UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the Quarterly Period Ended June 28, 2003 |
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or |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission File Number: 0-5255 |
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COHERENT, INC.
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Delaware |
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94-1622541 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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5100 Patrick Henry Drive, Santa Clara, California 95054 |
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(Address of principal executive offices) (Zip Code) |
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Registrant’s telephone number, including area code: (408) 764-4000 |
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Securities registered pursuant to Section 12(b) of the Act: |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes ý No o
APPLICABLE ONLY TO
ISSUERS INVOLVED
IN BANKRUPTCY PROCEEDING DURING
THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15 (d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ¨ No ¨
APPLICABLE ONLY TO CORPORATE ISSUERS:
The number of shares outstanding of registrant’s common stock, par value $.01 per share, at July 24, 2003 was 29,795,477 shares.
COHERENT, INC.
INDEX
2
PART I. FINANCIAL INFORMATION
COHERENT, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share
data)
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THREE MONTHS ENDED |
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NINE MONTHS ENDED |
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June 28, |
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June 29, |
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June 28, |
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June 29, |
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NET SALES |
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$ |
99,174 |
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$ |
95,932 |
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$ |
304,716 |
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$ |
291,200 |
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COST OF SALES |
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62,225 |
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57,423 |
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186,333 |
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170,679 |
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GROSS PROFIT |
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36,949 |
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38,509 |
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118,383 |
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120,521 |
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OPERATING EXPENSES: |
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Research and development |
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12,694 |
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12,573 |
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36,627 |
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40,117 |
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In-process research and development |
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4,430 |
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4,430 |
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Selling, general and administrative |
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25,437 |
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24,054 |
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75,024 |
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70,079 |
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Restructuring and other charges |
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289 |
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20,753 |
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Impairment loss on equipment |
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10,788 |
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10,788 |
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Goodwill impairment |
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2,358 |
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Intangible assets amortization |
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1,397 |
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809 |
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3,179 |
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2,615 |
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TOTAL OPERATING EXPENSES |
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44,247 |
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48,224 |
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142,371 |
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123,599 |
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LOSS FROM OPERATIONS |
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(7,298 |
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(9,715 |
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(23,988 |
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(3,078 |
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OTHER INCOME (EXPENSE): |
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Interest and dividend income |
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995 |
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2,889 |
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4,318 |
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7,298 |
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Interest expense |
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(912 |
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(1,296 |
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(3,017 |
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(4,195 |
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Foreign exchange loss |
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(1,136 |
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(232 |
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(1,645 |
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(703 |
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Write-down of Lumenis investment |
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(104,237 |
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(10,212 |
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(104,237 |
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Other—net |
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1,383 |
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858 |
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5,912 |
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2,356 |
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TOTAL OTHER INCOME (EXPENSE), NET |
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330 |
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(102,018 |
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(4,644 |
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(99,481 |
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LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND MINORITY INTEREST |
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(6,968 |
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(111,733 |
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(28,632 |
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(102,559 |
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BENEFIT FOR INCOME TAXES |
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(3,576 |
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(28,830 |
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(6,893 |
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(25,774 |
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LOSS FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST |
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(3,392 |
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(82,903 |
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(21,739 |
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(76,785 |
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MINORITY INTEREST IN SUBSIDIARIES’ EARNINGS |
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1,106 |
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88 |
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897 |
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(293 |
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LOSS FROM CONTINUING OPERATIONS |
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(2,286 |
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(82,815 |
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(20,842 |
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(77,078 |
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DISCONTINUED OPERATIONS, NET OF INCOME TAXES OF $0, $1,108, $0 and $1,108 |
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1,685 |
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1,685 |
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NET LOSS |
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$ |
(2,286 |
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$ |
(81,130 |
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$ |
(20,842 |
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$ |
(75,393 |
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NET LOSS PER BASIC AND DILUTED SHARE: |
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Loss from continuing operations |
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$ |
(0.08 |
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$ |
(2.86 |
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$ |
(0.71 |
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$ |
(2.69 |
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Income from discontinued operations, net of income taxes |
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0.06 |
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0.06 |
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Net loss |
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$ |
(0.08 |
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$ |
(2.81 |
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$ |
(0.71 |
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$ |
(2.63 |
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SHARES USED IN COMPUTATION: |
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Basic |
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29,537 |
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28,922 |
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29,312 |
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28,706 |
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Diluted |
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29,537 |
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28,922 |
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29,312 |
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28,706 |
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