SANTA CLARA, Calif., Dec. 14 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR) today announced that it will be delayed in filing its annual
report on Form 10-K with the Securities and Exchange Commission (SEC) due
to the ongoing voluntary internal review being conducted by a special
committee of its board of directors into historical stock option practices
and related accounting. Coherent anticipates that it will not be able to
file its Form 10-K prior to the end of the 15-day extension provided by SEC
rules. If it is unable to do so, Coherent expects to receive a staff
determination notice from The Nasdaq Stock Market for failure to comply
with Nasdaq's continued listing standards. If received, Coherent will
request a hearing before the Nasdaq Listing Qualifications Panel to review
the staff's determination. 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.
Coherent is committed to resolving these issues as expeditiously as
possible and filing its Form 10-K as soon as practicable following
completion of the independent review.
Following its announced voluntary review, Coherent also received an
informal inquiry from the San Francisco office of the SEC relating to
Coherent's past granting of stock options. Coherent intends to cooperate
with the inquiry.
This press release contains forward-looking statements including
statements relating to the filing of Coherent's annual report on Form 10-K,
the receipt of a staff determination notice from the staff of the Nasdaq
Stock Market, its appeal of any such determination and its intention to
cooperate with the informal inquiry from the SEC. Because Coherent
currently cannot estimate when it will be in a position to file its Form
10-K, it cannot assure you that it will be able to successfully appeal any
determination made by Nasdaq, or maintain the listing of its common stock
on The Nasdaq Stock Market.
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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