RF electronics ♦ financial news
that strong growth in the mobile devices market will lead to a non-GAAP gross margin between 41% and 42%. Non-GAAP operating expenses are expected to grow to about $59 million, or 24% of revenue. Fourth quarter net income is expected to be between $0.26 and $0.28 per share on a non- GAAP basis. The company is 91% booked to the midpoint of revenue guidance.
II-VI Compound
Semiconductor Segment Earnings Inflate By 894%
The firm’s latest quarterly results have increased from $343,000 to $3.41 million year-over-year.
II-VI Incorporated has reported results for its first fiscal quarter ended September 30, 2010.
On January 4, 2010, the Company completed its acquisition of Photop Technologies (Photop). Company results include Photop’s results for the quarter ended September 30, 2010.
Bookings in the Compound Semiconductor Group for the quarter increased 61% to $21,661,000 compared to $13,435,000 in the first quarter of the last fiscal year.
Revenues for the quarter in the division increased 85% to a record $21,828,000 from $11,828,000 in the first quarter of last fiscal year.
the first quarter, customer demand continued to be robust across all business segments. Company revenues increased 83%, earnings more than doubled and bookings were up 53% from the year- ago quarter. Infrared Optics revenues increased 41%, earnings grew 77% and bookings were up 47% as worldwide industrial markets gained strength. In the Near-Infrared Optics Group, Photop was the driver for the significant revenues and earnings improvements.”
Kramer continued, “Strong international sales lowered the Company’s worldwide income tax rate while non-cash currency gains related to a weakening U.S. dollar added approximately $0.03 to diluted earnings per share. During the quarter, our cash balance increased $5 million and we expect to continue to generate cash for the remainder of fiscal year 2011. EBITDA increased 153% from the year-ago quarter and 14% from the June 30, 2010 quarter.”
Kramer concluded, “To meet market demand, we have increased our worldwide workforce by 8% since June 30, 2010 and plan to increase U.S. employment an additional 9%. Based on first- quarter results and an improving outlook across the majority of our businesses, we are confident in raising our guidance for the remainder of the fiscal year.”
For the second fiscal quarter ending December 31, 2010, the Company currently forecasts revenues to range from $110 million to $115 million and earnings per share to range from $0.48 to $0.54. Comparable results for the quarter ended December 31, 2009 were revenues of $68.8 million and earnings per share of $0.20. For the fiscal year ending June 30, 2011, the Company expects revenues to range from $445 million to $455 million and earnings per share to range from $2.00 to $2.10.
Results for the year ended June 30, 2010 were revenues of $345.1 million and earnings per share of $1.25. As discussed in more detail below, actual results may differ from these forecasts due to various factors including, but not limited to, changes in product demand, competition and general economic conditions.
Francis J. Kramer, president and CEO said, “During 240
www.compoundsemiconductor.net November/December 2010
II-VI Incorporated is a leader in crystal growth technology, is a vertically-integrated manufacturing company that creates and markets products
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