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II-VI INCORPORATED ANNOUNCES THIRD QUARTER EARNINGS

 II-VI INCORPORATED ANNOUNCES THIRD QUARTER EARNINGS
 PITTSBURGH, April 23 /PRNewswire/ -- II-VI Incorporated


(NASDAQ-NMS: IIVI) today reported results for the third fiscal quarter ended March 31, 1992. Net earnings for the period were $213,000 ($.08 per share) on revenues of $4,193,000. These results compare with a net loss of $122,000 ($.05 per share) on revenues of $3,871,000 in the third fiscal quarter last year.
 Bookings for the industrial carbon dioxide laser optics business were greater than expected during the current period. Bookings during the third quarter totaled $4.5 million compared to $4.2 million last year. The manufacturing backlog of $3 million reflects an improvement over the second quarter ending position of $2.5 million. Included in bookings is the receipt of two contracts for which deliveries extend over a 12- to 15-month period. While third quarter defense-related orders for optics increased over third quarter fiscal 1991, they remain below last year's equivalent fiscal year-to-date level. The uncertainty of the company's military infrared optics business continues.
 For the nine months ended March 31, 1992, II-VI reported net earnings of $686,000 ($.26 per share) on revenues of $12,660,000. This compares to net earnings of $179,000 ($.07 per share) on revenues of $10,925,000 for the same period a year ago. Fiscal year-to-date sales increased year to year as a result of higher carbon dioxide optics and infrared material shipments. Both the Saxonburg, Pa., and Singapore facilities produced higher volumes of optics compared to the prior year. Gross margins increased $402,000 primarily due to improved throughput and cost control at both the Saxonburg and Singapore facilities partially offset by higher infrared materials cost. The adverse impact of lower infrared material yields, which was heavily experienced in the second quarter, was less of a factor in the current quarter. Third quarter earnings were negatively affected due to this material yield problem by approximately $.03 per share. The third quarter's performance was positively impacted by the margin contribution from the recently initiated cadmium telluride R&D contract funded by the Defense Advanced Research Projects Agency (DARPA).
 Shortly after the end of the third quarter, II-VI Incorporated purchased the assets of eV Products of Remsenburg, N.Y. eV Products is a manufacturer of state-of-the-art hybrid preamplifiers and electronics designed primarily for use with high resolution X-ray, gamma ray, and charged particle detectors. II-VI acquired eV Products to compliment its cadmium telluride gamma ray detector product line that is under development.
 In discussing the results of the quarter, Francis J. Kramer, president and chief operating officer, stated, "The recent acquisition of eV Products will help II-VI enter the gamma ray detector market. This is an expansion opportunity which II-VI feels uniquely qualified to capitalize upon. Market acceptance of these new products will no doubt be lengthy. In the short term, the recessionary effects of a slowing European and Japanese industrial marketplace provide continued uncertainty for the carbon dioxide laser optics business. The infrared materials market was stronger during the third quarter and, coupled with improved yields, should continue to provide improved gross margin contributions when compared to a year ago."
 Headquartered in Saxonburg, 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 Nine Months
 March 31 1992 1991 1992 1991
 Revenues
 Net sales $3,924 $3,847 $12,233 $10,867
 Contract research & development 269 24 427 58
 4,193 3,871 12,660 10,925
 Costs, Expenses & Other Income:
 Cost of goods sold 2,489 2,787 7,808 6,844
 Contract research & development 185 22 306 55
 Internal research & development 115 223 371 629
 Selling, general and
 administrative expenses 1,064 997 3,103 3,097
 Interest & other expense, net 58 39 167 16
 3,911 4,068 11,755 10,641
 Earnings (loss) before
 income taxes 282 (197) 905 284
 Income taxes (benefit) 69 (75) 219 105
 Net earnings (loss) 213 (122) 686 179
 Earnings (loss) per share $0.08 $(0.05) $0.26 $0.07
 Average shares outstanding 2,657 2,641 2,644 2,637
 -0- 4/23/92
 /CONTACT: John M. Sherbin II, treasurer & chief financial officer of II-VI Incorporated, 412-352-4455/
 (IIVI) CO: II-VI Incorporated ST: Pennsylvania IN: SU: ERN


DM-MK -- PG002 -- 1754 04/23/92 10:22 EDT
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Date:Apr 23, 1992
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