SANTA CLARA, Calif., Dec. 15 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR), today announced its Lambda Physik subsidiary would discontinue
future product development and investments in the semiconductor lithography
market. Lambda will continue to support its installed lithography base. As a
result of this decision, the Company expects to take an after-tax charge of
between $3 and $6 million during the first quarter ending January 1, 2005.
These charges are primarily related to excessive and obsolete inventories.
John Ambroseo, Coherent's President and Chief Executive Officer commented,
"Based upon careful analysis of market conditions, Lambda management concluded
its new 193nm LithoTex(TM) laser will not generate a satisfactory economic
return and its deployment has been cancelled. The anticipated savings
resulting from these transactions, which will begin in calendar 2005, will be
disclosed during the upcoming first fiscal quarter earnings conference call
January 25, 2005."
The statements in this press release that relate to future plans, events
or performance, including statements such as the amount of the expected
charge, and anticipated cost savings, are forward-looking statements. 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. Readers
are encouraged to refer to the risk disclosures described in the Company's
reports on Forms 10-K, 10-Q and 8K, as applicable.
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
Peter Schuman, Director, Investor Relations at 408-764-4174. For more
information about Coherent such as product and financial updates, visit the
Company's website at http://www.coherent.com/ .
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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