Photop acquisition helps II-VI report record Q3 revenues

Oct. 29, 2010
Pittsburgh, PA--II-VI Incorporated reported record results for its first fiscal quarter ended September 30, 2010.

Pittsburgh, PA--Crystal growth technology company II-VI Incorporated (NASDAQ: IIVI) reported results for its first fiscal quarter (calendar Q3) ended September 30, 2010. On January 4, 2010, II-VI completed its acquisition of Photop Technologies. Revenues for the quarter increased 83% to a record $120,134,000 from $65,538,000 in the first quarter of last fiscal year. Included in revenues for the three months ended September 30, 2010 were approximately $26.7 million of revenues attributable to Photop.

Bookings for the quarter increased 53% to $112,050,000 compared to $73,336,000 in the first quarter of last fiscal year. Included in bookings for the three months ended September 30, 2010 were approximately $28.0 million of bookings attributable to Photop. Bookings are defined as customer orders received that are expected to be converted into revenues during the next 12 months.

Francis J. Kramer, president and CEO said, "During the first quarter, customer demand continued to be robust across all business segments. Company revenues increased 83%, earnings more than doubled and bookings were up 53% from the year-ago quarter. Infrared Optics revenues increased 41%, earnings grew 77% and bookings were up 47% as worldwide industrial markets gained strength. In the Near-Infrared Optics Group, Photop was the driver for the significant revenues and earnings improvements."

Kramer concluded, "To meet market demand, we have increased our worldwide workforce by 8% since June 30, 2010 and plan to increase U.S. employment an additional 9%. Based on first-quarter results and an improving outlook across the majority of our businesses, we are confident in raising our guidance for the remainder of the fiscal year."

For the second fiscal quarter ending December 31, 2010, the Company currently forecasts revenues to range from $110 million to $115 million and earnings per share to range from $0.48 to $0.54. Comparable results for the quarter ended December 31, 2009 were revenues of $68.8 million and earnings per share of $0.20. For the fiscal year ending June 30, 2011, the Company expects revenues to range from $445 million to $455 million and earnings per share to range from $2.00 to $2.10. Results for the year ended June 30, 2010 were revenues of $345.1 million and earnings per share of $1.25.

SOURCE: II-VI Incorporated; www.ii-vi.com/pdf/1Q11_ER.pdf

Posted by:Gail Overton

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