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II-VI INCORPORATED ANNOUNCES SECOND QUARTER EARNINGS

 PITTSBURGH, Jan. 21 /PRNewswire/ -- II-VI Incorporated (NASDAQ-NMS: IIVI) today reported results for the second fiscal quarter ended Dec. 31, 1992.
 Net earnings for the period were $91,000 ($0.03 per share) on revenues of $4,225,000. These results compare with net earnings of $206,000 ($0.08 per share) on revenues of $4,342,000 in the second fiscal quarter last year.
 Bookings for the current period were $4,770,000 compared to $4,700,000 for the second quarter last year. Fiscal year-to-date bookings were $8,112,000 vs. $8,543,000 in fiscal 1992. Manufacturing orders improved 33 percent for the second quarter and 9 percent fiscal year-to-date as compared to the same periods last year. This increase in both comparable periods is due primarily to improved military and industrial export orders; military orders contributed more to the increase in the comparable quarters while export orders contributed more to the increase fiscal year to date. The ongoing uncertainty of our markets indicates that future quarterly manufacturing order rates are not expected to be as strong as the second quarter of fiscal 1993. The increases in manufacturing orders were offset by significantly reduced contract R&D orders in the current period as compared to last fiscal year's receipt of the approximate $1.1 million Defense Advanced Research Projects Agency contract.
 For the six months ended Dec. 31, 1992, II-VI reported net earnings of $3,000 ($0 per share) on revenues of $8,045,000. This compares to net earnings of $473,000 ($0.18 per share) on revenues of $8,467,000 for the same period a year ago.
 Sales decreases for both comparable periods reflect lower carbon dioxide laser optics shipments. The Singapore facility's optics production and profit contribution increased as compared to the last year's second quarter and fiscal year to date. Gross margin percentage decreased primarily due to lower optics gross margins and increased radiation detector products cost, partially offset by improved gross margins from Cadmium Telluride products shipments. The adverse impact of lower infrared material yields reduced earnings approximately $0.03 per share, within the range previously disclosed. Should yields continue to fluctuate, earnings in the third quarter could be reduced to approximately the same extent.
 Internal research and development expenses were lower as compared to last year's equivalent quarter and fiscal year-to-date levels due to the significant contract research activity. Lower net interest and other expenses also favorably affected earnings.
 In commenting about the second quarter, Carl J. Johnson, chairman and chief executive officer, said, "Although II-VI Incorporated is faring better than other firms in our market, several steps are being taken to improve our performance. We are continuing to work to improve the infrared materials process yields. Another initiative is the continued heavy investment in development in R&D of our gamma-ray detector product line. A third initiative involves remaining flexible in staffing as the market uncertainty continues especially in the military infrared optics and materials markets. We continue to believe that the commercial markets addressed by II-VI will recover slowly along with the rest of the worldwide economies."
 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)
 Three Months Ended Dec. 31 1992 1991
 Revenues
 Net sales $4,052 $4,214
 Contract research and development 173 128
 4,225 4,342
 Costs, expenses & other income:
 Cost of goods sold 2,822 2,808
 Contract research and development 122 96
 Internal research and development 43 120
 Selling, general and administrative expenses 1,094 1,018
 Interest and other expense - net 15 60
 4,096 4,102
 Earnings before income taxes 129 240
 Income taxes 38 34
 Net earnings 91 206
 Earnings per share $0.03 $0.08
 Average shares outstanding 2,640 2,644
 Six Months Ended Dec. 31 1992 1991
 Revenues
 Net sales $7,517 $8,309
 Contract research and development 528 158
 8,045 8,467
 Costs, expenses & other income:
 Cost of goods sold 5,461 5,319
 Contract research and development 388 121
 Internal research and development 100 256
 Selling, general and administrative expenses 2,076 2,039
 Interest and other expense - net 16 109
 8,041 7,844
 Earnings before income taxes 4 623
 Income taxes 1 150
 Net earnings 3 473
 Earnings per share $0.00 $0.18
 Average shares outstanding 2,644 2,636
 -0- 1/21/93
 /CONTACT: John M. Sherbin II, treasurer & chief financial officer of II-VI Incorporated, 412-352-5250/
 (IIVI)


CO: II-VI Incorporated ST: Pennsylvania IN: ARO CPR SU: ERN

DM-CC -- PG022 -- 7693 01/21/93 18:50 EST
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Date:Jan 21, 1993
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