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Revenues up and losses down for Emcore

Emcore has seen a big rise in revenues as its first full quarter’s income from Ortel are added to the books.
Revenues for Emcore’s third fiscal quarter ended June 30, were $32.2 million, up by 59% from the $20.3 million reported in the year-ago quarter and an increase of 16% from the $27.7 million reported in the second quarter. This is the first reporting period with a full quarter’s revenues from Emcore’s Ortel division, which it acquired from Agere in January.

MOCVD systems-related revenues for the quarter were $15.2 million, compared to $10.8 million in the previous quarter and $9.9 million in the year-ago quarter. Fiscal 2003 materials-related revenues were $17.0 million, an increase of 64% from the $10.4 million reported in fiscal 2002. Due to higher material yields, gross margin increased, on a sequential basis, from 10% to 18%.

Emcore’s operating loss was $7.4 million, down 45% from the $13.4 million reported in the year-ago quarter and down 27% from the $10.1 million reported in previous quarter.

On a generally accepted accounting principles (GAAP) basis, net loss for the third quarter of fiscal 2003 was $9.2 million, or $0.25 loss per share, compared to net loss of $15.9 million, or $0.43 loss per share, in the third quarter of fiscal 2002.

"Emcore has undergone a significant transformation in the past 18 months, and we remain confident that our cost-cutting initiative and strategic acquisitions will continue to improve operating efficiencies,” said Reuben Richards, Emcore’s president and CEO. “We are encouraged by our successes in the optoelectronics markets and are focused on the rapid introduction of new analog and digital products to meet our customers needs.”

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