First call expected .67
Coherent reported .73
details below.
Tuesday January 28 5:30 PM EDT
Coherent, Inc. Reports Record Orders in First Quarter Results
SANTA CLARA, Calif., Jan. 28 /PRNewswire/ -- Coherent Inc today
announced results for its first fiscal quarter ended December 28, 1996.
Incoming orders for the first quarter ended December 28, 1996 were $98.8
million, 17% higher than the same quarter last year, representing a new
record for the Company. Sales for the first quarter ended December 28,
1996 were $93.9 million, 12% higher than the corresponding prior year
period.
During the quarter, the Company acquired Tutcore OY Ltd. of Tampere,
Finland and Micracor, Inc. of Acton, Massachusetts and wrote off $9.3
million ($9.0 million, after tax) of purchased in-process technology
from the acquisitions. Current quarter proforma net income before the
write-off of purchased in-process technology was $8.5 million ($0.73 per
share), a 31% increase from the same quarter a year ago. Higher sales
and improved gross profits were the primary factors contributing to this
growth.
The Company recorded a net loss of $0.5 million ($0.05 per share) for
the current quarter ended December 28, 1996 after the aforementioned
one-time $9.0 million ($0.78 per share) write-off of purchased
in-process technology, after tax.
Tutcore specializes in the growth and processing of aluminum-free
epitaxial wafers for the production of semiconductor lasers. When used
in laser devices, these wafers result in improved performance, higher
yields and better reliability when compared to devices incorporating
material and processes currently used by competitors. Bernard Couillaud,
CEO of Coherent, stated that the purchase of Tutcore gives Coherent the
ability to produce the highest quality epitaxial wafers, one of the most
critical elements in the production of high power semiconductor laser
devices. "Tutcore," said Couillaud, "is a strategic component in our
move to become the leading supplier of high quality laser diodes for
telecommunications, materials processing, printing, medical and solid
-state laser pumping applications." Demand for laser diodes in these
markets is currently about $200 million annually and is expanding
rapidly.
Micracor has developed two semiconductor-based laser technologies:
diode-pumped Microchip(R) lasers and optically pumped semiconductor
(OPS) lasers. Both technologies play vital roles in many commercial,
scientific and medical applications. A noteworthy component in the
acquisition was worldwide-exclusive rights to Coherent for core patents
on the Microchip and OPS technologies.
Summarized financial information on an actual basis and on a proforma
basis, excluding the write-off of purchased in-process technology, is as
follows:
Three Months Ended
December 28, December 30,
1996 1995
(In thousands, except per share data)
Actual Results:
Sales $93,893 $83,681
Gross Profit 49,050 42,356
Income before income taxes 4,126 10,598
Net income (loss) $(532) $6,465
Proforma Results Excluding $9.3 million
($9.0 million, after tax) Purchased
Technology Write-off:
Sales $93,893 $83,681
Gross Profit 49,050 42,356
Income before income taxes 13,441 10,598
Net income $8,468 $6,465
Earnings Per Share:
Before Purchased Technology Write-off $.73 $.57
Purchased Technology write-off, after tax (.78) --
Net income (loss) $(.05) $.57
Average common and common equivalent
shares outstanding 11,601 11,405 |
