II-VI Incorporated announced financial results for its second quarter ended December 31, 2008. The company reported sales of $74,278,000, up 3% from the second quarter of last fiscal year’s $72,334,000. Net income totaled $8,359,000, compared to last year's $26,760,000.
Francis J. Kramer, president and chief executive officer commented, “Despite the downturn in demand, we are increasing yields and productivity. We are reducing capital expenditures originally planned to address growth opportunities; we will implement those cuts during the remainder of this fiscal year and into fiscal year 2010. We have adjusted our guidance for the remainder of fiscal year 2009 to account for changes in market conditions since we issued our last guidance on December 2, 2008.”
“Our strong balance sheet and healthy cash position allow us continued flexibility to meet challenges in this difficult market environment. And we continue to invest in internal research and development in those areas that we believe show solid, long-term potential,” Kramer continued.
II-VI currently predicts revenues from continuing operations will range from $66 million to $70 million and earnings per share from continuing operations will range from $0.23 to $0.28 for the third fiscal quarter ending March 31, 2009. This is down considerably from the previous year's revenues from continuing operations of $81.0 million and earnings per share from continuing operations of $0.44.
For the fiscal year ending June 30, 2009, the company anticipates revenues from continuing operations will range from $295 million to $305 million and earnings per share from continuing operations will range from $1.30 to $1.40. In comparison, results for the year ended June 30, 2008 were revenues from continuing operations of $316 million and earnings per share from continuing operations of $2.16 including the after-tax gain on the sale of an equity investment of $0.52 per share.