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II-VI Incorporated Achieves Record Fourth Quarter And Fiscal Year 2013 Revenues; Exits Tellurium And Selenium Chemical Businesses; Increases HIGHYAG Ownership To 100%

Stocks in this article: IIVI

PITTSBURGH, Aug. 1, 2013 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) today reported results for its fourth quarter and fiscal year ended June 30, 2013.

Bookings for the quarter increased 2% to $145.4 million compared to $142.0 million in the fourth quarter of last fiscal year. Bookings for the fiscal year ended June 30, 2013 decreased 1% to $527.2 million compared to $534.9 million for 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 13% to a record $155.0 million from $136.9 million in the fourth quarter of last fiscal year. Revenues for the fiscal year ended June 30, 2013 increased 4% to a record $558.4 million from $534.6 million for last fiscal year.

Net earnings attributed to II-VI Incorporated for the quarter were $10.0 million, or $0.16 per share-diluted, compared to net earnings of $14.4 million, or $0.22 per share-diluted, in the fourth quarter of last fiscal year. For the fiscal year ended June 30, 2013, net earnings attributable to II-VI Incorporated were $50.8 million, or $0.80 per share-diluted, compared to net earnings of $60.3 million or $0.94 per share-diluted, for the same period last fiscal year.

The Company's subsidiary Pacific Rare Specialty Metals & Chemicals, Inc. (PRM), a business in the Company's Military & Materials segment, will discontinue its tellurium product line, will downsize its selenium product line to focus on providing selenium metal to the II-VI Infrared Optics business unit, and will maintain production of its rare earth element. The Company believes this revised business model will better focus PRM on providing a reliable supply of selenium for the Company's own internal needs while significantly decreasing write-downs and profit volatility associated with minor metal index price changes. This decision comes after careful and deliberate evaluation of the Company's long-term strategy for creating sustained shareholder value.

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