Coherent Reports Record Sales and Profits

SANTA CLARA, Calif., Nov. 3 -- Citing its continued success in the lithography market, Coherent Inc. recorded its best-ever sales and profits during the final three months of fiscal year 2000. This year's fourth quarter sales reached $155.0 million, an increase of $23.3 million, or 18 percent, compared with forth quarter sales for the same 1999 period. Because of Lambda Physik AG's initial public offering, witch Coherent has a 60.4 percent stake in, Coherent's net income for the quarter rose to &$36;43.7 million, or $1.53 per diluted share, including a $32.3 million, or $1.13 per diluted share, after tax gain. Pro forma net income of $11.4 million (excluding the Lambda gain) represented a 56 percent increase ($4.1 million) compared to net income in the fourth quarter of the prior year. The current quarter sales and pro forma net income were 4 percent and 15 percent, respectively; an increase compared with this year's third quarter results.
Incoming orders for the quarter were $165.6 million, an increase of 17 percent over the same quarter last year. For the fiscal year, bookings and sales were $640.5 million and $568.3 million, respectively, representing a 33 percent and 21 percent increase compared with last year. Net income for the year was $68.6 million, or $2.51 per diluted share, including the Lambda gain. Pro forma net income for the year was $36.3 million, or $1.33 per diluted share, which represents a 61 percent increase over the prior year's pro forma net income of $22.6 million, or $0.92 per diluted share. The prior year's pro forma net income excludes the $10.7 million after tax charge, or $0.44 per diluted share, for in-process research and development associated with the Star Medical acquisition.