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

Stocks in this article: IIVI

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."

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