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Financial results from Emcore and Celeritek

Emcore has seen strong year-on-year growth in its six-month revenue, while Celeritek is seeing increased demand in its defense business.
Emcore

Emcore’s revenue for the quarter ended March 31, 2004 was $23.2 million, an increase of $6.3 million, or 37%, from the $16.9 million reported in the prior year. The company’s revenue for the December 2003 quarter was $23.13 million.

The company reported a net income of $1.75 million (or $0.04 per share) for the quarter, compared with a net loss of $12.54 million ($0.34 per share) for the year-ago period.

For the six-month period ended March 31, 2004, Emcore’s revenue totaled $46.3 million, an increase of $20.1 million, or 77%, compared with the same period a year earlier.

The company expects that its revenue will reach $25 million during the June 2004 quarter.

Celeritek

Celeritek, a manufacturer of GaAs semiconductor components and GaAs-based subsystems for defense applications and commercial communications networks, has reported revenue of $8.6 million for the first quarter of 2004. This compares with $7.7 million for the previous quarter and $8.1 million for the year-ago period.

The net loss for the March 2004 quarter was $0.2 million or $0.02 per share, compared with a net loss of $4.5 million or $0.37 per share for the same period a year ago.

For fiscal 2004, Celeritek’s total revenue was $29.9 million, compared with $49.4 million in fiscal 2003. The net loss for fiscal 2004 was $16.0 million or $1.28 per share, compared with $17.0 million or $1.39 per share for fiscal 2003. The net loss in the current fiscal year included special charges of $4.3 million related to the company s decision to exit the handset market.

“We are seeing increased demand in our defense business from both existing customers and several new customers who responded favorably to Celeritek s innovative technology,” said Tamer Husseini, chairman and chief executive officer of Celeritek. “During the fourth quarter, we received an order for phased lock oscillators. This is the first order for one of these new products as a stand-alone part."

Husseini added that Celeritek received a $1.7 million contract to develop a power amplifier module for satellite handsets, and expects production quantities in the second half of fiscal 2005.

Celeritek expects its revenue to fall in the $8.0-9.0 million range for the June quarter.

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