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EMCORE announces 11% increase in revenue for FYQ2 2010

Unaudited results reveal a revenue increase to $48.2 million thanks to space solar power products.

EMCORE yesterday announced unaudited financial results for its FYQ2 and six-month periods ended March 31, 2010. Revenue for the FYQ2 2010 increased by 14% from the previous quarter ended December 31, 2009. The consolidated operating loss totaled $1.1 million, an improvement of $10.8 million, or 91%, from an operating loss of $11.9 million reported in FYQ1 2010.

Consolidated gross profit was $15.5 million, an improvement of $7.5 million, or 94%, from the $8.0 million in gross profit reported in the preceding quarter.

 Consolidated gross margin was 32.1%, a significant improvement from the 18.9% gross margin reported for FYQ1 2010.

The consolidated net loss totaled $1.7 million, an improvement of $11.9 million, or 87%, from a net loss of $13.6 million reported in the preceding quarter. The second quarter net loss per share was $0.02, representing an improvement of $0.15 from the $0.17 net loss per share reported in the preceding quarter.

The table below compares the recent quarterly results with those reported for the same period last year:



(In millions, except per share data)              FYQ2 2010     FYQ2 2009     % Change

Revenue                                                                    $48.2              $43.3                11%

Consolidated gross profit (loss)                           $15.5             ($7.0)               321%

Consolidated Gross Margin                                    32.10%        -16.20%      

Operating loss                                                            $1.1              $25.9           

Consolidated Net Loss                                            $1.7               $23.7           

Earnings per diluted share (net loss)                  ($0.02)           ($0.3)      

 

On a segment basis, revenue for the Photovoltaics segment was $18.0 million, an increase of $1.2 million, or 7%, from $16.8 million reported in the immediately preceding quarter and an increase of $3.1 million, or 21%, when compared to the prior year period. The increase in revenue over both periods was primarily due to higher sales of space solar power products. The Photovoltaics segment accounted for 37% of the Company's consolidated quarterly revenue for the second quarter compared to 40% in the preceding quarter and 34% in the prior year period.

Revenue for the Fiber Optics segment was $30.2 million, an increase of $4.6 million, or 18%, from $25.6 million reported in the immediately preceding quarter and an increase of $1.8 million, or 6%, when compared to the prior year period. When compared to the immediately preceding quarter, revenue from digital fiber optics products increased 25% and revenue from broadband products increased 14%. The Fiber Optics segment accounted for 63% of the Company's consolidated revenue for the second quarter compared to 60% in the preceding quarter and 66% in the prior year period.

On a segment basis, the FYQ2 2010 Photovoltaics gross margin was a record 46.6%, a substantial improvement from the 22.1% gross margin reported in the preceding quarter and the negative 24.7% gross margin reported in the prior year period.

The improvement in gross margin was primarily due to increased sales of higher margin space solar power products, improved manufacturing yields and efforts to manage operational costs, favorable adjustments of $0.8 million related to the sale of inventory previously reserved for, and a larger than expected benefit from a precious metal reclamation process of approximately $0.4 million.

The second quarter Fiber Optics gross margin was 23.6%, a substantial improvement from the 16.7% gross margin reported in the preceding quarter and the negative 11.7% gross margin reported in the prior year period. The improvement in Fiber Optics gross margin was due primarily to higher gross margins in the Company's broadband and digital product lines, as well as, lower excess and obsolescence inventory charges when compared to the prior year.

  
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