Coherent Reports Higher Sales, Orders
SANTA CLARA, Calif., July 28 -- Coherent Inc. reported an increase in earnings following higher sales volumes and increased gross profit percentages for the third quarter of 2000. Sales for the quarter were $149.4 million, $34.4 million more than the same 1999 period. Net income for the third quarter was $9.9 million or $.36 per diluted share, $4.2 million more than last year's pro forma net income, which did not include the combined $27 million from pretax and after tax charges from the acquisition of Star Medical Technologies last April.
The company recorded $180.7 million in incoming orders this quarter, the most in its history and 51 percent more than the same period last year. Bookings increased across all business segments over the same prior fiscal year period as Electro-Optical bookings rose 49 percent to $87.0 million. Medical bookings increased 36 percent to $59.1 million and Lambda bookings rose almost 92 percent to $34.6 million. As a result of the book to bill ratio of 1.21:1 for the period, backlog at the end of the period reported surpassed $160 million, a new high the Company.
I am very encouraged by the operational performances achieved and progress made, said Bernard Couillaud, Coherent's president and CEO. First, on April 13, 2000, we received the long awaited US Food and Drug Administration approval allowing the sale of our Opal Photoactivator. The market demand of this product was anticipated by our medical segment and we were able to ship almost $13.0 million of the product during the quarter. During the quarter, we also received orders for approximately 200 LightSheer hair removal systems, thus sustaining the excellent market performance of this product line.
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