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Coherent posts record sales thanks to flat panel display orders

Coherent has posted net sales of $218.8 million for the third quarter of its fiscal year, up 14 per cent on the same period last year. Net income, on a US generally accepted accounting principles (GAAP) basis, was $18.7 million, up 29 per cent.

Net sales were $188.5 million and net income $13.3 million for the third quarter of fiscal 2015.

John Ambroseo, Coherent’s president and chief executive officer, noted that the company received significant orders for flat panel annealing lasers, including a single order in excess of $100 million.

Orders for other flat panel display (FPD) processes including film cutting and laser lift-off have also begun to flow, according to Ambroseo. ‘Collectively, these orders demonstrate the value that Coherent is delivering to the FPD industry,’ he said.

He also named bioinstrumentation and materials processing as strong areas for the company. ‘Our Obis portfolio and subsystem solutions have enabled global market share gains in research and clinical flow cytometry,’ Ambroseo continued. ‘We have also captured several wins with our ultraviolet and ultrafast industrial lasers for metal and non-metal processing.’

Coherent bought laser system provider Rofin-Sinar Technologies for approximately $942 million in March 2016. The completion of the acquisition is subject to customary closing conditions, including regulatory approvals.

‘We are making steady progress in the acquisition of Rofin-Sinar including clearance by US regulators and approval by Rofin’s shareholders,’ Ambroseo stated. ‘The European regulatory process is underway and being handled at the European Commission. We continue to expect the transaction to close in the fourth calendar quarter of 2016.’

Non-GAAP net income for the third quarter of fiscal 2016 was $26.2 million ($20.6 million for Q3 2015). Net sales for the second quarter of fiscal 2016 were $199.9 million and net income, on a GAAP basis, was $17.8 million.

Ending backlog expected to ship in the next 12 months was $564.5 million at 2 July 2016, compared to a backlog of $469.3 million at 2 April 2016 and a backlog of $305.2 million at 4 July 2015.

Coherent ended the quarter with cash, cash equivalents and short term investments of $373.6 million, an increase of $12.6 million from cash, cash equivalents and short term investments of $361.1 million at 2 April 2016.

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