Laser component maker II-VI Inc. said Friday it plans to sell its X-ray and gamma-ray radiation sensor division in order to focus on its core businesses and the integration of recently acquired companies.
The company said it has hired Roth Capital Partners to assist with the sale of eV Products Inc. For the fiscal year ended June 30, 2007, eV Products had revenue of $8.5 million.
II-VI expects the division to be recorded as a discontinued operation and excluded from its operating results beginning in the third fiscal quarter ended March 31.
Excluding results from eV Products, II-VI said preliminary results show revenue of about $81 million in the third quarter, in line with previous guidance.
II-VI will report full financial results for the quarter on April 22.
Shares fell $1.34, or 3.4 percent, to $37.84 in morning trading. Shares have traded between $24 and $39.91 in the past 12 months.
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