Tuesday, March 11, 2008 10:55:16 AM
"...We reported first quarter revenues of $144.3 million and net income of $4.7 million or $0.15 per diluted share. Excluding the charges related to the restatement of our financial statements and litigation resulting from the stock-option investigation and excluding the quarterly stock compensation charges, the pro forma net income for the first quarter of fiscal 2008 was $9.5 million or $0.30 per diluted shares, compared to a pro forma net income of $0.37 per diluted share for the first quarter of fiscal 2007.
The primary reasons for the decline in pro forma earnings related to the increase of period expenses resulting from a weakened dollar. During this period, the euro strengthened approximately 13%.
Bookings for the quarter were strong at $154.9 million, an increase by 13.7% over the corresponding prior year period. Our book-to-bill was 1.07 and the backlog at the end of Q1 '08 was $198.4 million. Net sales for the first quarter were $144.3 million and are within guidance, but as low-end primarily as the result of delivery push ups from a few customers not due to lot business.
Market perspective, when comparing to the similar quarter last year, we saw strong performance in material processing, bioinstrumentation and medical applications, resulting in a 26.5% growth for material processing and 14.5% for OEM components and instrumentations, when adjusted for the sales of optical imaging business. Microelectronics sales declined 12.7% as a result of the slow demand that we saw in the flat panel display market during the second half of fiscal 2007, coupled with normal timing of demand in other micro materials processing markets. The scientific market decline of 8.5% is primarily the results of our previously announced exit from the custom laser business.
Please note that effective Q1 '08, we are consolidating the graphic arts and display business into the OEM components and instrumentations markets. Prior period's market information has been combined to confirm to the current presentation. The Company sales by market applications for the first quarter of fiscal 2008 are as follows; Scientific 30.1; microelectronics, 48.7; material processing, 24.5; and OEM components and instrumentations, 41 for a total of 144.3 million.
First quarter gross profit was $60.5 million or 41.9% of sales. On a pro forma basis, excluding stock compensation costs, gross profit of 42.2% is similar to the first quarter of 2007. The projected accretion of having no imaging uptick revenue and lower scientific custom business was offset by the negative impact of the weak dollar and it continued unfavorable microelectronics market and product mix.
When comparing to the previous quarter pro forma gross profit increased slightly from 41.9% to 42.2%, and this sequential increase was primarily related to improve yields across several of our business units.
Total operating expenses for the quarter, excluding intangible amortization of $2.2 million, excluding the restatement of financial statements of litigation costs related to our stock-option investigation up $4.7 million, and excluding stock compensation charges of $2.3 million was $50.1 million or 34.7% of sales..."
http://seekingalpha.com/article/64339-coherent-f1q08-qtr-end-12-29-07-earnings-call-transcript?source=yahoo
Recent COHR News
- Coherent Announces Support of DEI-Related Educational Initiatives Through HBCU/MIS and the Optica Foundation • GlobeNewswire Inc. • 04/23/2024 10:00:00 AM
- Earth Day 2024: Coherent Corp. Announces Milestones in its Sustainability Journey • GlobeNewswire Inc. • 04/23/2024 05:22:09 AM
- Coherent Announces Date of FY2024 Third-Quarter Conference Call • GlobeNewswire Inc. • 04/18/2024 10:00:00 AM
- Coherent Secures $15 Million in CHIPS Act Funding Through the CLAWS Hub to Accelerate Commercialization of Wide- and Ultrawide-Bandgap Semiconductors • GlobeNewswire Inc. • 04/10/2024 10:00:00 AM
- Coherent Loans James Webb Space Telescope Demonstration Mirror to Space Foundation Discovery Center • GlobeNewswire Inc. • 04/08/2024 10:00:00 AM
- Coherent to Present a Broad Portfolio of New Products and Technology Innovations at OFC 2024 • GlobeNewswire Inc. • 03/25/2024 08:30:00 PM
- Coherent Corp., Juniper Networks and Marvell Deliver Public Demonstration of Industry-First Comprehensive 800ZR System at OFC’24 • Business Wire • 03/25/2024 04:00:00 PM
- Coherent Announces the World’s First 6-Inch Indium Phosphide Scalable Wafer Fabs Paving the Way for the Next Generation of Lasers for AI Transceivers and 6G Wireless Networks • GlobeNewswire Inc. • 03/25/2024 01:00:00 PM
- Coherent Announces Optical Circuit Switch for Data Centers • GlobeNewswire Inc. • 03/25/2024 11:30:00 AM
- Coherent Announces High-Power Uncooled G10 Pump Laser Modules for Submarine and Terrestrial Applications • GlobeNewswire Inc. • 03/22/2024 11:30:00 AM
- Coherent Introduces a New Circulator Adaptor Enabling Bi-Directional Fiber Connectivity For AI/ML Applications • GlobeNewswire Inc. • 03/22/2024 10:00:00 AM
- Coherent Debuts 800 Gbps QSFP Form Factor Transceiver Module for IP-over-DWDM Applications • GlobeNewswire Inc. • 03/21/2024 08:30:00 PM
- Coherent Introduces Industry-First I-temp 100G ZR QSFP28-DCO Module for Expanded Application in Edge and Access Networks • GlobeNewswire Inc. • 03/20/2024 08:30:00 PM
- Coherent Unveils New Diode Laser Bar for Improved Outcomes in Hair Removal • GlobeNewswire Inc. • 03/19/2024 08:30:00 PM
- Coherent Introduces Wavemaker® and Waveshaper® Optical Solutions for Multi-Wavelength Transmissions • GlobeNewswire Inc. • 03/19/2024 10:00:00 AM
- Coherent Executives to Speak at the Optica Executive Forum During OFC 2024 • GlobeNewswire Inc. • 03/18/2024 09:00:00 PM
- Coherent Announces Comprehensive Microlens Array (MLA) Solution • GlobeNewswire Inc. • 03/18/2024 10:00:00 AM
- Coherent Awards Tower Semiconductor as an Outstanding Innovation and Technology Supplier for Silicon Photonics based Products • GlobeNewswire Inc. • 03/18/2024 09:00:00 AM
- Coherent Debuts Extended C+L-Band Grisms With Unmatched Efficiency and Performance • GlobeNewswire Inc. • 03/15/2024 08:30:00 PM
- Three Coherent Products Honored With Lightwave Innovation Awards as Top Solutions in the Optical Networking Industry • GlobeNewswire Inc. • 03/14/2024 08:30:00 PM
- Coherent to Host OFC Investor Briefing on March 26, 2024 • GlobeNewswire Inc. • 03/12/2024 08:30:00 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 03/07/2024 09:48:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/29/2024 09:28:39 PM
- Dr. Vincent D. Mattera, Jr., to Retire as CEO of Coherent • GlobeNewswire Inc. • 02/20/2024 01:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/20/2024 01:00:57 PM
FEATURED Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • Apr 25, 2024 8:52 AM
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Kona Gold Beverages, Inc. Announces Name Change to NuVibe, Inc. and Initiation of Ticker Symbol Application Process • KGKG • Apr 25, 2024 8:30 AM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM