SANTA CLARA, Calif., Nov. 7 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR) today announced unaudited selected financial results for its
fourth fiscal quarter and year ended September 29, 2007.
Net sales for the fourth quarter of fiscal 2007 totaled $158.9 million,
an increase of 0.5% compared to $158.1 million reported in the fourth
quarter of fiscal 2006 and a sequential increase of 11.4% as compared to
$142.6 million in the third quarter of fiscal 2007.
Orders received during the quarter ended September 29, 2007 of $163.8
million increased 7.2% from the same prior year period and increased 17.7%
compared to the immediately preceding third quarter of fiscal 2007,
resulting in a book to bill ratio of 1.03. Backlog was $188.4 million at
September 29, 2007 compared to a backlog of $184.9 million at June 30, 2007
and $199.1 million at September 30, 2006.
Fiscal 2007 net sales of $601.2 million compared to the prior year
period net sales of $584.7 million. Orders received for fiscal 2007 were
$591.0 million, compared to $583.8 million in orders received during the
same period a year ago.
At September 29, 2007, Coherent's cash, cash equivalents and short-term
investments, net of debt, totaled $361.8 million representing an increase
of $44.4 million compared to the prior quarter ended June 30, 2007. The
increase includes approximately $24.8 million from the sale of the building
that housed our previously owned medical segment.
"The strong sequential order growth in the fourth quarter reflected
significant gains in materials processing and instrumentation. These
results also suggest market share gains given recent announcements in the
photonics universe," said John Ambroseo, Coherent's President and Chief
Executive Officer. "We are also seeing encouraging signs from silicon
scribing and singulation users as well as solar cell manufacturers, with
solid growth prospects. We intend to capitalize on these opportunities
through our diversified portfolio and future product platforms that
emphasize reliability, performance and improved cost of ownership," added
Ambroseo.
"In late September, we announced our goal of achieving 19-23% adjusted
EBITDA exiting fiscal 2010. We assumed historical growth rates in our
model. Potential acquisitions were not factored into the equation," stated
Ambroseo. "The achievement of the adjusted EBITDA goal is based on a
multi-step plan that will deliver benefits in phases over the next three
years." he concluded.
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.
Nasdaq Listing Status
As previously disclosed, Nasdaq initially informed Coherent on December
19, 2006 that its securities would be delisted due to its delay in filing
its Form 10-K for the fiscal year ended September 30, 2006 unless Coherent
requested a hearing in accordance with applicable Nasdaq Marketplace Rules.
Coherent subsequently requested and was granted a hearing before the Nasdaq
Listing Qualifications Panel ("Panel") on February 15, 2007 to request an
extension for continued listing. Coherent's requested extension was granted
by the Panel on April 3, 2007. Following the hearing, the Nasdaq Listing
and Hearing Review Council ("Listing Council") called the Panel's April 3,
2007 decision for review and determined to stay any decision to suspend
Coherent's securities pending further action by the Listing Council. The
Listing Council subsequently granted Coherent an additional extension until
December 4, 2007 to file its delinquent filings and any required
restatements. The Company has made substantial progress in its efforts to
file its delinquent filings by December 4, 2007, but currently expects to
seek additional time to comply with the Nasdaq listing requirements.
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 future plans, events or
performance, including statements regarding the growth prospects of our
products and customers, our intention to capitalize on opportunities
through our diversified portfolio and future product platforms, our
adjusted EBITDA goals exiting fiscal 2010 and the achievement thereof and
our expectation to seek additional time to comply with Nasdaq listing
requirements. 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 general market and business
conditions, 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, development of markets for the Company's products and services,
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. In
addition, as previously reported, a special committee of the Company's
board of directors has reported on its independent review regarding the
Company's historical stock option practices. The review and expected
restatement and other actions/measures taken or required as a result of the
review will 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 or whether
Nasdaq will provide additional time to the Company to meet its listing
requirements; 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.
Non-GAAP Financial Measures
The Company's statement regarding its adjusted EBITDA percentage target
is a non-GAAP financial measure. The most comparable GAAP measurement is
net income, which is not currently accessible on a forward-looking basis.
Adjusted EBITDA reflects earnings before interest, taxes, depreciation,
amortization, stock compensation expenses and other non-operating income
and expense items. These items, which are required to determine GAAP net
income, are subject to significant change by the end of fiscal 2010, given
tax rate changes and other operational factors which will heavily impact
these items and are also impacted by the Company's historical stock option
investigation and the effect of any compensation charges arising from
future equity grants. Additionally, the Company's statement regarding the
increase to cash, cash equivalents and short-term investments, net of debt,
from the prior quarter ended June 30, 2007 is a non-GAAP financial measure.
The most comparable GAAP measurement was cash, cash equivalents and short
term investments at June 30, 2007, which was $518.4 million. The net of
debt refers to $200.9 million of previously outstanding debt as of June 30,
2007.
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 of Coherent, Inc.,
+1-408-764-4161
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