Exhibit 99.1

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

II-VI INCORPORATED

REPORTS FIRST QUARTER RESULTS

PITTSBURGH, PA., October 21, 2008 — II-VI Incorporated (NASDAQ Global Select: IIVI) today reported results for its first quarter ended September 30, 2008.

As previously announced on April 4, 2008, the Company intends on selling its x-ray and gamma-ray radiation sensor business, eV PRODUCTS, Inc., which operates as a business within the Compound Semiconductor Group. Results for all periods presented reflect the presentation of eV PRODUCTS as a discontinued operation.

Revenues from continuing operations for the quarter increased 23% to $87,766,000 from $71,092,000 in the first quarter of last fiscal year.

Bookings from continuing operations for the quarter decreased 8% to $74,295,000 compared to $80,849,000 in the first quarter of last fiscal year. As expected, orders for UV Filter products in the Near-Infrared Optics segment decreased; during the year-ago quarter, the Company received a large order of $13.5 million for these products. Excluding the effect of all quarterly UV Filter bookings in both the current and prior year, including this larger order, bookings from continuing operations increased 7%. Bookings are defined as customer orders received that are expected to be converted into revenues during the next 12 months.

For the quarter ended September 30, 2008, net earnings from continuing operations were $17,518,000 or $0.57 per share-diluted compared with net earnings of $9,991,000 or $0.33 per share-diluted in the first quarter of last fiscal year. After giving effect to a net loss from the discontinued operation ($23,000 or $0.00 per share-diluted for the quarter compared to $368,000 or $0.01 per share-diluted in the first quarter of last fiscal year), consolidated net earnings for the quarter were $17,495,000 or $0.57 per share-diluted compared with $9,623,000 or $0.32 per share-diluted in the first quarter of last fiscal year. Results for the quarter ended September 30, 2008 include a favorable income tax benefit in accordance with FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” relating to the reversal of unrecognized tax benefits resulting from completion of the Internal Revenue Service’s examination of certain of the Company’s federal income tax returns; this benefit was partially offset by additional tax exposures at certain foreign locations. The net favorable impact of these changes during the quarter ended September 30, 2008 was approximately $3.6 million or $0.12 per share-diluted.

Francis J. Kramer, president and chief executive officer said, “We are pleased to report strong operating and financial performance for the first quarter as well as a strong balance sheet with minimal debt. The Company’s EBITDA increased 20% compared to the year-ago quarter. Our Infrared Optics segment reported a 29% increase in revenues over the first quarter of last year and produced a 41% increase in segment earnings – the result of continued gross margin and operating margin expansion. Beginning this quarter, our other income includes the financial contribution from our minority ownership of Fuxin Electronic Technology Company.”

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II-VI Incorporated

October 21, 2008

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Kramer continued, “The geographic and market diversity of our product lines is helping to offset the impact of macro-economic trends in some of the markets we serve. Our backlog remains strong across all product lines. We believe that the scope and magnitude of a global economic slowdown initiated by the crisis in the financial markets may make the business environment more challenging than it appeared on August 5, 2008 when we gave our guidance for the fiscal year ending June 30, 2009. While we are cautiously optimistic about the future, we are moderating our financial expectations for the second half of fiscal year 2009. However, we have increased our earnings forecast for the year to include the results we are reporting today.”

Segment Information from Continuing Operations

The following segment information includes segment earnings from continuing operations (defined as earnings from continuing operations before income taxes, interest expense and other expense or income, net). Management believes segment earnings from continuing operations 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

October 21, 2008

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Outlook

For the second fiscal quarter ending December 31, 2008, the Company currently forecasts revenues from continuing operations to range from $82.0 million to $86.0 million and earnings per share from continuing operations to range from $0.38 to $0.42. Comparable results for the quarter ended December 31, 2007 were revenues from continuing operations of $72.3 million and earnings per share from continuing operations of $0.91 before the after-tax gain on the sale of an equity investment of $0.52 per share. For the fiscal year ending June 30, 2009, the Company expects revenues from continuing operations to range from $340 million to $350 million and earnings per share from continuing operations to range from $1.79 to $1.89. Results for the year ended June 30, 2008 were revenues from continuing operations of $316 million and earnings per share from continuing operations of $2.16 before the after-tax gain on the sale of an equity investment of $0.52 per share.

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 Tuesday, October 21, 2008 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=52273. Please allow extra time prior to the call to visit the site and, if needed, to download the media software required to listen to the internet broadcast. A replay of the webcast will be available for 2 weeks following the call.

About II-VI Incorporated

II-VI Incorporated, a worldwide leader in engineered materials and components, is a vertically-integrated manufacturing company that creates and markets products for a diversified customer base including industrial manufacturing, military and aerospace, high-power electronics and telecommunications, and thermoelectric 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 transmission systems and processing tools for industrial lasers. In the Company’s near-infrared optics business, VLOC 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. In the Company’s military & materials business, Exotic Electro-Optics (EEO) manufactures infrared products for military applications, and Pacific Rare Specialty Metals & Chemicals (PRM) produces and refines selenium and tellurium materials. In the Company’s 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; the Marlow Industries, Inc. subsidiary 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.

II-VI Incorporated

October 21, 2008

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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 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, 2008; (iii) purchasing patterns from customers and end-users; (iv) 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.

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 Balance Sheets (Unaudited)

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II-VI Incorporated and Subsidiaries

Other Selected Financial Information

($000 except per share data)

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

Other Selected Financial Information for Continuing Operations

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