II-VI reveals record bookings but falling profits
II-VI revenues for the quarter increased 4% to $136,910,000 from $131,783,000 in the fourth quarter of last fiscal year, while revenues, year-on-year increased 6% to a record $534,630,000 from $502,801,000.
As the company highlights, bookings remain strong, increasing by 8% to $141,959,000 for this quarter, compared to $131,177,000 in the fourth quarter of last fiscal year. Bookings were up 3% year-on-year to a record $534,865,000 compared to $520,238,000 for last fiscal year.
However, net earnings for the quarter were down to $14,446,000 from $22,039,000 in the fourth quarter of last year. Annual earnings came in at $60,306,000, down from $82,682,000 for last fiscal year.
“For the quarter, company revenues increased 4% from the year-ago period, while earnings decreased,” says Francis Kramer, president and chief executive officer. “During the fourth quarter – and for the third quarter in a row - PRM both wrote-down inventory and realised depressed margins on product sales due to declines in the index pricing of tellurium; and, for the first time, the same was true for selenium.”
“In the Advanced Products Group, our Marlow business unit realised lower revenues and earnings due to decreased customer demand,” he added.