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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

Outlook

For the first fiscal quarter ending September 30, 2013, the Company currently forecasts revenues to range from $140 million to $145 million and earnings per share to range from $0.18 to $0.23. Comparable results for the quarter ended September 30, 2012 were revenues of $132.3 million and earnings per share of $0.20. For the fiscal year ending June 30, 2014, the Company expects revenues to increase between 6% and 9% and earnings per share to increase between 20% and 30% compared to the fiscal year ended June 30, 2013. Comparable results for the fiscal year ended June 30, 2013 were revenues of $558.4 million and earnings per share of $0.80. As discussed in more detail below, actual results may differ from these forecasts due to various factors including, but not limited to, changes in product demand, competition and general economic conditions. 

Webcast Information

The Company will host a conference call at 9:00 a.m. Eastern Time on Thursday, August 1, 2013 to discuss these results. The conference call will be broadcast live over the internet and can be accessed by all interested parties from the Company's web site at www.ii-vi.com as well as at http://tinyurl.com/njlfdto . A replay of the webcast will be available for two weeks following the call.

Use of Non-GAAP Financial Measures

The Company has disclosed adjusted financial measurements in this press release that present financial information that is not in accordance with GAAP. These measurements are not a substitute for GAAP measurements, although the Company's management uses these measurements as an aid in monitoring the Company's on-going financial performance. The adjusted Non-GAAP net earnings attributable to II-VI Incorporated and adjusted Non-GAAP earnings per share measure the earnings of the Company excluding unusual items that are considered by management to be outside of the normal on-going operations of the Company. There are limitations with the use of Non-GAAP financial measures, including that Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies; that there can be no assurance that excluded items in the Non-GAAP financial measures will not occur in the future, and that there could be cash costs associated with items excluded in the Non-GAAP financial measures. The Company compensates for these limitations by using these Non-GAAP financial measures as supplements to GAAP financial measures and by providing the reconciliations of the Non-GAAP financial measures to their most comparable GAAP financial measures. Investors should consider adjusted measures in addition to, and not as a substitute for, or superior to, financial performance measures prepared in accordance with GAAP.

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