II-VI's Third Quarter Earnings Up 35%on Record Revenues

PITTSBURGH, April 19 -- II-VI Inc. has reported earnings of $2,051,000, or 31 cents per share (diluted) on record revenues of $19,781,000 for the company's third fiscal quarter ended March 31, 2000. In the third quarter of the last fiscal year, II-VI reported net earnings of $1,498,000, or 23 cents per share (diluted) on revenues of $15,538,000. For the nine months ended March 31, 2000, the company's net earnings increased 59 percent while revenues increased 19 percent. Net earnings for the nine-month period were $5,460,000, or 83 cents per share (diluted) on revenues of $52,853,000. For the first nine months of the prior fiscal year, II-VI reported net earnings of $3,429,000, or 53 cents per share (diluted) on revenues of $44,541,000.
Francis J. Kramer, company president and COO, stated, II-VI products remain in high demand and this quarter represents a third consecutive quarter of record bookings. Capacity expansion programs have enabled us to meet this increased customer demand. Included in this quarter's bookings is nearly $2,000,000 of research and development contracts aimed at expanding applications for our eV Products division's cadmium zinc telluride detectors, and improving our silicon carbide crystal growth process.