II-VI Incorporated Signs $40 Million Multi-year Supply Agreement For Sapphire Windows On The Joint Strike Fighter / F-35 Lightning II
Craig A. Creaturo
Chief Financial Officer and Treasurer
PITTSBURGH, PA, February 11, 2010 (GLOBE NEWSWIRE) -- II-VI Incorporated (NASDAQ Global Select: IIVI) today announced an agreement between its subsidiary Exotic Electro-Optics and Lockheed Martin (Dow Jones: LMT) Missiles and Fire Control for the purchase of sapphire windows for the Joint Strike Fighter / F-35 Lightning II stealth fighter’s Electro-Optical Targeting System (EOTS). According to the agreement, 100% of the sapphire windows funded under Low Rate Initial Production (LRIP) 3, 4 and 5, will be procured from Exotic Electro-Optics. Terms of the contract were not disclosed. Purchase orders from this agreement will be reflected as bookings based on the II-VI bookings policy of reporting customer orders received that are expected to be converted into revenues during the next 12 months.
Francis J. Kramer, President and Chief Executive Officer of II-VI Incorporated, said “This agreement reflects our commitments to large format sapphire windows for Intelligence, Surveillance and Reconnaissance (ISR) applications, and to the JSF Program. It is the result of significant manufacturing technology development achieved through many years of hard work and collaboration with the Lockheed Martin team. The Joint Strike Fighter program is reaching a critical phase and production requirements will begin to increase rapidly. This agreement underscores our ability and desire to support the increased demand.”
About II-VI Incorporated
II-VI Incorporated, the worldwide leader in crystal growth technology, is a vertically-integrated manufacturing company that creates and markets products for a diversified customer base including industrial manufacturing, military and aerospace, high-power electronics and telecommunications, and thermoelectronics applications. Headquartered in Saxonburg, Pennsylvania, with manufacturing, sales, and distribution facilities worldwide, the Company produces numerous crystalline compounds including zinc selenide for infrared laser optics, silicon carbide for high-power electronic and microwave applications, and bismuth telluride for thermoelectric coolers.
In the Company's infrared optics business, II-VI Infrared manufactures optical and opto-electronic components for industrial laser and thermal imaging systems, and HIGHYAG Lasertechnologie GmbH (HIGHYAG) manufactures fiber-delivered beam delivery systems and processing tools for industrial lasers. In the Company's near-infrared optics business, VLOC manufactures near-infrared and visible light products for industrial, scientific, military and medical instruments and laser gain materials and products for solid-state YAG and YLF lasers. Photop Technologies, Inc. (Photop) manufactures crystal materials, optics, microchip lasers and opto-electronic modules for use in optical communication networks and other diverse consumer and commercial applications. In the Company’s military & materials business, Exotic Electro-Optics (EEO) manufactures infrared products for military applications, and Pacific Rare Specialty Metals & Chemicals (PRM) produces and refines selenium and tellurium materials. In the Company's Compound Semiconductor Group, the Wide Bandgap Materials (WBG) group manufactures and markets single crystal silicon carbide substrates for use in the solid-state lighting, wireless infrastructure, RF electronics and power switching industries; Marlow Industries, Inc. (Marlow) designs and manufactures thermoelectric cooling and power generation solutions for use in defense, space, photonics, telecommunications, medical, consumer and industrial markets; and the Worldwide Materials Group (WMG) provides expertise in materials development, process development and manufacturing scale up.
This press release contains forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going-forward basis. The forward-looking statements in this press release involve risks and uncertainties, which could cause actual results, performance or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management’s expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and economic conditions, including any worsening of the global economic downturn, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this press release include, but are not limited to: (i) the failure of any one or more of the assumptions stated above to prove to be correct; (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, 2009; (iii) the purchasing patterns from customers and end-users; (iv) the timely release of new products, and acceptance of such new products by the market; (v) the introduction of new products by competitors and other competitive responses; and/or (vi) the Company’s ability to devise and execute strategies to respond to market conditions.