Results Include Higher Sales and Orders
SANTA CLARA, Calif., April 26 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR) today announced unaudited selected financial results for its
second fiscal quarter 2007 ended March 31, 2007.
Net sales for the second quarter of fiscal 2007 totaled $152.1 million,
an increase of 4.2% compared to $146.0 million reported in the second
quarter of fiscal 2006 and a sequential increase of 3.1% as compared to
$147.6 million in the first quarter of fiscal 2007.
Orders received during the quarter ended March 31, 2007 of $151.9
million increased 3.8% from the same prior year period and increased 11.5%
compared to the immediately preceding first quarter of fiscal 2007,
resulting in a book to bill ratio of 1.0. Backlog was $189.3 million at
March 31, 2007 compared to a backlog of $189.8 million at December 30, 2006
and $191.5 million at April 1, 2006.
At March 31, 2007, Coherent's cash, cash equivalents and short-term
investments totaled $527.0 million representing an increase of $5.1 million
compared to the prior quarter ended December 30, 2006.
"We are pleased by the overall orders performance in our second fiscal
quarter. In particular, incoming orders for the materials processing and
instrumentation markets were exceptional. These results serve to highlight
the breadth and depth of our product portfolio and the benefits of market
diversification," said John Ambroseo, Coherent's President and Chief
Executive Officer. "We plan to continue to develop this philosophy through
internal product development and strategic initiatives," he added.
Ambroseo continued, "Our recently announced acquisition of Nuvonyx
provides additional growth opportunities in the materials processing
market. The combination of design simplicity and lower cost of ownership
offered by direct diode platforms provides customers a compelling
competitive advantage in the marketplace."
As previously mentioned, during the fourth fiscal quarter 2006 and the
first fiscal quarter 2007 press releases, 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 these results serve to
highlight the breadth and depth of our product portfolio and the benefits
of market diversification, we plan to continue to develop this philosophy
through internal product development and strategic activity, and our
recently announced acquisition of Nuvonyx provides additional growth
opportunities in the materials processing market, and the combination of
design simplicity and lower cost of ownership offered by direct diode
platforms provides customers a compelling competitive advantage in the
marketplace, 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, the
successful integration of the Nuvonyx acquisition, 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.
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Related links:
http://www.coherent.com/
CONTACT:
Leen Simonet, +1-408-764-4161
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