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Coherent, Inc. Reports Strong First Fiscal Quarter Results And Raises Annual Sales Guidance

SANTA CLARA, Calif., Jan. 28 /PRNewswire-FirstCall/ -- Coherent, Inc. (Nasdaq: COHR), a world leader in providing photonics based solutions to the commercial and scientific research markets, today announced financial results for its first fiscal quarter ended January 2, 2010.

FINANCIAL HIGHLIGHTS

    
    
    
    
                                             Three Months Ended
                                             ------------------
    GAAP Results                    January 2,    October 3,      December 27,
    (in millions except per
     share data)                      2010           2009             2008
                                      ----           ----             ----
    Bookings                         $158.4         $133.4           $103.3
    Net sales                        $122.8         $107.6           $124.4
    Net income (loss)                  $4.2          $(4.5)          $(14.7)
    Diluted EPS                       $0.17         $(0.18)          $(0.61)
    
    Non-GAAP Results
    (in millions except per share data)
    
    Net income (loss)                  $5.1          $(0.9)            $8.6
    Diluted EPS                       $0.21         $(0.04)           $0.36
    
    

FIRST FISCAL QUARTER DETAILS

For the first fiscal quarter ended January 2, 2010, Coherent announced net sales of $122.8 million and net income, on a U.S. generally accepted accounting principles (GAAP) basis, of $4.2 million ( $0.17 per diluted share).  These results compare to net sales of $124.4 million and net loss of $14.7 million, or $0.61 per share, for the first quarter of fiscal 2009.  Non-GAAP net income for the first quarter of fiscal 2010 was $5.1 million or $0.21 per diluted share and non-GAAP net income for the first quarter of fiscal 2009 was $8.6 million, or $0.36 per diluted share. Please see the reconciliation of GAAP to non-GAAP results included on the last page of our release.

Net sales for the fourth quarter of fiscal 2009 were $107.6 million and net loss, on a GAAP basis, was $4.5 million ( $0.18 per share).  Non-GAAP net loss for the fourth quarter of fiscal 2009 was $0.9 million or $0.04 per share.  

Bookings received during the three months ended January 2, 2010 of $158.4 million increased 53.3% from $103.3 million in the same prior year period and increased by 18.7% compared to bookings of $133.4 million in the immediately preceding quarter.  The book-to-bill ratio was 1.3, resulting in backlog of $202.8 million at January 2, 2010 compared to a backlog of $164.3 million at October 3, 2009 and a backlog of $162.0 million at December 27, 2008.

We ended the quarter with cash and short term investments of $240.6 million, a decrease of $3.0 million from cash and short term investments of $243.6 million at October 3, 2009. The decrease includes $15.0 million spent to acquire certain assets of StockerYale, Inc.

"There were a number of positive takeaways from the first quarter, including increasing sales, a return to profitability, good cash generation and very healthy bookings. Orders were up significantly over the prior year period in all four markets. We are particularly pleased with orders of approximately $22 million for our Coherent Equinox™ solar production tools, which are scheduled for delivery during fiscal 2010," said John Ambroseo, Coherent's President and Chief Executive Officer. "Given our backlog and outlook, we are raising our fiscal 2010 projection for net sales to $525 to $550 million.  To achieve this targeted range, we are ramping production capacity and unwinding the temporary cost containment measures implemented during fiscal 2009," he added.

"I am also pleased to report that we are making good progress on our product initiatives.  The customer qualifications of the DIAMOND™ E-1000 sealed CO2 laser is progressing as planned and we will begin revenue shipments in our third fiscal quarter.  We have further enhanced our scientific product portfolio with high performance devices to address new applications in physics and chemistry.  We also continue to proliferate our OPSL platform with the introduction of the Verdi™ G7, which supports a number of applications in the research market, as well as wavelength extensions of the Genesis™ series for use in the OEM components and instrumentation market," Ambroseo said.

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