Financial focus

25 Apr 2003

A sample of the latest financial results from companies including Coherent, VISX, Corning, New Focus and more.

•  Coherent, US, posted sales of USD103.5 million and a net profit of USD 1.9 million for its second quarter, which ended 29 March. Revenue was 5% up on the same period last year, and 1.5% up on the preceding quarter.

•  Thanks to license revenue growth and sales of its new customized vision correction systems, VISX, US, reported first quarter earnings of USD34.4 million and a net income of USD5.5 million. Both figures are down on the corresponding quarter last year. The company expects the customized procedure to generate significant growth in 2004 and beyond.

•  Despite recording a net loss of USD 205 million, optics giant Corning, US, saw an increase in quarterly revenue for the first time in two years in its first-quarter report. Most of the loss, which was made on sales of USD746 million, was due to financial charges including settlement of litigation over asbestos. Contrary to expectation, sales of optical fiber jumped 15% higher thanks to demand from Japan and China.

•  New Focus, US, blamed sluggish market conditions for its continued drop in quarterly revenue. The company posted sales of USD6.1 million for the first quarter, down from USD7.4 million in the previous quarter and USD10.1 million one year ago. Net loss was reduced to USD5.1 million thanks to lower overheads.

•  Imaging specialist FLIR Systems, US, saw revenue up 19% on the same quarter last year. The company made a net profit of USD9.2 million on total sales of USD69.2 million in its first quarter.

•  Things are looking slightly better at US-based communications network builder Lucent Technologies. The company saw revenue increase 16% from the previous quarter to reach USD2.4 billion. Lucent still recorded a loss of USD351 million, but says that nearly half of this was due to settlement of shareholder lawsuits brought against the company.