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II-VI completes acquisition of Anadigics

Company updates its Q3 FY16 outlook

Optoelectronics firm II-VI has successfully completed its acquisition of Anadigics for approximately $78.2 million in cash. The purchase price was funded primarily from the company's existing capacity under its credit facility.

The company has also updated its outlook for Q3 FY16 previously issued on January 26, 2016.

Revenue is updated to $190M to $198M from the prior range of $185M to $195M. Adjusted earnings per share (EPS), excluding one-time items, is expected to be $0.26 to $0.29/share, inside the company's original guidance range of $0.25 to $0.29/share. The results exclude one-time items, but do include the results of operations for two months of EpiWorks (acquired on February 1, 2016), and the results of Anadigics from March 15 to March 31, 2016.    

One-time items are expected to range from $0.05 to $0.06/share and include investment banking and legal fees and one-time expense for fair value inventory adjustments. EPS on a reported basis is now expected to be $0.21 to $0.23/share.

The company has begun its evaluation of assets and integration with the leadership teams of EpiWorks and Anadigics. This work is expected to give rise to additional one-time costs.

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