II-VI Inc. Announces Results for Fiscal Third Quarter

PITTSBURGH, Pa., April 22 -- II-VI Inc. reported net earnings of $1,498,000 on revenues of $15,538,000 for the third fiscal quarter ended March 31, 1999. These results compare with net earnings of $1,783,000 on revenues of $16,230,000 for last year's third fiscal quarter.
Manufacturing bookings for the third quarter decreased 9% from last year, from $16,083,000 to $14,655,000. The decrease was attributed to fewer bookings at II-VI's VLOC subsidiary and the company's eV PRODUCTS division. Bookings of infrared optics and material products increased this quarter by approximately 5%. Manufacturing bookings year-to-date decreased 10% to $43,718,000 from $48,455,000. Approximately 75% of the decrease in bookings for the year was attributed to decreased bookings at VLOC, with the remaining decrease linked to fewer bookings of infrared optics and material products.