II-VI revenue, income increase

Saxonburg-based optical communications product maker II-VI Inc. ended its fiscal year on a high note, lifting revenue 19 percent and operating income 17 percent when compared to 2017. For the three months ending June 30, II-VI reported a 17 percent increase in revenue to $321.1 million from $273.7 million in 2017 and operating income of $38.2 million in 2018 compared to $35.7 million in 2017, a 7 percent rise. Revenue for the year ending June 30 was $1.1 billion, up 19 percent from $972 million in 2017. On a per share basis, IIVI finished the fourth quarter at 42 cents per share, three cents off the 2017 finish of 45 cents per share. The company finished the year at $1.35 per share, down from $1.48 per share in 2017.

Tariffs lead to layoffs in S.C.

President Donald Trump’s tariffs against China are causing a South Carolina television maker to lay off nearly all of its employees because of the sudden increase in the price of components for its products. Element TV Co. will let 126 workers go, most of them on Oct. 5, leaving behind a skeleton crew of eight employees to watch the Fairfield County plant in hopes it can reopen in three to six months, the company said. The Trump administration imposed a 25 percent import tax in July that included Chinese components for TVs and video equipment.

Icahn warns Cigna investors

Carl Icahn is urging Cigna shareholders to reject the health insurer’s attempted multi-billion dollar takeover of Express Scripts, saying it’s paying too much. The billionaire and activist investor warned that Express Scripts, a pharmacy benefits manager, could face substantial regulatory risks and competition from Amazon. Cigna said in March that it would pay $52 billion for Express Scripts, a deal on which shareholders will vote Aug. 24.