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II-VI INCORPORATED ANNOUNCES FIRST QUARTER LOSS

 II-VI INCORPORATED ANNOUNCES FIRST QUARTER LOSS
 PITTSBURGH, Oct. 29 /PRNewswire/ -- II-VI Incorporated


(NASDAQ-NMS: IIVI) today reported results for the first fiscal quarter ended Sept. 30, 1992. Net loss for the period was $88,000 ($0.03 per share) on revenues of $3,820,000. These results compare with net earnings of $267,000 ($0.10 per share) on revenues of $4,125,000 in the first fiscal quarter last year.
 Bookings for the first quarter decreased 13 percent to $3,415,000 compared to $3,844,000 for the same period last year. Reduced military and defense-related orders were the primary cause of the decreased bookings as compared to the first quarter of fiscal 1991. International bookings, however, increased from the same quarter last year.
 Decreased infrared materials, optics and components shipments resulted in decreased revenues for the quarter. Gross margins were reduced due to lower effective manufacturing yields in optics and due to lower shipments. II-VI continued to increase its investment in development expenses for the gamma-ray detector product line during the quarter. Increased contract research & development and reduction in other expenses partially offset the impact of lower gross margins.
 Lower infrared material yields were experienced sporadically during the quarter increasing the concern that these processes have not been stabilized to historical levels. Shortly after the end of the quarter, infrared materials processing problems continued to occur which could negatively affect second quarter earnings by up to $.05 per share.
 In discussing the results of the quarter, Francis J. Kramer, president and chief operating officer, said, "First quarter results were heavily affected by the worldwide economic slowdown. In addition, the reshaping of the military market contributed strongly to the continued weak orders placement in II-VI's marketplace. The thrust to solve manufacturing yield problems at II-VI remains strong, as we address the next few quarters of fluctuating but overall slowly recovering market conditions."
 Headquartered in Saxonburg, Pa., II-VI Incorporated designs, manufactures and markets optical and electro-optical components and materials for precision use in infrared devices. The company's products are used in high-power lasers for industrial processing, lasers for surgery and other medical applications, and for military sensing systems.
 II-VI INCORPORATED AND SUBSIDIARIES
 Consolidated Statements of Earnings (Unaudited)
 ($000 except per share data)
 Period Ended Three Months
 Sept. 30 1992 1991
 Revenues:
 Net sales $3,465 $4,095
 Contract research and development 355 30
 3,820 4,125
 Costs, expenses & other income:
 Cost of goods sold 2,639 2,511
 Contract research and development 266 25
 Internal research and development 57 136
 Selling, general and administrative expenses 982 1,021
 Interest and other expense - net 1 49
 3,945 3,742
 Earnings (loss) before income taxes (125) 383
 Income taxes (benefit) (37) 116
 Net earnings (loss) (88) 267
 Earnings (loss) per share $(0.03) $ 0.10
 Average shares outstanding 2,646 2,628
 -0- 10/29/92
 /CONTACT: John M. Sherbin II, treasurer and chief financial officer of II-VI Incorporated, 412-352-5250/
 (IIVI) CO: II-VI Incorporated ST: Pennsylvania IN: ARO MTC SU: ERN


CD-SM -- PG012 -- 6638 10/29/92 13:51 EST
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Date:Oct 29, 1992
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