II-VI Incorporated (NASDAQ:IIVI) Q4 2019 Earnings Conference Call Transcript

Aug 13, 2019 • 09:00 am ET

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II-VI Incorporated (NASDAQ:IIVI) Q4 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the II-VI Incorporated Q4 and Year-End FY '19 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this call is being recorded.

I would now like to introduce your host for today's conference, Ms. Mary Jane Raymond, Chief Financial Officer. You may begin.

Executive
Mary Jane Raymond

Thank you, Skyler, and good morning. I'm Mary Jane Raymond, the Chief Financial Officer here at II-VI Incorporated. Welcome to our fourth quarter and year-end earnings call for fiscal year 2019. With me today on the call is Dr. Chuck Mattera, our Chief Executive Officer; and Dr. Giovanni Barbarossa, our Chief Technology Officer for fiscal year '19 and for fiscal year '20. Our fiscal year -- our new Chief Strategy Officer and the President of our new segment to be called Compound Semiconductors Segment.

This call is being recorded on Tuesday, August 13th, 2019. Just as a reminder, any forward-looking statements we may make today during this teleconference are given in the context of today only. We do not undertake any obligation to update these statements to reflect events subsequent to today.

With that, let me turn the call over to Dr. Chuck Mattera. Chuck?

Executive
Vincent D. Mattera, Jr.

Thanks, Mary Jane. Good morning, everyone, and thanks for joining a recall to review some of the highlights of our fiscal year '19 and a perspective view of our first quarter of fiscal year '20. Before we get into it, I want to thank the members of the investment community for engaging us so much, since November 9th and getting to understand our value propositions, core competencies, sources of sustainable competitive advantage and more about our Company culture.

I'd like to use a few minutes before I get into it to provide some context. Fran Kramer and I transitioned the President and CEO role three years ago. Since then, we've carried on in the II-VI tradition of building long-term shareholder value, employee value and customer value one day at a time. It's been a remarkable three years, as we embarked on our current transformative growth phase.

Our fiscal year '19 was punctuated by growing markets, underpinned by large and irreversible mega trends that we believe will allow us to enable our growing list of customers to win in their markets. Up against this backdrop, we not only delivered solid results, we completed two acquisitions each in the optical communications and aerospace and defense businesses. We completed a strategic collaboration to manufacture again on silicon carbide devices. We received many distinguished service awards from key customers, and we continued our leadership development and succession planning to be sure that II-VI maintains the top talent pool to oversee the strengthening of our enterprise-wide culture. And we continue to be a company to which people want to dedicate their time and talent.

Our pending acquisition of Finisar has added a substantial engagement with the Finisar team