SANTA CLARA, Calif., April 24 /PRNewswire-FirstCall/ -- Coherent, Inc.(Nasdaq: COHR) today announced financial results for its second fiscal quarterended March 29, 2008, posting sales of $155.9 million and net income, on aU.S. generally accepted accounting principles (GAAP) basis, of $6.1 million or$0.19 per diluted share compared to net sales of $152.1 million and net incomeof $7.3 million or $0.23 per diluted share for the second quarter of fiscal2007.
Net income for the second quarter of fiscal 2008 included an after taxcharge of $1.5 million related to our restatement of financial statements andlitigation resulting from our internal stock option investigation ($0.05 perdiluted share), after tax stock-related compensation expense of $3.7 million($0.12 per diluted share) and a one-time tax expense in connection with adividend from one of our European subsidiaries of $1.4 million ($0.04 perdiluted share). Excluding these charges, non-GAAP net income was $12.8 millionor $0.40 per diluted share. Net income for the second quarter of fiscal 2007included an after tax charge of $2.6 million ($0.08 per diluted share) ofinternal stock option investigation costs and $2.5 of million stock-relatedcompensation expense, net of tax ($0.08 per diluted share). Excluding thesecharges, non-GAAP net income for the second quarter of fiscal 2007 was $12.3million or $0.39 per diluted share.
In comparison, sales for the first quarter of fiscal 2008 were $144.3million and net income, on a GAAP basis, was $4.7 million ($0.15 per dilutedshare). Net income for the first quarter of fiscal 2008 included an after taxcharge of $2.8 million related to our restatement of financial statements andlitigation resulting from our internal stock option investigation ($0.09 perdiluted share) and after tax stock-related compensation expense of $1.9million ($0.06 per diluted share). Excluding these charges, non-GAAP netincome for the first quarter of fiscal 2008 was $9.5 million or $0.30 perdiluted share.
Orders received during the three months ended March 29, 2008 of $148.6million decreased 2.2% from the same prior year period and decreased by 4.1%compared to orders received in the immediately preceding quarter. The book-to-bill ratio was 0.95, resulting in backlog of $199.3 million at March 29,2008 compared to a backlog of $198.4 million at December 29, 2007 and abacklog of $189.3 million at March 31, 2007.
As of March 29, 2008, year-to-date sales of $300.2 million and net incomeof $10.9 million ($0.34 per diluted share) compared to the prior year periodsales of $299.6 million and a net income of $18.0 million ($0.56 per dilutedshare). Orders received for the six month period ended March 29, 2008 were$303.4 million, compared to $288.1 million in orders received during the sameperiod a year ago.
'We are pleased to have exceeded our revenue and profit guidance for thesecond fiscal quarter, especially in light of the current macroeconomicturbulence. These results reinforce the benefits of serving diversified endmarkets,' said John Ambroseo, Coherent's President and Chief ExecutiveOfficer. 'We also remain committed to our long-term adjusted EBITDAobjectives. Our recently announced outsourcing of optics manufacturing andensuing exit of our Auburn, California facility have been taken in support ofthese goals. Following the transition, we expect to achieve run rate savingsof approximately $3.5 to $4.5 million per year,' he stated.
'Another component of our long-term strategy is to deploy moreconfigurable platform designs. We are developing a series of products basedupon an ultrafast fiber laser. The first offering in the series is theTalisker, which is a rugged industrial laser for use in micromaterialsprocessing,' Ambroseo continued. 'Talisker was officially released last weekfollowing customer qualification testing.
