News Article

Emcore Revenues More Than Double

The firm expects an increase in Fibre revenue and a decrease in Photovoltaics revenuein the next quarter
Emcore Corporation, a provider of compound semiconductor-based components, subsystems, and systems for the fibre optics and space solar power markets, has announced its financial results for its fiscal second quarter ended March 31st, 2014.              



Consolidated Results                      

Revenue was $42.2 million, representing a decrease from the immediately preceding quarter but more than double compared to the same period last year. Gross margin was 16.3 percent, a decrease from the 22.9 percent gross margin reported in the previous quarter.

Operating loss was $5.2 million, a $3.0 million higher loss when compared to the preceding quarter. Net loss was $5.4 million, a $3.4 million higher loss when compared to the last quarter. Net loss per share was $0.18 compared to a net loss per share of $0.07 in the preceding quarter.

Cash and cash equivalents increased $0.1 million to $18.2 million at the end of the second quarter, compared to $18.1 million at the end of the first quarter

Financial results by sector

Fibre Optics revenues increased 1.4 percent over the immediate preceding quarter to $23.6 million, and Photovoltaics revenue decreased 11.0 percent to $18.6 million over the immediate preceding quarter.

On a segment basis, Fibre Optics gross margin declined to 8.2 percent from the 10.3 percent gross margin reported in the immediate preceding quarter and Photovoltaics gross margin decreased to 26.5 percent from the 37.0 percent gross margin reported in the immediate preceding quarter. A $1.0 million warranty reserve related to the previously divested Enterprise business was recorded this period.

Order backlog for the firm's Photovoltaics segment totaled $51.4 million as of March 31st, 2014, representing a 7.1 percent decrease from $55.3 million reported as of December 31st, 2013

Business Outlook

On a consolidated basis, Emcore expects revenue for our third quarter ended June 30th, 2014 to be in the range of $40 to $44 million with an increase in Fibre revenue and a decrease in Photovoltaics revenue.

Conference Call

Emcore discussed its financial results in a conference call and the webcast is available for replay on the company's website.


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