MIME-Version: 1.0 Server: WebSTAR/2.0 ID/33218 Message-ID: Date: Thursday, 20-Nov-97 20:44:49 GMT Last-Modified: Thursday, 23-Oct-97 08:57:25 GMT Content-type: text/html Content-length: 19193 II-VI Investor Information
II-VI Incorporated

Investor Information

  • II-VI Incorporated announces record first quarter results
  • II-VI Incorporated reports record year-end results
  • Major order for eV Products Division

  • October 16, 1997

    II-VI Incorporated announces record first quarter results

    PITTSBURGH, PA., October 16, 1997--II-VI Incorporated (NASDAQ NMS: IIVI) today reported results for its first fiscal quarter ended September 30, 1997. Net earnings for the period increased 27% to $2,112,000 ($0.32 per share) on revenues of $15,519,000. These results compare with net earnings of $1,660,000 ($0.25 per share) on revenues of $12,110,000 in the first quarter of last fiscal year.

    Manufacturing bookings increased 35% to $15,960,000 for the quarter from $11,823,000 for the same period last year. Approximately 60% of the increase was attributable to bookings for infrared optics and materials and the remainder for products manufactured by the Company’s VLOC subsidiary.

    Revenues increased 28% to $15,519,000 for the quarter from $12,110,000 for the same period last year. Nearly 80% of the increase in revenues was attributable to shipments of infrared optics and materials, while improved shipments from the Company's VLOC subsidiary accounted for the remainder of the increase.

    Manufacturing gross margin was $6,575,000 or 44% of net sales for the quarter compared to $5,244,000 or 45% of net sales for the same period last year. The decrease in manufacturing gross margin was due to the strengthening of the U.S. dollar against foreign currencies and increased expenses in the eV PRODUCTS division due to the expansion in operations required to fulfill the previously announced order for radiation detectors for Neoprobe Corporation.

    Selling, general and administrative expenses were $3,450,000 or 22% of revenues for the quarter as compared to $3,030,000 or 25% of revenues for the same period last year. The expense increase is attributable to higher general and administrative expenses needed to support the Company’s growth and higher compensation expense associated with the Company's worldwide profit-driven bonus programs.

    Francis J. Kramer, president and chief operating officer stated, "Market demand for our infrared optics and materials increased nearly 35% compared to last year’s first quarter. Our capacity expansion programs over the past year have positioned us well in this highly competitive market. We are committed to meeting the increasing customer demands of product quality, shorter lead times, competitive pricing and on-time delivery.”

    Headquartered in Saxonburg, Pennsylvania II-VI Incorporated designs, manufactures and markets optical and electro-optical components, devices and materials for precision use in infrared, near infrared, visible light and x-ray instruments and applications. The Company’s infrared products are used in high-power CO2 (carbon dioxide) lasers for industrial processing worldwide. The Company’s VLOC subsidiary manufactures near infrared and visible light products used in industrial, scientific and medical instruments and solid- state (such as YAG and YLF) lasers. II-VI is also developing and marketing solid-state x-ray and gamma-ray products for the nuclear radiation detection industry through its eV PRODUCTS division.

    II-VI Incorporated and Subsidiaries
    Condensed Consolidated Statements of Earnings (Unaudited)

    ($000 except per share data)

     
                                               Three Months Ended
                                                  September 30,
                                                 1997        1996
    Revenues  
    
    Net sales                                $ 14,880    $ 11,592
    Contract research and development             639         518
                                               15,519      12,110
    
    Costs, Expenses & Other Income
    
    Cost of goods sold                          8,305       6,348
    Contract research and development             471         395
    Internal research and development             300         124
    Selling, general and administrative         3,450       3,030
    Other income - net                            (17)       (125)
                                               12,509       9,772
    
    Earnings Before Income Taxes                3,010       2,338
    
    Income Tax Expense                            898         678
    
    Net Earnings                              $ 2,112     $ 1,660
    
    Earnings Per Share                        $  0.32     $  0.25
    
    Average Shares Outstanding                  6,684       6,743
    
    

    II-VI Incorporated and Subsidiaries
    Condensed Consolidated Balance Sheets (Unaudited)

    ($000)

      
                                          September 30,   June 30,
                                             1997           1997
    Assets
    
    Current Assets                            
     Cash and cash equivalents             $  7,097      $ 10,854
     Accounts receivable,net                 12,272        10,808
     Inventories                              8,836         8,129
     Other current assets                     1,097           991
       Total Current Assets                  29,302        30,782
    
    
    Property, Plant & Equipment, net         23,577        19,631
    Other Assets                              4,016         4,099
                                             56,953        54,512
    
    Liabilities and Shareholders' Equity
    
    Current Liabilities
     Notes payable                         $    776      $    590
     Accounts payable                         2,906         3,207
     Other current liabilities                4,210         5,896
       Total Current Liabilities              7,950         9,693
    
    Long-Term Debt--less current portion      2,651           684
    
    Deferred Income Taxes                     1,683         1,613
    
    Shareholders' Equity                     44,669        42,522
                                           $ 56,953      $ 54,512
    
    
    CONTACT: Jim Martinelli, treasurer and chief financial officer of II-VI Incorporated, 412-352-5275


    August 13, 1997

    II-VI Incorporated reports record year-end results

    PITTSBURGH, PA., August 13, 1997--II-VI Incorporated (NASDAQ NMS: IIVI) today reported results for the fiscal year ended June 30, 1997. Net earnings for the fiscal year were $7,111,000 ($1.08 per share) on revenues of $52,741,000. These results compare with net earnings of $4,371,000 ($0.70 per share) on revenues of $37,940,000 a year ago. For the three months ended June 30, 1997, net earnings were $1,968,000 ($0.30 per share) on revenues of $14,790,000. This compares with net earnings of $1,522,000 ($0.23 per share) on revenues of $11,826,000 for the same period last fiscal year.

    Bookings for the year increased 35% to $56,696,000 from $42,071,000 in last fiscal year. Bookings for the quarter increased 33% to $16,280,000 from $12,214,000 in the fourth quarter of last fiscal year. For the year, nearly 90% of the increase was attributable to increased demand for solid-state and infrared laser optics and materials, while 10% of the increase related to the eV PRODUCTS division. For the quarter, over half the increase was attributable to infrared optics and materials, about 25% to the eV PRODUCTS division and the remainder to solid-state laser materials and optics.

    Manufacturing revenues for the fourth quarter and fiscal year were $13,858,000 and $50,084,000 respectively. This compares with last year’s fourth quarter and fiscal year manufacturing revenues of $10,937,000 and $36,266,000 respectively. For the quarter, approximately 80% of the increase is attributable to infrared laser optics and materials, and 20% to solid-state laser materials and optics. For the year, one-half of the increase is attributable to infrared laser optics and materials, about 45% to solid-state laser materials and optics and 5% to the eV PRODUCTS division.

    Manufacturing gross margin was 45% of manufacturing revenues for this fiscal year as compared to 43% for last fiscal year. The fourth quarter manufacturing gross margin percentage was 45% as compared to 44% last year. The quarter and year-to- date increases reflect the lower per unit operating cost associated with the higher production volume and improved manufacturing efficiencies offset by the strengthening of the U.S. dollar against the Japanese yen.

    Selling, general and administrative expenses for fiscal 1997 were $12,713,000 or 24% of revenues compared to $9,924,000 or 26% of revenues for last fiscal year. For the fourth quarter, selling, general and administrative expenses were $3,522,000 or 24% of revenues compared to $3,031,000 or 26% of revenues for the same period last year. The expense increase is attributable to higher compensation expense associated with the Company's worldwide profit-driven bonus programs and higher general and administrative expenses needed to support the Company’s growth.

    Francis J. Kramer, president and chief operating officer said, "Customer demand for all our products continues to grow rapidly, and we’ve invested in the capacity required to meet this demand. During the past year our material production capacity for both ZnSe and YAG has been significantly expanded. Optical fabrication capacity has increased with the startup of II-VI China and investments in advanced machinery and equipment at our manufacturing plants in Singapore, Florida and Pennsylvania. At the present time we are constructing a 45,000 square foot manufacturing facility for our VLOC subsidiary in Port Richey, Florida and a 30,000 square foot manufacturing facility for our eV PRODUCTS division in Saxonburg, Pennsylvania. These investments in capacity are aimed to meet the increased demand of our current customers and win new customers in every market we serve."

    * * * * *

    Except for historical information contained herein, some matters discussed in this news release constitute forward- looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. For information about factors that could cause the actual results to differ materially, please refer to the "Risk Factors" section in our 10-K dated September 24, 1996.

    Headquartered in Saxonburg, Pennsylvania II-VI Incorporated designs, manufactures and markets optical and electro-optical components, devices and materials for precision use in infrared, near infrared, visible light and x-ray instruments and applications. The Company’s infrared products are used in high-power CO2 (carbon dioxide) lasers for industrial processing worldwide. The Company’s VLOC subsidiary manufactures near infrared and visible light products used in industrial, scientific and medical instruments and solid-state (such as YAG and YLF) lasers. II-VI is also developing and marketing solid- state x-ray and gamma-ray products for the nuclear radiation detection industry through its eV PRODUCTS division.

    II-VI Incorporated and Subsidiaries
    Condensed Consolidated Statements of Earnings (Unaudited)

    ($000 except per share data)

                                                 Three Months Ended
                                                      June 30,
                                                   1997        1996
    Revenues  
    
    Net sales                                    13,858      10,937
    Contract research and development               932         889
                                                 14,790      11,826
    
    Costs, Expenses & Other Income
    
    Cost of goods sold                            7,681       6,076
    Contract research and development               683         674
    Internal research and development               306          74
    Selling, general and administrative           3,522       3,031
    Other income - net                             (143)       (122)
                                                 12,049       9,733
    
    Earnings Before Income Taxes                  2,741       2,093
    
    Income Tax Expense                              773         571
    
    Net Earnings                                $ 1,968     $ 1,522
    
    Earnings Per Share                          $  0.30     $  0.23
    
    Average Shares Outstanding                    6,650       6,734
    
    

    II-VI Incorporated and Subsidiaries
    Condensed Consolidated Statements of Earnings (Unaudited)

    ($000 except per share data)

     
                                                     Year Ended
                                                      June 30,
                                                   1997        1996
    Revenues
    
    Net sales                                    50,084      36,266
    Contract research and development             2,657       1,674
                                                 52,741      37,940
    
    Costs, Expenses & Other Income                       
    
    Cost of goods sold                           27,580      20,588
    Contract research and development             1,950       1,222
    Internal research and development             1,002         514
    Selling, general and administrative          12,713       9,924
    Other income - net                             (488)       (328)
                                                 42,757      31,920
    
    Earnings Before Income Taxes                  9,984       6,020
    
    Income Tax Expense                            2,873       1,649
    
    Net Earnings                                $ 7,111     $ 4,371
    
    Earnings Per Share                          $  1.08     $  0.70
    
    Average Shares Outstanding                    6,614       6,253
    
    
    
    

    II-VI Incorporated and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited)
    ($000)

    June 30, June 30, 1997 1996 Assets Current Assets Cash and cash equivalents $ 10,854 $ 9,417 Accounts receivable,net 10,808 8,712 Inventories 8,129 5,490 Other current assets 991 1,036 Total Current Assets 30,782 24,655 Property, Plant & Equipment, net 19,631 15,085 Other Assets 4,099 4,429 54,512 44,169 Liabilities and Shareholders' Equity Current Liabilities Notes payable $ 590 $ 1,393 Accounts payable 3,207 1,260 Other current liabilities 5,896 5,315 Total Current Liabilities 9,693 7,968 Long-Term Debt--less current portion 684 45 Deferred Income Taxes 1,613 1,753 Shareholder's Equity 42,522 34,403 $ 54,512 $ 44,169
    CONTACT: Jim Martinelli, treasurer and chief financial officer of II-VI Incorporated, 412-352-4455


    July 8, 1997

    II-VI Incorporated announces
    major order for its eV Products Division

    PITTSBURGH, PA., July 8, 1997--II-VI Incorporated (NASDAQ NMS: IIVI) announced today that its eV PRODUCTS Division was awarded a $1.1 million order for Cadmium Zinc Telluride (CdZnTe) radiation detectors from Neoprobe Corporation (NASDAQ NMS: NEOP). These detectors are key components in Neoprobe's hand-held, gamma-radiation detecting devices which are used during surgery to detect radiation emitted by radiopharmaceuticals that either trace potential cancer pathways or target tumors.

    Francis J. Kramer, president and chief operating officer of II-VI Incorporated, commented on this product and the growth of the eV PRODUCTS Division stating, "This order is a good example of our improved CdZnTe detection technology and the rapid growth opportunities available for the eV PRODUCTS Division. We have worked closely with Neoprobe Corporation for several years, and this order is the result of significant investments in this technology."

    David C. Bupp, president of Neoprobe Corporation, said, "The eV PRODUCTS Division of II-VI Incorporated has provided strong support for the development of this key component of our instruments. Our past and future investments in the advancement of this technology may provide benefits to many cancer patients worldwide."

    Neoprobe Corporation, based in Dublin, Ohio, is developing products which may improve the standard of care, enhance the quality of life, and extend survival for patients with cancer and other life threatening conditions.

    II-VI Incorporated, headquartered in Saxonburg, Pennsylvania, designs, manufactures and markets optical and electro-optical components, devices and materials for precision use in infrared, near infrared, visible light and x-ray instruments and applications. The Company's infrared products are used in high-power CO2 (carbon dioxide) lasers for industrial processing worldwide. The Company's VLOC subsidiary manufactures near infrared and visible light products used in industrial, scientific and medical instruments and solid-state (such as YAG and YLF) lasers. II-VI is also developing and marketing solid-state x-ray and gamma-ray products for the nuclear radiation detection industry through its eV PRODUCTS division.

    CONTACT: Jim Martinelli, treasurer and chief financial officer of II-VI Incorporated, 412-352-4455


    II-VI Inc.