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News Article

Coherent Reports First Fiscal Quarter Results

Coherent, Inc, a supplier of photonics based solutions to the commercial and scientific research markets, has announced financial results for its first fiscal quarter ended December 31, 2011.

FINANCIAL HIGHLIGHTS



Three Months Ended


GAAP Results

(in millions except per share data)

Dec. 31,


Oct. 1,


Jan. 1,


2011


2011


2011


Bookings                        

$201.8


$195.4


$234.4


Net sales                        

$190.8


$208.0


$183.1


Net income                       

$17.1


$31.4


$19.1


Diluted EPS                       

$0.71


$1.25


$0.76









Non-GAAP Results

(in millions except per share data)











Net income                       

$19.7


$24.2


$21.4


Diluted EPS                       

$0.82


$0.96


$0.85





FIRST FISCAL QUARTER DETAILS

For the first fiscal quarter ended December 31, 2011, Coherent announced net sales of $190.8 million and net income, on a U.S. generally accepted accounting principles (GAAP) basis, of $17.1 million, or $0.71 per diluted share.  These results compare to net sales of $183.1 million and net income of $19.1 million, or $0.76 per diluted share, for the first quarter of fiscal 2011.  Non-GAAP net income for the first quarter of fiscal 2012 was $19.7 million, or $0.82 per diluted share.  Non-GAAP net income for the first quarter of fiscal 2011 was $21.4 million, or $0.85 per diluted share. For a complete overview of the differences between GAAP and non-GAAP results, please see the reconciliation table included at the end of our release.

Net sales for the fourth quarter of fiscal 2011 were $208.0 million and net income, on a GAAP basis, was $31.4 million, or$1.25 per diluted share.  Coherent's tax expense for the fourth quarter of fiscal 2011 was reduced by approximately $9.7 milliondue to the release of tax reserves and related interest as a result of an IRS settlement and the closure of open tax years. Non-GAAP net income for the fourth quarter of fiscal 2011 was $24.2 million, or $0.96 per diluted share.  

Bookings received during the first fiscal quarter ended December 31, 2011 of $201.8 million decreased 13.9% from $234.4 million in the same fiscal quarter of the prior year and increased by 3.3% compared to bookings of $195.4 million in the immediately preceding quarter.  The book-to-bill ratio was 1.06, resulting in backlog of $365.5 million at December 31, 2011compared to a backlog of $356.5 million at October 1, 2011 and a backlog of $308.9 million at January 1, 2011.

"Coherent had good first quarter results despite the shadows cast by a credit crunch in China and sovereign debt woes inEurope. On the bookings side, we received orders for annealing lasers from two new customers in the flat panel display space and maintained market share gains in the research market," said John Ambroseo, Coherent's President and Chief Executive Officer.  "There has been a noticeable shift in customer sentiment since the start of the calendar year.  OLED TV demos at CES drew significant interest and TV manufacturers are targeting shipments later this year.  There is improving outlook from semiconductor equipment manufacturers.  Credit is expected to ease in China following the Chinese New Year celebration, which should increase demand in the materials processing and advanced packaging and interconnects markets.  We are well positioned in these markets due to a strong product portfolio and solid product pipeline."

Coherent ended the quarter with cash and short term investments of $203.1 million, a decrease of $17.1 million from cash and short term investments of $220.2 million at October 1, 2011. During the quarter ended December 31, 2011, the Company repurchased 450,500 shares of common stock at a cost of $20.7 million.

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