EXHIBIT 99.1

II-VI Incorporated Reports Fourth Quarter and Fiscal Year 2012 Earnings

PITTSBURGH, Aug. 2, 2012 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) today reported results for its fourth quarter and fiscal year ended June 30, 2012.

As discussed below under "Use of Non-GAAP Financial Measures," the Company is presenting non-GAAP financial measures in this release. Investors should consider these adjusted measures in addition to, and not as a substitute for, or superior to, financial performance measures prepared in accordance with generally accepted accounting principles ("GAAP"). Please refer to the attached reconciliation between the financial measures prepared in accordance with GAAP and the Non-GAAP adjusted financial measures.

On July 1, 2011, the Company acquired Aegis Lightwave, Inc. (Aegis). Results for the quarter and year ended June 30, 2012 include the operating results of Aegis as part of the Company's Near-Infrared Optics segment.

Bookings for the quarter increased 8% to $141,959,000 compared to $131,177,000 in the fourth quarter of last fiscal year. Bookings for the fiscal year ended June 30, 2012 increased 3% to a record $534,865,000 compared to $520,238,000 for last fiscal year. Bookings are defined as customer orders received that are expected to be converted into revenues during the next 12 months.

Revenues for the quarter increased 4% to $136,910,000 from $131,783,000 in the fourth quarter of last fiscal year. Revenues for the fiscal year ended June 30, 2012 increased 6% to a record $534,630,000 from $502,801,000 for last fiscal year.

Net earnings attributed to II-VI Incorporated for the quarter were $14,446,000, or $0.22 per share-diluted, compared to net earnings of $22,039,000, or $0.34 per share-diluted, in the fourth quarter of last fiscal year. For the fiscal year ended June 30, 2012, net earnings attributable to II-VI Incorporated were $60,306,000, or $0.94 per share-diluted, compared to net earnings of $82,682,000, or $1.30 per share-diluted, for last fiscal year.

The results for the quarter and fiscal year ended June 30, 2012 include write-downs of tellurium and selenium inventory of $2.2 million, or $0.03 per share-diluted for the quarter then ended, and $8.3 million, or $0.13 per share-diluted for the year then ended, from the Pacific Rare Specialty Metals & Chemicals, Inc. (PRM) business unit in our Military & Materials segment, due to declines in global raw material index pricing. This expense was included in cost of goods sold in the attached condensed consolidated statement of earnings. Excluding this item, adjusted net earnings attributed to II-VI Incorporated for the quarter were $16,628,000, or $0.26 per adjusted share-diluted, compared to net earnings of $22,039,000, or $0.34 per share-diluted, in the fourth quarter of last fiscal year. For the fiscal year ended June 30, 2012, adjusted net earnings attributable to II-VI Incorporated were $68,612,000, or $1.07 per adjusted share-diluted, compared to net earnings of $82,682,000, or $1.30 per share-diluted, for the same period last fiscal year.

Francis J. Kramer, president and chief executive officer said, "For the quarter, Company revenues increased 4% from the year-ago period, while earnings decreased. During the fourth quarter – and for the third quarter in a row - PRM both wrote-down inventory and realized depressed margins on product sales due to declines in the index pricing of tellurium; and, for the first time, the same was true for selenium. In the Advanced Products Group, our Marlow business unit realized lower revenues and earnings due to decreased customer demand."

Kramer continued, "During fiscal year 2012, we achieved record bookings and we enter fiscal year 2013 with the highest order backlog in Company history. We generated record revenues with increases in both domestic and international markets. We also achieved a record level of cash flow from operations, exceeding the prior year by 20%. We fully restored the Aegis manufacturing capacity impacted by the October 2011 flooding in Thailand. Now as we turn the page and focus on the new fiscal year, we look forward to positive contributions from Aegis as well as increasing demand for optical communications products in our Near-Infrared Optics business segment." 

Kramer concluded, "Our balance sheet is strong and our cash reserves have increased. We have made strategic investments at the majority of our manufacturing locations which will position us to capitalize on near-term demand when worldwide economic conditions stabilize. Finally, we are focused on delivering improved business results to our stakeholders during fiscal year 2013."

Segment Information

The following segment information includes segment earnings (defined as earnings before income taxes, interest expense and other expense or income, net). Management believes segment earnings are a useful performance measure because they reflect the results of segment performance over which management has direct control. Effective July 1, 2011, the Company renamed its former Compound Semiconductor Group operating segment the Advanced Products Group. ($000)

Other Selected Financial Information

The following other selected financial information includes earnings before interest, income taxes, depreciation and amortization (EBITDA). The Company believes EBITDA is a useful performance measure because it reflects operating profitability before certain non-operating expenses and non-cash charges. ($000 except shares)

Outlook

For the first fiscal quarter ending September 30, 2012, the Company currently forecasts revenues to range from $128 million to $132 million and earnings per share to range from $0.20 to $0.23. Comparable results for the quarter ended September 30, 2011 were revenues of $138.4 million and earnings per share of $0.29. For the fiscal year ending June 30, 2013, the Company expects revenues to range from $573 million to $583 million and earnings per share to range from $1.10 to $1.18. Comparable results for the year ended June 30, 2012 were revenues of $534.6 million and earnings per share of $0.94. As discussed in more detail below, actual results may differ from these forecasts due to various factors including, but not limited to, changes in product demand, competition and general economic conditions. 

Webcast Information

The Company will host a conference call at 9:00 a.m. Eastern Time on Thursday, August 2, 2012 to discuss these results. The conference call will be broadcast live over the internet and can be accessed by all interested parties from the Company's web site at www.ii-vi.com as well as at http://tinyurl.com/83b4hmx.   A replay of the webcast will be available for 2 weeks following the call.

Use of Non-GAAP Financial Measures

The Company has disclosed adjusted financial measurements in this press release that present financial information that is not in accordance with GAAP. These measurements are not a substitute for GAAP measurements, although the Company's management uses these measurements as an aid in evaluating and monitoring the Company's on-going financial performance. The adjusted Non-GAAP net earnings attributable to II-VI Incorporated and the adjusted Non-GAAP earnings per share measure the earnings of the Company excluding unusual items that are considered by management to be outside of the normal on-going operations of the Company. There are limitations with the use of Non-GAAP financial measures, including that Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies, that there can be no assurance the excluded items in the Non-GAAP financial measures will not occur in the future and that there could be cash costs associated with items excluded in the Non-GAAP financial measure. The Company compensates for these limitations by using these Non-GAAP financial measures as supplements to GAAP financial measures and by providing the reconciliations of the Non-GAAP financial measures to their most comparable GAAP financial measures. Investors should consider adjusted measures in addition to, and not as a substitute for, or superior to, financial performance measures prepared in accordance with GAAP.

About II-VI Incorporated

II-VI Incorporated, a global leader in engineered materials and opto-electronic components, is a vertically-integrated manufacturing company that creates and markets products for diversified markets including industrial manufacturing, military and aerospace, high-power electronics, optical communications, and thermoelectronics 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 delivery systems and processing tools for industrial lasers. 

In the Company's near-infrared optics business, Photop Technologies, Inc. (Photop) manufactures crystal materials, optics, microchip lasers and opto-electronic modules for use in optical communication networks and other diverse consumer and commercial applications. Aegis Lightwave, Inc. (Aegis) manufactures tunable optical devices required for high speed optical networks that provide the bandwidth expansion necessary for increasing internet traffic. Through its Australian subsidiary, AOFR, Aegis also manufactures fused fiber components, including those required for fiber lasers for material processing applications, as well as optical couplers used primarily in the optical communication industry. VLOC manufactures near-infrared and visible light products for industrial, scientific, military, 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, Pacific Rare Specialty Metals & Chemicals (PRM) produces and refines selenium and tellurium materials and Max Levy Autograph, Inc. (MLA) manufactures micro-fine conductive mesh patterns for optical, mechanical and ceramic components for applications such as circuitry, metrology standards, targeting calibration and suppression of electro-magnetic interference. 

In the Company's advanced products group (formerly the 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; Marlow Industries, Inc. (Marlow) 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 global 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, 2011 and Quarterly Reports on Form 10-Q for the quarters ended September 30, 2011, December 31, 2011 and March 31, 2012; (iii) the purchasing patterns from customers and end-users; (iv) the 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. The Company disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or developments, or otherwise.

Below is a reconciliation of the segment earnings and EBITDA reported in this press release to reported Net Earnings.

CONTACT: II-VI Incorporated
         Craig A. Creaturo, Chief Financial Officer and Treasurer
         (724) 352-4455
         ccreaturo@ii-vi.com