This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

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.

3 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.72 -0.56%
FB $119.49 1.43%
GOOG $711.12 1.38%
TSLA $214.93 1.61%
YHOO $37.23 0.79%


Chart of I:DJI
DOW 17,740.63 +79.92 0.45%
S&P 500 2,057.14 +6.51 0.32%
NASDAQ 4,736.1550 +19.0610 0.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs