Emcore posts Q2 revenue of $21.7 million
Revenue down, margins up
Emcore, a US provider of advanced mixed-signal optics products for networks and defence systems, has announced financial results for its fiscal second quarter ended March 31, 2019.
"In the second quarter, we continued to deliver on our revenue diversification initiatives with navigation product revenue doubling year over year," sad Jeffrey Rittichier, Emcore's president and CEO commented."On the operations front, we eliminated the cost related to the L-EML transition which had been a headwind in prior quarters, resulting in sequential gross margin improvement despite seasonal softness in volumes."
Revenue was $21.7 million, representing a 9.4 percent decrease from the prior quarter; GAAP gross margin was 26.7 percent, representing an increase from 24.2 percent in the prior quarter; non-GAAP gross margin was 27.3 percent, representing an increase from 24.7 percent in the prior quarter; GAAP operating margin was (25.3) percent, representing a decrease from (24.2) percent in the prior quarter; non-GAAP operating margin was (10.1) percent, representing an increase from (11.0) ercent in the prior quarter; GAAP diluted pre-tax EPS was $(0.18), representing an increase from $(0.20) in the prior quarter; non-GAAP diluted pre-tax EPS was $(0.07), representing an increase from $(0.09) in the prior quarter
Cash and cash equivalents were $50.6 million at the end of the quarter, a decrease of $6.7 million when compared to the end of the prior quarter
The Company expects revenue for the fiscal third quarter ending June 30, 2019 to be in the range of $21 to $23 million.