Coherent Inc. reports first fiscal quarter results

Santa Clara, CA - Coherent Inc. has reported net sales of $183.2 million and net income of $14.2 million (GAAP) or $0.58 per diluted share for its fiscal 1Q13 ended December 29, 2012.

These results compare to net sales of $190.8 million and net income of $17.1 million, or $0.71 per diluted share, for 1Q12.

Non-GAAP net income for 1Q13 was $17.7 million, or $0.73 per diluted share. Non-GAAP net income for the first quarter of fiscal 2012 was $19.7 million or $0.82 per diluted share. 

Net sales for the 4Q12 were $188.7 million and net income, on a GAAP basis, was $12.5 million or $0.52 per diluted share. Coherent's results for 4Q12 included a charge of approximately $4.3 million after tax due to the write-off of previously acquired intangible assets and inventories and a tax benefit of approximately $2.8 million due to the release of tax valuation allowances. Non-GAAP net income for the fourth quarter of fiscal 2012 was $17.1 million or $0.71 per diluted share.

"Demand improved modestly on a sequential basis as customers in advanced packaging and instrumentation started to rebuild their inventories. Orders for service from semicap customers also increased as utilization rates began to inch back up. We also remain very enthusiastic about the FPD market where penetration of LTPS displays continues to rise. On a combined basis, these are early, positive indicators supporting a recovery thesis in the second half of calendar 2013," stated John Ambroseo, Coherent's president and CEO. 

"Our acquisition of Lumera completes a multi-pronged strategy in the area of short-pulse lasers, targeting an increasing number of commercial applications including the cutting of strengthened glass, cataract surgery and cold marking of metals and plastics," added Ambroseo.

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