The Company develops, manufactures and markets technology materials and derivative precision components and products for precision use in industrial, medical, military, security and aerospace applications.
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IIVI is down 40% from its 52 week high. Let's make no bones about it, it's a cyclical company. In 2009, yearly EPS dropped by 55% from 90 cents in 2008 to 40 cents in 2009. The P/E in March 2009 averaged at approximately 13. In 2009, IIVI managed to eke out a profit in the worst of times and remain cash-flow positive for the most part.That's approximately the P/E range where we are now. I believe that IIVI has strengthened financially since then. This is just a first glance on historical guidance, combined with a belief that we will not re-visit the 2009 lows in revenue.