Second Quarter Fiscal 2004 Results from Continuing OperationsNet revenues for the second quarter of fiscal 2004 were $57.1 million compared to $29.1 million for the second quarter of fiscal 2003, an increase of 96.2%.Income from continuing operations on a GAAP basis for the second quarter of fiscal 2004 was $3.5 million or $0.24 per fully diluted common share, compared to a loss from continuing operations on a GAAP basis of $581,000 or $0.05 per fully diluted common share for the second quarter of fiscal 2003.Our GAAP EPS corresponds to First Call's definition of GPS.
Pro forma income from continuing operations for the second quarter of fiscal 2004 was $4.1 million, or $0.28 per fully diluted common share, compared to $48,000 or $0.00 per fully diluted common share for the second quarter of fiscal 2003. Our pro forma EPS corresponds to First Call's definition of EPS.
The Company reports a pro forma non-GAAP financial measure so that management and investors can assess the ongoing performance of the company without considering the non-cash charges for the amortization of intangibles related to the LAC Acquisition. The pre-tax charge for amortization of other intangible assets in the fiscal second quarter was $1.1 million. A reconciliation of pro-forma non-GAAP measurements to GAAP can be found in the attached financial table.
Bookings for the quarter were $51.2 million. Equipment backlog as of December 27, 2003 was $88.7 million, compared to $75.9 million at the end of the second fiscal quarter of 2003, an increase of 16.9%, and compared to $94.6 million at the end of the first fiscal quarter of 2004. The Company expects to recognize revenue from this backlog over the next 6 to 12 months.
"We are pleased with our second quarter financial performance which exceeded our guidance for the quarter," stated Thomas T. Edman, President and Chief Executive Officer. "We were also pleased to record display bookings in the second quarter. We continue to see strong demand in this critical market for our deposition equipment, confirming our forecasts for strengthening display bookings. During the quarter, we were also pleased to announce our first 6th generation display orders. We are excited to be involved in new generation display investments as our customers target projected demand in the flat television market."