II-VI Lowers Q2, 2009 Outlook
SAXONBURG, Pa., Dec. 3, 2008 -- Citing "unprecedented changes in the economy" both in and outside the US, II-VI Inc. President and CEO Francis J. Kramer announced Tuesday that the company is cutting revenue projections for Q2 by about $10 million and for 2009 by as much as $60 million.
The company said it expects earnings per share for the second fiscal quarter ending Dec. 31, 2008, to range from 27 to 33 cents, down from estimates in October of 38 to 42 cents. Revenue is expected to fall from previous estimates of between $82 million and $86 million to between $71 million and $76 million.
II-VI also said it expects revenue for FY 2009 to fall. Previous estimates for the fiscal year, which ends June 30, 2009, were for revenue to be about $350 million; the company now says the total will likely be between $290 million and $310 million.
"While our performance for the month of October 2008 was in line with our previous guidance, during the month of November 2008 we saw a sizable curtailing of demand for our product offerings from the nonmilitary markets we serve," Kramer said. "The sudden reduction in demand is of a scope and magnitude that has not been seen in our company's history."
II-VI makes engineered materials and components for industrial manufacturing, military and aerospace, high-power electronics and telecommunications, and thermoelectric applications. Its infrared optics business makes optical and optoelectronic components for industrial laser and thermal imaging applications.
In light of the worldwide economic slowdown, Kramer said II-VI will accelerate its efforts to reduce operating costs and capital expenditures and improve productivity and the efficiency of its operations.
For more information, visit: www.ii-vi.com
- That branch of science involved in the study and utilization of the motion, emissions and behaviors of currents of electrical energy flowing through gases, vacuums, semiconductors and conductors, not to be confused with electrics, which deals primarily with the conduction of large currents of electricity through metals.
- Pertaining to optics and the phenomena of light.
- The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
- thermal imaging
- The process of producing a visible two-dimensional image of a scene that is dependent on differences in thermal or infrared radiation from the scene reaching the aperture of the imaging device.
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