Coherent reports financial results for Q2

Santa Clara, CA - Coherent has released financial results for its second fiscal quarter, which ended March 29, 2014.

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For the quarter, the company announced net sales of $199.2 million and net income, on a US generally accepted accounting principles (GAAP) basis, of $15.3 million, or $0.61 per diluted share. These results compare to net sales of $200.1 million and net income of $15.0 million, or $0.61 per diluted share, for the second quarter of fiscal 2013.

Non-GAAP net income for the second quarter of fiscal 2014 was $20.4 million, or $0.82 per diluted share. Non-GAAP net income for the second quarter of fiscal 2013 was $20.7 million, or $0.84 per diluted share. Beginning in the second quarter of fiscal 2013, the company revised its presentation of non-GAAP net income and non-GAAP diluted EPS for all periods presented to exclude the effect of intangibles amortization and inventory step up costs. For a complete overview of the differences between GAAP and non-GAAP results, please see the reconciliation table included at the end of this release.

Net sales for the first quarter of fiscal 2014 were $193.6 million and net income, on a GAAP basis, was $11.7 million, or $0.47 per diluted share. Non-GAAP net income for the first quarter of fiscal 2014 was $17.1 million, or $0.68 per diluted share.

Bookings received during the second fiscal quarter of $261.8 million increased 29.7% from $201.8 million in the same prior year period and increased by 30.0% compared to bookings of $201.5 million in the immediately preceding quarter. The book-to-bill ratio was 1.31, and ending backlog expected to ship in the next 12 months was $308.5 million at March 29 compared to a backlog of $285.9 million at December 28, 2013, and a backlog of $333.0 million at March 30, 2013. Backlog as of March 29, 2014, includes $58.0 million related to the large flat panel display annealing laser order received in January 2014.