0001193125-19-248114.txt : 20190918 0001193125-19-248114.hdr.sgml : 20190918 20190918160556 ACCESSION NUMBER: 0001193125-19-248114 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20190918 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190918 DATE AS OF CHANGE: 20190918 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: 1934 Act SEC FILE NUMBER: 000-16195 FILM NUMBER: 191099839 BUSINESS ADDRESS: STREET 1: 375 SAXONBURG BLVD CITY: SAXONBURG STATE: PA ZIP: 16056 BUSINESS PHONE: 724-352-4455 MAIL ADDRESS: STREET 1: 375 SAXONBURG BLVD CITY: SAXONBURG STATE: PA ZIP: 16056 8-K 1 d735094d8k.htm 8-K 8-K

 

 

UNITED STATES

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): September 18, 2019

 

 

II-VI Incorporated

(Exact Name of Registrant as Specified in Charter)

 

 

 

PENNSYLVANIA   0-16195   25-1214948

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification Number)

375 Saxonburg Boulevard, Saxonburg, Pennsylvania 16056

(Address of Principal Executive Offices) (Zip Code)

(724) 352-4455

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbol(s)

  

Name of each exchange

on which registered

Common Stock, no par value   IIVI   Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 8.01. Other Events.

As of July 1, 2019, II-VI Incorporated (NASDAQ: IIVI) (“II-VI” or the “Company”) has realigned its organizational structure into two reporting segments: (i) Compound Semiconductors and (ii) Photonic Solutions, for the purpose of making operational decisions and assessing financial performance. The Company will report financial information under these new reporting segments in fiscal 2020. On September 18, 2019, the Company issued a press release providing reclassified segment information. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

 

Exhibit 99.1.    Press release dated September 18, 2019.

SIGNATURE

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 hereunto duly authorized.

 

    II-VI Incorporated
Date: September 18, 2019     By:  

/s/ Mary Jane Raymond

      Mary Jane Raymond
      Chief Financial Officer and Treasurer
 EX-99.1 2 d735094dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

LOGO   PRESS RELEASE       

II-VI Incorporated

375 Saxonburg Boulevard

Saxonburg, PA 16056

II-VI INCORPORATED ANNOUNCES RECLASSIFIED SEGMENT

INFORMATION UNDER ITS REALIGNED ORGANIZATIONAL STRUCTURE

PITTSBURGH, September 18, 2019 (GLOBE NEWSWIRE) - As of July 1, 2019, II-VI Incorporated (NASDAQ: IIVI) (“II-VI” or the “Company”) has realigned its organizational structure into two reporting segments: (i) Compound Semiconductors and (ii) Photonic Solutions, for the purpose of making operational decisions and assessing financial performance. The Company will report financial information under these new reporting segments in fiscal 2020.

This press release should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 10-K.

Reclassified Select Segment Information

The following information includes segment revenues, segment operating income and operating margin and segment adjusted operating income and margin. Segment operating income is defined as earnings before income taxes, interest expense and other expense or income, net. All adjusted amounts exclude certain non-GAAP adjustments for share-based compensation, acquired amortization expense, certain one-time transaction expenses and the impact of the Tax Cuts and Jobs Act. The Book to Bill ratio is calculated by dividing orders the Company expects to convert to revenue within the next twelve months by revenues recognized during the period.

The following information represents the reclassified select segment information for the periods presented ($000, except for %).

 

     T. 724.352.4455  |  ii-vi.com    1                    

     Year
Ended		     Three Months Ended     Year
Ended		  
     June 30,     September 30,     December 31,     March 31,     June 30,     June 30,  
     2018     2018     2018     2019     2019     2019  

Book to Bill:

             

Photonic Solutions

      1.01       1.09       1.04       1.17       0.96       1.06  

Compound Semiconductors

      1.06       1.00       1.15       0.93       0.87       0.99  

Consolidated

      1.04       1.04       1.10       1.05       0.91       1.02  

Revenues:

             

Photonic Solutions

    $ 486.5     $ 135.1     $ 159.7     $ 166.5     $ 177.5     $ 638.8  

Compound Semiconductors

      672.3       179.3       183.2       175.9       185.2       723.6  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated

    $ 1,158.8     $ 314.4     $ 342.9     $ 342.4     $ 362.7     $ 1,362.4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating Income:

             

Photonic Solutions

    $ 63.2     $ 15.9     $ 23.1     $ 20.7     $ 22.2     $ 81.9  

Compound Semiconductors

      73.6       21.3       23.6       14.4       23.1       82.4  

Transaction expenses from merger

      —         —         (7.1 )      (3.9 )      (4.6 )      (15.6 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated

    $ 136.8     $ 37.2     $ 39.6     $ 31.2     $ 40.7     $ 148.7  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Operating Income:

             

Photonic Solutions

    $ 83.2     $ 22.2     $ 29.2     $ 27.0     $ 28.2     $ 106.6  

Compound Semiconductors

      89.9       25.9       28.0       20.4       28.7       103.1  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated

    $ 173.1     $ 48.1     $ 57.3     $ 47.4     $ 56.9     $ 209.7  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating Margin:

             

Photonic Solutions

      13.0 %      11.8 %      14.5 %      12.4 %      12.5 %      12.8 % 

Compound Semiconductors

      10.9 %      11.9 %      12.9 %      8.2 %      12.5 %      11.4 % 

Consolidated

      11.8 %      11.8 %      11.5 %      9.1 %      11.2 %      10.9 % 

Adjusted Operating Margin:

             

Photonic Solutions

      17.1 %      16.4 %      18.3 %      16.2 %      15.9 %      16.7 % 

Compound Semiconductors

      13.4 %      14.5 %      15.3 %      11.6 %      15.5 %      14.2 % 

Consolidated

      14.9 %      15.3 %      16.7 %      13.8 %      15.7 %      15.4 % 
            
     Year
Ended		     Three Months Ended     Year
Ended		  
     June 30,     September 30,     December 31,     March 31,     June 30,     June 30,  
     2017     2017     2017     2018     2018     2018  

Book to Bill:

             

Photonic Solutions

      1.08       0.74       0.99       1.08       1.17       1.01  

Compound Semiconductors

      1.12       1.14       1.09       1.17       0.93       1.06  

Consolidated

      1.10       0.96       1.05       1.13       1.03       1.04  

Revenues:

             

Photonic Solutions

    $ 440.4     $ 116.0     $ 115.3     $ 122.0     $ 133.2     $ 486.5  

Compound Semiconductors

      531.7       145.5       166.2       172.7       187.9       672.3  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated

    $ 972.0     $ 261.5     $ 281.5     $ 294.7     $ 321.1     $ 1,158.8  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating Income:

             

Photonic Solutions

    $ 66.5     $ 19.5     $ 16.2     $ 14.0     $ 13.5     $ 63.2  

Compound Semiconductors

      49.1       10.3       16.3       20.5       26.5       73.6  

Transaction expenses from merger

      —         —         —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated

    $ 115.6     $ 29.8     $ 32.5     $ 34.5     $ 40.0     $ 136.8  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Operating Income:

             

Photonic Solutions

    $ 84.0     $ 25.7     $ 22.1     $ 17.6     $ 17.8     $ 83.2  

Compound Semiconductors

      60.3       16.0       19.6       24.1       30.2       89.9  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated

    $ 144.3     $ 41.8     $ 41.7     $ 41.6     $ 48.0     $ 173.1  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating Margin:

             

Photonic Solutions

      15.1 %      16.8 %      14.0 %      11.5 %      10.1 %      13.0 % 

Compound Semiconductors

      9.2 %      7.1 %      9.8 %      11.9 %      14.1 %      10.9 % 

Consolidated

      11.9 %      11.4 %      11.5 %      11.7 %      12.5 %      11.8 % 

Adjusted Operating Margin:

             

Photonic Solutions

      19.1 %      22.2 %      19.2 %      14.4 %      13.4 %      17.1 % 

Compound Semiconductors

      11.3 %      11.0 %      11.8 %      14.0 %      16.1 %      13.4 % 

Consolidated

      14.8 %      16.0 %      14.8 %      14.1 %      14.9 %      14.9 % 

Reconciliation of Segment Adjusted Operating Income to Reported Operating Income

 

    Year
Ended		     Three Months Ended          Year
Ended		  
    June 30,     September 30,     December 31,     March 31,     June 30,          June 30,  
    2018     2018     2018     2019     2019          2019  

Adjusted Photonic Solutions Operating Income

   $ 83.2     $ 22.2     $ 29.2     $ 27.0     $ 28.2        $ 106.6  

Stock Compensation

     (10.5 )      (2.3 )      (2.3 )      (3.8 )      (3.6 )         (12.0 ) 

Amortization

     (9.5 )      (2.1 )      (2.3 )      (2.5 )      (2.4 )         (9.3 ) 

Acquired businesses one-time expenses

     —         (1.9 )      (1.5 )      —         —            (3.4 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

  

Photonic Solutions Operating Income

   $ 63.2     $ 15.9       23.1     $ 20.7     $ 22.2        $ 81.9  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

  

Adjusted Compound Semiconductors Operating Income

   $ 89.9     $ 25.9     $ 28.0     $ 20.4     $ 28.7        $ 103.1  

Stock Compensation

     (9.2 )      (3.0 )      (2.6 )      (4.1 )      (3.2 )         (13.0 ) 

Amortization

     (5.1 )      (1.6 )      (1.8 )      (1.7 )      (2.2 )         (7.3 ) 

Acquired businesses one-time expenses

     (2.0 )      —         —         (0.2 )      (0.2 )         (0.4 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

  

Compound Semiconductors Operating Income

   $ 73.6     $ 21.3     $ 23.6     $ 14.4     $ 23.1        $ 82.4  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

  

Transaction expenses related to pending merger

     —         —         (7.1 )      (3.9 )      (4.6 )         (15.6 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

  

Total Operating Income

   $ 136.8     $ 37.2     $ 39.6     $ 31.2     $ 40.7        $ 148.7  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

  

Adjusted Operating Income

   $ 173.1     $ 48.1     $ 57.3     $ 47.4     $ 56.9        $ 209.7  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

  
              
    Year
Ended		     Three Months Ended          Year
Ended		  
    June 30,     September 30,     December 31,     March 31,     June 30,          June 30,  
    2017     2017     2017     2018     2018          2018  

Adjusted Photonic Solutions Operating Income

   $ 84.0     $ 25.7     $ 22.1     $ 17.6     $ 17.8        $ 83.2  

Stock Compensation

     (9.5 )      (3.8 )      (3.3 )      (1.3 )      (2.1 )         (10.5 ) 

Amortization

     (8.1 )      (2.4 )      (2.6 )      (2.3 )      (2.2 )         (9.5 ) 

Acquired businesses one-time expenses

     —         —         —         —         —            —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

  

Photonic Solutions Operating Income

   $ 66.5     $ 19.5     $ 16.2     $ 14.0     $ 13.5        $ 63.2  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

  

Adjusted Compound Semiconductors Operating Income

   $ 60.3     $ 16.0     $ 19.6     $ 24.1     $ 30.2        $ 89.9  

Stock Compensation

     (6.6 )      (2.4 )      (2.1 )      (2.4 )      (2.3 )         (9.2 ) 

Amortization

     (4.6 )      (1.3 )      (1.2 )      (1.2 )      (1.4 )         (5.1 ) 

Acquired businesses one-time expenses

     —         (2.0 )      —         —         —            (2.0 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

  

Compound Semiconductors Operating Income

   $ 49.1     $ 10.3     $ 16.3     $ 20.5     $ 26.5        $ 73.6  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

  

Transaction expenses related to pending merger

     —         —         —         —         —            —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

  

Total Operating Income

   $ 115.6     $ 29.8     $ 32.5     $ 34.5     $ 40.0        $ 136.8  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

  

Adjusted Operating Income

   $ 144.3     $ 41.7     $ 41.7     $ 41.7     $ 48.0        $ 173.1  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

  

Reclassified Select Segment Footnote Information from Fiscal Year 2019 Annual Report on Form 10-K

 

     Photonic      Compound      Eliminations         
     Solutions      Semiconductors      & Other (1)      Total  

($000)

            

2019

            

Revenues

    $ 638,889      $ 723,607      $ —        $ 1,362,496  

Inter-segment revenues

      12,568        94,405        (106,973 )       —    

Operating income

      81,898        82,414        (15,643 )       148,668  

Interest expense

      —          —          —          (22,417 ) 

Other income, net

      —          —          —          2,562  

Income taxes

      —          —          —          (21,296 ) 

Net earnings

      —          —          —          107,517  

Depreciation and amortization

      26,273        66,092        —          92,365  

Expenditures for property, plant & equipment

      44,851        83,899        —          128,750  

Segment assets

      681,610        1,272,163        —          1,953,773  

Goodwill

      134,057        185,721        —          319,778  
     Photonic      Compound      Eliminations         
     Solutions      Semiconductors      & Other (1)      Total  

($000)

            

2018

            

Revenues

    $ 486,485      $ 672,309      $ —        $ 1,158,794  

Inter-segment revenues

      24,867        37,723        (62,591 )       —    

Operating income

      63,152        73,611        —          136,763  

Interest expense

      —          —          —          (18,352 ) 

Other income, net

      —          —          —          3,783  

Income taxes

      —          —          —          (34,192 ) 

Net earnings

      —          —          —          88,002  

Depreciation and amortization

      23,242        57,528        —          80,770  

Expenditures for property, plant & equipment

      36,122        125,201        —          161,323  

Segment assets

      554,574        1,207,087        —          1,761,661  

Goodwill

      109,670        161,008        —          270,678  
     Photonic      Compound      Eliminations         
     Solutions      Semiconductors      & Other (1)      Total  

($000)

            

2017

            

Revenues

    $ 440,361      $ 531,685      $ —        $ 972,046  

Inter-segment revenues

      18,223        34,740        (52,963 )       —    

Operating income

      66,462        49,094        —          115,556  

Interest expense

      —          —          —          (6,809 ) 

Other income, net

      —          —          —          10,041  

Income taxes

      —          —          —          (23,514 ) 

Net earnings

      —          —          —          95,274  

Depreciation and amortization

      21,612        42,025        —          63,637  

Expenditures for property, plant & equipment

      28,811        114,134        —          142,945  

 

1)

Eliminations and Other include eliminating inter-segment sales and transfers as well as transaction costs related to the pending Finisar acquisition.

Use of Non-GAAP Financial Measures

The Company has disclosed financial measurements in this press release that present financial information considered to be non-GAAP financial measures. These measurements are not a substitute for GAAP measurements, although the Company’s management uses these measurements as an aid in monitoring the Company’s on-going financial performance. Segment adjusted operating income measures segment operating income excluding non-recurring or unusual items that are considered by the management to be outside the segment’s standard operation and excluding certain non-cash items. There are limitations associated with the use of non-GAAP financial measures, including that such measures may not be entirely comparable to similarly titled measures used by other companies, due to potential differences among calculation methodologies. Thus, there can be no assurance that items excluded from the non-GAAP financial measures will not occur in the future, or that there could be cash costs associated with items excluded from the non-GAAP financial measures. The Company compensates for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by providing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures. Investors should consider adjusted measures in addition to, and not as a substitute for, or superior to, financial performance measures prepared in accordance with GAAP.

About II-VI Incorporated

II-VI Incorporated, a global leader in engineered materials and optoelectronic components, is a vertically integrated manufacturing company that develops innovative products for diversified applications in the industrial, optical communications, military, life sciences, semiconductor equipment, and consumer markets. Headquartered in Saxonburg, Pennsylvania, the Company has research and development, manufacturing, sales, service, and distribution facilities worldwide. The Company produces a wide variety of application-specific photonic and electronic materials and components, and deploys them in various forms, including integrated with advanced software to enable our customers. For more information, please visit us at www.ii-vi.com.

Forward-looking Statements

This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the proposed transaction with Finisar Corporation (“Finisar”) and the anticipated benefits thereof. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements, including the failure to consummate the proposed transaction or to make any filing or take other action required to consummate such transaction in a timely matter or at all, are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Important factors that may cause such a difference include, but are not limited to: (i) the ability of II-VI and Finisar to complete their proposed transaction on the anticipated terms and timing or at all, (ii) the ability of the parties to satisfy the conditions to the closing of the proposed transaction, including obtaining required regulatory approvals, (iii) potential litigation relating to the proposed transaction, which could be instituted against II-VI, Finisar or their respective directors, (iv) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction, (v) the triggering of any third party contracts containing consent and/or other similar provisions, (vi) any negative effects of the announcement of the transaction on the market price of Finisar’s common stock and/or negative effects of the announcement or commencement of the transaction on the market price of II-VI’s common stock, (vi) any negative effects of the commencement of the proposed transaction on the market price of II-VI’s common stock, (vii) uncertainty as to the long-term value of II-VI’s common stock, and thus the value of the II-VI shares to be issued in the proposed transaction, (viii) any unexpected impacts from unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition and losses on the future prospects, business and management strategies for the management, expansion and growth of the combined company’s operations after the consummation of the proposed transaction and on the other conditions to the completion of the merger, (ix) inherent risks, costs and uncertainties associated with integrating the businesses successfully and achieving all or any of the anticipated synergies related to the proposed transaction, (x) potential disruptions from the proposed transaction that may harm II-VI’s or Finisar’s respective businesses, including current plans and operations, (xi) the ability of II-VI and Finisar to retain and hire key personnel, (xii) adverse legal and regulatory developments or determinations or adverse changes in, or interpretations of, U.S. or foreign laws, rules or regulations, that could delay or prevent completion of the proposed transaction or cause the terms of the proposed transaction to be modified, (xiii) the ability of II-VI to obtain or consummate financing or refinancing related to the transaction upon acceptable terms or at all, (xiv) economic uncertainty due to monetary or trade policy, political or other issues in the United States or internationally, (xv) any unexpected fluctuations or weakness in the U.S. and global economies, (xvi) changes in U.S. corporate tax laws as a result of the Tax Cuts and Jobs Act of 2017 and any future legislation, (xvii) foreign currency effects on II-VI’s and Finisar’s respective businesses, (xviii) competitive developments including pricing pressures, the level of orders that are received and can be shipped in a quarter, changes or fluctuations in customer and end-user order patterns, and seasonality, (xix) changes in utilization of II-VI or Finisar’s manufacturing capacity and II-VI’s ability to effectively manage and expand its production levels, (xx) the timely release of new products and acceptance of such new products by the market, (xxi) the introduction of new products by competitors and other competitive responses, (xxii) II-VI’s ability to assimilate recently acquired businesses, and risks, costs and uncertainties associated with such acquisitions, (xxiii) II-VI’s ability to achieve the anticipated benefits of capital investments that it makes, (xxiv) the ability of II-VI to devise and execute strategies to respond to market conditions, (xxv) disruptions in II-VI’s business or the businesses of its customers or suppliers due to natural disasters, terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system, (xxvi) the responses by the respective managements of II-VI and Finisar to any of the aforementioned factors, and (xxvii) the failure of any one or more of the assumptions stated above to prove to be correct. Additional risks are described under the heading “Risk Factors” in II-VI’s Annual Report on Form 10-K for the year ended June 30, 2019, filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 16, 2019 and in Finisar’s Annual Report on Form 10-K for the year ended April 28, 2019 filed with the SEC on June 14, 2019.

These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the joint proxy statement/prospectus included in the registration statement on Form S-4 (File No. 333-229052) filed with the SEC in connection with the proposed transaction (the “Form S-4”). While the list of factors discussed above is, and the list of factors presented in the Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Neither II-VI nor Finisar assumes any obligation to publicly provide revisions or updates to any forward looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

 

CONTACT:

Mark Lourie

Vice President, Corporate Communications

corporate.communications@ii-vi.com

www.ii-vi.com/contact-us

# # #

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