Coherent fourth fiscal quarter results

Nov. 4, 2010
Santa Clara, CA--For the fourth fiscal quarter ended October 2, 2010, Coherent (NASDAQ: COHR) announced net sales of $166.4 million and net income, on a U.S. generally accepted accounting principles (GAAP) basis, of $9.9 million ($0.39 per diluted share). These results compare to net sales of $107.6 million and net loss of $4.5 million, or $0.18 per share, for the fourth quarter of fiscal 2009. 
Santa Clara, CA--For the fourth fiscal quarter ended October 2, 2010, Coherent (NASDAQ: COHR) announced net sales of $166.4 million and net income, on a U.S. generally accepted accounting principles (GAAP) basis, of $9.9 million ($0.39 per diluted share). These results compare to net sales of $107.6 million and net loss of $4.5 million, or $0.18 per share, for the fourth quarter of fiscal 2009.

“Momentum continues to build in our business as evidenced by another round of record-setting orders. Demand was led by
flat panel display applications for LCD annealing systems and light guide panel manufacturing used in LED-based displays. We also had a very strong quarter within our scientific business with record orders for Chameleon lasers used in biological imaging and for amplifiers favored in basic research,” said John Ambroseo, Coherent’s President and CEO. “While our fourth fiscal quarter results were negatively impacted by two vendor component issues that are now behind us, we believe the current momentum will be sustained into fiscal 2011 such that the combination of our record backlog and future order stream should support organic, year-over-year revenue growth of 15-20%,” he added.

Net sales for the third quarter of fiscal 2010 were $166.7 million and net income, on a GAAP basis, was $14.4 million ($0.57 per diluted share).

Bookings received during the three months ended October 2, 2010 of $192.5 million increased 44.3% from $133.4 million in the same prior year period and increased by 6.6% compared to bookings of $180.6 million in the immediately preceding quarter. The book-to-bill ratio was 1.16, resulting in backlog of $262.0 million at October 2, 2010 compared to a backlog of $230.2 million at July 3, 2010 and a backlog of $164.3 million at October 3, 2009.

For the fiscal year ended October 2, 2010, Coherent posted net sales of $605.1 million and net profit of $36.9 million ($1.47 per diluted share) on a GAAP basis compared to the prior year sales of $435.9 million and a net loss on a GAAP basis of $35.3 million ($1.45 per share). Bookings received for the fiscal year ended October 2, 2010 were $696.0 million, compared to $419.2 million in bookings received during fiscal 2009.
Acquisition of Hypertronics“As part of our strategy to increase our market share and customer support in Asia as well as our continuing efforts to manage costs, we have entered into a definitive agreement to acquire the business assets of privately-held Hypertronics in an all cash transaction. A designer and manufacturer of laser-based tools for flat panel, storage, semiconductor and biomedical applications, Hypertronics has an engineering and integration center in Singapore and a low cost manufacturing hub in Penang, Malaysia. These operations will serve as a nucleus for laser manufacturing and repair in Asia, thereby enhancing our industry leading service support. We intend to also increase our global sourcing initiative through the establishment of an international procurement office,” Ambroseo said.Find out more at www.coherent.comPosted by Steve AndersonFollow us on TwitterSubscribe now to Laser Focus World magazine; It’s free!

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