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Iivi Inc. has a market cap of $1.04 billion; its shares were traded at around $33.89 with a P/E ratio of 34.2 and P/S ratio of 3.6. Iivi Inc. had an annual average earning growth of 19.9% over the past 10 years. GuruFocus rated Iivi Inc. the business predictability rank of 5-star.IIVI is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations: Bookings for the third quarter of fiscal 2010 increased 77% to $109,963,000 compared to $62,252,000 for the same period last fiscal year. Bookings are defined as customer orders received that are expected to be converted to revenues over the next twelve months. For long-term customer orders, the Company does not include in bookings the portion of the customer order that is beyond twelve months due to the inherent uncertainty of an order that far out in the future. Included in bookings for the three and nine months ended March 31, 2010 was approximately $26.5 million of bookings from Photop. In addition to the bookings from Photop, the increase for the three months ended March 31, 2010 compared to the same period last fiscal year was primarily driven by increased product demand from both the Company’s Infrared Optics segment and PRM business unit within the Military & Materials segment. The Infrared Optics segment bookings increased approximately $15.5 million or 69% compared to the same period last fiscal year as a result of the recent improvement in the worldwide industrial markets. The Infrared Optics segment has experienced increased product demand as customers begin to increase their laser utilization rates and begin to replenish their parts inventory thereby creating demand for the segment’s replacement optics. PRM bookings increased approximately $11 million or 23% compared to the same period last fiscal year as demand for selenium and tellurium continued to increase, especially in China, as the industrial markets expand. Bookings for the nine months ended March 31, 2010 increased 28% to $261,610,000 compared to $203,884,000 for the same period last fiscal year. In addition to the bookings from Photop, the increase in bookings for the nine months ended March 31, 2010 compared to the same period last fiscal year was primarily due to increased customer demand from the majority of the Company’s segments as a direct result of the general economic improvement that had occurred over the last several months.
Net earnings attributable to II-VI Incorporated for the third quarter of fiscal 2010 were $10,313,000 ($0.33 per share-diluted). This compares to net earnings attributable to II-VI Incorporated of $4,810,000 ($0.16 per share-diluted) in the third quarter of fiscal 2009. Net earnings attributable to II-VI Incorporated for the three and nine months ended March 31, 2009 includes the loss reported from discontinued operations. The increase in net earnings attributable to II-VI Incorporated for the three months ended March 31, 2010 compared to the same period last year was primarily due to the incremental margin realized on the 77% increase in revenues for the three months ended March 31, 2010 compared to the same period last fiscal year resulting from more efficient absorption of overhead. In addition, the operating results of Photop made a positive contribution to net earnings attributable to II-VI Incorporated. For the nine months ended March 31, 2010, net earnings attributable to II-VI Incorporated were $22,600,000 ($0.74 per share-diluted). This compares to net earnings attributable to II-VI Incorporated of $30,664,000 ($1.02 per share-diluted) for the same period last fiscal year. The decrease in net earnings attributable
Segment earnings for the third quarter of fiscal 2010 increased 57% to $6,851,000 from $4,369,000 in the third quarter of last fiscal year. The increase in segment earnings for the three months ended March 31, 2010 compared to the same period last fiscal year was primarily due to incremental margins realized on increased shipments. Segment earnings for the nine months ended March 31, 2010 decreased 31% to $16,891,000 from $24,459,000 for the same period last fiscal year. The decrease in segment earnings for the nine months ended March 31, 2010 compared to the same period last fiscal year was due to lower revenue levels during the current nine months compared to the same period last fiscal year. Increased share-based compensation expense of approximately $2.1 million during the current fiscal nine months ended March 31, 2010 compared to the same period last fiscal year also negatively impacted segment earnings.
Bookings for the third quarter of fiscal 2010 for Near-Infrared Optics increased 249% to $35,097,000 from $10,063,000 in the third quarter of last fiscal year. Bookings for the nine months ended March 31, 2010 increased 112% to $59,428,000 as compared to $28,059,000 for the same period last fiscal year. Included in bookings for both the three and nine months ended March 31, 2010 was approximately $26.5 million of bookings from Photop. Excluding Photop, bookings decreased for the three months ended March 31, 2010 compared to the same period last fiscal year due to the receipt in the fiscal quarter ended March 31, 2009 of a one-time large blanket order for medical debris shields which was not renewed during the current fiscal quarter. Excluding Photop, bookings increased for the nine months ended March 31, 2010 compared to the same period last fiscal year due to the receipt in the nine months ended March 31, 2010 of a U.S. government Title III contract award of $4.7 million to support the manufacture of high-energy laser weapons.
Revenues for the third quarter of fiscal 2010 for Near-Infrared Optics increased 225% to $31,189,000 from $9,602,000 in the third quarter of last fiscal year. Revenues for the nine months ended March 31, 2010 increased 42% to $50,370,000 compared to $35,505,000 for the same period last fiscal year. Included in revenues for both the three and nine months ended March 31, 2010 was approximately $20.2 million of revenues from Photop. Excluding Photop, revenues increased for the three months ended March 31, 2010 compared to the same period last fiscal year due to increased product demand for non-UV Filter military applications for laser based range finders, target designators and illuminator systems. Excluding Photop, revenues decreased for the nine months ended March 31, 2010 compared to the same period last fiscal year due to the continued planned reduction in the shipment volume of the UV Filter product line as well as recording lower contract revenues.
Bookings for the third quarter of fiscal 2010 for the Compound Semiconductor Group decreased 17% to $13,387,000 as compared to $16,042,000 in the third quarter of last fiscal year. Bookings for the nine months ended March 31, 2010 increased 2% to $42,598,000 compared to $41,569,000 for the same period last fiscal year. The decrease in bookings for the three months ended March 31, 2010 compared to the same period last fiscal year was primarily due to the timing of the receipt of a Department of Defense research and development contract booking at WBG in the amount of $5.2 million during the third quarter of fiscal year 2009. WBG anticipates receiving a similar contract from this government agency in the current year’s fourth fiscal quarter. The increase in bookings for the nine months ended March 31, 2010 compared to the same period last fiscal year was primarily driven by increased product demands from defense, telecom and medical customers of Marlow.
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