(2)  All adjusted amounts exclude certain non-GAAP adjustments for share-based compensation, acquired amortization expense, certain one-time transaction expense and the impact of the Tax Cuts and Jobs Act. See Table 4 for Reconciliation of Adjusted Operating Income to Operating Income and Net Earnings. See Tables 8 and 9 for Reconciliation of Reported Net Earnings to Adjusted Net Earnings.
(3)  Book to Bill is calculated by dividing orders the Company expects to convert to revenue within the next twelve months by revenues recognized during the period.

Outlook

The outlook for the first fiscal quarter ending September 30, 2019 is revenues of $320 million to $345 million and earnings per diluted share of $0.33 to $0.43 including $0.06 per share of transaction costs for our transactions and collaborations previously announced. On an adjusted basis, earnings per diluted share is estimated at $0.55 to $0.65, which includes $0.09 for share-based compensation, $0.07 for amortization expense, and $0.06 for transaction costs. These amounts are all at prevailing exchange rates.

Comparable results for the quarter ended September 30, 2018 were revenues of $314.4 million and diluted earnings per share of $0.40. The $0.40 of diluted earnings per share included $0.08 for share-based compensation, $0.05 for amortization expense, and $0.03 for transaction costs. On an adjusted basis, diluted earnings per share was $0.56. 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.

Table 2
Segment Book to Bill, Revenues, Operating Income & Margins, and Adjusted Operating Income & Margins
$ Millions, except % and Book to Bill
(Unaudited)
			Three Months Ended																		Year Ended
		June 30,						March 31,						June 30,						June 30,						June 30,
		2019						2019						2018						2019						2018
Book to Bill:
II-VI Laser Solutions				0.89						0.84						0.95						0.92						1.05
II-VI Photonics				0.96						1.17						1.17						1.06						1.01
II-VI Performance Products				0.85						1.05						0.91						1.08						1.09
II-VI Consolidated				0.91						1.05						1.03						1.02						1.04
Revenues:
II-VI Laser Solutions		$		87.4				$		97.4				$		108.4				$		396.6				$		405.9
II-VI Photonics				177.5						166.5						133.2						638.8						486.5
II-VI Performance Products				97.8						78.5						79.5						327.0						266.4
II-VI Consolidated		$		362.7				$		342.4				$		321.1				$		1,362.4				$		1,158.8
Operating Income:
II-VI Laser Solutions		$		9.7				$		6.0				$		16.4				$		40.2				$		40.1
II-VI Photonics				22.2						20.7						13.5						81.9						63.2
II-VI Performance Products				13.4						8.4						10.1						42.2						33.5
Transaction expenses related to the merger				(4.6	)					(3.9	)					-						(15.6	)					-
II-VI Consolidated		$		40.7				$		31.2				$		40.0				$		148.7				$		136.8
Adjusted Operating Income:
II-VI Laser Solutions		$		11.7				$		8.8				$		18.4				$		49.3				$		49.9
II-VI Photonics				28.2						27.0						17.8						106.6						83.2
II-VI Performance Products				17.0						11.6						11.8						53.8						40.0
II-VI Consolidated		$		56.9				$		47.4				$		48.0				$		209.7				$		173.1
Operating Margin:
II-VI Laser Solutions				11.1	%					6.2	%					15.1	%					10.1	%					9.9	%
II-VI Photonics				12.5	%					12.4	%					10.1	%					12.8	%					13.0	%
II-VI Performance Products				13.7	%					10.7	%					12.7	%					12.9	%					12.6	%
II-VI Consolidated				11.2	%					9.1	%					12.5	%					10.9	%					11.8	%
Adjusted Operating Margin:
Adjusted II-VI Laser Solutions				13.4	%					9.0	%					17.0	%					12.4	%					12.3	%
Adjusted II-VI Photonics				15.9	%					16.2	%					13.4	%					16.7	%					17.1	%
Adjusted II-VI Performance Products				17.4	%					14.8	%					14.8	%					16.5	%					15.0	%
II-VI Consolidated				15.7	%					13.8	%					14.9	%					15.4	%					14.9	%