Saxonburg-based Coherent Corp., the makers of various technology materials, networking and laser products, announced plans on Wednesday to swap from the original stock exchange it initially listed with publicly decades ago in favor of another one. The company also posted strong earnings results during its most recent fiscal second quarter.
Coherent said it expects that its common stock and its 6.00% Series A mandatory convertible preferred stock will end their trading on the Nasdaq Stock Market at the close of trading on Feb. 22 and that it will then begin seeing these securities offered on the New York Stock Exchange on Feb. 23 under the ticker symbols of "COHR" and "IIVI", respectively. II-VI was the company's prior name before it acquired then-Santa Clara, California-based Coherent Inc., a laser technology company.
"It is exciting for us at Coherent to join the NYSE, one of the world’s most prestigious trading platforms," Dr. Vincent D. Mattera Jr., chair and CEO of Coherent, said in a press release. "Our company has undergone a tremendous period of transformation, and this move is part of that."
He continued: "We look forward to a fruitful relationship as our company continues to grow and we deliver greater shareholder value, and we thank the Nasdaq for their support since our IPO in 1987."
The announcement to change stock exchanges came on the same day the company posted a record quarterly revenue of $1.37 billion, a growth of 70% year-over-year, and $411.2 million in GAAP gross profit figures. Mattera attributed much of that growth to the company's communications, telecom and datacom markets.
Coherent posted a GAAP diluted earnings per share loss of $0.58 during the quarter but saw a non-GAAP diluted EPS of $0.95 during the same time period.
