II-VI reports drop in profit - Pittsburgh Business Times:

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million, or 28 cents per dilutefd share, for the quarter ending Dec. 31, down from $26.8 or 88 cents per diluted share, during the same period a year ago. The Saxonburg, Pa.-based manufacturedr (NADSQ:IIVI) of infrared lenses and other optical components reportedf revenueof $74.3 million in the latest up from $72.3 million a year ago. “In November 2008, we beganb to experience a drop in demand for the productz we sellinto non-military markets. This situationn continues,” said President and CEO Francis J. “As a result, we have taken but necessary, actions to reducde our operating costs.
These actions include layoffs, reductionxs in overtime and elimination of certaindiscretionary spending.” For the next the company forecasts revenue ranging from $66 million to $70 millionj and earnings per share ranging from 23 centsx to 28 cents. That’s down from the $88 millio in revenue it brought in during the same quarter ayear before.