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COHERENT INC. ANNOUNCES RESULTS FOR FOURTH QUARTER AND YEAR ENDED SEPT. 25, 1993

 SANTA CLARA, Calif., Nov. 3 /PRNewswire/ -- Coherent Inc. (NASDAQ: COHR) today announced the results for its fourth quarter and fiscal year ended Sept. 25, 1993. Results for the year are restated to reflect the retroactive adoption of SFAS 109, Accounting for Income Taxes, as of the beginning of the fiscal year, and the fourth quarter sale of the company's industrial operations. Sales from continuing operations increased approximately 4 percent to $51.6 million from $49.8 million and 2 percent to $196.9 million from $192.2 million for the fourth quarter and fiscal year, respectively. Income from continuing operations for the quarter and the fiscal year increased to $2.3 million ($.22 per share) and $9.3 million ($.93 per share) from $2.0 million ($.21 per share) and $5.2 million ($.55 per share), respectively. The primary factors contributing to this higher income level in fiscal 1993 over fiscal 1992 were a higher gross margin rate, 49 percent versus 47 percent, on higher sales, and a lower effective income tax rate.
 The overall results for the quarter and year ended Sept. 25, 1993, reflected a $2.8 million loss on the disposal of discontinued operations. In addition, the results for the year ended Sept. 25, 1993, included a loss from discontinued operations of $1.6 million and a one- time benefit of $5.6 million relating to the cumulative effect of a change in accounting for income taxes associated with the adoption in fiscal 1993 of SFAS 109.
 Three Months Ended 12 Months Ended
 Sept. 25, Sept. 26, Sept. 25, Sept. 26,
 1993 1992 1993 1992
 (In thousands, except per share amounts)
 Sales from continuing
 operations $51,594 $49,831 $196,883 $192,213
 Income from continuing
 operations before
 income taxes 3,161 2,445 14,116 8,694
 Income from continuing
 operations, net of
 tax 2,250 2,003 9,319 5,227
 Loss from discontinued
 operations, net of
 tax (73) (787) (1,592) (2,583)
 Loss from disposal of
 discontinued operations,
 net of tax (2,817) -- (2,817) --
 Cumulative change in
 accounting -- -- 5,637 --
 Net income $ (640) $ 1,216 $10,547 $2,644
 Per share data:
 Income from continuing
 operations .22 .21 .93 .55
 Loss from discontinued
 operations (.01) (.08) (.16) (.27)
 Loss from disposal of
 discontinued operations (.27) -- (.28) --
 Cumulative change
 in accounting -- -- .56 --
 Net income $(0.06) $ .13 $ 1.05 $ .28
 Average common and
 common equivalent
 shares
 outstanding 10,325 9,607 10,073 9,567
 Coherent Inc. is recognized as a world leader in the design, manufacture and marketing of lasers for medical, scientific and OEM applications. Please direct any questions to Robert J. Quillinan, vice president and chief financial officer, at 408-764-4168.
 -0- 11/3/93
 /CONTACT: Robert J. Quillinan of Coherent, 408-764-4168/
 (COHR)


CO: Coherent Inc. ST: California IN: CPR MTC SU: ERN

PK-BR -- SJ004 -- 0145 11/03/93 12:13 EST
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Publication:PR Newswire
Date:Nov 3, 1993
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