II-VI Reports Record Revenues for Quarter, Fiscal Year

PITTSBURGH, Aug. 13 -- II-VI Inc. announced record revenues of $61,750,000 for the fiscal year ended June 30, 1999. Net earnings for the year were $5,463,000, or $0.84 per diluted share. These results compare with net earnings of $6,780,000, or $1.02 per diluted share, on revenues of $61,340,000 a year ago. For the three months ended June 30, 1999, net earnings were $2,034,000, or $0.31 per diluted share, on record revenues of $17,209,000. This compares with net earnings of $1,101,000, or $0.17 per diluted share, on revenues of $14,533,000 in the same quarter of the prior fiscal year.
Commenting on the results, Francis J. Kramer, president and COO of II-VI, said, We plan to continue our initiative to increase market share in the CO₂ optics product line, especially in Asia as that economy shows more signs of a rebound during the upcoming year. The solid state laser components portion of our business remains focused on improving production yields. Our most rapidly growing business activity continues to be eV Products. The cadmium zinc telluride (CdZnTe) detectors designed and manufactured by eV Products are now used routinely in cancer probes, bone densitometer systems, process control instruments and are in the early stages of development for digital radiography.