Coherent announces financial results for first fiscal quarter

Photonics company Coherent has announced financial results for its first fiscal quarter ended 1 January 2011, including net sales of $183.1m (£155.5m) and net income, on a US GAAP basis, of $19.1m, or $0.76 per diluted share.

These results compare to net sales of $122.8m and net income of $4.2m, or $0.17 per diluted share, for the first quarter of fiscal 2010.

Bookings received during the three months ended 1 January 2011 of $234.4m increased 48 per cent from $158.4m in the same period of the previous year and increased by 21.8 per cent compared to bookings of $192.5m in the immediately preceding quarter.

The book-to-bill ratio was 1.28, resulting in backlog of $308.9m at 1 January 2011, compared to a backlog of $262m at 2 October 2010 and a backlog of $202.8m at 2 January 2010.