News Article
II-VI Incorporated Reports Second Quarter Earnings, Increases Fiscal Year 2010 Guidance
II-VI Incorporated today reported results for its second quarter ended December 31, 2009.
On January 4, 2010, the Company announced that it had completed its acquisition of Photop Technologies, Inc. (Photop). The initial consideration consisted of cash of $45.6 million and 1,145,852 shares of II-VI Incorporated common stock. In addition, the purchase agreement provides up to $12.0 million of additional cash earn-out opportunities based upon Photop achieving certain agreed upon financial targets in calendar years 2010 and 2011. The final purchase price will be subject to customary closing adjustments, including working capital adjustments. The results for the quarter and six months ended December 31, 2009 do not include any operating results of Photop, but they do include certain Photop transaction related expenses as described below.
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