News Article
Emcore Delays Q3 FY 2010 Financial Release
The firm is currently reviewing the accounting for certain inventory write-downs and the allowance against a specific account. For Q4 FY 2010 ending September 30, 2010, the Company expects consolidated revenue to be in the range of $54 to $56 million.
Emcore Corporation, a global provider of compound semiconductor-based components, subsystems and systems for the fiber optics and solar power markets, is delaying its earnings release for the latest quarter. The company said it still needs to complete the compilation and review its financial statements. This will result in a delay in filing its Quarterly Report on Form 10-Q for the period ended June 30, 2010.
The conference call was held at 5:00 p.m. EDT on August 16, 2010 and was limited to an update regarding strategic matters and business outlook. It did not include a discussion of results for the quarter ended June 30, 2010.
Emcore says it is currently reviewing the accounting for certain inventory write-downs and the allowance against a specific account receivable that it has determined should be recorded. The firm is considering the effect and significance of these adjustments with respect to prior periods reported.
These issues must be completed in order for Emcore to be in a position to file its quarterly report. In addition, during the quarter, Emcore has identified material weaknesses in connection with controls for inventory write-downs and controls for revenue cutoff on transactions in the June 30, 2010 quarter. The company intends to file its quarterly report as soon as reasonably practicable.
For the fourth quarter of fiscal 2010 ending September 30, 2010, the Company expects consolidated revenue to be in the range of $54 to $56 million with increases in both the Photovoltaics and Fiber Optics segments.
Emcore says a replay of the conference call is available until August 23, 2010 at 11:59 p.m. EDT. The replay call-in numbers are as follows:
877-870-5176 (U.S.)
858-384-5517 (International)
The access code is 8490497.
