EMCORE Reports Record Revenue and Positive Operating Results

Backlog Climbs 60% to Record $84 Million

EMCORE Corporation (Nasdaq: EMKR) today announced its financial results for the second fiscal quarter and six months ended March 31, 2000.

EMCORE reported the highest revenue in Company history on stronger than expected demand for its wireless materials. Revenues were $23.9 million, a 48.9% increase from $16.1 million reported in the prior year quarter. On a sequential basis, revenue was up 45.0% from $16.5 million. All four of EMCORE s divisions experienced significant revenue and backlog increases during the quarter. Backlog as of March 31, 2000 reached $84.0 million, also a new Company record. Gross profit for the quarter increased 44.6% to $9.9 million compared with $6.9 million in the second quarter of 1999.

The Company reported an operating profit before goodwill amortization of $3,000 compared to an operating loss before goodwill amortization of $704,000 in the second quarter of 1999. For the second fiscal quarter, net loss before goodwill amortization was $3.1 million or $(0.21) per diluted share, compared with a net loss before goodwill amortization of $2.9 million or $(0.32) per diluted share in the prior year quarter.

Revenue for the six months ended March 31, 2000 was $40.4 million. Net loss before goodwill for the period was $8.7 million or $(0.61) per diluted share.

"We had an outstanding quarter with record revenue, improved operating performance and heavy bookings that bring backlog to the highest level in the Company s history," stated Reuben Richards, President and CEO. "We dedicated the last two years to developing a line of products that anticipate emerging needs in data and telecom markets. We re gratified by the success of our efforts and are confident that we ll continue the momentum we re now experiencing."

Quarter Highlights

Shipment of world s highest efficiency dual junction solar cells. The Company is first to market with solar cells of more than 25% efficiency, beating the industry standard of silicon-based cells having 19% efficiency. In addition to enhancing the performance of satellite communications, the increased efficiency makes satellite communication an economical alternative for transmitting voice and Internet data. Public offering. EMCORE raised approximately $125 million in a public offering to expand manufacturing capacity for new data communications and wireless products, to fund additional investments in joint ventures and for other general purposes.

Shipment of industry s first commercial 2.5 Gpbs 850 nm oxide VCSEL. This VCSEL was designed to meet the need for performance, speed, and reliability of next-generation datacom networks. Production capacity of GaInP HBTs and pHEMTs doubles to meet wireless and fiber optic demands. The Company completed the first phase of expansion of its New Jersey fab that nearly doubles production capacity. Because of high-volume new orders for GaInP HBTs and pHEMTs, the Company began a second phase of expansion to again double production capacity for 4-inch and 6-inch wafers.

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, TurboDisc® 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 include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to future events that involve risks and uncertainties. Actual operating results may differ materially from such forward-looking statements and are subject to certain risks, including risks arising from: cancellations, rescheduling or delays in product shipments; manufacturing capacity constraints; lengthy sales and qualification cycles; difficulties in the production process; changes in semiconductor industry growth, increased competition, delays in developing and commercializing new products, and other factors described in EMCORE s filings with the Securities and Exchange Commission. The forward-looking statements contained in this news release are made as of the date hereof and EMCORE does not assume any obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements.

Contact:
EMCORE Corporation
394 Elizabeth Avenue
Somerset, NJ 08873
USA
Tel: +1 732 271 9090
Fax: +1 732 271 9686
E-mail: info@emcore.com EMCORE Corporation
394 Elizabeth Avenue
Somerset, NJ 08873
USA
Tel: +1 732 271 9090
Fax: +1 732 271 9686
E-mail: info@emcore.com
E-mail: info@emcore.com
Web site: http://www.emcore.com