This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

II-VI Incorporated Reports Fiscal First Quarter Earnings; Receives Regulatory Approval For The Acquisition Of Oclaro's Fiber Amplifier And Micro-Optics Business

PITTSBURGH, Oct. 29, 2013 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) today reported results for its first fiscal quarter ended September 30, 2013.

On September 12, 2013, the Company acquired the Switzerland-based semiconductor laser business (the "Business") of Oclaro, Inc. (Nasdaq:OCLR). The Business, renamed II-VI Laser Enterprise, has been included in the Company's newly created Active Optical Products segment. The results for the quarter ended September 30, 2013 include the operating performance of the Business only since the date of its acquisition. Transaction-related expenses associated with the acquisition of the Business, which are included in selling, general and administrative expenses, were $3.3 million, or $0.05 per share-diluted, for the quarter ended September 30, 2013.

Bookings for the quarter increased 25% to $143.5 million, compared to $114.4 million in the first quarter of last fiscal year. Bookings are defined as customer orders received that are expected to be converted into revenues during the next 12 months.

Revenues for the quarter increased 14% to $151.2 million from $132.3 million in the first quarter of last fiscal year.

Net earnings for the quarter were $9.7 million, or $0.15 per share-diluted, compared to net earnings of $12.7 million, or $0.20 per share-diluted, in the first quarter of last fiscal year. As noted above, transaction-related expenses for the quarter ended September 30, 2013 were $0.05 per share-diluted. See the reconciliation of reported net earnings to non-GAAP net earnings on the last page of this earnings release.

Francis J. Kramer, president and chief executive officer said, "We are reporting solid operating results for the quarter while we continue to integrate recent acquisitions. We believe these results validate our strategy of investing in vertically-integrated worldwide manufacturing operations. All four of our established business segments contributed positive earnings for the quarter led by Infrared Optics. In our Military & Materials segment, we have begun to realize the benefits of restructuring activities at Pacific Rare Specialty Metals & Chemicals and, for the first time since September 2011, that business achieved positive net earnings. M-Cubed, a business we acquired one year ago, made significant contributions to bookings, revenues and earnings in the Advanced Products Group."

1 of 6

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs