Coherent Inc. announced unaudited financial results for the first quarter ended January 2, 2016. For the first fiscal quarter ended January 2, 2016, the company announced net sales of $190.3 million and net income, on a U.S. generally accepted accounting principles (GAAP) basis, of $20.3 million, or $0.84 per diluted share. These results compare to net sales of $200.6 million and net income of $17.4 million, or $0.69 per diluted share, for the first quarter of fiscal 2015. Non-GAAP net income for the first quarter of fiscal 2016 was $23.9 million, or $0.99 per diluted share. Non-GAAP net income for the first quarter of fiscal 2015 was $21.9 million, or $0.87 per diluted share. Net sales for the fourth quarter of fiscal 2015 were $209.6 million and net income, on a GAAP basis, was $27.3 million, or $1.10 per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2015 was $31.2 million, or $1.25 per diluted share. Income from operations was $27.283 million against $24.309 million a year ago. Income before income taxes was $27.061 million against $23.624 million a year ago. Cash flow for the quarter was $14 million. Working capital metrics worsened compared to the previous quarter, negatively impacting the cash flow from operations. Capital spending for the quarter was $4.8 million or 2.5% of sales.

The company projects its second fiscal 2016 quarter revenue in the range from $195 million to $200 million. The impact of the significant increase in the flat panel display backlog happens with follow-on orders received in January, will positively impact its fiscal 2016 second half and future revenues, but not yet the second quarter revenues. The company forecasts the second quarter pro forma gross profit percentage to be in the range from 43.5% to 44% of sales, a considerable pickup from last year, but slightly below this quarter's results, mainly due to a less favorable mix. The company projects its pro forma tax rate to be approximately 27% for the fiscal year.

The company forecasts its full fiscal 2015 capital spending to be approximately $45 million. This includes projects that were postponed from fiscal 2015 into fiscal '16, as well as additional building expansion and improvement projects.