II-VI Compound Semiconductor Revenues & Bookings Jump
II-VI Incorporated has reported results for its fourth quarter and fiscal year ended June 30, 2010.
II-VI is a vertically-integrated manufacturing company that creates and markets products for diversified markets including industrial manufacturing, military and aerospace, high-power electronics and telecommunications, and thermoelectronics applications.
The Company's Compound Semiconductor Group, the Wide Bandgap Materials (WBG) group manufactures and markets single crystal silicon carbide substrates for use in the solid-state lighting, wireless infrastructure, RF electronics and power switching industries; Marlow Industries, designs and manufactures thermoelectric cooling and power generation solutions for use in defense, space, photonics, telecommunications, medical, consumer and industrial markets; and the Worldwide Materials Group (WMG) provides expertise in materials development, process development and manufacturing scale up.
The company presented segment information including those based on the compound semiconductor industry division in its financial release.
Comparison of Financial Data For Compound Semiconductor Division For 2009 & 2010 in Millions of US Dollars ($)
Francis J. Kramer, president and CEO said, "During the fourth quarter, customer demand was robust across all our markets. Total bookings more than doubled from the same quarter one year ago and increased 15% from the quarter ended March 31, 2010. Industrial market demand is gaining strength and bookings for Infrared Optics increased 76% from the year-ago quarter and 7% from the March quarter. For the fourth consecutive quarter total Company bookings exceeded revenues. As a result, our order backlog is up 51% from June 30, 2009."
Kramer concluded, "The ability to generate significant cash from operations signifies a healthy company. For the year, we generated over $72 million of cash from operations - a 48% increase from June 30, 2009. Bookings are gathering momentum, our order backlog is strong and our balance sheet is healthy. As a result, we expect fiscal year 2011 to be another successful year for II-VI Incorporated."
The Company sold its x-ray and gamma-ray radiation sensor business, eV PRODUCTS, which operated as a business within the Compound Semiconductor Group. Results for the three and twelve month periods ended June 30, 2009 reflect the presentation of eV PRODUCTS as a discontinued operation.
The Company hosted a conference call yesterday. A replay of the webcast will be available for 2 weeks following the call and is accessible from the company’s website.
