SANTA CLARA, Calif., Sept. 20 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR) announced today that its Board of Directors has authorized the
Company to repurchase of up to 1.5 million shares of its common stock until
September 30, 2007. Stock repurchases under this program may be made in the
open market or in private transactions, at times and in amounts that
management deems appropriate. Coherent may terminate or limit the stock
repurchase program at any time.
The stock repurchase program is designed to offset dilution caused by
share issuances under Coherent's employee compensation plans. The 1.5-million
share repurchase authorized is approximately 4.8% of the 31 million shares
outstanding.
John R. Ambroseo, Coherent's President and CEO said, "The operational
initiatives that we put in place over the past few years have improved both
our profitability and cash generation. We have created ample cash reserves to
finance our operations and investment strategy, and to fully fund this stock
repurchase program."
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
either Leen Simonet, Chief Financial Officer at 408-764-4161 or Peter Schuman,
Director, Investor Relations at 408-764-4174. 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:
Peter Schuman of Coherent, Inc.,
+1-408-764-4174
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