Financial focus

28 Jul 2004

The latest round of financial results from firms including Coherent, Cree, Bookham Technology and more.

•  Coherent, the US laser specialist, has announced its financial results for its third quarter ended 3 July. The firm posted sales of $128 million and a net income of $5.2 million, compared with sales of $99.2 million and a loss of $2.3 million for the same period last year. "Sales and orders to the microelectronics market remained strong, while new application development bodes well for future growth," said Coherent's president John Ambroseo. "Orders and sales for standard products in the international scientific market were softer than anticipated."

•  Cree's run of fantastic sales figures is continuing. For its fourth quarter ended 27 June, the US LED chip maker reported sales of $90.9 million and a net income of $21 million, rises of 42% and 84% respectively compared with quarter four in 2003. The latest figures bring Cree's fiscal 2004 to an end with record-breaking annual sales and net income of $306.9 million and $58 million respectively.

•  Bookham Technology, the UK maker of optical modules for telecommunications networks, has yet to reach breakeven point. For the quarter ended 3 July, Bookham recorded a revenue of £21.3 million and a net loss of £19.5 million. The firm says that its recently announced cost reduction plan, which aims to reduce overheads by 25% over the next 15 months, will allow help it to improve its margins.

•   Corning, US, has announced its sixth quarter of sequential revenue growth. The company's second quarter sales came in at $971 million, up 15% on the first quarter figure. Net income, including net after-tax charges of $61 million, was $108 million compared with $55 million in the previous quarter. During the second quarter, Corning's display technologies segment saw its sales grow 20% to $277 million. The firm says this increase reflects 22% volume growth in LCD glass and stable prices. "We believe that we will remain sold out of LCD manufacturing capacity throughout the year," said Corning's chief financial officer James Flaws.

•   FLIR Systems, the US-based infrared imaging specialist, has recorded yet another round of revenue increases. For its second quarter ended 30 June, FLIR's revenue rose 59% to $119.3 million compared with $75.2 million for the same period in 2003. Net earnings from the quarter increased 58% to $17.9 million. Revenue from the sale of the company's thermography and imaging products increased 37% and 72% respectively over 2003's second quarter.