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Exhibit 99.1
PRESS RELEASE | II-VI Incorporated 375 Saxonburg Boulevard Saxonburg, PA 16056 |
II-VI Incorporated Reports Fiscal 2022 Third Quarter Results
| Record Revenue of $828 million |
| Record Bookings of $1.2 billion, grew 48% year-over-year |
| Record Backlog of $2.1 billion, grew 88% year-over-year |
| GAAP EPS of $0.28 |
| Non-GAAP EPS of $0.95 |
PITTSBURGH, May 10, 2022 (GLOBE NEWSWIRE)
II-VI Incorporated (Nasdaq:IIVI) (II-VI, We or the Company) today reported results for its fiscal 2022 third quarter ended March 31, 2022.We experienced a tremendous surge in demand, booking $1.2 billion of new orders, an increase of 48% compared to a year ago. Our backlog grew 88% year-over-year to $2.1 billion. Clearly, we continue to benefit from a broad and diverse portfolio of differentiated products that serve a rapidly growing list of industry-leading customers. Our substantial investments in innovation and scale, our ability to integrate our offerings in large and fast-growing markets, and our diversification strategy has become increasingly well-known and regarded industry-wide, said Dr. Vincent D. Mattera Jr., Chair and CEO.
Dr. Mattera continued, We had a record-breaking third quarter. Consolidated revenue increased 6% compared to last year as we delivered $828 million, above the top end of our guidance. This was driven by strength in our datacom networking business, for large enterprises, as well as for hyperscale datacenters and supercomputing clusters that underpin the growth of cloud and the metaverse.
Our business, operations and supply chain teams leveraged our diverse global footprint to mitigate the impact of our supply constraints. Meanwhile, thanks to our very close relationships, our customers and suppliers provided us valuable guidance to help us navigate through these extraordinary times. Overall, we believe that we are well positioned to increase our momentum, outperform in the current environment, and gain share in our core markets, concluded Dr. Mattera.
T. 724.352.4455 | ii-vi.com
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Iivi Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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In addition to general industry and global economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to: (i) the failure of any one or more of the expectations or assumptions on which such forward-looking statements are based to prove to be correct; and (ii) the risks relating to forward-looking statements and other "Risk Factors" discussed in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2021 and in the Company's other reports filed with the Securities and Exchange Commission.
An additional driver of the decrease in operating cash flows was a decrease in net earnings of $24 million year-over-year.
Operating income for the three months ended March 31, 2022 increased 18% to $62 million, compared to operating income of $53 million for the same period last fiscal year, primarily driven by changes in product mix, which included increases in margin from the communications market.
The increase in operating income for both the three and nine months ended March 31, 2022 was driven by the increase in the communications market, and remained consistent as a percentage of sales.
Gross margin for the three months ended March 31, 2022 was $322 million, or 39% of total revenues, compared to $290 million, or 37% of total revenues, for the same period last fiscal year, an increase of 190 basis points.
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Financial Statements, Disclosures and Schedules
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Iivi Inc provided additional information to their SEC Filing as exhibits
Ticker: IIVI
CIK: 820318
Form Type: 10-Q Quarterly Report
Accession Number: 0000820318-22-000010
Submitted to the SEC: Tue May 10 2022 2:45:06 PM EST
Accepted by the SEC: Tue May 10 2022
Period: Thursday, March 31, 2022
Industry: Optical Instruments And Lenses