Saxonburg laser and infrared optics maker II-VI Inc. today announced profit of $15.8 million, or 25 cents per share, for the third quarter ended March 31.
That was up from $13.9 million, or 22 cents per share, in the company's most recent fiscal year.
The company's quarterly revenues increased 9 percent from $132.5 million the third quarter of last year to $145.1 million this year.
The results include after-tax income of $3.7 million, or six cents per diluted share, for nine months prior to March 31. The income is the result of a settlement with a former contract manufacturer related to damages incurred from a 2011 flood in Thailand.
President and CEO Francis J. Kramer partially credited increased operations and a federal tax credit for the boost. He also noted that the company completed a $25 million share repurchase program authorized in May 2012.
"Cash generated from operations has increased 18 percent year over year and we are investing in strategic capacity initiatives and paying down long-term debt," he said in a prepared statement.breaking - businessnews - neigh_north
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