Exhibit 99.1

Press				II-VI Incorporated
Release				375 Saxonburg Boulevard
				Saxonburg, Pennsylvania 16056
				Telephone (724) 352-4455

II-VI INCORPORATED:

SECOND QUARTER REVENUES INCREASE 18%

BOOKINGS SET NEW RECORD, FISCAL 2007 EARNINGS OUTLOOK INCREASED

PITTSBURGH, PA., January 23, 2007 — II-VI Incorporated (NASDAQ NGS: IIVI) today reported results for its second quarter ended December 31, 2006. Revenues for the quarter increased 18% to $63,342,000 from $53,827,000 in the second quarter of last fiscal year. Revenues for the six months ended December 31, 2006 increased 15% to $124,139,000 from $108,218,000 for the same period last fiscal year. Net earnings for the quarter were $9,110,000 or $0.30 per share-diluted. These results compare with net earnings of $5,180,000 or $0.17 per share-diluted in the second quarter of last fiscal year. For the six months ended December 31, 2006, net earnings were $16,608,000 or $0.55 per share-diluted. This compares with net earnings of $11,929,000 or $0.40 per share-diluted for the same period last fiscal year.

Bookings for the quarter increased 15% to a record $72,151,000 compared to $62,688,000 in the second quarter of last fiscal year. Bookings for the six months ended December 31, 2006 increased 12% to $136,448,000 from $122,005,000 for the same period last fiscal year. Bookings are defined as customer orders received that are expected to be converted into revenues during the next 12 months.

Francis J. Kramer, president and chief operating officer said, “Strong orders for Near-Infrared Optics propelled II-VI to record bookings for the second consecutive quarter, enabling us to beat the prior quarterly record by 12%. Our Infrared Optics and Compound Semiconductor Group business segments each grew revenues during the quarter and for the fiscal year to date at least 14% as compared to the same periods in the prior year. All businesses posted solid segment earnings during the quarter which resulted in significant increases in consolidated EBITDA and Company net earnings. Despite lower revenues as compared to last fiscal year, the Military Infrared Optics business segment made admirable improvements in profitability through a variety of operational advancements and lower scrap costs. During the quarter, II-VI reduced debt by more than $8 million. Our forecast for the second half of fiscal year 2007 anticipates continued growth with third quarter revenues expected to be at record levels.”

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II-VI Incorporated

January 23, 2007

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Segment Information

The following segment information includes segment earnings (defined as earnings before income taxes, interest expense and other income or expense, net). Management believes segment earnings are a useful performance measure because they reflect the results of segment performance over which management has direct control.

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II-VI Incorporated

January 23, 2007

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Outlook

For the third fiscal quarter ending March 31, 2007, the Company currently forecasts revenues to range from $67 million to $69 million and earnings per share to range from $0.29 to $0.32. Results for the quarter ended March 31, 2006 were revenues of $59.4 million and earnings per share of $0.25. For the fiscal year ending June 30, 2007, the Company expects revenues to range from $263 million to $266 million and earnings per share to range from $1.15 to $1.22.

Webcast Information

The Company will host a conference call at 10:00 a.m. Eastern Time on Tuesday, January 23, 2007 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://www.videonewswire.com/event.asp?id=37114. Please allow extra time prior to the call to visit the site and, if needed, download the media software required to listen to the internet broadcast. A replay of the webcast will be available for two weeks following the call.

About II-VI Incorporated

Headquartered in Saxonburg, Pennsylvania, II-VI Incorporated designs, manufactures and markets optical and opto-electronic components, devices and materials for infrared, near-infrared, visible light, x-ray and gamma ray instrumentation. The Company’s infrared optics business manufactures optical and opto-electronic components sold under the II-VI brand name. The Company’s near-infrared optics business 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 at the Company’s VLOC subsidiary. The Company’s military infrared optics business manufactures infrared products for military applications under the Exotic Electro-Optics (EEO) brand name. In the Company’s Compound Semiconductor Group, the eV PRODUCTS division manufactures and markets solid-state x-ray and gamma-ray sensor products and materials for use in medical, industrial, environmental, scientific and homeland security applications; the Company’s 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. designs and manufactures thermoelectric cooling and power generation solutions for use in defense, space, photonics, telecommunications, medical, consumer and industrial markets.

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,

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II-VI Incorporated

January 23, 2007

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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: the failure of any one or more of the assumptions stated above to prove to be correct; (i) 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, 2006; (ii) purchasing patterns from customers and end-users; (iii) timely release of new products, and acceptance of such new products by the market; (iv) the introduction of new products by competitors and other competitive responses; and/or (v) the Company’s ability to devise and execute strategies to respond to market conditions.

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

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II-VI Incorporated and Subsidiaries

Condensed Consolidated Statements of Earnings (Unaudited)

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II-VI Incorporated and Subsidiaries

Condensed Consolidated Statements of Earnings (Unaudited)

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II-VI Incorporated and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

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II-VI Incorporated and Subsidiaries

Other Selected Financial Information (Unaudited)

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

Other Selected Financial Information

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