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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

Francis J. Kramer, president and chief executive officer said, "We are pleased to report record revenues for the fourth quarter and fiscal year 2013. As global industrial customers continued to use and deploy CO 2 lasers, Infrared Optics bookings for the quarter increased 10% from the same period last fiscal year. At our Marlow Industries subsidiary, revenues increased 33% from the year-ago quarter and 28% from the preceding quarter of 2013 as their new personal comfort product line gained traction. We also made substantial progress on integrating the three businesses that joined our Company through acquisitions in November and December 2012."

Kramer continued, "During the quarter we made the difficult but necessary decision to refocus PRM on processing rare earth material and providing a crucial raw material, selenium metal, for use by II-VI Infrared Optics. Ceasing the commercial production and sale of tellurium and selenium chemicals substantially reduces our future exposure to volatility of tellurium and selenium index pricing."

Kramer concluded, "We continue to operate our business on solid fundamental values: core strategic capabilities, the power of vertical integration, and sound financial management. During this fiscal year, we established a new record for cash flow from operations: $107.6 million, a 22% increase from the previous record set in fiscal year 2012. Our free cash flow for fiscal 2013 was $82.3 million, an increase of 82% compared to the prior fiscal year. We believe we have positioned II-VI Incorporated to capitalize on the acquisitions and strategic business decisions we made in fiscal year 2013 and look forward to a successful year in fiscal 2014."

During the quarter ended December 31, 2012, 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 assets)
December 21, 2012 LightWorks Optics, Inc. (LightWorks)

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

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