II-VI 3Q Profit Down 63 Percent As Orders Fall

PITTSBURGH (AP) — Laser component maker II-VI Inc. said Tuesday its profit shrank 63 percent in the fiscal third quarter as customers responded to the global economic slump by making sharp cutbacks in their orders.

II-VI said it earned $4.8 million, or 16 cents per share, in the three months ended March 31, compared with $13 million, or 44 cents per share a year ago. The company reported a profit of $6.7 million, or 23 cents per share, from continuing operations, which was about half what it earned a year ago.

Revenue fell 21 percent, to $64.1 million from $81 million.

Analysts expected a profit of 23 cents per share and $66.2 million in revenue, according to Thomson Reuters.

The company said nonmilitary customers are trying to save money by delaying equipment purchases and buying fewer replacement parts. Revenue from its infrared optics business dropped 32 percent, to $27.8 million, and revenue from the near-infrared optics and compound semiconductor business also decreased. Military and materials revenue rose 17 percent to $14.1 million.