More good news: Coherent announces record quarterly results

Santa Clara, CA--For its fiscal third quarter ended July 3, 2010 (calendar Q2), Coherent announced record net sales of $166.7 million, up 69% from the $98.5 million for the same quarter last year. This is also a 12% increase compared to fiscal second quarter (calendar Q1 2010) sales of $149.2 million. This announcement, as well as the strong Q2 financials reported by Newport Corporation (Irvine, CA), further indicates a turnaround in the photonics market for 2010.

Coherent’s bookings received during the three months ended July 3, 2010 of $180.6 million increased 103.7% from $88.6 million in the same prior year period and increased by 9.8% compared to bookings of $164.5 million in the immediately preceding quarter. The book-to-bill ratio was 1.08, resulting in backlog of $230.2 million at July 3, 2010 compared to a backlog of $217.2 million at April 3, 2010 and a backlog of $137.6 million at July 4, 2009.

“The third quarter operating income was not only the best in the company’s history, it also serves to demonstrate the combined benefits of our more efficient operating structure, higher revenue and favorable mix. We are equally encouraged by record-setting orders as they reflect the alignment we have achieved with our customers. Microelectronics bookings were particularly strong due to investments in LED manufacturing and mobile communications (i.e., smartphones). Demand for lasers used in materials processing and instrumentation was also very healthy as we capitalize on market recovery and new product introductions,” said John Ambroseo, Coherent’s president and CEO.

SOURCE: Coherent; www.coherent.com/investors/index.cfm?fuseaction=Popups.ViewRelease&ID=872

--Posted by Gail Overton; [email protected]; www.laserfocusworld.com