Laser etching of ferrites was previously done by scanning a focused continuous-wave laser beam on a ferrite sample in a chemical environment. We study the phenomenon of photo-ablation of Ni-Zn or Mn-Zn ferrites by pulsed 248-nm KrF excimer laser irradiation. A transfer lens system is used to project a grating pattern of a mask irradiated by the pulsed KrF laser onto the ferrite sample. The threshold fluence for ablation at the ferrite surface is about 0.3 J/cm2. A typical fluence of 1 J/cm2 is used. The etched grooves produced are typically 20-50 μm wide, with depths achieved as deep as 70 μm. Groove straightness is good as long as a sharp image is projected onto the sample surface. The wall angle is steeper than 60 degrees. Scanning electron microscopy of the etched area shows a "glassy" skin with extensive microcracks and solidified droplets being ejected that is frozen in action. We found that this skin can be entirely removed by ultrasonic cleaning. A fairly efficient etching rate of about 10 nm/pulse for a patterned area of about 2 mm×2 mm is obtained at a fluence of 1 J/cm2. This study shows that projection excimer laser ablation is useful for micromachining of ferrite ceramics, and indicates that a hydrodynamic sputtering mechanism involving droplet emission is a cause of material removal.