http://www.siliconkinetics.com.


News Article | February 22, 2017
Site: en.prnasia.com

ARLINGTON, Va., Feb. 23, 2017 /PRNewswire/ -- TwentyEighty Strategy Execution, a leading global training company, has released its Top 10 Strategy Execution Trends for 2017. As organisations become leaner and flatter, the discipline of project management has evolved to keep pace. Whether by adopting methods from other practices or identifying and communicating value within the organisation, project managers are becoming more important implementers of company strategy and are being recognised as essential parts of every business. To download a free copy of the 2017 trends, visit www.strategyex.com.sg. "As organisational structure changes, collaboration and strategic thinking are happening from the bottom-up, and smart organisations are recognising the need for skill sets beyond traditional project management to be successful," said Tim Wasserman, Chief Learning Officer, TwentyEighty Strategy Execution. "This blurring and blending of disciplines into the meta-practice of adaptive execution forces transparency, cross-functional teamwork, and innovation, all of which helps companies get work done." TwentyEighty Strategy Execution put together a panel of experts to identify the top 10 project-based work trends for 2017, which further explore the transformation of traditional project management and highlight the emergence of the combined meta-practice of project management, business analysis, and strategy execution. Adaptive Execution: The Birth of One Meta-Practice Organisations are less concerned about adhering to single methodologies like Agile or Waterfall, and are instead creating a blend that works for their culture and their strategy. Digitalisation – A New Project Management Tribe The adoption of mobile, cloud and data technology is changing how companies run projects and get work done. Leaders need the skills to take charge when technology increasingly drives the business. Change Managers are Essential for Innovation Change managers are no longer being sidestepped as organisations recognise that change needs formal handling. The change managers of today are laying the foundation for the progress of tomorrow. The BA and PM Partnership Strengthens As adaptive strategy execution continues to evolve, the relationship between business analysis and project management will mature into a strong partnership that combines best practices from each of the two disciplines to more effectively achieve organisational alignment. Renewed Focus on Benefits Management This year there will be a renewed focus on benefits management as it reinvents itself as a simpler process that is not just reserved for business analysts. Project Management is for Everyone Project management used to be a niche profession reserved for a small group of practitioners in distinct industries. As more organisations realise that their strategies are executed through a series of projects, more professionals are seeing the value of acquiring PM skills. Value is the Buzzword This year, project practitioners will have renewed focus on identifying and communicating the value – or return on investment – they bring to their organisation. Accountability Through Coaching Formal coaching relationships are emerging within project management, as less experienced project managers gain direction and support from more tenured project professionals. Senior project managers are taking time out between project deliveries to dedicate time to a formal leadership and coaching role for more junior members of the organisation. Co-Location, Distributed Work and the Rise of Collaboration Organisations are still trying to find the balance between project teams conveniently co-located and those working virtually in global project teams. With team collaboration cited as a must have for successful projects, organisations will spend more time focusing on how to bring teams closer together through web and physical space use. Agile is not just for IT Across industries beyond IT, an active migration toward an Agile mindset means that project workers are learning to adjust while projects are in mid-flight, instead of planning the course ahead of time and sticking to the original route. "Organisations have taken notice that they need to be skilled on a variety of approaches to project-based work," said Wasserman. "While having expertise in different areas is necessary, having a strategic perspective is the bridge or missing piece of the puzzle that unifies everything that we do." To read the full copy of the 2017 trends, click here. About TwentyEighty Strategy Execution TwentyEighty Strategy Execution, a TwentyEighty Inc. company that combined industry leaders ESI International and IPS Learning, delivers performance education that closes the strategy execution gap by strengthening people's strategic and project execution capabilities to drive higher performance. Through our robust and deep curriculum taught by instructors with real world experience, TwentyEighty Strategy Execution helps organisations reach their strategic goals through improving the execution of project-based work. Learn more today at www.strategyex.com.sg.


News Article | February 28, 2017
Site: globenewswire.com

Disclosure of Trading in Own Shares from 20 to 24 February 2017 In compliance with general regulation on share buy-backs, SOCIÉTÉ BIC declares below the transactions made on its own shares from 20 to 24 February 2017: 2017 Agenda (all dates to be confirmed) BIC is a world leader in stationery, lighters, shavers and promotional products. For more than 60 years, BIC has honored the tradition of providing high-quality, affordable products to consumers everywhere. Through this unwavering dedication, BIC has become one of the most recognized brands in the world. BIC products are sold in more than 160 countries around the world. In 2016, BIC recorded net sales of 2,025.8 million euros. The Company is listed on "Euronext Paris" and is part of the SBF120 and CAC Mid 60 indexes. BIC is also part of the following Socially Responsible Investment indexes : CDP's Climate A List, CDP's Supplier Climate A List, CDP Supplier Engagement Leader Board, FTSE4Good indexes, Ethibel Sustainability Index (ESI) Excellence Europe, Euronext Vigeo - Eurozone 120, Euronext Vigeo - Europe 120, Stoxx Global ESG Leaders Index. For more information, please visit BIC corporate web site: www.bicworld.com


News Article | February 1, 2017
Site: globenewswire.com

PORTLAND, Ore., Feb. 01, 2017 (GLOBE NEWSWIRE) -- Electro Scientific Industries, Inc. (NASDAQ:ESIO), an innovator of laser-based manufacturing solutions for the microtechnology industry, today announced results for its fiscal 2017 third quarter ended December 31, 2016. Financial measures are provided on both a GAAP and a non-GAAP basis, which excludes the impact of purchase accounting, equity compensation, restructuring costs, and other items. Third quarter revenue was $33.8 million, compared to $29.7 million in the second quarter of 2017 and $43.3 million in the third quarter of last fiscal year. GAAP net loss was $9.7 million or $0.29 per share, compared to a net loss of $9.7 million, or $0.30 per share in the second quarter. On a non-GAAP basis net loss was $7.6 million or $0.23 per share, compared to net loss of $7.7 million or $0.24 per share in the prior quarter. Michael Burger, president and CEO of ESI, said, “We delivered top and bottom line results at the high end of our expectations in the third quarter, as revenues grew 14% sequentially. We also made progress on new product evaluation by customers, the integration of our Visicon acquisition, and repositioning our Micromachining product line for future success." Bookings in the third quarter were $44.1 million, compared to $28.0 million in the prior quarter and $52.6 million last year. Burger continued, “The demand environment improved late in the third quarter, specifically with the return of the flex via drilling market from a two-quarter slump. Interconnect bookings were broad based, more than doubled sequentially, and were higher than a year ago. Also, our Component Test group delivered its highest quarterly bookings in more than three years.” On a GAAP basis gross margin was 33.9%, compared to 37.0% in the prior quarter due to timing of other cost of sales items. Operating expenses were $21.5 million, up slightly from $20.9 million in the prior quarter. Operating loss was $10.1 million, compared to a loss of $9.9 million last quarter. Non-GAAP gross margin was 34.5% compared to 38.2% in the prior quarter. Non-GAAP operating expenses rose slightly to $19.3 million. Non-GAAP operating loss was $7.7 million, compared to a loss of $7.6 million in the second quarter. At quarter end, cash and investments were $54.3 million, compared to $59.1 million last quarter. The company used $3.7 million of operating cash in the third quarter. Inventories decreased by $3.1 million, trade receivables decreased by $2.1 million, and accounts payable increased by $0.7 million. After the end of the quarter, the company announced that it had secured a $14 million, 10-year term loan secured by the company’s headquarters facility. In addition, the company has reached agreement to amend its existing $30 million credit agreement with Silicon Valley Bank and extend it through March 2019. Based on current orders and backlog, revenues for the fourth quarter of fiscal 2017 are expected to be between $40 and $45 million. Non-GAAP loss per share is expected to be $0.02 to $0.07. Burger concluded, "I am encouraged by our orders performance this quarter. We expect to again see strong seasonal demand for our industry-leading flex products. We also made some progress toward early qualification and customer penetration with our new products, but there is more work to do. As we look forward we are focused on improving execution, accelerating new product adoption, and increasing consistency of earnings over time." The company will hold a conference call today at 5:00 p.m. ET. The session will include a review of the financial results, operational performance and business outlook, and also a question and answer period. The conference call can be accessed by calling 888-339-2688 (domestic participants) or 617-847-3007 (international participants). The conference ID number is 78791049. A live audio webcast can be accessed at www.esi.com. The webcast will be available on ESI’s website for one year. In this press release, we have presented financial measures which have not been determined in accordance with generally accepted accounting principles (GAAP) and are therefore non-GAAP financial measures. Non-GAAP, or adjusted, financial measures exclude the impact of purchase accounting, equity compensation, restructuring, integration costs, inventory write-downs and other items. We believe that this presentation of non-GAAP financial measures allows investors to assess the company’s operating performance by comparing it to prior periods on a more consistent basis. We have included a reconciliation of various non-GAAP financial measures to those measures reported in accordance with GAAP. Because our calculation of non-GAAP financial measures may differ from similar measures used by other companies, investors should be careful when comparing our non-GAAP financial measures to those of other companies. ESI’s integrated solutions allow industrial designers and process engineers to control the power of laser light to transform materials in ways that differentiate their consumer electronics, wearable devices, semiconductor circuits and high-precision components for market advantage. ESI’s laser-based manufacturing solutions feature the industry’s highest precision and speed, and target the lowest total cost of ownership. ESI is headquartered in Portland, Oregon, with global operations and subsidiaries in Asia, Europe and North America. More information is available at www.esi.com. This press release includes forward-looking statements about the markets we serve, growth, products, revenue, and earnings. These forward-looking statements are based on information available to us on the date of this release and we assume no obligation to update these forward-looking statements for any reason. Actual results may differ materially from those in the forward-looking statements. Risks and uncertainties that may affect the forward-looking statements include: the risk that anticipated growth opportunities may be smaller than anticipated or may not be realized; risks related to the relative strength and volatility of the electronics industry—which is dependent on many factors, including component prices, global and regional economic strength and political stability, timing of consumer product introductions and overall demand for electronic devices (such as semiconductors, printed circuit boards, displays, LEDs, capacitors and other components) used in wireless telecommunications equipment, computers and consumer and automotive electronics; the health of the financial markets and availability of credit for end customers and related effect on the global economy; the volatility associated with the industries we serve which includes the relative level of capacity and demand, and financial strength of the manufacturers; the risk that customer orders may be canceled or delayed; the ability of the company to respond promptly to customer requirements; the risk that the company may not be able to ship products on the schedule required by customers, whether as a result of production delays, supply delays, or otherwise; the ability of the company to develop, manufacture and successfully deliver new products and enhancements; the risk that customer acceptance of new or customized products may be delayed; the risk that large orders and related revenues may not be repeated; the company’s need to continue investing in research and development; the company’s ability to hire and retain key employees; the company’s ability to create and sustain intellectual property protection around its products; the risk that competing or alternative technologies could reduce demand for our products; the risk that we may not be successful in penetrating new or adjacent markets; the risk that we do not successfully integrate Visicon Technologies or achieve the anticipated cost synergies; the risk that the incorporation of Visicon's vision technology does not give us a competitive advantage; the risk that our new products may not gain acceptance in the marketplace; the risk that new products may not be introduced to the market in the anticipated time frame or at all; foreign currency fluctuations; the risk that duties or tariffs could be imposed or increased on goods imported or exported by us; the risk that changes to policies regarding immigration and visits to the United States could negatively impact our ability to hire or retain and train qualified personnel or our ability to operate internationally on an integrated basis; the company’s ability to utilize recorded deferred tax assets; taxes, interest or penalties resulting from tax audits; and changes in tax laws or the interpretation of such tax laws.


News Article | February 20, 2017
Site: www.prweb.com

Environmental Specialties, Inc. (ESI), the largest contracted installer of geosynthetic materials in the United States, today announced the launch of an updated website designed to provide an improved user experience. In addition to the cleaner and more attractive design, a key feature of the site is the addition of a large project profile gallery that can be filtered by markets and solutions to help site visitors grasp the full extent of ESI services and applications. The more than 30 featured projects range from a geosynthetic liner system installation at a South Carolina gold mine to a geosynthetic base liner and cap system at a Superfund site in Texas to a Solid Waste Association of North America award-winning synthetic turf closure system in Florida. Filter options for viewing projects include the following industries: Solid Waste, Coal Combustion Residuals, Industrial, Mining, Aqua and Agriculture and Other. Users also have an option to sort by solutions including geosynthetic closure systems, geosynthetic liner systems and HDPE pipe and fabrication. The website is optimized for viewing on mobile devices with pages that load quickly and navigation that is easy to use and view on a smartphone or tablet. Visitors to the site can also stay informed on the latest company activities and news with a feed that provides a quick snapshot from the home page. We invite you to visit the updated site at http://www.esiliners.com About Environmental Services, Inc. Environmental Specialties International, Inc. (ESI) is the largest contracted installer of geosynthetic materials in the United States. The company has installed nearly 2 Billion square feet of geosynthetics, involving more than 2,000 projects in all 50 states. ESI provides geosynthetic material supply and installation services to the municipal solid waste, hazardous waste, power, petrochemical, mining, water, aqua/agriculture and other related industries. The company also fabricates, installs, and provides design support for High-Density Polyethylene (HDPE) plastic pipe systems for the transportation of water, leachate and gas. For more information visit http://www.esiliners.com


News Article | February 23, 2017
Site: www.prweb.com

Precise, Inc., a trusted provider of litigation technology solutions, today announced the rapid success of its new jury research process, Predict, released in April. Predict applies statistical analysis in a litigation setting to predict results, offering a more scientific, efficient and less expensive alternative to traditional mock juries and focus groups for litigators concerned with measuring the human reaction to the facts and arguments of their case. “We’re excited about how quickly Predict is taking hold among our clients,” said Paul L. Null, II, EVP & senior trial consultant at Precise. “Already it’s proving to be an invaluable tool for trial attorneys by providing them with a quality and quantity of data that’s often impossible to produce through traditional means of jury research.” “I just used the Predict tool for the first time and was blown away with the product quality,” said David L. Kwass of Saltz Mongeluzzi Barrett & Bendesky in Philadelphia. “I got ten times the number of participants of traditional focus group providers, with a comprehensive and easy-to-understand analysis.” At the core of each Predict project is a scientifically backed process that leverages the accuracy of statistical analysis of known demographic groups to provide reliable predictions of how any population will respond to a particular set of facts. In Predict, Precise has taken the same proven methodologies that other industries have used for decades and applied them to the legal field. “A major corporation today wouldn’t launch a new product without going through this analysis and they’re often betting millions of dollars on the accuracy of the data,” said Oscar McKnight, Ph.D., an expert in statistical analysis and scientific jury selection. “Applying this scientific approach to litigation just makes sense. I was always surprised it hadn’t been more widely adopted by the legal field.” Unlike focus groups and mock trials which are descriptive of their particular groups, Predict is a streamlined, demographically valid, and iterative process that allows an attorney to re-shape, refocus and refine their case strategy to determine a potential jury’s verdict. “Predict showed me case weaknesses I hadn’t seen, and alerted me to potential jurors that I needed to de-select,” Kwass explained. As a growing number of trial attorneys adopt Predict, Precise forecasts the tool will become an integral part of litigation. “I will never go into trial again without Predict,” Kwass said. About Precise, Inc. Since 2000, Precise, Inc. has provided a comprehensive suite of collaborative litigation support services to help law firms and corporate legal teams manage litigation in a defensible, cost-efficient manner. Precise’s solutions include workflow process design, forensic data collection, ESI processing capabilities, intuitive document review, and professional trial consultation complete with custom graphics and animation, video production services, and sophisticated courtroom presentations. To learn more about how Precise can help your firm level the technology playing field, please visit precise-law.com or call 866-277-3247.


News Article | March 2, 2017
Site: www.businesswire.com

OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” to Elan Solutions, Inc. (ESI) (d/b/a United West Indies Insurance) (St. Thomas, U.S. Virgin Islands). The outlook assigned to these Credit Ratings (ratings) is stable. ESI is a newly formed company operating in the U.S. Virgin Islands. It commenced business on Oct. 1, 2016, and primarily services group major medical business. The ratings reflect ESI’s business profile, projected premium and operating earnings growth and adequate level of risk-adjusted capital. The company’s management is experienced in the Caribbean basin and has brought in service support to administer its initial block of insured members while executing on its plan to grow and expand into other products or locales. Although absolute capital levels are expected to decline as premium grows, ESI is projected to maintain adequate levels of risk-adjusted capitalization through operating gains. As with any start-up company, A.M. Best expects ESI to face challenges from market pressure and barriers to expand. Market challenges may include regulatory pressure, provider relationship strain, changing demographics affected by the overall dynamic of the marketplace and ESI’s ability to adapt and respond to market changes and implement improvements without disrupting operations. This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

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