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Coherent, Inc. Reports First Fiscal Quarter Results

SANTA CLARA, Calif. Jan. 27, 2011 January 1, 2011

FINANCIAL HIGHLIGHTS

Three Months Ended

GAAP Results

(in millions except per share data)

Jan. 1,

Oct. 2,

Jan. 2,

2011

2010

2010

Bookings

$234.4

$192.5

$158.4

Net sales

$183.1

$166.4

$122.8

Net income

$19.1

$9.9

$4.2

Diluted EPS

$0.76

$0.39

$0.17

Non-GAAP Results

(in millions except per share data)

Net income

$21.4

$14.9

$5.1

Diluted EPS

$0.85

$0.59

$0.21

FIRST FISCAL QUARTER DETAILS

January 1, 2011 $183.1 million $19.1 million $0.76 $122.8 million $4.2 million $0.17 $21.4 million $0.85 $5.1 million $0.21

$166.4 million $9.9 million $0.39 $14.9 million $0.59

January 1, 2011 $234.4 million $158.4 million $192.5 million $308.9 million January 1, 2011 $262.0 million October 2, 2010 $202.8 million January 2, 2010

John Ambroseo $32 million $760-$780 million

$296.6 million $33.8 million $262.8 million October 2, 2010

$297 million $75 million

CONFERENCE CALL REMINDER

P.M. Pacific P.M. Eastern http://www.coherent.com/Investors/ http://www.earnings.com http://www.coherent.com/Investors/

Summarized statement of operations information is as follows (unaudited, in thousands except per share data):

Three Months Ended

January 1,

October 2,

January 2,

2011

2010

2010

Net sales

$183,111

$166,398

$122,815

Cost of sales (A) (B) (D)

100,717

96,579

71,783

Gross profit

82,394

69,819

51,032

Operating expenses:

Research & development (A) (B) (D)

18,530

19,192

15,410

Selling, general & administrative (A) (B) (C) (D)

36,078

32,848

27,979

Intangibles amortization

2,095

2,044

1,961

Total operating expenses

56,703

54,084

45,350

Income from operations

25,691

15,735

5,682

Other income (expense), net(D)

1,754

(1,000)

792

Income before income taxes

27,445

14,735

6,474

Provision for income taxes

8,332

4,882

2,295

Net income

$19,113

$9,853

$4,179

Net income per share:

Basic

$0.77

$0.40

$0.17

Diluted

$0.76

$0.39

$0.17

Shares used in computation:

Basic

24,688

24,677

24,469

Diluted

25,268

25,240

24,678

(A)

Stock-related compensation expense included in operating results is summarized below (all footnote amounts are unaudited, in thousands):

Stock-related compensation expense

Three Months Ended

Jan. 1,

Oct. 2,

Jan. 2,

2011

2010

2010

Cost of sales

$244

$241

$219

Research & development

337

311

273

Selling, general & administrative

2,342

1,500

1,670

Impact on income from operations

$2,923

$2,052

$2,162

For the quarters ended January 1, 2011, October 2, 2010, and January 2, 2010, the impact on net income, net of tax was $2,248 ($0.09 per diluted sha re), $1,864 ($0.07 per diluted share) and $1,519 ($0.06 per diluted share), respectively.

(B)

Restructuring costs included in operating results are summarized below:

Restructuring costs

Three Months Ended

Jan. 1,

Oct. 2,

Jan. 2,

2011

2010

2010

Cost of sales

$-

$3,453

$309

Research & development

282

409

Selling, general & administrative

861

518

Impact on income (loss) from operations

$-

$4,596

$1,236

Restructuring costs for the quarter ended January 1, 2011 were not material to our results of operations and have not been broken out here or in our non-GAAP reconciliation. For the quarters ended October 2, 2010 and January 2, 2010, the impact on net income, net of tax was $3,209 ($0.13 per diluted share) and $813 ($0.03 per diluted share), respectively.

(C)

The quarter ended October 2, 2010 includes $2,185 ($1,438 net of tax ($0.06 per diluted share)) net receipt from the settlement of litigation resulting from our internal stock option investigation.  

(D)

Changes in deferred compensation plan liabilities are included in cost of sales and operating expenses while gains and losses on deferred compensation plan assets are included in other income (expense) net.  Deferred compensation expense (benefit) included in operating results is summarized below:

Deferred compensation expense (benefit)

Three Months Ended

Jan. 1,

Oct. 2,

Jan. 2,

2011

2010

2010

Cost of sales

$50

$ –

$32

Research & development

195

15

132

Selling, general & administrative

1,495

68

1,114

Impact on income from operations

$1,740

$83

$1,278

For the quarters ended January 1, 2011, October 2, 2010 and January 2, 2010, the impact on other income (expense) net from gains or losses on deferred compensation plan assets was income of $1,553, expense of $74 and income of $1,063, respectively.

Summarized balance sheet information is as follows (unaudited, in thousands):  

January 1,

2011

October 2,

2010

ASSETS

Current assets:

Cash, cash equivalents and short-term investments

$296,574

$262,771

Restricted cash

625

625

Accounts receivable, net

107,938

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