SANTA CLARA, Calif., Oct. 13 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR) has updated its revenue guidance for the fourth fiscal quarter
ended September 27, 2008 to $141.0 million to $142.5 million, as compared to
its prior revenue guidance of $154 million to $157 million. The company cited
delivery push outs and lower orders predominantly from the microelectronics
market as the primary reasons for the lower guidance. Details of the quarter
will be discussed during the company's quarterly conference call scheduled for
1:30 p.m. California time on Wednesday, November 5, 2008.
The company also announced today another major component of its EBITDA
initiative. The company's excimer laser site in Munich, Germany will be closed
and the operations of the site will be consolidated into the company's
existing operation in Goettingen, Germany. The transfer will begin immediately
and is scheduled for completion by the end of the company's third quarter of
fiscal 2009. It is anticipated that the pre-tax consolidation costs will be
between $6-7 million, which will be incurred during the first three quarters
of fiscal 2009. The resulting annual pre-tax savings are anticipated to be
between $4.5-5.5 million, commencing in the fourth quarter of fiscal 2009. In
conjunction with the previously announced closure of the company's Auburn,
California facility scheduled for March 2009, once completed the combined
annual pre-tax savings from these footprint changes are projected to be
between $8-10 million.
Forward-Looking Statements
This press release contains forward-looking statements, as defined under
the Federal securities laws. These forward-looking statements include the
statements in this press release that relate to: the company's revenue
guidance; the consolidation of the company's excimer laser facility in Munich,
Germany with its existing operations in Goettingen, Germany; the timing for
the completion of, the costs and timing of the costs associated with, and the
annual savings associated with, this consolidation; the timing of the closure
of the company's facility in Auburn, California and the combined annual
savings associated with the closure of the Munich and Auburn sites. These
forward-looking statements are not guarantees of future results and are
subject to risks, uncertainties and assumptions that could cause our actual
results to differ materially and adversely from those expressed in any
forward-looking statement. Factors that could cause actual results to differ
materially include risks and uncertainties, including but not limited to risks
associated with adjustments coming out of the internal and external completion
and review of our financial results, our ability to execute the footprint
changes in a timely manner with minimal interruptions to our ongoing
operations, the ability of our Goettingen, Germany facility to meet the
company's production needs following the consolidation, and other risks
identified in the company's SEC filings. Readers are encouraged to refer to
the risk disclosures described in the company's reports on Forms 10-K, 10-Q
and 8-K, as applicable and as filed from time-to-time by the company. Actual
results, events and performance may differ materially from those presented
herein. 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 update these forward-looking statements as a
result of events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
Founded in 1966, Coherent, Inc. is a world leader in providing photonics
based solutions to the commercial and scientific research markets and part of
the Russell 2000. Please direct any questions to Leen Simonet, Chief Financial
Officer at (408) 764-4161. For more information about Coherent, visit the
company's web site at http://www.coherent.com.
SOURCE Coherent, Inc.
