news digest ♦ Equipment and Materials
continue to see similar growth rates for MOCVD and MBE epitaxial substrate material and the ability to supply both types of material is solidifying IQE’s position as the largest supplier.”
The Strategy Analytics forecast segments the SI GaAs epitaxial substrate market by diameter, geography, structure, application, device type and supplier. The report also addresses trends and recent developments in these segments.
II-VI quarterly revenues boosted by 15% to $138.3 million
For the fiscal year ending June 30, 2012, the Company expects revenues to range from $575 million to $590 million. However, this does not take into account the impact of the floods in Thailand.
II-VI Incorporated has reported results for its first fiscal quarter ended September 30, 2011.
All per share data has been adjusted to account for the two-for-one split of the Company’s common shares paid as a stock dividend to shareholders on June 24, 2011.
On July 1, 2011, the Company acquired Aegis Lightwave and on December 7, 2010, the Company acquired Max Levy Autograph (MLA). Results for the quarter ended September 30, 2011 include the operating results of both Aegis and MLA. Aegis is part of the Company’s Near-Infrared Optics segment while MLA is part of the Company’s Military & Materials segment.
Bookings for the quarter increased 16% to $130,247,000 compared to $112,050,000 in the first quarter of last fiscal year. Bookings are defined as customer orders received that are expected to be converted into revenues during the next 12 months.
Revenues for the quarter increased 15% to $138,373,000 from $120,134,000 in the first quarter of last fiscal year.
Net earnings attributed to II-VI Incorporated for the quarter were $18,579,000 or $0.29 per share- diluted compared with net earnings of $18,367,000
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www.compoundsemiconductor.net November/December 2011
or $0.29 per share-diluted in the first quarter of last fiscal year.
Francis J. Kramer, president and chief executive officer said, “Our Infrared Optics segment continues to benefit from increased utilisationand deployment of CO2 laser systems worldwide. The Company’s Near-Infrared Optics segment continued to experience softening in order intake as inventory adjustments impacted the telecommunication markets. The segment earnings of Near-Infrared Optics were impacted during the quarter by lower operating margins at Photop, mostly due to a change in product mix, lower military sales and gross margins at VLOC and costs incurred by Aegis related to acquisition write-ups of tangible and intangible assets.”
“Our Pacific Rare Specialty Metals & Chemicals, Inc. business increased revenues by 28% over the first quarter of last fiscal year but profitability was impacted by commodity prices and a one-time charge resulting from a high-profile bankruptcy by one of our customers in the solar industry. Our Marlow business recorded double-digit increases in both bookings and revenues compared to the first quarter of last fiscal year.”
Kramer continued, “During the quarter we completed the acquisition of Aegis Lightwave. We believe their partnership with Photop will provide significant enhancements to our telecommunications product line and anticipate customers’ growing needs for network bandwidth and reliability.”
Kramer concluded, “II-VI Incorporated is well positioned to take advantage of worldwide economic opportunities and to respond to changing global conditions. We continue to make strategic investments in capital equipment at our worldwide manufacturing locations to improve capacity, quality, productivity and yields. Our updated guidance for fiscal year 2012 has been adjusted to reflect general market conditions and the current cautious sentiment of our industrial and military customers.”
Segment Information
The following segment information includes segment earnings (defined as earnings before income taxes, interest expense and other expense or income, net). Management believes segment
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