Emcore's cost-cutting leads to lower losses
On a sequential basis, systems-related revenues increased 22% to $14 million, while materials-related revenues decreased 33% to $9 million. The drop in materials-related revenues was due primarily to Emcore s photovoltaic product line, which experienced continued weakness in satellite infrastructure spending.
The company has continued to cut its operating costs, which are now at $9 million compared to $19 million in the year-ago period and to $13 million in the September 2002 quarter. The decrease in operating expenses was attributable to less R&D costs being incurred on Emcore’s fiber-optic product line as new components have been released for commercial use.
Net losses for the quarter were $3 million, compared to a net loss of $14 million in the prior quarter.
"We are very pleased that Emcore’s cost-cutting measures have resulted in considerable improvement to our bottom line," said Reuben Richards, Emcore’s president & CEO. "Our improved operating performance enabled Emcore to repurchase a portion of its convertible debt, reducing interest expense in future periods.
