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Date Announced: 05 Aug 2010
Infrared optics company sees revenues more than double year-on-year.
PITTSBURGH, Aug. 5, 2010 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) today reported results for its fourth quarter and fiscal year ended June 30, 2010.
On January 4, 2010, the Company completed its acquisition of Photop Technologies, Inc. (Photop). Company results include Photop's results for the quarter and second half of the fiscal year ended June 30, 2010.
Bookings for the quarter increased 120% to a record $125,985,000 compared to $57,245,000 in the fourth quarter of last fiscal year. Bookings for the fiscal year ended June 30, 2010 increased 48% to $387,595,000 from $261,129,000 for the same period last fiscal year. Included in bookings for the three and twelve months ended June 30, 2010 were approximately $32.9 million and $59.4 million, respectively, of bookings attributable to Photop. 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 71% to a record $113,237,000 from $66,067,000 in the fourth quarter of last fiscal year. Revenues for the fiscal year ended June 30, 2010 increased 18% to $345,091,000 from $292,222,000 for the same period last fiscal year. Included in revenues for the three and twelve months ended June 30, 2010 were approximately $26.7 million and $46.9 million, respectively, of revenues attributable to Photop.
Net earnings attributable to II-VI Incorporated for the quarter ended June 30, 2010 were $15,977,000 or $0.51 per share-diluted compared with net earnings of $6,117,000 or $0.21 per share-diluted in the fourth quarter of last fiscal year. Net earnings attributable to II-VI Incorporated for the fiscal year ended June 30, 2010 were $38,577,000 or $1.25 per share-diluted compared with net earnings of $36,781,000 or $1.22 per share-diluted for the same period last fiscal year.
Francis J. Kramer, president and chief executive officer said, "During the fourth quarter, customer demand was robust across all our markets. Total bookings more than doubled from the same quarter one year ago and increased 15% from the quarter ended March 31, 2010. Industrial market demand is gaining strength and bookings for Infrared Optics increased 76% from the year-ago quarter and 7% from the March quarter. For the fourth consecutive quarter total Company bookings exceeded revenues. As a result, our order backlog is up 51% from June 30, 2009."
Kramer continued, "We are making good progress on integrating Photop into the II-VI family of businesses as their operational and financial results continue to be strong. From the March quarter to the June quarter, their bookings increased 24% and their revenues grew 32%. And Photop's positive operating contribution aided in lowering the income tax rate for the Company as a whole."
Kramer concluded, "The ability to generate significant cash from operations signifies a healthy company. For the year, we generated over $72 million of cash from operations -- a 48% increase from June 30, 2009. Bookings are gathering momentum, our order backlog is strong and our balance sheet is healthy. As a result, we expect fiscal year 2011 to be another successful year for II-VI Incorporated."
Source: II-VI, Inc.
E-mail: ccreaturo@ii-vi.com
Web Site: www.ii-vi.com
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