To all: Just in case anyone is interested. Here is the press release on earnings and some nice comments. If you own this stock suggest you read them carefully. I left out the financials as they never line up right for me. JDN
Coherent's First Quarter Results Include 56% Higher Earnings
SANTA CLARA, Calif., Jan. 25 /PRNewswire/ -- Coherent, Inc. (Nasdaq: COHR) today announced financial results for its first quarter ended January 1, 2000. Sales and net income for the first quarter were $127.2 million and $6.7 million ($.26 per diluted share), respectively. Sales increased by $21.6 million (20.4%) and net income increased $2.4 million (56.4%), compared to the first quarter of the prior year. Strong sales growth occurred in all three business segments. Incoming orders for the quarter were $134.4 million, an increase of 21.6% from the same quarter last year. Coherent's Lambda Physik subsidiary, manufacturer of excimer lasers, booked record orders of $28.2 million during the first fiscal quarter of 2000.
Gross profits improved across all business segments. The gross profit rate for the first quarter was 48.8% compared to 48.2% for the corresponding prior year period and 46.1% for the immediately preceding quarter. Gross profits increased primarily due to increased lithography sales, lower warranty costs, and improved efficiency variances.
Bernard Couillaud, Coherent's President and CEO commented, "In addition to our solid financial performance, the past quarter was very exciting because of the significant milestones achieved within each of our operating segments. First, we have solidified our entry into the telecom marketplace with the goal of becoming a leading vendor of DWDM optical components. This business draws directly on our existing core competencies and is an exceptional opportunity because of the large size and explosive growth potential of the telecom marketplace.
"Secondly, I am pleased to report that our Medical business, led by strong sales of our LightSheer(TM) hair removal system, achieved its second consecutive quarter of profitability. The anticipated second fiscal quarter U.S. Food and Drug Administration (FDA) approval of the Opal(TM) Photoactivator laser (used for the treatment of the wet form of age-related macular degeneration) should help this trend continue."
Couillaud continued, "Additionally, our Lambda Physik subsidiary reached new milestones. We received our first multiple unit orders for NovaLine(R) K2010 lithography lasers used in semiconductor fab environments. The NovaLine K2010 is a krypton-fluoride, 248nm laser operating at a 2khz-repetition rate with an output power of 20 watts. The laser provides an ultra-narrow line width of less than 0.6pm, and it is combined with a high NA, high throughput scanner. During the first fiscal quarter, Lambda Physik booked a record $13.1 million in DUV excimer lasers for the lithography marketplace.
Finally, our Laser and Semiconductor Groups continue to see robust demand across a wide spectrum of applications, most notably the semiconductor equipment industry. We believe the trend of growth in this business segment should continue as new applications are developed and new markets emerge."
Summarized financial information is as follows:
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