SANTA CLARA, Calif., July 30 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR) today announced financial results for its third fiscal quarter
ended June 28, 2008, posting net sales of $157.0 million and net income, on a
U.S. generally accepted accounting principles (GAAP) basis, of $8.4 million or
$0.35 per diluted share compared to net sales of $142.6 million and a net loss
of $0.8 million or ($0.02) per diluted share for the third quarter of fiscal
2007.
Net income for the third quarter of fiscal 2008 included an after tax
charge of $0.9 million related to litigation resulting from our internal stock
option investigation ($0.04 per diluted share), after tax stock-related
compensation expense of $2.0 million ($0.08 per diluted share) and
restructuring expense of $1.4 million, net of tax ($0.06 per diluted share).
Excluding these charges, non-GAAP net income was $12.7 million or $0.53 per
diluted share. Net income for the third quarter of fiscal 2007 included an
after tax charge of $1.8 million ($0.06 per diluted share) of internal stock
option investigation costs, $1.6 million of stock-related compensation
expense, net of tax ($0.05 per diluted share) and $2.2 million of in-process
research and development, net of tax ($0.07 per diluted share). Excluding
these charges, non-GAAP net income for the third quarter of fiscal 2007 was
$4.8 million or $0.15 per diluted share.
In comparison, net sales for the second quarter of fiscal 2008 were $155.9
million and net income, on a GAAP basis, was $6.1 million ($0.19 per diluted
share). Net income for the second quarter of fiscal 2008 included an after
tax charge of $1.5 million related to our restatement of financial statements
and litigation resulting from our internal stock option investigation
($0.05 per diluted 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 a dividend from one of our European subsidiaries of $1.4
million ($0.04 per diluted share). Excluding these charges, non-GAAP net
income for the second quarter of fiscal 2008 was $12.8 million or $0.40 per
diluted share.
Orders received during the three months ended June 28, 2008 of $149.1
million increased 7.1% from the same prior year period and increased by 0.3%
compared to orders received in the immediately preceding quarter. The
book-to-bill ratio was 0.95, resulting in backlog of $188.6 million at
June 28, 2008 compared to a backlog of $199.3 million at March 29, 2008 and a
backlog of $184.9 million at June 30, 2007.
For the nine-month period ended June 28, 2008, Coherent posted net sales
of $457.3 million and net income of $19.3 million ($0.66 per diluted share)
compared to the prior year period sales of $442.2 million and net income of
$17.3 million ($0.54 per diluted share). Orders received for the nine month
period ended June 28, 2008 were $452.5 million, compared to $427.3 million in
orders received during the same period a year ago.
'Coherent delivered solid results for the third quarter. In particular,
gross margin, EBITDA and EPS all showed progress towards our long-term goals.
We anticipate that these trends will continue in the fourth fiscal quarter,'
said John Ambroseo, Coherent's President and CEO. 'We are also encouraged by
a very strong bookings performance in microelectronics and we believe we are
well positioned for market share gains,' Ambroseo added.
At June 28, 2008, Coherent's cash, cash equivalents and short term
investments totaled $197.7 million, representing a decrease of $164.1 million
compared to September 29, 2007.
