Q1 revenue drop for Emcore
Emcore, a provider of mixed-signal optics products for communications and defence systems, has announced financial results for its fiscal first quarter ended December 31, 2018.
Jeffrey Rittichier, Emcore's president and CEO commented: “Revenue in our first fiscal quarter of FY19 met expectations as did the sequential improvement in gross margin.” Rittichier went on to say “Improved operational performance over the quarter helped drive margins upward, despite slightly lower volume.”
Revenue was $24.0 million, representing a 4.9 percent decrease from the prior quarter; GAAP gross margin was 24.2 percent, representing an increase from 17.5 percent in the prior quarter; non-GAAP gross margin was 24.7 percent, representing an increase from 18.1 percent in the prior quarter; GAAP operating margin was (24.2) percent, representing a decrease from (22.2) percent in the prior quarter; Non-GAAP operating margin was (11.0) percent, representing a decrease from (13.9) percent in the prior quarter.
GAAP diluted pre-tax EPS was $(0.20), representing an increase from $(0.21) in the prior quarter; Non-GAAP diluted pre-tax EPS was $(0.09), representing an increase from $(0.12) in the prior quarter. Cash and cash equivalents was $57.3 million at the end of the quarter, a decrease of $5.8 million when compared to the end of the prior quarter
The company expects revenue for the fiscal second quarter ending March 31, 2019 to be in the range of $21 to $23 million.