II-VI Incorporated Updates Guidance for the Quarter Ending December 31, 2008 and Fiscal Year Ending June 30, 2009
December 02 2008 - 8:01PM
PR Newswire (US)
PITTSBURGH, Dec. 2 /PRNewswire-FirstCall/ -- II-VI Incorporated
(Nasdaq Global Select: IIVI) today announced that revenues from
continuing operations for the second fiscal quarter ending December
31, 2008 are expected to range from $71 million to $76 million.
This is below the Company's previously announced second quarter
estimate of revenues from continuing operations of $82 million to
$86 million. The Company expects that the second fiscal quarter
ending December 31, 2008 earnings per share from continuing
operations will range from $0.27 to $0.33. This is below the
Company's previously announced second quarter estimate of earnings
per share from continuing operations of $0.38 to $0.42. For the
fiscal year June 30, 2009, the Company expects revenues from
continuing operations to range from $290 million to $310 million
and earnings per share from continuing operations to range from
$1.30 to $1.45. This is below the Company's previously announced
fiscal year ending June 30, 2009 estimates of revenues from
continuing operations between $340 million to $350 million and
earnings per share from continuing operations range of $1.79 to
$1.89. Francis J. Kramer, president and chief executive officer
said, "Since our previous earnings guidance on October 21, 2008, we
have witnessed unprecedented changes in the economy -- both in the
United States and internationally. 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 non-military markets we
serve. The sudden reduction in demand is of a scope and magnitude
that has not been seen in our Company's history. We believe that
this is a direct result of the response to the worldwide economic
crisis. While these conditions could recede, we are updating our
guidance today to reflect this increased level of uncertainty. In
response to these events, we are accelerating our efforts to reduce
operating costs and capital expenditures, increase operational
efficiencies and yields, and improve productivity." II-VI
Incorporated, a worldwide leader in engineered materials and
components, is a vertically-integrated manufacturing company that
creates and markets products for a diversified customer base
including industrial manufacturing, military and aerospace,
high-power electronics and telecommunications, and thermoelectric
applications. Headquartered in Saxonburg, Pennsylvania, with
manufacturing, sales, and distribution facilities worldwide, the
Company produces numerous crystalline compounds including zinc
selenide for infrared laser optics, silicon carbide for high-power
electronic and microwave applications, and bismuth telluride for
thermoelectric coolers. In the Company's infrared optics business,
II-VI Infrared manufactures optical and opto-electronic components
for industrial laser and thermal imaging systems, and HIGHYAG
Lasertechnologie GmbH (HIGHYAG) manufactures fiber-delivered beam
transmission systems and processing tools for industrial lasers. In
the Company's near-infrared optics business, VLOC manufactures
near-infrared and visible light products for industrial,
scientific, military and medical instruments and laser gain
materials and products for solid-state YAG and YLF lasers. In the
Company's military & materials business, Exotic Electro-Optics
(EEO) manufactures infrared products for military applications, and
Pacific Rare Specialty Metals & Chemicals (PRM) produces and
refines selenium and tellurium materials. In the Company's Compound
Semiconductor Group, the Wide Bandgap Materials (WBG) group
manufactures and markets single crystal silicon carbide substrates
for use in the solid-state lighting, wireless infrastructure, RF
electronics and power switching industries; the Marlow Industries,
Inc. subsidiary designs and manufactures thermoelectric cooling and
power generation solutions for use in defense, space, photonics,
telecommunications, medical, consumer and industrial markets; and,
the Worldwide Materials Group (WMG) provides expertise in materials
development, process development, and manufacturing scale up. This
press release contains forward-looking statements based on certain
assumptions and contingencies that involve risks and uncertainties.
The forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and relate to the Company's performance on a going-forward basis.
The forward-looking statements in this press release involve risks
and uncertainties, which could cause actual results, performance or
trends to differ materially from those expressed in the
forward-looking statements herein or in previous disclosures. The
Company believes that all forward-looking statements made by it
have a reasonable basis, but there can be no assurance that
management's expectations, beliefs or projections as expressed in
the forward-looking statements will actually occur or prove to be
correct. In addition to general industry and economic conditions,
factors that could cause actual results to differ materially from
those discussed in the forward-looking statements in this press
release include, but are not limited to: (i) the failure of any one
or more of the assumptions stated above to prove to be correct;
(ii) the risks relating to forward-looking statements and other
"Risk Factors" discussed in the Company's Annual Report on Form
10-K for the fiscal year ended June 30, 2008; (iii) purchasing
patterns from customers and end-users; (iv) timely release of new
products, and acceptance of such new products by the market; (v)
the introduction of new products by competitors and other
competitive responses; and/or (vi) the Company's ability to devise
and execute strategies to respond to market conditions DATASOURCE:
II-VI Incorporated CONTACT: Craig A. Creaturo, Chief Financial
Officer and Treasurer of II-VI Incorporated, +1-724-352-4455, Web
site: http://www.ii-vi.com/
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