II-VI Incorporated Reports Fiscal 2020 Second Quarter Results


                           
Table 4                          
Reconciliation of Adjusting Operating Income (Loss) to Operating Income (Loss) to Net Earnings (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 operating income (loss)   $   65.3     $   50.9     $   57.3       $   116.2     $   105.4  
Preliminary fair value adjustment on acquired inventory       80.6         7.1         -           87.7         -  
Amortization of acquired intangibles       33.6         6.2         4.1           39.8         7.8  
Stock based compensation       19.3         5.4         5.0           24.7         10.3  
Transaction expenses related to acquisitions       8.0         5.6         8.6           13.6         10.4  
Restructuring and related expenses       1.6         -         -           1.6         -  
One-time costs related to the Finisar acquisition       -         26.8         -           26.8         -  
Severance and related - Stock based compensation       -         10.7         -           10.7         -  
Severance and related - Other compensation       0.6         7.7         -           8.3         -  
Operating income (loss)   $   (78.6 )   $   (18.5 )   $   39.6       $   (97.1 )   $   76.9  
Interest expense       28.3         7.0         5.6           35.3         11.2  
Other expense (income), net       0.5         5.0         (0.7 )         5.6         (1.4 )
Income taxes       (9.2 )       (4.5 )       6.0           (13.8 )       12.2  
Net Earnings (Loss)   $   (98.2 )   $   (26.0 )   $   28.7       $   (124.2 )   $   54.9  

*Amounts may not recalculate due to rounding.

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