Quarterly profit down at II-VI after spate of acquisitions
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Saxonburg laser and infrared optics maker II-VI Inc. completed three acquisitions and saw profit slightly dip in the second quarter ended December 31, 2012, the company announced today.
Profit was $12.2 million, or 19 cents per diluted share, compared to the $13.2 million and 21 cents seen this time one year ago. Revenue decreased 1 percent to $125.8 million.
II-VI Inc. has been on an acquisition spree lately, absorbing M Cubed Technologies Inc., Oclaro Inc., and LightWorks Optics Inc. in November and December.
"Revenues from our recent acquisitions during the quarter helped to offset demand weakness that we experienced during the last few weeks of the quarter," said II-VI president and chief executive officer Francis J. Kramer.
The firm forecast third-quarter revenues in the range of $145 million to $150 million, with earnings per share between 24 cents and 28 cents.
First Published January 22, 2013 10:54 am