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II-VI Incorporated Reports Fiscal Second Quarter Earnings

Stocks in this article: IIVI

PITTSBURGH, Jan. 22, 2013 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) today reported results for its second fiscal quarter ended December 31, 2012.

During the second quarter, the Company completed three acquisitions:

November 1, 2012 M Cubed Technologies, Inc. (M Cubed)
December 3, 2012 The thin-film filter business and interleaver product line of Oclaro, Inc. (the Oclaro Business and Product Line)
December 21, 2012 LightWorks Optics, Inc. (LightWorks)

M Cubed joined the Advanced Products Group segment, the Oclaro Business and Product Line became a part of Photop Technologies, Inc. in the Near-Infrared Optics segment, and LightWorks joined the Military & Materials segment.

Bookings for the second quarter increased 9% to $127,134,000 compared to $116,883,000 in the second quarter of last fiscal year. Bookings for the six months ended December 31, 2012 decreased 2% to $241,527,000 compared to $247,130,000 for the same period 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 second quarter decreased 1% to $125,889,000 from $126,757,000 in the second quarter of last fiscal year. Revenues for the six months ended December 31, 2012 decreased 3% to $258,181,000 from $265,130,000 for the same period last fiscal year.

Net earnings attributable to II-VI Incorporated for the quarter were $12,200,000, or $0.19 per share-diluted, compared to net earnings of $13,287,000, or $0.21 per share-diluted, in the second quarter of last fiscal year. For the six months ended December 31, 2012, net earnings attributable to II-VI Incorporated were $24,918,000, or $0.39 per share-diluted, compared to net earnings of $31,866,000, or $0.50 per share-diluted, for the same period last fiscal year.

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