Coherent Inc. announced unaudited earnings results for the first quarter ended December 29, 2012. For the quarter, the company reported net income of $14,153,000 or $0.58 per diluted share, income before income taxes of $19,061,000, income from operations of $20,498,000 on net sales of $183,202,000 compared to net income of $17,051,000 or $0.71 per diluted share, income before income taxes of $25,831,000, income from operations of $25,313,000 on net sales of $190,767,000 for the same period a year ago. Non-GAAP net income was $17,664,000 or $0.73 per diluted share compared to $19,745,000 or $0.82 per diluted share for the same period a year ago. Cash flow from operations for the quarter was exceptionally high at about $47 million with a large portion originating from improvement in its accounts receivable days sales outstanding.

For the fiscal 2013, the company's current estimate of the pro forma annual tax rate is 29%, compared to roughly 33% last year. The company continues to project a full fiscal 2013 capital spending to be approximately 3.5% of sales.

The company expects its second quarter of fiscal 2013 revenues to be in the range of $193 million to $203 million, this reflects approximately $8 million to $9 million from the recent acquisition.