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Article Excerpt
SANTA CLARA, Calif., May 7 /PRNewswire-FirstCall/ -- Coherent, Inc. today announced financial results for its second fiscal quarter ended April 4, 2009, posting net sales of $105.4 million and a net loss, on a U.S. generally accepted accounting principles (GAAP) basis, of $9.1 million ($0.38 per share). These results compare to net sales of $155.9 million and net income of $6.1 million, or $0.19 per diluted share, for the second quarter of fiscal 2008.
Non-GAAP net income for the second quarter of fiscal 2009 was $0.3 million or $0.01 per share after excluding an after tax charge of $0.4 million related to litigation resulting from our internal stock option investigation ($0.01 per share), after tax stock-related compensation expense of $2.0 million ($0.08 per share), restructuring expense of $4.5 million, net of tax ($0.18 per share) and a non-cash tax expense resulting from a recently enacted change in state tax law of $2.7 million ($0.11 per share). Net income for the second quarter of fiscal 2008 included an after tax charge of $1.5 million for internal stock option investigation costs ($0.05 per diluted share), $3.7 million of stock-related compensation expense, net of tax ($0.12 per diluted share) and a $1.4 million one-time tax charge ($0.04 per diluted share). Excluding these charges, non-GAAP net income for the second quarter of fiscal 2008 was $12.8 million or $0.40 per diluted share.
In comparison, net sales for the first quarter of fiscal 2009 were $124.4 million and net loss, on a GAAP basis, was $14.7 million ($0.61 per share), primarily due to a non-cash goodwill impairment charge of $19.3 million ($0.80 per share). Net loss for the first quarter of fiscal 2009 included an after tax charge of $0.3 million related to litigation resulting from our internal stock option investigation ($0.01 per share), after tax stock-related compensation expense of $1.2 million ($0.05 per share) and restructuring expense of $2.6 million, net of tax ($0.11 per...
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