II-VI Reports Soft Quarter

Optical components manufacturer II-VI Inc. (Saxonburg, PA) reported revenues of $15.5 million for the third quarter of fiscal year 1999 (ended March 31), down 4% from the $16.2 million reported for the same period in the previous year. Net earnings for the quarter reached $1.5 million ($0.23 per share, diluted), down 16% compared with $1.8 million ($0.27 per share-diluted) logged for third quarter 1998.

Compared to FY1998, manufacturing bookings for the third quarter decreased 9% to $14.7 million, and year-to-date decreased 10% to $43.7 million. For the quarter, the decrease was attributable to decreased bookings at the company's VLOC subsidiary and eV Products division. For the year-to-date, approximately 75% of the decrease was attributable to VLOC. "The market for solid-state laser components addressed by our VLOC subsidiary remains soft," said president and CEO Francis Kramer. "However, operating profit increased more than 30% from the prior quarter and has nearly returned to the level of last year's third quarter." Kramer also noted that VLOC has also been ramping up production in its new YAG facility.