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Shares of II-VI, Inc. (IIVI) hit a 52-week high today after the Company announced its financial results for its first quarter ended September 30, 2009.
Revenues from continuing operations for the quarter decreased 25% to $65.5 million from $87.8 million in the first quarter of last fiscal year. For the quarter ended September 30, 2009, net earnings were $6.3 million, or $0.21 per diluted share, compared with net earnings of $17.5 million, or $0.57 per diluted share, in the first quarter of last fiscal year. This beat analysts' estimate for net income of $0.14 per share.
Francis Kramer, President and CEO of II-VI, commented in a conference call, "On a quarter-over-quarter basis, we are seeing a reversal of declining trends. Bookings increased 28% sequentially in Q1, while revenues and earnings held steady. We are seeing strengthened demand across the board."
He continued, "Military optics orders were strong in Q1 and increased 44% over Q1 of 2009. They continue to be driven by order for imaging and laser optics used in infrared countermeasure systems. A focused effort on growing our business in the infrared imaging market is beginning to reap rewards."
Mr. Kramer added, "We also continued to focus on further operational and technical improvements during the quarter that will enable us to meet an anticipated growth in our business.
Craig Creaturo, CFO of II-VI, explained, "This is the first time since the quarter ended on June 30, 2008, that our bookings outpaced our revenues and increased our backlog at the end of September to $111 million. This quarter was also the highest Q1 ever for cash flow from operations. Increased collections and inventory management were two key drivers for this."
For the second fiscal quarter ending December 31, 2009, the Company currently forecasts revenues to range from $64.0 million to $67.0 million and earnings per share to range from $0.18 to $0.22. For the fiscal year ending June 30, 2010, the Company expects revenues to range from $264 million to $274 million and earnings per share to range from $0.85 to $0.95.
Mr. Creaturo noted, "The markets that we service continue to improve and customers appear to be more positive and longer term with their outlooks."
Mr. Kramer concluded, "While the movements of the worldwide economy may continue to be volatile, we are ready to return to more of a growth mode in most of our businesses."
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