Emcore Posts Larger 3Q Loss On Charge

ALBUQUERQUE, N.M. (AP) — Emcore Corp., a maker of parts for communications gear and solar panels, said Monday its fiscal third-quarter loss widened, hurt by a large impairment charge and lower revenue.

For the three months ended June 30, the company posted a loss of $45.4 million, or 57 cents per share, compared with a loss of $7.7 million, or 10 cents per share, in the same period a year earlier. Excluding one-time items, the company's loss totaled 9 cents per share in the latest quarter.

Revenue tumbled 49 percent to $38.5 million from $75.5 million.

The companys said its total operating expenses jumped 72 percent to 43.6 million because of a $27 million impairment charge related to the company's fiber optics assets. There was no such impairment in the year-ago quarter.

Emcore said it continues to pursue and evaluate a number of capital raising alternatives including debt and equity financings, joint venture opportunities and possibly divesting parts of its business.

For the fourth quarter ending Sept. 30, Emcore forecast revenue in the range of $38 million to $42 million.

Shares closed down 3 cents at $1.19.