-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Rmun7k2ISVwlZPSdjkxOpHcx0XOckv/M3qpKQiN8Gvod1yL0fluBjWtWXx5nnSz8 iG8Yp40vPLk7fjlKidEoLQ== 0000912057-96-016077.txt : 19960805 0000912057-96-016077.hdr.sgml : 19960805 ACCESSION NUMBER: 0000912057-96-016077 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960629 FILED AS OF DATE: 19960802 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: COHERENT INC CENTRAL INDEX KEY: 0000021510 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY ANALYTICAL INSTRUMENTS [3826] IRS NUMBER: 941622541 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-05255 FILM NUMBER: 96602981 BUSINESS ADDRESS: STREET 1: 5100 PATRICK HENRY DR CITY: SANTA CLARA STATE: CA ZIP: 95054 BUSINESS PHONE: 4087644000 MAIL ADDRESS: STREET 1: 5100 PATRICK HENRY DRIVE STREET 2: MAIL STOP P38 CITY: SANTA CLARA STATE: CA ZIP: 95054 FORMER COMPANY: FORMER CONFORMED NAME: COHERENT RADIATION DATE OF NAME CHANGE: 19770604 10-Q 1 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------------------- FORM 10-Q (Mark One) [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 29, 1996 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to ___________ Commission File Number: 0-5255 COHERENT, INC. (Exact name of registrant as specified in its charter) DELAWARE 94-1622541 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 5100 PATRICK HENRY DRIVE, SANTA CLARA, CALIFORNIA 95054 (Address of principal executive offices) (Zip Code) (408) 764-4000 (Registrant's telephone number, including area code) 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 X No ------- ------- APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS 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 ISSUES: The number of shares outstanding of registrant's common stock, par value $.01 per share, at July 31, 1996 was 11,198,564 shares. COHERENT, INC. INDEX Page No. PART I. FINANCIAL INFORMATION Consolidated Condensed Statements of Income -- Three months and nine months ended June 29, 1996 and July 1, 1995 3 Consolidated Condensed Balance Sheets -- June 29, 1996 and September 30, 1995 4 Consolidated Condensed Statements of Cash Flows -- Nine months ended June 29, 1996 and July 1, 1995 5 Notes to Consolidated Condensed Financial Statements 6 Management's Discussion and Analysis of Financial Condition and Results of Operations 9 PART II. OTHER INFORMATION 12 SIGNATURES 13 2 PART I. FINANCIAL INFORMATION COHERENT, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED; IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE NINE MONTHS ENDED MONTHS ENDED ------------------ -------------------- June 29, July 1, June 29, July 1, 1996 1995 1996 1995 - ------------------------------------------------------------------------------- NET SALES $89,327 $76,247 $263,560 $201,286 COST OF SALES 43,245 38,106 128,401 100,853 - ------------------------------------------------------------------------------- GROSS PROFIT 46,082 38,141 135,159 100,433 - ------------------------------------------------------------------------------- OPERATING EXPENSES: Research and development 9,353 8,176 27,436 22,648 Selling, general and administrative 26,018 21,810 76,450 58,280 - ------------------------------------------------------------------------------- TOTAL OPERATING EXPENSES 35,371 29,986 103,886 80,928 - ------------------------------------------------------------------------------- INCOME FROM OPERATIONS 10,711 8,155 31,273 19,505 OTHER INCOME (EXPENSE): Interest and dividend income 556 605 1,903 1,771 Interest expense (280) (28) (943) Foreign exchange gain (loss) 156 (110) 159 661 Other - net 1,280 69 2,109 432 - ------------------------------------------------------------------------------- TOTAL OTHER INCOME, NET 1,992 284 4,143 1,921 - ------------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 12,703 8,439 35,416 21,426 PROVISION FOR INCOME TAXES 4,785 3,322 13,682 8,434 - ------------------------------------------------------------------------------- NET INCOME $ 7,918 $ 5,117 $ 21,734 $ 12,992 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE $ .68 $ .46 $ 1.89 $ 1.19 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING 11,663 11,176 11,525 10,961 - ------------------------------------------------------------------------------- - -------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS. 3 COHERENT, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED; IN THOUSANDS, EXCEPT PAR VALUE PER SHARE)
JUNE 29, September 30, 1996 1995 - ------------------------------------------------------------------------ ASSETS CURRENT ASSETS: Cash and equivalents $ 5,567 $ 20,426 Short-term investments 29,592 24,242 Accounts receivable - net of allowances of $2,581 in 1996 and $2,834 in 1995 70,146 62,374 Inventories 67,111 52,004 Prepaid expenses and other assets 9,285 11,173 Deferred tax assets 18,591 14,733 - ------------------------------------------------------------------------ TOTAL CURRENT ASSETS 200,292 184,952 - ------------------------------------------------------------------------ PROPERTY AND EQUIPMENT 101,963 91,300 ACCUMULATED DEPRECIATION AND AMORTIZATION (50,186) (46,427) - ------------------------------------------------------------------------ Property and equipment - net 51,777 44,873 - ------------------------------------------------------------------------ GOODWILL - net of accumulated amortization of $5,361 in 1996 and $4,237 in 1995 10,995 10,152 OTHER ASSETS 24,335 15,897 - ------------------------------------------------------------------------ $287,399 $255,874 - ------------------------------------------------------------------------ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Short-term borrowings $ 5,451 $ 7,016 Current portion of long-term obligations 4,089 5,285 Accounts payable 12,433 11,688 Income taxes payable 4,036 4,165 Other current liabilities 56,258 50,011 - ------------------------------------------------------------------------ TOTAL CURRENT LIABILITIES 82,267 78,165 - ------------------------------------------------------------------------ LONG-TERM OBLIGATIONS 3,876 5,139 OTHER LONG-TERM LIABILITIES 10,338 9,597 MINORITY INTEREST IN SUBSIDIARIES 2,424 1,782 STOCKHOLDERS' EQUITY: Common stock, par value $.01 Authorized - 50,000 shares Outstanding - 11,191 in 1996 and 10,869 in 1995 111 108 Additional paid-in capital 82,428 76,225 Unrealized gain on short-term investments 171 Notes receivable from stock sales (845) (1,218) Retained earnings 105,214 83,480 Accumulated translation adjustment 1,586 2,425 - ------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY 188,494 161,191 - ------------------------------------------------------------------------ $287,399 $255,874 - ------------------------------------------------------------------------ - ------------------------------------------------------------------------
SEE ACCOMPANYING NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS. 4 COHERENT, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED; IN THOUSANDS)
NINE MONTHS ENDED --------------------------- JUNE 29, July 1, 1996 1995 - ----------------------------------------------------------------------------- INCREASE (DECREASE) IN CASH AND EQUIVALENTS OPERATING ACTIVITIES: Net income $21,734 $12,992 Adjustments to reconcile to net cash provided by operating activities: Purchases of short-term investments (82,415) (55,053) Proceeds from sales of short-term investments 77,065 54,700 Changes in assets and liabilities (13,465) 2,471 Other adjustments 5,476 (6,960) - ----------------------------------------------------------------------------- NET CASH PROVIDED BY OPERATING ACTIVITIES 8,395 8,150 - ----------------------------------------------------------------------------- INVESTING ACTIVITIES: Purchases of property and equipment - net (13,774) (5,349) Purchase of Amoco assets (4,520) Purchase of asset held for investment (4,312) Acquisition of Japan distribution rights (5,048) Purchase of other intangibles (1,966) (333) Other - net (2,952) 626 - ----------------------------------------------------------------------------- NET CASH USED FOR INVESTING ACTIVITIES (23,740) (13,888) - ----------------------------------------------------------------------------- FINANCING ACTIVITIES: Long-term debt borrowings 1,306 161 Long-term debt repayments (3,662) (4,854) Notes payable borrowings 4,717 5,536 Notes payable repayments (5,926) (3,064) Repayments of capital lease obligations (91) (547) Sales of shares under employee benefit plans 4,603 4,774 - ----------------------------------------------------------------------------- NET CASH PROVIDED BY FINANCING ACTIVITIES 947 2,006 - ----------------------------------------------------------------------------- EFFECT OF EXCHANGE RATE CHANGES ON CASH AND EQUIVALENTS (461) (2,489) - ----------------------------------------------------------------------------- Net decrease in cash and equivalents (14,859) (6,221) Cash and equivalents beginning of period 20,426 27,239 - ----------------------------------------------------------------------------- CASH AND EQUIVALENTS END OF PERIOD $ 5,567 $21,018 - ----------------------------------------------------------------------------- - -----------------------------------------------------------------------------
SEE ACCOMPANYING NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS. 5 COHERENT, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED) 1. The accompanying consolidated condensed financial statements have been prepared in conformity with generally accepted accounting principles, consistent with those reflected in the Company's annual report to stockholders for the year ended September 30, 1995. All adjustments necessary for a fair presentation have been made which comprise only normal recurring adjustments; however, interim results of operations are not necessarily indicative of results to be expected for the year. 2. Common and equivalent per share data is based upon the weighted average number of common shares outstanding during the period including dilutive common share equivalents and shares issuable under the Productivity Incentive Plan. Dilutive common stock equivalents include outstanding stock options when the exercise price is less than the average market price and shares subscribed under the Employee Stock Purchase Plan. No dividends were paid in fiscal 1996 or 1995. 3. Balance Sheet Detail: Inventories are stated at the lower of cost (first-in, first-out) or market. Inventories are as follows: June 29, September 30, 1996 1995 --------------------------------------------------------------- (IN THOUSANDS) Purchased parts and assemblies $17,733 $14,840 Work-in-process 24,519 19,836 Finished goods 24,859 17,328 --------------------------------------------------------------- Net inventories $67,111 $52,004 --------------------------------------------------------------- --------------------------------------------------------------- Prepaid expenses and other assets consists of the following: June 29, September 30, 1996 1995 ----------------------------------------------------------------- (IN THOUSANDS) Prepaid expenses and other $ 7,642 $ 5,483 Prepaid income taxes 1,643 5,690 ---------------------------------------------------------------- Prepaid expenses and other assets $ 9,285 $11,173 ---------------------------------------------------------------- ---------------------------------------------------------------- Other assets consist of the following: June 29, September 30, 1996 1995 ----------------------------------------------------------------- (IN THOUSANDS) Asset held for investment $ 9,558 $ 6,726 Intangibles and other assets 14,777 9,171 ----------------------------------------------------------------- Other assets $24,335 $15,897 ----------------------------------------------------------------- ----------------------------------------------------------------- 6 Other current liabilities consist of the following: June 29, September 30, 1996 1995 ----------------------------------------------------------------- (IN THOUSANDS) Accrued expenses and other $18,697 $16,085 Accrued payroll and benefits 16,557 15,889 Reserve for warranty 10,083 6,856 Deferred income 9,245 8,595 Customer deposits 1,676 2,586 ----------------------------------------------------------------- Other current liabilities $56,258 $50,011 ----------------------------------------------------------------- ----------------------------------------------------------------- Other long-term liabilities consist of the following: June 29, September 30, 1996 1995 ----------------------------------------------------------------- (IN THOUSANDS) Deferred tax liabilities $ 4,298 $ 4,679 Deferred income and other 3,554 2,449 Environmental remediation costs 2,486 2,469 ---------------------------------------------------------------- Other long-term liabilities $10,338 $ 9,597 ---------------------------------------------------------------- ---------------------------------------------------------------- 4. Certain claims and lawsuits arising in the ordinary course of business have been filed or are pending against the Company. In the opinion of management, all such matters have been adequately provided for, are without merit, or are of such kind that if disposed of unfavorably, would not have a material adverse effect on the Company's consolidated financial position or results of operations. The Company, along with several other companies, has been named as a party to a remedial action order issued by the California Department of Toxic Substance Control relating to soil and groundwater contamination at and in the vicinity of the Stanford Industrial Park in Palo Alto, California, where the Porter Drive facility is located. The responding parties to the Regional Order (including the Company) have completed Remedial Investigation and Feasibility Reports, which were approved by the State of California. The responding parties have installed four remedial systems and have reached agreement with responding parties on final cost sharing. The Company was also named, along with other parties, to a remedial action order for the Porter Drive facility site itself in the Stanford Industrial Park. The State of California has approved the Remedial Investigation Report, Feasibility Study Report, Remedial Action Plan Report and Final Remedial Action Report prepared by the Company for this site. The Company has been operating remedial systems at the site to remove subsurface chemicals since April 1992. Management believes that the Company's probable, nondiscounted net liability at June 29, 1996 for remaining costs associated with the above environmental matters is $1.3 million which has been previously accrued. This amount consists of total estimated probable costs of $2.7 million ($0.2 million included in other current liabilities and $2.5 million included in other long-term liabilities) reduced by estimated minimum probable recoveries of $1.4 million included in other assets from other parties named to the order. Based on currently available information, the Company believes that costs in excess of amounts accrued, if any, relating to the investigation and remedial action which may be required by the agencies of the State of California, will not 7 have a material adverse effect on the consolidated financial position or results of operations of the Company. 5. Certain prior year amounts have been reclassified to conform with the current quarter presentation. 8 COHERENT, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL The Company operates in a technologically advanced, dynamic and highly competitive environment. The Company's future operating results are and will continue to be subject to quarterly variations based on a variety of factors, many of which are beyond the Company's control, including fluctuations in customer orders and foreign currency exchange rates, among others. While the Company attempts to identify and respond to these conditions in a timely manner, they represent significant risks to the Company's performance. In particular, the Company has experienced in recent quarters significant increases in orders, sales and profits which it believes has contributed to the increase in its stock price over this period. However, if additional orders fail to materialize during the next, or any future, quarter, or if for any reason the Company's shipments are disrupted (particularly near a quarter end when the Company typically ships a significant portion of its sales), it would have a material adverse effect on sales and earnings, and a corresponding adverse effect on the market price of the Company's stock. Similarly, the Company conducts a significant portion of its business internationally. International sales accounted for 51% of the Company's sales for the fiscal 1995 year and 52% for the first nine months of fiscal 1996. The Company expects that international sales will continue to account for a significant portion of its net sales in the future. A significant amount of these sales occur through its international subsidiaries, some of which also perform research, development, manufacturing and service functions. As a result of the Company's international sales and operations, it is subject to the risks of conducting business internationally, including sovereign risk and fluctuations in foreign exchange rates, which could affect the sales price in local currencies of the Company's products in foreign markets as well as the Company's local costs and expenses of its foreign operations. The Company uses forward exchange and currency swap contracts, and other risk management techniques, to hedge its exposure to currency fluctuations relating to its intercompany transactions and certain firm foreign currency commitments; however, its international subsidiaries remain exposed to the economic risks of foreign currency fluctuations. RESULTS OF OPERATIONS CONSOLIDATED SUMMARY The Company's net income for the current quarter and nine months ended June 29, 1996 was $7.9 million ($.68 per share) and $21.7 million ($1.89 per share), respectively, compared to $5.1 million ($.46 per share) and $13.0 million ($1.19 per share), in the corresponding prior year periods. Pretax income increased $4.3 million (51%) for the current quarter and increased $14.0 million (65%) for the nine months ended June 29, 1996, compared to the same prior year periods. The primary factors contributing to these increases were higher sales volumes, improved gross margins and higher other income. The effective tax rate for the nine months ended June 29, 1996 remained at 39% compared to the same period one year ago. NET SALES AND GROSS PROFITS CONSOLIDATED The Company's sales for the third quarter and nine months ended June 29, 1996, increased $13.1 million (17%) and $62.3 million (31%), respectively, compared to the same periods a year ago. During the current quarter and year- to-date, international and domestic sales increased in both the Medical and Electro-Optical business segments. Higher sales to OEM's and commercial customers in the Electro- 9 Optical segment and higher sales of lasers for aesthetic surgery in the Medical segment were primarily responsible for the increases. The gross profit rate increased to 52% and 51% for the current quarter and nine months ended June 29, 1996, respectively, compared to 50% for the same prior year periods. The increases resulted from the higher sales volumes and manufacturing efficiencies. ELECTRO-OPTICAL Electro-Optical net sales increased $8.5 million (20%) and $31.1 million (28%) for the third quarter and nine months ended June 29, 1996, respectively, compared to the corresponding prior year periods. International sales increased $5.9 million (24%) and $22.4 million (34%) for the current quarter and year-to- date and increased domestically $2.6 million (14%) and $8.7 million (19%) for both periods, compared to the same periods one year ago. Sales increased in all three operating groups primarily due to broader market acceptance of newer products introduced within the past two years and due in part to increased sales associated with business acquisitions. The gross profit rate increased to 52% for the current quarter and the nine months ended June 29, 1996, compared to 49% for the same periods one year ago. The increases over the prior year resulted from efficiencies gained from the higher sales volumes, a more favorable product mix and efficiencies experienced due to manufacturing facility enhancements at Lambda Physik GmbH. MEDICAL Medical net sales increased $4.6 million (14%) and $31.2 million (35%) for the third quarter and nine months ended June 29, 1996, respectively, compared to the corresponding prior year periods. International sales increased $3.3 million (23%) and $10.7 million (28%) during the current quarter and nine months ended June 29, 1996, compared to the prior year periods, respectively. Domestic sales increased $1.3 million (7%) and $20.4 million (41%) for both periods, compared to the same prior year periods. The increases were primarily attributable to increases in sales volumes from the reduction of substantial backlog accumulated during fiscal 1995 and from increased sales of the Ultrapulse for aesthetic applications. The gross profit rate decreased to 51% during the current quarter from 52% one year ago and remained at 51% year-to-date compared to the same prior year period. The current quarter decrease resulted primarily from higher warranty costs. OPERATING EXPENSES Third Quarter First Three Quarters 1996 1995 1996 1995 ------------------------------------ (IN THOUSANDS) Research & development $ 9,353 $ 8,176 $ 27,436 $22,648 Selling, general & administrative 26,018 21,810 76,450 58,280 - ------------------------------------------------------------------------------ Total operating expenses $35,371 $29,986 $103,886 $80,928 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ Total operating expenses increased $5.4 million (18%) and $23.0 million (28%) for the current quarter and nine months ended June 29, 1996, respectively, compared to the same periods a year ago. As a percentage of sales, operating expenses increased to 40% from 39% during the current quarter however decreased to 39% from 40% year-to-date. Research and development (R&D) expenses increased $1.2 million (14%) for the current quarter and increased $4.8 million (21%) year-to-date, compared to the same periods a year ago, however, R&D expenses decreased as a percentage of sales from 11% to 10% for both the current quarter and nine 10 months ended June 29, 1996, compared to the same periods a year ago. The dollar increases were primarily due to increased headcount and activity levels in both the Electro-Optical and Medical business segments and due to business acquisitions in the Electro-Optical segment. Selling, general and administration (SG&A) expenses increased $4.2 million (19%) and $18.2 million (31%) for the current quarter and year-to-date, respectively, compared to the same periods a year ago. However, for both periods SG&A expenses as a percentage of sales, remained at 29% compared to the prior year periods. The dollar increases were primarily due to increased sales and marketing expenses resulting from increased headcount in both business segments, higher activity levels including workshops and trade shows in the Medical business segment, and higher costs associated with the Medical segment's commencement of direct sales operations in Japan. Administration expense also increased due to the business acquisitions and new sales offices. OTHER INCOME (EXPENSE) Other income, net, increased $1.7 million during the current quarter and increased $2.2 million for the nine months ended June 29, 1996, compared to the same periods last year. The increases were primarily due to the $1.6 million third quarter sale of the Company's holdings in another medical laser company, the capitalization of interest associated with the refurbishing of the Porter Drive facility and the sale of capital assets throughout the fiscal year. The Porter Drive facility will be completed by September 1, 1996. INCOME TAXES The Company's effective tax rate for the nine months ended June 29, 1996 and July 1, 1995 was 39%. FINANCIAL CONDITION LIQUIDITY AND CAPITAL RESOURCES The Company's primary sources of liquidity are cash and equivalents and short-term investments of $35.2 million as of June 29, 1996. Additional sources of liquidity are the Company's multi-currency line of credit and bank credit facilities totaling $29.1 million. As of June 29, 1996, the Company had $21.1 million unused and available under these credit facilities. CHANGES IN FINANCIAL CONDITION Cash and equivalents decreased by $14.9 million (73%) year-to-date. Operations and changes in exchange rates generated $7.9 million. The increase from operations is net of significant amounts used to establish the working capital of the Company's direct sales organization in Japan. Investing activities used $23.7 million including $13.8 million used to acquire property and equipment (net of proceeds from dispositions of property and equipment) $5.0 million used to purchase distribution rights in Japan, $2.0 million used for acquisitions made by the Company and $2.9 million of other investing activities, including $2.3 million of expenditures on the refurbishment of the Porter Drive facility and other additions, net of $0.6 million. Financing activities provided $0.9 million including sales of shares under employee benefit plans which generated $4.6 million, partially offset by increased repayments on borrowings, net, of $3.7 million. 11 COHERENT, INC. PART II. OTHER INFORMATION ITEM 1. Material developments in connection with legal proceedings. N/A ITEM 2. Material modification of rights of registrant's securities. N/A ITEM 3. Defaults on senior securities. N/A ITEM 4. Submission of Matters to a Vote of Security Holders. N/A ITEM 5. Other. N/A ITEM 6. Exhibits and Reports on Form 8-K. Exhibit 27 "Financial Data Schedules" included herewith. 12 COHERENT, INC. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. COHERENT, INC. (Registrant) Date: August 2, 1996 By: ROBERT J. QUILLINAN ----------------------------- Robert J. Quillinan Vice President and Chief Financial Officer 13 EX-27 2 EXHIBIT 27 - FINANCIAL DATA SCHEDULE
5 1,000 9-MOS SEP-28-1996 OCT-01-1995 JUN-29-1996 5,567 29,592 79,362 3,902 67,111 200,292 101,963 50,186 287,399 82,267 3,876 111 0 0 188,383 287,399 263,560 263,560 128,401 128,401 103,886 0 28 35,416 13,682 21,734 0 0 0 21,734 1.89 1.88
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