Coherent reports financial results for Q2

May 2, 2014
Coherent has released financial results for its second fiscal quarter, which ended March 29, 2014.

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.

About the Author

Industrial Laser Solutions Editors

We edited the content of this article, which was contributed by outside sources, to fit our style and substance requirements. (Editors Note: Industrial Laser Solutions has folded as a brand and is now part of Laser Focus World, effective in 2022.)

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