Laser and infrared optics company II-VI has announced record revenues for the fourth quarter and fiscal year 2013 and a decision to back out of the market for certain chemicals.
The Saxonburg-based company reported net income of $10 million, or 16 cents per share, for the quarter, down from $14.4 million, or 22 cents per share, the previous year. Company revenues increased 13 percent to a record $155 million for the quarter, up from $136.9 million during the same period the previous year.
For the fiscal year II-VI saw net income of $50.8 million, or 80 cents per share, a dip from net earnings of $60.3 million, or 94 cents per share, the same period last year. Revenues for 2013 hit a record of $558.4 million, up 4 percent from $534.6 million last fiscal year.
II-VI also announced that its Philippines-based subsidiary, Pacific Rare Speciality Metals & Chemicals Inc., will discontinue its tellurium product line and will scale down its selenium product line in an effort to ensure selenium metal is available for the company's infrared optics unit.
Additionally, the company noted that it became 100 percent owner of Stahnsdorf, Germany-based Highyag Lasertechnologie as of July 1 and will include its operating results with the company's infrared optics segment.
President and CEO Francis Kramer attributed the record revenues to consistent use of CO2 lasers, an increase in sales of a personal product line for a subsidiary company and to the integration of three additional businesses to the company. At the end of 2012, II-VI purchased Monroe, Conn.,-based M Cubed Technologies, Tustin, Calif.,-based LightWorks Optics and a thin-film filter and interleaver product line from San Jose, Calif.,-based Oclaro Inc.
Mr. Kramer said the decision to stop selling the chemicals will help reduce the company's risk of losing out in the market.
"Ceasing the commercial production and sale of tellurium and selenium chemicals substantially reduces our future exposure to volatility of tellurium and selenium index pricing," he said in a press release.
For the first quarter of 2014, II-VI is projecting revenues between $140 million and $145 million and earnings per share between 18 cents and 23 cents. The company expects to see revenues increase between 6 percent and 9 percent and earnings per share to increase between 20 percent and 30 percent during the 2014 fiscal year.mobilehome - breaking - businessnews
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