SANTA CLARA, Calif., Jan. 31 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR) today announced unaudited selected financial results for its
first fiscal quarter 2007 ended December 30, 2006.
Net sales for the first quarter of fiscal 2007 totaled $147.6 million,
an increase of 12.7% compared to $131.0 million reported in the first
quarter of fiscal 2006 and a sequential decrease of 6.6% as compared to
$158.0 million in the fourth quarter of fiscal 2006.
Orders received during the quarter ended December 30, 2006 of $136.2
million increased 3.5% from the same prior year period and decreased 10.8%
compared to the immediately preceding fourth quarter of fiscal 2006.
Backlog was $189.8 million at December 30, 2006 compared to a backlog of
$199.1 million at September 30, 2006 and $192.8 million at December 31,
2005.
At December 30, 2006, Coherent's cash, cash equivalents and short-term
investments totaled $521.8 million representing an increase of $26.6
million compared to the prior quarter ended September 30, 2006.
John Ambroseo, Coherent's President and Chief Executive Officer said,
"Following a strong performance in our fourth fiscal quarter, the first
quarter yielded typical seasonal results for sales and bookings. Our cash
generation was excellent as we added to our considerable cash balance. We
expect to deploy part of this cash in acquisitions, which over the
longer-term, are expected to create the greatest value for our
shareholders."
Ambroseo continued, "As was evidenced by the Photonics West trade show
last week in San Jose, California, customer interest in new and existing
products remains positive and the mood amongst the exhibitors was buoyant.
We believe the convergence of applications, performance and cost of
ownership will lead to growing opportunities for the photonics industry."
As previously mentioned, during the fourth fiscal quarter press
release, Coherent initiated an independent review by a special committee of
its board of directors of the company's historical stock option practices
and related accounting. The company requested the independent review
following an internal review of its historical stock option practices,
which was a voluntary review initiated in light of news of the option
practices of numerous companies across several industries. Independent
counsel and advisors are assisting the special committee with its review.
At this time, Coherent has not determined if it needs to record any
non-cash adjustments related to prior stock option grants or to restate any
of its previously filed financial statements. The company will provide only
selected financial information while the special committee completes its
review.
Coherent's conference call scheduled for 1:30 p.m. PT today will
include discussions relative to the current selected financial information
and some comments regarding forward looking guidance on future operating
performance.
The statements in this press release that relate to future plans,
events or performance, including statements such as Coherent expects to
deploy part of this cash in acquisitions, which over the longer-term, are
expected to create the greatest value for our shareholders, customer
interest in new and existing products remains positive, and we believe the
convergence of applications, performance and cost of ownership will lead to
growing opportunities for the photonics industry, are forward-looking
statements. Factors that could cause actual results to differ materially
include risks and uncertainties, including risks associated with general
market and business conditions, determinations by Coherent to utilize its
cash in ways other than acquisitions, currency adjustments, contract
cancellations, customer payments and acceptance of our products,
manufacturing risks, competitive factors, and uncertainties pertaining to
customer orders, demand for products and services, and development of
markets for the company's products and services, the final conclusions of
the special committee (and the timing of such conclusions) concerning
matters relating to the company's stock option grants and other risks
identified in the company's SEC filings. Actual results, events and
performance may differ materially. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. The company undertakes no obligation to update these
forward-looking statements as a result of events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events. As noted
above, a special committee of the board of directors has initiated an
independent review regarding the company's historical stock option
practices and related accounting. There can be no assurance that the
outcome of this review will not result in a change to or restatement of
financial results provided by Coherent for this or any historical period.
In addition, the review and possible conclusions may have an impact on the
amount and timing of previously awarded stock-based compensation and other
additional expenses to be recorded; accounting adjustments to the company's
financial statements for the periods in question; the Company's ability to
file required reports with the SEC on a timely basis; the company's ability
to meet the requirements of the Nasdaq Stock Market for continued listing
of its shares; potential claims and proceedings relating to such matters,
including shareholder litigation and action by the SEC and/or other
governmental agencies; and negative tax or other implications for the
Company resulting from any accounting adjustments or other factors.
Readers are encouraged to refer to the risk disclosures described in
the company's Registration Statement on Form S-3 (as amended and filed with
the SEC on October 4, 2006) and the reports on Forms 10-K, 10-Q and 8-K, as
applicable and as filed from time-to-time by the company. Founded in 1966,
Coherent, Inc. is a Standard & Poor's SmallCap 600 company and a world
leader in providing photonics based solutions to the commercial and
scientific research markets. Please direct any questions to Leen Simonet,
Chief Financial Officer at 408-764-4161. For more information about
Coherent, visit the company's Web site at http://www.coherent.com/ for
product and financial updates.
SOURCE Coherent, Inc.
 back to top
Related links:
http://www.coherent.com
CONTACT:
Leen Simonet, +1-408-764-4161
|
