Emcore reports sequential revenue growth
For the year ended September 30, 2002, Emcore s revenue was $88 million, a 52% decrease from the $185 million recorded in the year ended September 30, 2001. Systems revenue for the year was $36 million, a 73% decrease from last year. The decrease in systems revenue accounted for 98% of the total revenue decrease experienced during the year.
"We are seeing signs of significant improvement in our equipment product line and are pleased our cost-cutting initiatives implemented throughout the year have improved operating efficiencies," said Reuben Richards, president and CEO of Emcore. "Our quarterly cash burn continues to improve and we expect to achieve operational cash flow breakeven for fiscal 2003."
During the quarter, operating expenses, excluding restructuring charges and goodwill amortization, decreased 41% to $14 million as a result of continued expense reduction programs implemented throughout the year.
Excluding one-time charges including severance pay of approximately $800,000 and the write-down of investments of approximately $1.1 million, the company recorded a loss of 33 cents a share, an improvement of 10 cents from the prior quarter and 3 cents better than Wall Street consensus estimates. Cash, cash equivalents and short-term investments at September 30, 2002 was $84 million, which reflects net cash usage of less than $5 million for the quarter.
