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Exhibit 99.1
November 5, 2019 | ||
Press Release No. 1463 | ||
For Immediate Release: | ||
Coherent, Inc. Reports Fourth Fiscal Quarter and Year-End Results
SANTA CLARA, CA, November 5, 2019 -- Coherent, Inc. (NASDAQ, COHR), one of the world’s leading providers of lasers, laser-based technologies and laser-based system solutions in a broad range of scientific, commercial and industrial applications, today announced financial results for its fourth fiscal quarter and fiscal year ended September 28, 2019.
FINANCIAL HIGHLIGHTS
Three Months Ended | Year Ended | ||||||||||||||||||
Sep. 28, 2019 | Jun. 29, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |||||||||||||||
GAAP Results | |||||||||||||||||||
(in millions except per share data) | |||||||||||||||||||
Net sales | $ | 335.5 | $ | 339.2 | $ | 461.5 | $ | 1,430.6 | $ | 1,902.6 | |||||||||
Net income (loss) | $ | 0.6 | $ | (3.1 | ) | $ | 73.2 | $ | 53.8 | $ | 247.4 | ||||||||
Diluted EPS | $ | 0.03 | $ | (0.13 | ) | $ | 2.99 | $ | 2.22 | $ | 9.95 | ||||||||
Non-GAAP Results | |||||||||||||||||||
(in millions except per share data) | |||||||||||||||||||
Net income | $ | 21.4 | $ | 32.1 | $ | 78.8 | $ | 143.8 | $ | 338.9 | |||||||||
Diluted EPS | $ | 0.89 | $ | 1.33 | $ | 3.22 | $ | 5.92 | $ | 13.64 | |||||||||
FOURTH FISCAL QUARTER AND FISCAL YEAR DETAILS
For the fourth fiscal quarter ended September 28, 2019, Coherent announced net sales of $335.5 million and net income, on a U.S. generally accepted accounting principles (GAAP) basis, of $0.6 million, or $0.03 per diluted share.
These results compare to net sales of $461.5 million and net income of $73.2 million, or $2.99 per diluted share, for the fourth quarter of fiscal 2018, and net sales of $339.2 million and net loss of $(3.1) million, or $(0.13) per diluted share, for the third quarter of fiscal 2019.
Non-GAAP net income for the fourth quarter of fiscal 2019 was $21.4 million, or $0.89 per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2018 was $78.8 million, or $3.22 per diluted share. Non-GAAP net income for the third quarter of fiscal 2019 was $32.1 million, or $1.33 per diluted share. Reconciliations of GAAP to non-GAAP financial measures for the three months ended September 28, 2019, June 29, 2019 and September 29, 2018 and for the fiscal years ended September 28, 2019 and September 29, 2018 appear in the financial statements portion of this release under the heading "Reconciliation of GAAP to Non-GAAP net income".
The following information was filed by Coherent Inc (COHR) on Tuesday, November 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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