1-II-VI sees higher FY10 revenue on Photop deal

  @ibtimes on

* Raises 2010 rev outlook to $293-$305 mln

* Photop deal neutral to FY10 earnings

* Sees Photop deal to add to FY11 earnings

Jan 4  - Optical and electronic instruments maker II-VI Inc (IIVI.O) raised its revenue outlook for fiscal 2010, helped by its recent acquisition of China-based Photop Technologies Inc.

The company now expects fiscal 2010 revenue to range between $293 million and $305 million, up from its previous forecast of $264 million to $274 million.

The positive operational results of Photop, a manufacturer of engineered materials and optical components, will offset acquisition-related costs and the dilutive effect of shares of the II-VI common stock that were used for the deal, the company said in a statement.

The initial consideration for the acquisition consisted of cash of $45.6 million and 1,146,000 shares of II-VI common stock. [ID:nWNBB4421]

II-VI said it still expects fiscal 2010 earnings from continuing operations to range between 85 cents and 95 cents a share.

Analysts on average were expecting earnings of 96 cents a share, on revenue of $274.4 million, according to Thomson Reuters I/B/E/S.

The Photop deal will add to the company's earnings in the fiscal year ending June 30, 2011, II-VI said.

Shares of the company closed at $32.16 Monday on Nasdaq. (Reporting by Amulya Nagaraj in Bangalore; Editing by Maju Samuel)

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