II-VI Incorporated Announces Share Repurchase Program

PITTSBURGH, Oct. 23 /PRNewswire-FirstCall/ -- II-VI Incorporated
(Nasdaq: IIVI) announced today that its Board of Directors has authorized the
Company to purchase up to 500,000 shares of its Common Stock, representing
approximately 1.7% of the Company's total outstanding shares. The purchases,
which will be made in the open market or in privately negotiated transactions
as permitted by Securities Exchange Act Rule 10b-18, could begin immediately
and may occur from time to time in the future, and the Company may suspend or
discontinue this purchase program at any time. Shares purchased by the
Company will be retained as treasury stock and will be available for general
corporate purposes. The Company expects the repurchase of shares to at least
partially offset the dilutive effect of the issuance of shares from the
Company's stock option plan. The Company will finance the repurchases from
cash-on-hand and amounts available under the Company's existing credit
facility.
Francis J. Kramer, president and chief executive officer of II-VI
Incorporated said, "The Board's decision to implement a new share repurchase
program reflects their belief in the Company's operational fundamentals and
its desire to enhance shareholder value."
II-VI Incorporated, a worldwide leader in engineered materials and
components, 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 thermoelectric 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 transmission 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. 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; the
Marlow Industries, Inc. subsidiary 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, 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,
2008; (iii) purchasing patterns from customers and end-users; (iv) 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.
SOURCE II-VI Incorporated

Craig A. Creaturo, Chief Financial Officer and Treasurer of II- VI
Incorporated, +1-724-352-4455, ccreaturo@ii-vi.com