Coherent, Inc. Fourth Quarter Results Include Record Sales and Orders.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BW HealthWire)--Nov. 2, 1999-- Coherent, Inc. (Nasdaq: COHR COHR Congolese Observatory of Human Rights ) today announced the financial results for its fourth quarter and fiscal year ended October 2, 1999. Sales and net income for the fourth quarter were $131.7 million and $7.3 million ($.29 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share), respectively. Sales increased $27.0 million (26%) and net income increased $3.8 million (109%), (exclusive of a $2.7 million non-recurring tax benefit in the fourth quarter of 1998) compared to the fourth quarter of the prior year. Incoming orders for the quarter were $141.8 million, representing a new record for the Company and an increase of 45% over the same quarter last year. The current quarter results included higher bookings, sales, and net income of 18%, 14% a&D)). Sales for the fiscal year were $468.9 million, a 14% increase from last year. Proforma Proforma A financial projection based on assumptions. net income for the year was $22.6 million ($.92 per diluted share) which represents a 40% increase over the prior year period's net income the financial performance of Coherent during ths photolithography A lithographic technique used to transfer the design of circuit paths onto printed circuit boards as well as the circuit paths and electronic elements of a chip onto a wafer's surface. A photomask is created with the design for each layer of the board or wafer (chip). laser systems leading to the qualification of our lasers with three stepper step·per n. 1. One that steps, especially in a fast or spirited manner. 2. Informal A dancer. Noun 1. manufacturers. Record DUV DUV Deep Ultraviolet DUV Data-Under-Voice DUV Design Under Verification laser sales, together with stronges. This fiscal year has been a challengin Three Months Ended (unaudited) Oct. 2, July 3, Sept. 26, 1999 1999 1998 (In thousands, except per share data) Actual Results: Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight $131,650 $115,051 $104,647 Cost of sales 70,937 60,306 56,619 --------- --------- --------- Gross profit 60,713 54,745 48,028 Research and development 13,148 11,917 10,900 In-process R&D -- 16,000 -- Intangibles amortization 2,076 1,413 1,186 Selling, general and administrative 34,528 32,553 31,207 --------- --------- --------- Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. 49,752 61,883 43,293 --------- --------- --------- Income (loss) from operations 10,961 (7,138) 4,735 Other (income) expense, net 811 743 (411) --------- --------- --------- Income (loss) before income taxes 10,150 (7,881) 5,146 Provision (benefit) for income taxes 2,891 (2,817) (1,044) --------- --------- --------- Net income (loss) $ 7,259 $ (5,064) $ 6,190 ========= ========= ========= Earnings (Loss) Per Share (Basic): Before IPR&D charge $ 0.30 $ 0.24 $ 0.26 IPR&D charge, after tax (0.45) --------- --------- --------- Net income $ 0.30 $ (0.21) $ 0.26 ========= ========= ========= Shares outstanding used in computation Computation is a general term for any type of information processing that can be represented mathematically. This includes phenomena ranging from simple calculations to human thinking. 24,088 24,018 23,718 Earnings (Loss) Per Share (Diluted): Before IPR&D charge $ 0.29 $ 0.24 $ 0.26 IPR&D charge, after tax (0.45) --------- ---------- --------- Net income $ 0.29 $ (0.21) $ 0.26 ========= ========= ========= Shares outstanding used in computation 25,135 24,018 23,872 Twelve Months Ended Oct. 2, Sept. 26, 1999 1998 (In thousands, except per share data) Actual Results: Net sales $468,869 $410,449 Cost of sales 248,203 212,584 Gross profit 220,666 197,865 Research and development 46,759 44,534 In-process R&D 16,000 -- Intangibles amortization 5,701 4,644 Selling, general and administrative 134,129 124,555 Total operating expenses 202,589 173,733 Income (loss) from operations 18,077 24,132 Other (income) expense, net 1,847 427 Income (loss) before income taxes 16,230 23,705 Provision (benefit) for income taxes 4,389 4,894 --------- --------- Net income (loss) $ 11,841 $ 18,811 Earnings (Loss) Per Share (Basic): Before IPR&D charge $ 0.94 $ 0.80 IPR&D charge, after tax (0.45) ---------- --------- Net income $ 0.49 $ 0.80 Shares outstanding used in computation 23,957 23,374 Earnings (Loss) Per Share (Diluted): Before IPR&D charge $ 0.92 $ 0.79 IPR&D charge, after tax (0.44) --------- --------- Net income $ 0.48 $ 0.79 --------- --------- Shares outstanding used in computation 24,633 23,749 Oct. 2, Sept. 26, 1999 1998 (in thousands) ASSETS CURRENT ASSETS Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. : Cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments $ 68,916 $ 32,898 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , net 95,003 86,822 Inventories 97,902 103,541 Prepaid expenses Prepaid Expense An asset that arises on a balance sheet because of the payment of something in advance (prepayment). Services for the payment will be received in the near future. and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 55,752 49,513 -------- -------- TOTAL CURRENT ASSETS 317,573 272,774 PROPERTY AND EQUIPMENT, NET 89,954 82,857 OTHER ASSETS 87,941 35,130 -------- -------- TOTAL ASSETS $495,468 $390,761 LIABILITIES AND STOCKHOLDERS' EQUITY Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. CURRENT LIABILITIES Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. : Short-term borrowings $ 14,371 $ 11,645 Current portion of long-term obligations 7,574 788 Accounts payable 18,343 17,851 Other current liabilities Other Current Liabilities A balance sheet entry used by companies to group together current liabilities that are not assigned to common liabilities such as debt obligations or accounts payable. 81,341 68,763 -------- -------- TOTAL CURRENT LIABILITIES 121,629 99,047 LONG-TERM OBLIGATIONS 75,770 12,828 OTHER LONG-TERM LIABILITIES Other Long-Term Liabilities A balance sheet item that includes obligations that do not currently require interest payments. Notes: This would include items such as remaining leases, future employee benefits and deferred taxes. 20,764 16,263 TOTAL STOCKHOLDERS' EQUITY 277,305 262,623 -------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $495,468 $390,761 ======== ========
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plans, events or performance are forward-looking statements that
involve risks and uncertainties, including risks associated with
uncertainties related to currency adjustments, contract cancellations,
manufacturing risks, competitive factors, uncertainties pertaining to
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markets for the Company's products and services and other risks
identified in the Company's SEC filings. Actual results, events and
performance may differ materially. Readers are cautioned not to place
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statements that may be made to reflect events or circumstances after
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Readers are encouraged to refer to the risk disclosures described
in the Company's reports on Forms 10-K, 10-Q and 8K, as applicable.
Founded in 1966, Coherent, Inc. is a Standard & Poor's SmallCap
600 company and a world leader in the design and manufacture of lasers
and systems for medical, scientific and commercial applications.
Please direct any questions to Robert J. Quillinan, Executive Vice
President and Chief Financial Officer at (408) 764-4168. For more
information about Coherent, visit our Web site at http://www.cohr.com
for product and financial updates. To receive a full text copy of this
press release by fax, please call (877) 329-2647.
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