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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

As discussed below under "Use of Non-GAAP Financial Measures," the Company is presenting Non-GAAP financial measures in this release. Investors should consider adjusted measures in addition to, and not as a substitute for, or superior to, financial performance measures prepared in accordance with generally accepted accounting principles ("GAAP"). Please refer to the attached reconciliation between GAAP and adjusted financial measures prepared in accordance with GAAP and the Non-GAAP adjusted financial measures.

Segment Information

The following segment information includes segment earnings (defined as earnings before income taxes, interest expense and other expense or income, net). Management believes segment earnings are a useful performance measure because they reflect the results of segment performance over which management has direct control. Effective July 1, 2012, the Company changed its segment reporting structure to include VLOC Incorporated (VLOC) in the Company's Military & Materials segment. VLOC was previously reported in the Company's Near-Infrared Optics segment. All segment information presented in this earnings release has been retrospectively adjusted to include VLOC in the Military & Materials segment.

     
     
  Three Months Ended Year Ended
  June 30, June 30,
$000's, except % 2013 2012 % Increase (Decrease) 2013 2012 % Increase (Decrease)
             
Bookings:            
Infrared Optics $ 57,420 $ 52,067 10% $ 200,691 $ 206,050 (3)%
Near-Infrared Optics 42,106 44,711 (6)% 145,736 155,066 (6)%
Military & Materials 26,823 21,877 23% 94,108 106,307 (11)%
Advanced Products Group 19,029 23,304 (18)% 86,702 67,442 29%
Total Bookings $ 145,378 $ 141,959 2% $ 527,237 $ 534,865 (1)%
             
Revenues:            
Infrared Optics $ 53,467 $ 53,375 --% $ 203,319 $ 201,611 1%
Near-Infrared Optics 41,389 39,858 4% 154,852 140,001 11%
Military & Materials 30,273 26,982 12% 104,437 118,462 (12)%
Advanced Products Group 29,916 16,695 79% 95,788 74,556 28%
Total Revenues $ 155,045 $ 136,910 13% $ 558,396 $ 534,630 4%
             
  Segment Earnings (Loss):            
Infrared Optics $ 13,114 $ 13,423 (2)% $ 49,457 $ 51,095 (3)%
Near-Infrared Optics 2,991 5,506 (46)% 19,628 14,060 40%
Military & Materials (2,360) (1,722) (37)% (6,133) (1,658) (270)%
Advanced Products Group 1,425 485 194% 1,750 8,442 (79)%
Total Segment Earnings $ 15,170 $ 17,692 (14)% $ 64,702 $ 71,939 (10)%

Other Selected Financial Information

The following other selected financial information includes earnings before interest, income taxes, depreciation and amortization (EBITDA). The Company believes EBITDA is a useful performance measure because it reflects operating profitability before certain non-operating expenses and non-cash charges.

     
  Three Months Ended Year Ended
  June 30, June 30,
$000's, except share information 2013 2012 2013 2012
         
EBITDA $ 26,548 $ 28,545 $ 112,786 $ 113,800
Cash paid for capital expenditures $ 7,775 $ 10,069 $ 25,273 $42,840
Net borrowings (repayments) on indebtedness $ (7,000) $ (1,000) $ 102,000 $ (7,295)
Share-based compensation expense, pre-tax $ 2,727 $ 2,353 $ 11,959 $ 11,584
Cash paid for shares repurchased through the Company's share repurchase program $ -- $ 4,988 $ 19,978 $ 4,988
Shares repurchased through the Company's share repurchase program -- 301,716 1,141,022 301,716

The June 30, 2012 condensed consolidated balance sheet has been adjusted to conform the presentation of the redeemable noncontrolling interest to the June 30, 2013 financial reporting presentation.

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