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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

Results include the following in the attached condensed consolidated statements of earnings:

  • An impairment charge for PRM property, plant and equipment, and inventory write-offs of $4.4 million, or $0.07 per share-diluted for the quarter and fiscal year ended June 30, 2013. This expense is included in cost of goods sold.  
  • Write-downs of PRM tellurium and selenium inventory of $1.3 million, or $0.02 per share-diluted, and $2.7 million, or $0.04 per share-diluted, for the fourth quarter and fiscal year ended June 30, 2013, respectively. These amounts compare to write-downs of PRM tellurium and selenium inventory of $2.2 million, or $0.03 per share-diluted, and $8.3 million, or $0.13 per share-diluted, for the fourth quarter and fiscal year ended June 30, 2012, respectively. These write-downs were necessitated by declines in global raw material index pricing and are included in cost of goods sold.  
  • Transaction expenses related to the Company's three acquisitions completed during the June 30, 2013 fiscal year. These expenses were insignificant for the current quarter and were $1.1 million or $0.02 per share-diluted for the fiscal year ended June 30, 2013. These expenses are included in selling, general and administrative expenses.  
  • After-tax income of $3.7 million, or $0.06 per share-diluted, was recognized for the fiscal year ended June 30, 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 July 2013, HIGHYAG Lasertechnologie GmbH (HIGHYAG) changed from being 75% owned by the Company to 100%. Effective July 1, 2013, II-VI will record 100% of the operating results of HIGHYAG in the Company's Infrared Optics segment. The price for the 25% equity of HIGHYAG the Company did not already own will be $7.6 million; in addition a dividend of $1.0 million also was declared and is payable to the minority shareholder. Both items are included in accruals and other current liabilities in the attached June 30, 2013 condensed consolidated balance sheet.

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