SANTA CLARA, Calif., Oct. 13 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR) has updated its revenue guidance for the fourth fiscal
quarter ended September 27, 2008 to $141.0 million to $142.5 million, as
compared to its prior revenue guidance of $154 million to $157 million. The
company cited delivery push outs and lower orders predominantly from the
microelectronics market as the primary reasons for the lower guidance.
Details of the quarter will be discussed during the company's quarterly
conference call scheduled for 1:30 p.m. California time on Wednesday,
November 5, 2008.
The company also announced today another major component of its EBITDA
initiative. The company's excimer laser site in Munich, Germany will be
closed and the operations of the site will be consolidated into the
company's existing operation in Goettingen, Germany. The transfer will
begin immediately and is scheduled for completion by the end of the
company's third quarter of fiscal 2009. It is anticipated that the pre-tax
consolidation costs will be between $6-7 million, which will be incurred
during the first three quarters of fiscal 2009. The resulting annual
pre-tax savings are anticipated to be between $4.5-5.5 million, commencing
in the fourth quarter of fiscal 2009. In conjunction with the previously
announced closure of the company's Auburn, California facility scheduled
for March 2009, once completed the combined annual pre-tax savings from
these footprint changes are projected to be between $8-10 million.
Forward-Looking Statements
This press release contains forward-looking statements, as defined
under the Federal securities laws. These forward-looking statements include
the statements in this press release that relate to: the company's revenue
guidance; the consolidation of the company's excimer laser facility in
Munich, Germany with its existing operations in Goettingen, Germany; the
timing for the completion of, the costs and timing of the costs associated
with, and the annual savings associated with, this consolidation; the
timing of the closure of the company's facility in Auburn, California and
the combined annual savings associated with the closure of the Munich and
Auburn sites. These forward-looking statements are not guarantees of future
results and are subject to risks, uncertainties and assumptions that could
cause our actual results to differ materially and adversely from those
expressed in any forward-looking statement. Factors that could cause actual
results to differ materially include risks and uncertainties, including but
not limited to risks associated with adjustments coming out of the internal
and external completion and review of our financial results, our ability to
execute the footprint changes in a timely manner with minimal interruptions
to our ongoing operations, the ability of our Goettingen, Germany facility
to meet the company's production needs following the consolidation, and
other risks identified in the company's SEC filings. Readers are encouraged
to refer to the risk disclosures described in the company's reports on
Forms 10-K, 10-Q and 8-K, as applicable and as filed from time-to-time by
the company. Actual results, events and performance may differ materially
from those presented herein. 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.
Founded in 1966, Coherent, Inc. is a world leader in providing
photonics based solutions to the commercial and scientific research markets
and part of the Russell 2000. 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.
SOURCE Coherent, Inc.
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Related links:
http://www.coherent.com
CONTACT:
Leen Simonet of Coherent, Inc.,
+1-408-764-4161
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