II-VI Incorporated Reports Fiscal 2020 Second Quarter Results

* During the three months ended December 31, 2019, “Unallocated and Other” primarily includes continuing transaction costs related to the Finisar acquisition.  Finisar results have been consolidated into the Photonic Solutions and Compound Semiconductors segments during the three months ended December 31, 2019.  During the three months ended September 30, 2019, “Unallocated and Other” includes transaction costs and other charges related to the acquisition of Finisar.  See Table 3 for the reconciliation of segment adjusted operating income (loss) to reported segment operating income (loss).


                          
Table 3                                                  
Reconciliation of Segment Adjusted Operating Income (Loss) to Reported Segment Operating Income (Loss)                
$ Millions                                                  
(Unaudited)                                                  
  Three Months Ended       Six Months Ended  
    Dec 31,   Sept 30,   Dec 31,         Dec 31,       Dec 31,  
    2019   2019   2018         2019   2018
Adjusted Photonic Solutions Operating Income (Loss) $   55.2     $   17.9     $   29.2       $   73.1     $   51.4  
Stock based compensation     (12.8 )       (2.7 )       (2.3 )         (15.5 )       (4.6 )
Amortization of acquired intangibles     (29.2 )       (2.1 )       (2.3 )         (31.3 )       (4.4 )
Preliminary fair value adjustment on acquired inventory     (74.2 )       -         -           (74.2 )       -  
Transaction expenses related to acquisitions     -         -         (1.5 )         -         (3.4 )
Photonic Solutions Operating Income (Loss) $   (60.9 )       13.0     $   23.1       $   (47.9 )       39.0  
                                                   
Adjusted Compound Semiconductors Operating Income $   10.2     $   31.2     $   28.0       $   41.4     $   54.0  
Stock based compensation     (6.5 )       (2.7 )       (2.6 )         (9.2 )       (5.7 )
Amortization of acquired intangibles     (4.4 )       (2.0 )       (1.8 )         (6.4 )       (3.4 )
Restructuring and related expenses     (1.6 )       -         -           (1.6 )       -  
Preliminary fair value adjustment on acquired inventory     (6.4 )       -         -           (6.4 )       -  
Compound Semiconductors Operating Income (Loss) $   (8.8 )   $   26.5     $   23.6       $   17.7     $   44.9  
                                                   
Adjusted Unallocated and Other Operating Income $   -     $   1.8     $   -       $   1.8     $   -  
Transaction expenses related to acquisitions     (8.0 )       (5.6 )       (7.1 )         (13.6 )       (7.1 )
Severance and related - Stock based compensation     -         (10.7 )       -           (10.7 )       -  
Severance and related - Other compensation     (0.6 )       (7.7 )       -           (8.3 )       -  
Amortization of acquired intangibles     -         (2.0 )       -           (2.0 )       -  
Preliminary fair value adjustment on acquired inventory     -         (7.1 )       -           (7.1 )       -  
One-time costs related to the Finisar acquisition     -         (26.8 )       -           (26.8 )       -  
Unallocated and Other Operating Income (Loss) $   (8.8 )   $   (58.0 )   $   (7.1 )     $   (66.8 )   $   (7.1 )
                                                   
Total Operating Income (Loss) $   (78.6 )   $   (18.5 )   $   39.6       $   (97.1 )   $   76.8  
                                                   
Adjusted Operating Income $   65.3     $   50.9     $   57.3       $   116.2     $   105.4  

*Amounts may not recalculate due to rounding.

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