News Article
Emcore Announces Consolidated Revenues of $52.1 m
After a turbulent year, the company’s is looking forward to better times with positive net cash provided by operations of $3.9 million.
Emcore, a provider of compound semiconductor-based components, subsystems, and systems for the fibre optics and solar power markets, has announced its financial results for the latest quarter.
Consolidated revenue for the first quarter ended December 31, 2010 was $52.1 million, a 23% increase compared to last year. Revenues for the Fibre Optics segment were $31.8 million, a 24% increase, while the Photovoltaics segment made $20.3 million.
Consolidated gross profit was $12.7 million, a 36% increase compared to the same period last year. During the same period, the Fibre Optics segment gross margin was 18.7%, a decrease from the 21.9% gross margin
For Photovoltaics, the consolidated operating loss was $2.8 million, an improvement of $7.6 million, or 73%, from the $10.4 million operating loss reported in the prior year. The consolidated net loss was $3.6 million, again an improvement. This amounted to $8.5 million, or 70%, from the net loss of $12.1 million reported in the FYQ1 2010.
Consolidated net loss per share was $0.04, an improvement of $0.11 per share from the $0.15 net loss per share reported in the prior year and an increase in net loss per share of $0.03 compared to the preceding quarter.
As of December 31, 2010, the Company had a consolidated order backlog of approximately $57.3 million, a 20% decrease from the $71.3 million order backlog reported in the immediate preceding quarter. On a segment basis, the Photovoltaics order backlog totalled $36.1 million, a 32% decrease from $52.9 million reported in the immediate preceding quarter.
The Fiber Optics order backlog totalled $21.2 million, a 15% increase from $18.4 million reported in the immediate preceding quarter. Order backlog is defined as purchase orders or supply agreements accepted by the Company with expected product delivery and/or services to be performed within the next twelve months.
The, cash and cash equivalents and restricted cash were approximately $25.4 million and working capital totalled $33.6 million. For the three months ended December 31, 2010, the Company generated $3.9 million in cash from operations compared with a consumption of $1.2 million of cash in the prior year.
The improvement in cash flow was due primarily to improved operating performance and strong working capital management. With respect to measures taken to improve liquidity, in November 2010, the Company entered into a three-year $35 million asset-backed revolving credit facility with Wells Fargo Bank, which can be used for working capital, letters of credit, and other general corporate purposes.
Business Outlook
In the second quarter ending March 31, 2011, the Company expects consolidated revenues to be between $46 and $49 million.
Emcore has already discussed its fiscal 2011 first quarter results for the period ended December 31, 2010. A replay of the call will be available until February 10, 2011 at 11:59 p.m. EST.
The replay call-in number is 858-384-5517
The code is 4403008.
