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II-VI Incorporated Changes Its Operating Segment Reporting Structure

PITTSBURGH, Oct. 3, 2012 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) today announced that it has changed its reportable segments in accordance with how the Company's chief operating decision makers receive and review financial information. Effective July 1, 2012, the Company's VLOC business unit will now be included in the Military & Materials segment for financial reporting purposes. Prior to July 1, 2012, VLOC was included in the Company's Near-Infrared Optics operating segment. The Company has revised the consolidated segment information that was contained in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2012 ("2012 Form 10-K") filed with the Securities and Exchange Commission on August 28, 2012 to reflect the new reportable segment structure. This release includes the revised consolidated segment information for the 2012 Form 10-K with revised fiscal years 2012, 2011 and 2010, and select quarterly segment information.

The revised segment information constitutes a reclassification and has no impact on reported net income or earnings per share for any period. These changes do not restate information previously reported in the Consolidated Balance Sheets, Consolidated Statements of Earnings, Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareholders' Equity or Consolidated Statements of Cash Flows for the Company for any period.

All information in the 2012 Form 10-K remains unchanged. This press release does not modify or update the disclosures therein in any way, nor does it reflect any subsequent information or events, other than as provided to reflect the change in the segments as described above. This press release should be read in conjunction with the 2012 Form 10-K.

Reclassified Segment Footnote Information from Fiscal Year 2012 Form 10-K

The following reclassified segment information includes segment earnings (defined as earnings before income taxes, interest expense and other expense or income, net) and represents the reclassified consolidated segment footnote for the fiscal year 2012 Form 10-K ($000).

  Infrared Optics Near-Infrared Optics Military & Materials Advanced Products Group Eliminations Total
             
For the fiscal year ended June 30, 2012:            
Revenues  $ 201,611  $ 140,000  $ 118,463  $ 74,556  --   $ 534,630
Inter-segment revenues  3,174  2,135  7,589  4,295  (17,193)  -- 
Segment earnings (loss)  51,095  14,060  (1,658)  8,442  --   71,939
Interest expense  --   --   --   --   --   (212)
Other income, net  --   --   --   --   --   7,168
Income taxes  --   --   --   --   --   (17,620)
Net earnings  --   --   --   --   --   61,275
Depreciation and amortization  8,480  15,803  6,127  4,283  --   34,693
Segment assets  220,550  268,619  112,485  104,832  --   706,486
Expenditures for property, plant and equipment  8,072  12,249  12,026  10,493  --   42,840
Equity investment  --   --   --   10,661  --   10,661
Goodwill  9,612  48,496  12,326  10,314  --   80,748
             
For the fiscal year ended June 30, 2011:      
Revenues  $ 180,827  $ 118,614  $ 124,615  $ 78,745  --   $ 502,801
Inter-segment revenues  3,282  1,304  7,090  5,015  (16,691)  -- 
Segment earnings  46,187  23,523  15,845  13,220  --   98,775
Interest expense  --   --   --   --   --   (103)
Other income, net  --   --   --   --   --   3,090
Income taxes  --   --   --   --   --   (18,744)
Net earnings  --   --   --   --   --   83,018
Depreciation and amortization  8,268  11,319  5,470  3,389  --   28,446
Segment assets  264,052  171,354  118,914  92,882  --   647,202
Expenditures for property, plant and equipment  9,065  13,988  8,221  9,585  --   40,859
Equity investments  --   --   --   15,458  --   15,458
Goodwill  10,038  31,584  12,326  10,314  --   64,262
             
For the fiscal year ended June 30, 2010:      
Revenues  $ 135,063  $ 46,923  $ 107,250  $ 55,855  --   $ 345,091
Inter-segment revenues  2,021  --   2,440  4,209  (8,670)  -- 
Segment earnings  24,582  10,043  11,568  5,488  --   51,681
Interest expense  --   --   --   --   --   (87)
Other income, net  --   --   --   --   --   (277)
Income taxes  --   --   --   --   --   (12,582)
Net earnings  --   --   --   --   --   38,735
Depreciation and amortization  8,337  5,021  4,670  3,011  --   21,039
Expenditures for property, plant and equipment  1,817  2,708  6,113  3,199  --   13,837

Reclassified Select Segment Information

The following information includes segment bookings, segment revenues and segment earnings. Segment bookings are defined as customer orders received that are expected to be converted into revenues during the subsequent twelve months. Segment earnings are defined as earnings before income taxes, interest expense and other expense or income, net. The following information represents the reclassified select segment information for the periods presented ($000).

  Infrared Optics Near-Infrared Optics Military & Materials Advanced Products Group Total
Bookings:          
Fiscal years ended:          
June 30, 2012  $ 206,050  $ 155,066  $ 106,307  $ 67,442  $ 534,865
June 30, 2011  193,758  118,441  123,218  84,821  520,238
June 30, 2010  139,386  59,376  125,314  63,519  387,595
Fiscal year 2012 quarters ended:          
June 30, 2012  $ 52,067  $ 44,711  $ 21,877  $ 23,304  $ 141,959
March 31, 2012  59,112  48,575  26,553  11,536  145,776
December 31, 2011  43,773  29,955  31,527  11,628  116,883
September 30, 2011  51,098  31,825  26,350  20,974  130,247
Fiscal year 2011 quarters ended:          
June 30, 2011  $ 52,915  $ 24,084  $ 31,928  $ 22,250  $ 131,177
March 31, 2011  52,535  36,793  34,261  19,294  142,883
December 31, 2010  47,006  29,591  35,915  21,616  134,128
September 30, 2010  41,302  27,973  21,114  21,661  112,050
           
Revenues:          
Fiscal years ended:          
June 30, 2012  $ 201,611  $ 140,001  $ 118,462  $ 74,556  $ 534,630
June 30, 2011  180,827  118,614  124,615  78,745  502,801
June 30, 2010  135,063  46,923  107,250  55,855  345,091
Fiscal year 2012 quarters ended:          
June 30, 2012  $ 53,375  $ 39,858  $ 26,982  $ 16,695  $ 136,910
March 31, 2012  50,678  36,629  30,054  15,229  132,590
December 31, 2011  46,762  32,525  30,646  16,824  126,757
September 30, 2011  50,796  30,989  30,780  25,808  138,373
Fiscal year 2011 quarters ended:          
June 30, 2011  $ 50,552  $ 28,478  $ 32,113  $ 20,640  $ 131,783
March 31, 2011  48,407  32,482  32,191  16,917  129,997
December 31, 2010  40,642  30,959  29,926  19,360  120,887
September 30, 2010  41,226  26,695  30,385  21,828  120,134
           
Segment Earnings (Loss):          
Fiscal years ended:          
June 30, 2012  $ 51,095  $ 14,060  $ (1,658)  $ 8,442  $ 71,939
June 30, 2011  46,187  23,523  15,845  13,220  98,775
June 30, 2010  24,582  10,043  11,568  5,488  51,681
Fiscal year 2012 quarters ended:          
June 30, 2012  $ 13,423  $ 5,506  $ (1,722)  $ 485  $ 17,692
March 31, 2012  13,845  3,608  (958)  479  16,974
December 31, 2011  11,470  2,386  (1,088)  1,470  14,238
September 30, 2011  12,357  2,560  2,110  6,008  23,035
Fiscal year 2011 quarters ended:          
June 30, 2011  $ 15,455  $ 3,327  $ 3,794  $ 3,180  $ 25,756
March 31, 2011  12,664  6,472  3,680  2,854  25,670
December 31, 2010  9,420  7,290  4,203  3,775  24,688
September 30, 2010  8,648  6,434  4,168  3,411  22,661

About II-VI Incorporated

II-VI Incorporated, a global leader in engineered materials and optoelectronic components, is a vertically-integrated manufacturing company that creates and markets products for diversified markets including industrial manufacturing, military and aerospace, high-power electronics and telecommunications, and thermoelectronics applications. Headquartered in Saxonburg, Pennsylvania, with manufacturing, sales, and distribution facilities worldwide, the Company produces numerous crystalline compounds including zinc selenide for infrared laser optics, silicon carbide for high-power electronic and microwave applications, and bismuth telluride for thermoelectric coolers.

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