EMCORE Reports 63% Revenue Increase
Revenue increases to $16.5 million; Current backlog reaches record $53.3 million
SOMERSET, NJ. EMCORE Corporation (Nasdaq: EMKR) today reported financial results for the first fiscal quarter ended December 31, 1999.
Revenue for the first fiscal quarter increased 63.0% to $16.5 million, up from $10.1 million in the first quarter of 1999. This strong revenue growth reflects, in part, earlier than expected shipments of satellite communication products. Gross profit for the quarter increased 63.6% to $6.7 million compared with $4.1 million in the first quarter of 1999. The Company reported an operating loss before goodwill amortization of $2.7 million, compared to an operating loss before goodwill amortization of $5.0 million in the prior year quarter. Backlog as of reached $53.3 million, the highest in the Company s history.
For the first fiscal quarter, net loss before goodwill amortization decreased to $5.6 million or $(0.41) per diluted share. This compares with the consensus analyst estimate of $(0.38) per diluted share, which is also before goodwill amortization. The difference is due to higher than anticipated non-operating losses associated with the Company s solid state lighting joint ventures. For the same period in 1998 net loss before goodwill amortization was $5.8 million or $(0.62) per diluted share.
"We are seeing strong demand for all of our products, as evidenced by our substantial revenue increase and record backlog," stated Reuben Richards, President and CEO. "In December, we began shipment of high-efficiency solar cells after receiving our export license from the U.S. State Department. We are on track with our solar cell shipment schedule and are well positioned for future solar cell demand and delivery. Looking ahead, EMCORE is strategically prepared to benefit from the explosive growth that the data and telecom markets are experiencing, and we are confident that our investments have built a solid foundation for future growth."
During the first fiscal quarter, the Company announced that its new Albuquerque photovoltaic fab won ISO-9001 certification, following its Somerset fab, which achieved ISO-9001 certification in June of 1998. ISO-9001 is a quality assurance model that is used to establish quality management and system standards within a corporation.
EMCORE Corporation is the leading vertically integrated materials science Company in the field of compound semiconductors. EMCORE offers comprehensive solutions for the compound semiconductor industry and its customers by operating six internal divisions: EMCORE Research & Applications Laboratory, TurboDiscr production systems, EMCORE Electronic Materials (E²M) epitaxial wafer foundry, and EMCORE Electronic Devices (E²D), MODE, and EMCORE Photovoltaic discrete device fabs. For further information about EMCORE, visit http://www.emcore.com.
The information provided herein may contain forward-looking statements relating to future events that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are cancellations, rescheduling or delays in product shipments; delays in obtaining export licenses for product shipments; manufacturing capacity constraints; lengthy sales and qualification cycles; difficulties in the production process; the future financial performance of the Company and its Joint Ventures; delays in developing and commercializing new products; increased competition; labor actions against the Company s customers or vendors; changes in the compound semiconductor industry, including overall growth of the industry and the continued acceptance of the Company s MOCVD technologies; and other factors detailed in the Company s filings with the Securities and Exchange Commission, including those contained in the First Amendment to the Company s Registration Statement on Form S-3, which was filed on January 19, 2000.
Web site: http://www.emcore.com
