-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UHodsIS2p2C08xm0MVzPkA7XZbLWhNCrXoCX3JDyPLV68s14rXn8iIe5YGn/llQd CRh8aW+WX9Bib9pJZ0GImw== 0000820318-99-000019.txt : 19991022 0000820318-99-000019.hdr.sgml : 19991022 ACCESSION NUMBER: 0000820318-99-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991021 FILER: COMPANY DATA: COMPANY CONFORMED NAME: II-VI INC CENTRAL INDEX KEY: 0000820318 STANDARD INDUSTRIAL CLASSIFICATION: OPTICAL INSTRUMENTS & LENSES [3827] IRS NUMBER: 251214948 STATE OF INCORPORATION: PA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-16195 FILM NUMBER: 99731769 BUSINESS ADDRESS: STREET 1: 375 SAXONBURG BLVD CITY: SAXONBURG STATE: PA ZIP: 16056 BUSINESS PHONE: 4123524455 MAIL ADDRESS: STREET 1: 375 SAXONBURG BLVD CITY: SAXONBURG STATE: PA ZIP: 16056 8-K 1 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 ---------------- II-VI INCORPORATED ------------------ Exact name of registrant as specified in its charter) Pennsylvania 0-16195 25-1214948 ------------ ------- ---------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification Number) incorporation) 375 Saxonburg Boulevard, Saxonburg, Pennsylvania 16056 ------------------------------------------------ ----- (Address of principal executive offices) (ZIP Code) Registrant's telephone number, including area code: 724-352-4455 ------------ Former name or former address, if changed, since last report: Not Applicable Item 5. Other Events ------------ 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 --------------------------------- Exhibit No. Description - ---------- ----------- 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 - ---------- ----------- 99 Press Release EX-99 2 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 jmartinelli@ii-vi.com 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, jmartinelli@ii-vi.com/ II-VI Incorporated and Subsidiaries Condensed Consolidated Statements of Earnings (Unaudited) (000 except per share data) Three Months Ended September 30, 1999 1998 -------- -------- Revenues Net sales $ 16,122 $ 13,494 Contract research and development 76 299 -------- -------- 16,198 13,793 -------- -------- 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 -------- -------- 13,728 12,896 -------- -------- Earnings Before Income Taxes 2,470 897 Income Taxes 731 268 -------- -------- Net Earnings $ 1,739 $ 629 ======== ======== Diluted Earnings Per Share $ 0.27 $ 0.10 ======== ======== 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 ------------- ----------- 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 -------- -------- Total Current Assets 30,513 29,013 Property, Plant & Equipment, net 36,908 36,955 Other Assets 7,890 4,875 -------- -------- $ 75,311 $ 70,843 ======== ======== 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 -------- -------- 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 -------- -------- $ 75,311 $ 70,843 ======== ======== # # # # -----END PRIVACY-ENHANCED MESSAGE-----