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II-VI Incorporated Reports Fiscal Third Quarter Earnings

Stocks in this article: IIVI

PITTSBURGH, April 23, 2013 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) today reported results for its third fiscal quarter ended March 31, 2013.

Bookings for the quarter decreased 4% to $140,332,000 compared to $145,776,000 in the third quarter of last fiscal year. Bookings for the nine months ended March 31, 2013 decreased 3% to $381,859,000 compared to $392,906,000 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 quarter increased 9% to $145,170,000 from $132,590,000 in the third quarter of last fiscal year. Revenues for the nine months ended March 31, 2013 increased 1% to $403,351,000 from $397,720,000 for the same period last fiscal year.

Net earnings attributed to II-VI Incorporated for the quarter were $15,869,000, or $0.25 per share-diluted, compared to net earnings of $13,994,000, or $0.22 per share-diluted, in the third quarter of last fiscal year. For the nine months ended March 31, 2013, net earnings attributable to II-VI Incorporated were $40,787,000, or $0.64 per share-diluted, compared to net earnings of $45,860,000, or $0.71 per share-diluted, for the same period last fiscal year.

Results include the following:

  • Transaction expenses related to three acquisitions completed during the quarter ended December 31, 2012 were insignificant for the current three months and were $1.1 million or $0.02 per share-diluted for the nine months ended March 31, 2013. These expenses are included in selling, general and administrative expenses in the condensed consolidated statements of earnings.  
  • Write-downs of tellurium and selenium inventory were insignificant for the current three months and were $1.3 million, or $0.02 per share-diluted, for the nine months ended March 31, 2013. These amounts compare to write-downs of tellurium and selenium inventory of $3.6 million, or $0.06 per share-diluted, and $6.1 million, or $0.10 per share-diluted, for the three and nine months ended March 31, 2012, respectively. These write-downs, taken by Pacific Rare Specialty Metals & Chemicals, Inc. (PRM), a business in the Military & Materials segment, were necessitated by declines in global raw material index pricing. This expense is included in cost of goods sold in the attached condensed consolidated statements of earnings.  
  • After-tax income of $3.7 million, or $0.06 per share-diluted, was recognized for the nine months ended March 31, 2013 from a settlement with a former contract manufacturer for damages incurred in the October 2011 flooding in Thailand. The majority of the settlement amount is included in other expense (income), net in the attached condensed consolidated statements of earnings.

Francis J. Kramer, president and chief executive officer said, "We are reporting third quarter fiscal 2013 results in line with the guidance we issued on January 22, 2013. The results reflect operational improvements in several of our businesses, including Marlow Industries in our Advanced Product Group segment, as they begin to capitalize on new market opportunities. In addition, we also received full-quarter contributions from the three recent acquisitions we completed during the quarter ended December 31, 2012. We have experienced some cyclical softening in the optical communication market addressed primarily by our Near-Infrared Optics segment."

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