SCHEDULE 13D
Amendment No.
Electro Scientific Industries, Inc.
common stock
Cusip # 285229100
Filing Fee: Yes
Cusip # 285229100
Item 1: Reporting Person - FMR Corp. - (Tax ID: 04-2507163)
Item 4: PF
Item 6: Commonwealth of Massachusetts
Item 7: None
Item 8: None
Item 9: 524,500
Item 10: None
Item 11: 524,500
Item 13: 8.53%
Item 14: HC
PREAMBLE
The filing of this Schedule 13D is not, and should not be deemed to be,
an admission that such Schedule 13D is required to be filed. See the
discussion under Item 2.
Item 1. Security and Issuer.
This statement relates to shares of the Common Stock, $0.00 par value
(the "Shares") of Electro Scientific Industries, a Oregon corporation (the
"Company"). The principal executive offices of the Company are located at
13900 NW Science Park Drive, Portland, OR, 97229-5497.
Item 2. Identity and Background.
This statement is being filed by FMR Corp., a Massachusetts Corporation
("FMR"). A separate Schedule 13D is being filed by Fidelity International
Limited, a Bermuda joint stock company incorporated for an unlimited duration
by private act of the Bermuda legislature ("FIL"). FMR is a holding company
one of whose principal assets is the capital stock of a wholly-owned
subsidiary, Fidelity Management & Research Company ("Fidelity"), which is also
a Massachusetts corporation. Fidelity is an investment adviser which is
registered under Section 203 of the Investment Advisers Act of 1940 and which
provides investment advisory services to more than 30 investment companies
which are registered under Section 8 of the Investment Company Act of 1940 and
serves as investment adviser to certain other funds which are generally
offered to limited groups of investors (the "Fidelity Funds"). Various
directly or indirectly held subsidiaries of FMR are also engaged in investment
management, venture capital asset management, securities brokerage, transfer
and shareholder servicing and real estate development. The principal offices
of FMR and Fidelity are located at 82 Devonshire Street, Boston, Massachusetts
02109.
FIL is an investment adviser which provides investment advisory and
management services to a number of non-U.S. investment companies or instrument
trusts (the "International Funds") and certain institutional investors. Prior
to June 30, 1980, FIL was a majority-owned subsidiary of Fidelity. On that
date, the shares of FIL held by Fidelity were distributed, as a dividend, to
the shareholders of FMR. FIL currently operates as an entity independent of
FMR and Fidelity. The International Funds and FIL's other clients, with the
exception of Fidelity and an affiliate of Fidelity, are non-U.S. entities.
Various foreign-based subsidiaries of FIL are also engaged in investment
management. The principal office of FIL is located at Pembroke Hall, 42 Crow
Lane, Hamilton, Bermuda.
Prior to June 30, 1980, FIL was a majority-owned subsidiary of Fidelity.
On that date, the shares of FIL held by Fidelity were distributed, as a
dividend, to the shareholders of FMR. FIL currently operates as an entity
independent of FMR and Fidelity. The International Funds and FIL's other
clients, with the exception of Fidelity and an affiliate of Fidelity, are non-
U.S. entities.
Edward C. Johnson 3d owns 34.0% of the outstanding voting common stock
of FMR. In addition, a partnership controlled by Mr. Johnson and members of
his family own shares of FIL voting stock with the right to cast approximately
47.22% of the total votes which may be cast by all holders of FIL voting
stock. Mr. Johnson 3d is Chairman of FMR Corp. and FIL. FMR Corp. and FIL
are separate and independent corporate entities. FMR Corp. and FIL are
managed independently and their boards of Directors are generally composed of
different individuals. Their investment decisions are made independently, and
clients are different organizations. The business address and principal
occupation of Mr. Johnson 3d is set forth in Schedule A hereto.
The Shares to which this statement relates are owned directly by eight
of the Fidelity Funds and by Fidelity International Limited, through its
subsidiaries and affiliates.
FMR and FIL are of the view that they are not acting as a "group" for
purposes of Section 13(d) under the Securities Exchange Act of 1934 (the "1934
Act") and that they are not otherwise required to attribute to each other the
"beneficial ownership" of securities "beneficially owned" by the other
corporation within the meaning of Rule 13d-3 promulgated under the 1934 Act.
Therefore, they are of the view that the Shares held by the other corporations
need not be aggregated for purposes of Section 13(d). However, FMR is making
this filing on a voluntary basis as if all of the Shares are beneficially
owned by FMR and FIL on a joint basis.
The name, residence or business address, principal occupation or
employment and citizenship of each of the executive officers and directors of
FMR are set forth in Schedule A hereto.
Within the past five years, none of the persons named in this Item 2 or
listed on Schedule A has been convicted in any criminal proceeding (excluding
traffic violations or similar misdemeanors) or has been a party to any civil
proceeding and as a result thereof was or is subject to any judgment, decree
or final order enjoining future violations of, or prohibiting or mandating
activities subject to , federal or state securities laws or finding any
violations with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The Fidelity Funds which own or owned Shares purchased in the aggregate
806,000 Shares for cash in the amount of approximately $8,741,939, including
brokerage commissions. The Fidelity Funds used their own assets in making
such purchase and no part of the purchase price is represented by borrowed
funds. Proceeds from 343,800 Shares sold aggregated approximately $4,225,750.
The attached Schedule B sets forth Shares purchased and/or sold since December
18, 1993.
Item 4. Purpose of Transaction.
The purpose of Fidelity in having the Fidelity Funds and the Accounts
purchase Shares (see Item 5 below) is to acquire an equity interest in the
Company in pursuit of specified investment objectives established by the Board
of Trustees of the Fidelity Funds and the Accounts.
Fidelity may continue to have the Fidelity Funds and the Accounts
purchase Shares subject to a number of factors, including, among others, the
availability of Shares of sale at what they consider to be reasonable prices
and other investment opportunities that may be available to the Fidelity
Funds.
Fidelity intends to review continuously the equity position of the
Fidelity Funds. Depending upon future evaluations of the business prospects of
the Company and upon other developments, including, but not limited to,
general economic and business conditions and money market and stock market
conditions, Fidelity may determine to cease making additional purchases of
Shares or to increase or decrease the equity interest in the Company by
acquiring additional Shares, or by disposing of all or a portion of the
Shares.
Fidelity has no present plan or proposal which relates to or would
result in (i) an extraordinary corporate transaction, such as a merger,
reorganization, liquidation, or sale of transfer of a material amount of
assets involving the Company or any of its subsidiaries, (ii) any change in
the Company's present Board of Directors or management, (iii) any material
changes in the Company's present capitalization or dividend policy or any
other material change in the Company's business or corporate structure, (iv)
any change in the Company's charter or by-laws, or (v) the Company's common
stock becoming eligible for termination of its registration pursuant to
Section 12(g)(4) of the 1934 Act.
Item 5. Interest in Securities of Issuer.
Although Item 5 assumes that FMR, Fidelity, and FIL, beneficially own
all 524,500 Shares, reference is made to Item 2 for a disclaimer of beneficial
ownership with respect to the securities which are "beneficially owned" by the
other corporations.
(a) FMR beneficially owns, through Fidelity, as investment adviser to
the Fidelity Funds, 462,200 Shares, or approximately 7.52% of the outstanding
Shares of the Company. FIL beneficially owns, as investment adviser to the
International Funds, 62,300 Shares, or approximately 1.01% of the outstanding
Shares of the Company. Neither FMR, Fidelity, nor any of its affiliates nor,
to the best knowledge of FMR, any of the persons name in Schedule A hereto,
beneficially owns any other Shares. The combined holdings of FMR, Fidelity,
and FIL are 524,500 Shares, or approximately 8.53% of the outstanding Shares
of the Company.
(b) FMR, through is control of Fidelity, investment adviser to the
Fidelity Funds, and the Funds each has sole power to dispose of the Shares.
Neither FMR nor Mr. Johnson has the sole power to vote or direct the voting of
the 462,200 Shares owned directly by the Fidelity Funds, which power resides
with the Funds' Boards of Trustees.
(c) Except as set forth in Schedule B, neither FMR, or any of its
affiliates, nor, to the best knowledge of FMR, any of the persons named in
Schedule A hereto has effected any transaction in Shares during the past sixty
(60) days.
Item 6. Contract, Arrangements, Understandings or Relationships With
Respect to Securities
of the Issuer.
Neither FMR nor any of its affiliates nor, to the best knowledge of FMR,
any of the persons named in Schedule A hereto has any joint venture, finder's
fee, or other contract or arrangement with any person with respect to any
securities of the Company.
Item 7. Material to be Filed as Exhibits.
Not Applicable.
This statement speaks as of its date, and no inference should be drawn
that no change has occurred in the facts set forth herein after the date
hereof.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
FMR Corp.
DATE: June 7, 1994 By: /s/Arthur S. Loring/s/Arthur
Loring
Arthur Loring
Vice President-Legal
SCHEDULE A
The name and present principal occupation or employment of each
executive officer and director of FMR Corp. are set forth below. The business
address of each person is 82 Devonshire Street, Boston, Massachusetts 02109,
and the address of the corporation or organization in which such employment is
conducted is the same as his business address. All of the persons listed
below are U.S. citizens.
POSITION WITH
PRINCIPAL
NAME FMR CORP. OCCUPATION
Edward C. Johnson 3d President, Chairman of the
Director, CEO Board and CEO, FMR
Chairman &
Mng. Director
J. Gary Burkhead Director President-Fidelity
Caleb Loring, Jr. Director, Director, FMR
Mng. Director
James C. Curvey Director, Sr. V.P., FMR
Sr. V.P.
William L. Byrnes Vice Chairman Vice Chairman, FIL
Director & Mng.
Director
Robert C. Pozen Sr. V.P. & Gen'l Sr. V.P. & Gen'l
Counsel Counsel, FMR
Mark Peterson Exec. Exec.
V.P.-Management V.P.-Management
Resources Resources, FMR
Denis McCarthy Sr. Vice Pres. - Vice Pres., Chief
Administration, Financial Officer,
Chief Financial FMR
Officer
SCHEDULE B
Electro Scientific Industries
Six Fidelity Fund(s) purchased Shares since December 18, 1993 at the dates and
at the prices set forth below. The transactions were made for cash in open
market transactions or with other investment companies with the same or an
affiliated investment advisor.
DATE SHARES PRICE
12/20/93
12/23/93
12/27/93
12/28/93
12/29/93
12/30/93
12/31/93
1/3/94
2/8/94
2/9/94
4/6/94
4/14/94
4/15/94
4/18/94
4/20/94
4/21/94
4/22/94
4/25/94
4/25/94
4/26/94
4/28/94
4/29/94
5/2/94
5/2/94
5/3/94
5/4/94
5/5/94
5/6/94
10,000
10,000
10,000
40,000
40,000
31,800
20,000
8,200
15,000
20,000
600
5,000
5,000
600
10,600
15,000
20,000
5,000
400
10,000
10,000
200
5,000
600
5,000
10,000
10,000
5,000
$12.88
13.50
13.88
13.38
14.48
14.93
15.44
14.13
13.00
13.13
11.75
11.50
11.64
11.75
9.88
10.13
10.00
9.75
9.88
10.25
10.63
10.75
10.88
11.00
10.75
10.50
9.88
9.63
SCHEDULE B
Electro Scientific Industries
Three Fidelity Fund(s) sold Shares since December 18, 1993 at the dates and at
the prices set forth below. The transactions were made for cash in open
market transactions or with other investment companies with the same or an
affiliated investment advisor.
DATE SHARES PRICE
3/15/94
3/16/94
3/17/94
3/18/94
3/21/94
5/18/94
5/19/94
5/20/94
5/23/94
10,000
15,000
10,000
10,000
20,000
25,000
20,000
30,000
35,800
$15.00
14.33
14.13
13.69
13.50
9.63
9.38
9.38
9.38
