Monday April 21 4:45 PM EDT - Source: Coherent Inc.
Coherent, Inc. Reports Record Orders and Net Income in Second Quarter
Results
SANTA CLARA, Calif., April 21 /PRNewswire/ -- Coherent, Inc. (Nasdaq:COHR) today announced results for its second
fiscal quarter ended March 29, 1997. Incoming orders for the second quarter were $106.1 million, 12% higher than the same
quarter last year and represented a new record for the Company. Current quarter net income of $8.9 million, 21% higher than
the same period a year ago, was also a record high. The higher net income was primarily attributed to higher gross margins.
Sales for the second quarter ended March 29, 1997 were $91.0 million, slightly higher than the corresponding prior year
period. The strengthening of the US dollar against the major foreign currencies had a negative impact of $3.0 million on current
quarter sales and manufacturing delays within the Medical Group's VersaPulse C and VPW product lines also adversely
impacted sales growth. While sales of these products were $3.4 million for the quarter, more than twice that amount was
ordered by customers. These manufacturing delays have been eliminated subsequent to quarter end.
Orders for the six months ended March 29, 1997 were $204.9 million, 15% higher than in the same prior year period. Orders
were also affected by changes in the relative strength of the US dollar as current quarter and six month orders were negatively
impacted by $3.6 million and $6.0 million, respectively, compared to the same periods last year. Proforma net income for the
six month period, exclusive of the first quarter after tax write-off of $9.0 million ($0.78 per share) of purchased in-process
technology related to the acquisitions of Tutcore OY Ltd. of Tampere, Finland and Micracor, Inc. of Acton, Massachusetts,
was $17.3 million ($1.49 per share), a 25% increase over the corresponding prior year period. Higher sales and improved
gross profit margins were the primary factors contributing to this growth.
Sales for the first six months ended March 29, 1997 were $184.9 million, $10.6 million (6%) higher than the same fiscal 1996
period. This comparison was also impacted by the stronger US dollar as the change in foreign exchange rates had a greater
than 3% negative impact on reported sales.
The statements in this press release that relate to future plans, events or performance are forward-looking statements that
involve risks and uncertainties, including risks associated with uncertainties related to contract cancellations, manufacturing
risks, competitive factors, 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 release publicly
the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.
Readers are encouraged to refer to the risk disclosures outlined in the Company's reports on Forms 10-K, 10-Q and 8K, as
applicable.
Summarized financial information on an actual basis and on a pro forma basis excluding the write-off of purchased in-process
technology is as follows:
Three Months Ended Six Months Ended
March 29, March 30, March 29, March 30,
1997 1996 1997 1996
(In thousands, except per share data)
Actual Results:
Sales $90,985 $90,552 $184,878 $174,233
Gross profit 48,980 46,721 98,030 89,077
Income before
income taxes 14,080 12,115 18,206 22,713
Net income $8,870 $7,351 $8,338 $13,816
Proforma Results
excluding $9.3 million
($9.0 million, after tax)
purchased
technology write-off:
Sales $90,985 $90,552 $184,878 $174,233
Gross profit 48,980 46,721 98,030 89,077
Income before
income taxes 14,080 12,115 27,521 22,713
Net income $8,870 $7,351 $17,338 $13,816
Earnings Per Share:
Before purchased
technology write-off $.76 $.64 $1.49 $1.21
Purchased technology,
after tax -- -- (.78) --
Net income $.76 $.64 $.71 $1.21
Average common and
common equivalent
shares outstanding 11,737 11,507 11,669 11,456
Founded in 1966, Coherent Inc. is a Standard and Poor's 600 global growth company and the world's leader in the design and
manufacturing of lasers and systems for medical, scientific and commercial applications. Direct any questions to Robert J.
Quillinan, Vice President and Chief Financial Officer at 408-764-4168. For more information about Coherent, visit the
Company's Web site at cohr.com for product and financial updates. To receive a full text copy of this press release
by fax, call 800-758-5804, extension 182802.
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