Coherent Inc. (NASDAQ:COHR) Q1 2015 Earnings Conference Call - Final Transcript
Jan 29, 2015 • 04:30 pm ET
Good day, ladies and gentlemen. And welcome to Coherent First Fiscal Quarter Results Conference Call hosted by Coherent Incorporated. At this time, all participants are in a listen-only mode. At the conclusion of our prepared remarks, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this call is being recorded. I would now like to introduce Ms. Leen Simonet, EVP and CFO. You may begin your conference.
Thank you, Katrina. Good afternoon, everyone and thank you for joining us on today's call. I will provide financial information and John Ambroseo, our President and CEO will provide a business overview.
(Forward-Looking Cautionary Statements)
The full text of today's prepared remarks and trended GAAP and non-GAAP supplemental financial information will be posted on the Coherent Investor Relations website. A replay of this webcast will also be made available for approximately 90 days following the call.
Let me first give you the financial highlights of our first fiscal quarter. We delivered strong financial performance with revenues and pro forma earnings above expectations and guidance. Revenues for the quarter were 200.6 million with corresponding pro forma earnings of $0.87 per diluted share. We ended the quarter with a cash balance of 323 million, reflecting a quarterly cash flow from operations of 31 million and cash used for stock repurchases of approximately 17 million. Our pro forma EBITDA percent for the quarter was 18.7% and compares to 18.6% last quarter and 16.4% a year ago.
Net sales for the first quarter of 200.6 million, increased 7.1 million or 3.6% compared to the same quarter a year ago and decreased 4.7 million, or 2.3% sequentially, which is consistent with our historical seasonality from the fourth to the first quarter. Our first quarter ending shippable backlog, defined as shippable within the next 12 months is approximately 296 million including 102 million or 34% flat panel display shippable bookings. The comparable shippable backlog at the end of the same quarter last year was approximately 281 million, of which 73 million or 26% related to flat panel display applications.
Geographically, Asia accounted for 51% of the company's revenues, US 27%, Europe 17% and the rest of the world 5%. Service revenues for the first quarter were 55 million, representing a decline of 2 million compared to the fourth quarter. This decline is in line with the guidance we provided last quarter.
At that time, we highlighted that the first fiscal quarter flat panel system utilization rate would be consistent with the fourth quarter run rate and that the cost of ownership reduction we introduced to the customer would result in lower quarterly service revenues of approximately 2 million to 2.5 million. Total service revenues represented about 27% of the total company's revenues. We had one customer in South Korea, who contributed more than 10% of the company's first quarter revenue and this includes the shipment of our first Tri-Vyper Linebeam 1500 ELA system.
With respect to revenues by major market application compared to the same quarter a year