"There were a number of positive takeaways from the first quarter, including increasing sales, a return to profitability, good cash generation and very healthy bookings. Orders were up significantly over the prior year period in all four markets. We are particularly pleased with orders of approximately $22 million for our Coherent Equinox™ solar production tools, which are scheduled for delivery during fiscal 2010," said John Ambroseo, Coherent's President and Chief Executive Officer. "Given our backlog and outlook, we are raising our fiscal 2010 projection for net sales to $525 to $550 million. To achieve this targeted range, we are ramping production capacity and unwinding the temporary cost containment measures implemented during fiscal 2009," he added.
"I am also pleased to report that we are making good progress on our product initiatives. The customer qualifications of the DIAMOND™ E-1000 sealed CO2 laser is progressing as planned and we will begin revenue shipments in our third fiscal quarter. We have further enhanced our scientific product portfolio with high performance devices to address new applications in physics and chemistry. We also continue to proliferate our OPSL platform with the introduction of the Verdi™ G7, which supports a number of applications in the research market, as well as wavelength extensions of the Genesis™ series for use in the OEM components and instrumentation market," Ambroseo said.
With the strong customer order demand Coherent experienced in its first fiscal quarter, the Company announced that it expects sales in its second fiscal quarter t
|SOURCE Coherent, Inc.|
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