SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 19, 1999
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II-VI INCORPORATED
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Exact name of registrant as specified in its charter)
Pennsylvania 0-16195 25-1214948
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification Number)
incorporation)
375 Saxonburg Boulevard, Saxonburg, Pennsylvania 16056
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(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code: 724-352-4455
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Former name or former address, if changed, since last report:
Not Applicable
Item 5. Other Events
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On October 19, 1999, II-VI Incorporated (the "Company") issued a
press release, "II-VI Incorporated: Record Bookings Quarter, First
Quarter Revenues Increase 17% and Earnings Increase 276% Over Prior
Year" announcing the financial results of the Company for the
quarter ended September 30, 1999 (the "original press release"). On
October 20, 1999, the Company reissued the original press release
to correct the title of the original press release to read that
earnings increase "176%" rather than "276%". There were no changes
to the text or the financial statements of the original press
release.
The full text of the Company's corrected press release is filed
as Exhibit 99 to this Current Report on Form 8-K and is incorporated
herein by reference.
Item 7. Financial Statements and Exhibits
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Exhibit No. Description
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99 Press Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
II-VI INCORPORATED
(Registrant)
Date: October 21, 1999 By: /s/ Carl J. Johnson
Carl J. Johnson
Chairman & Chief Executive Officer
Date: October 21, 1999 By: /s/ James Martinelli
James Martinelli
Treasurer & Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
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99 Press Release
CORRECTION - II-VI INCORPORATED
In the press release, II-VI Incorporated: Record Bookings Quarter,
First Quarter Revenues Increase 17% and Earnings Increase 276% Over
Prior Year, dated October 19, 1999, we are advised by the Company that
the title of this release should read that earnings increase "176%"
rather than "276%" as originally issued. There are no changes to the
text or the financial statements of the October 19, 1999 press release.
Complete, corrected release follows:
October 19, 1999 Jim Martinelli
Treasurer & Chief
Financial Officer
(724) 352-4455
[email protected]
II-VI Homepage: www.ii-vi.com
II-VI INCORPORATED:
RECORD BOOKINGS QUARTER,
FIRST QUARTER REVENUES INCREASE 17% AND
EARNINGS INCREASE 176% OVER PRIOR YEAR
PITTSBURGH, PA., October 19, 1999 -- II-VI Incorporated (NASDAQ NMS:
IIVI) today reported earnings for its first fiscal quarter ended
September 30, 1999. Net earnings for the quarter were $1,739,000 ($0.27
per share-diluted) on revenues of $16,198,000. These results compare
with net earnings of $629,000 ($0.10 per share-diluted) on revenues of
$13,793,000 in the first quarter of last fiscal year. Bookings for the
quarter increased 31% to an all-time record of $16,832,000 from
$12,812,000 for the same period last year.
Francis J. Kramer, president and chief operating officer said, "Market
strength was the key driver of the 40% bookings increase for our laser
optics and component products in this first quarter compared to the same
quarter last year. More specifically, bookings for our infrared laser
optics products improved over 40% for the quarter compared to last
year's first quarter. Although it would be premature to project this
level of improvement to continue for the entire fiscal year, there
appears to be a rebound in market demand." Kramer continued, "Our focus
on customer service, quality, delivery and cost positioned us to win a
higher portion of the market growth. Also, during the first quarter a
favorable Japanese Yen to U.S. dollar exchange rate contributed toward
the improved margins in our laser optics product line."
Kramer continued, "Our eV PRODUCTS division's bookings were off from the
same period a year ago by nearly 30% yet revenues were higher by
approximately 5%. Our order backlog for eV PRODUCTS remains solid at
over $2.0 million and we expect improvements in bookings and revenues
for the remainder of fiscal year 2000."
Revenues for the quarter increased 17% to $16,198,000 from $13,793,000
in the first quarter of last fiscal year. Revenues from laser optics
and component products increased by approximately 20% while revenues
from the eV PRODUCTS division increased by approximately 5%.
Headquartered in Saxonburg, Pennsylvania II-VI Incorporated designs,
manufactures and markets optical and electro-optical components, devices
and materials for infrared, near-infrared, visible light, x-ray and
gamma-ray instrumentation. The Company's infrared products are used
primarily in high-power CO2 (carbon dioxide) lasers. The Company's VLOC
subsidiary manufactures near-infrared and visible light products for
industrial, scientific and medical instruments and solid-state (such as
YAG and YLF) lasers. The Company's eV PRODUCTS division manufactures
and markets solid-state x-ray and gamma-ray detector products for the
nuclear radiation detection industry.
This press release contains forward looking statements as defined by
Section 21E of the Securities Exchange Act of 1934. Any information
which is not historical in nature constitutes such forward looking
statements. Actual results may differ from the results described in any
forward looking statements due to, among other things, changes in market
demand for laser optics and component products, the Company's ability to
maintain or increase market share, the ability of the eV PRODUCTS
division to make improvements in bookings and revenues for the remainder
of fiscal year 2000, and general market and economic conditions
throughout the world.
Additional information on potential factors that could affect the
Company's financial results are included in the Company's Form 10-K for
the year ended June 30, 1999 as filed with the Securities and Exchange
Commission.
CONTACT: Jim Martinelli, Treasurer & Chief Financial Officer of II-VI
Incorporated, 724-352-4455, or e-mail, [email protected]/
II-VI Incorporated and Subsidiaries
Condensed Consolidated Statements of Earnings (Unaudited)
(000 except per share data)
Three Months Ended
September 30,
1999 1998
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Revenues
Net sales $ 16,122 $ 13,494
Contract research and development 76 299
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16,198 13,793
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Costs, Expenses & Other Expense
Cost of goods sold 9,228 8,969
Contract research and development 58 235
Internal research and development 623 578
Selling, general and administrative 3,806 3,007
Other expense (income) - net 13 107
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13,728 12,896
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Earnings Before Income Taxes 2,470 897
Income Taxes 731 268
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Net Earnings $ 1,739 $ 629
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Diluted Earnings Per Share $ 0.27 $ 0.10
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Average Shares Outstanding - Diluted 6,506 6,603
II-VI Incorporated and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
($000)
September 30, June 30,
1999 1999
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Assets
Current Assets
Cash and cash equivalents $ 6,895 $ 5,558
Accounts receivable, net 11,873 13,070
Inventories 10,256 9,096
Other current assets 1,489 1,289
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Total Current Assets 30,513 29,013
Property, Plant & Equipment, net 36,908 36,955
Other Assets 7,890 4,875
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$ 75,311 $ 70,843
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Liabilities and Shareholders' Equity
Current Liabilities
Notes payable $ 6,523 $ 4,082
Accounts payable 1,768 1,934
Other current liabilities 4,535 5,407
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Total Current Liabilities 12,826 11,423
Long-Term Debt--less current portion 2,783 2,549
Other Liabilities,
primarily deferred income taxes 2,750 2,378
Shareholders' Equity 56,952 54,493
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$ 75,311 $ 70,843
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