COHERENT INC. ANNOUNCES RESULTS FOR FOURTH QUARTER AND YEAR ENDED SEPT. 28, 1991
COHERENT INC. ANNOUNCES RESULTS FOR
FOURTH QUARTER AND YEAR ENDED SEPT. 28, 1991
PALO ALTO, Calif., Nov. 5 /PRNewswire/ -- Coherent Inc. (NASDAQ: COHR) today announced record sales results for both the fourth quarter and year ended Sept. 28 1991. Sales increased approximately 9 percent from both the corresponding prior year periods due to higher Medical segment sales. The company's net income for the fourth quarter and fiscal year ended Sept. 28, 1991 was $1.1 million (12 cents per share) and $0.2 million (2 cents per share), respectively, compared to net losses of $1.8 million (19 cents per share) and $0.4 million (5 cents per share) in the prior year's comparable periods, respectively.
The increase in net income was due to improved gross profit percentages on higher sales, partially offset by higher operating expenses, and to a lower effective tax rate. The lower tax rate resulted from better geographic dispersion of the company's income. Gross profit in the fourth quarter improved to 45 percent from 39 percent in the corresponding prior year period and for the fiscal year improved to 43 percent from 40 percent in the prior year.
Three Months Ended Twelve Months Ended
Sept. 28, Sept. 29 Sept. 28 Sept. 29
1991 1990 1991 1990
(In thousands, except per share amounts)
Sales $ 56,678 $ 52,087 $207,792 $191,248
income taxes 2,133 211 3,116 3,755
Net income (loss) 1,103 (1,769) 227 (449)
Net income (loss)
per share .12 (.19) .02 (.05)
Average common and
shares outstanding 9,394 9,094 9,327 8,968
Coherent Inc. is the world leader in the design, manufacture and marketing of lasers for science, medicine and industry. Please direct any questions to Robert J. Quillinan, vice president and chief financial officer at 415-852-8268.
/CONTACT: Robert J. Quillinan of Coherent Inc., 415-852-8268/
(COHR) CO: Coherent, Inc. ST: California IN: MTC SU: ERN DB -- SJ003 -- 1136 11/05/91 09:50 EST