PITTSBURGH, Oct. 23, 2012 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) today reported results for its first fiscal quarter ended September 30, 2012.
As discussed below under "Use of Non-GAAP Financial Measures," the Company is presenting non-GAAP financial measures in this release. Investors should consider these adjusted measures in addition to, and not as a substitute for, or superior to, financial performance measures prepared in accordance with generally accepted accounting principles ("GAAP"). Please refer to the attached reconciliation between the financial measures prepared in accordance with GAAP and the non-GAAP adjusted financial measures.
Bookings for the quarter decreased 12% to $114,393,000 compared to $130,247,000 in the first quarter of last fiscal year. Bookings are defined as customer orders received that are expected to be converted into revenues during the next 12 months.Revenues for the quarter decreased 4% to $132,292,000 from $138,373,000 in the first quarter of last fiscal year. Net earnings attributable to II-VI Incorporated for the quarter were $12,718,000 or $0.20 per share-diluted, compared to net earnings of $18,579,000, or $0.29 per share-diluted, in the first quarter of last fiscal year. The results include write-downs of tellurium and selenium inventory of $0.5 million, or $0.01 per share-diluted, for the quarter ended September 30, 2012, and $0.3 million, or $0.00 per share-diluted, for the quarter ended September 30, 2011, from the Pacific Rare Specialty Metals & Chemicals, Inc. (PRM) business unit in our Military & Materials segment, due to declines in global raw material index pricing. This expense was included in cost of goods sold in the attached condensed consolidated statements of earnings. Excluding this item, adjusted net earnings attributable to II-VI Incorporated for the quarter were $13,193,000, or $0.21 per share-diluted, compared to adjusted net earnings of $18,871,000, or $0.29 per share-diluted, in the first quarter of last fiscal year.