YOu got me, nothing here indicates anything to explain it so I would
give credit to some momentum investors bailing out. We may also be
seeing some holders that wanted out of the market but decided to wait
until earnings came for their possible effect. I certainly wouldn't
worry, as earnings are good and others should come in over the next
few days. This is too solid a stock to be ignored.
Coherent, Inc. Announces Record Earnings
July 24, 1996
Coherent, Inc. (Santa Clara, CA) (NASDAQ: COHR) today announced results for its third fiscal
quarter endedJune 29, 1996 as follows:
Three Months Ended Nine Months Ended
Jun. 29, July 1, Jun. 29, July 1,
1996 1995 1996 1995
(In thousands, except per share amounts)
Net Sales $89,327 $76,247 $263,560 $201,286
Income Before Tax 12,703 8,439 35,416 21,426
Net Income $7,918 $5,117 $21,734 $12,992
Net income per share $.68 $.46 $1.89 $1.19
Average common and common 11,663 11,176 11,525 10,961
equivalent shares outstanding
Sales for the third quarter and nine months ended June 29, 1996 were 17% and 31% higher,
respectively, than those of the corresponding prior year periods. Medical sales of $38.1 million and
$119.6 million, respectively, were 14% and 35% higher than the same prior year periods.
Electro-Optical sales of $51.2 million and $144.0 million, represented increases of 20% and 27%,
respectively. Incoming orders for the quarter and year to date were slightly higher than sales for the
same periods.
Net income of $7.9 million and $21.7 million for the three and nine month periods ending June 29,
1996 increased 55% and 67%, respectively, over the prior year periods. Both figures represented
record highs. Higher sales, gross margins and other income all contributed to the record earnings.
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.
Please direct any questions to Robert J. Quillinan, Vice President and Chief Financial Officer at
408-764-4168. For further information about Coherent, visit our Web site at cohr.com.
5100 Patrick Henry Dr. P. O. Box 54980, Santa Clara, California 95056 . Telephone (408)
764-4000 |
