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EMCORE Corporation Announces Financial Results For Second Quarter Ended March 31, 2013

  • Consolidated revenue of $42.3 million
  • Consolidated GAAP net income of $11.7 million
  • Anticipate Q3 revenue of $35 to $39 million

ALBUQUERQUE, N.M., May 9, 2013 (GLOBE NEWSWIRE) -- EMCORE Corporation (Nasdaq:EMKR), a leading provider of compound semiconductor-based components, subsystems, and systems for the fiber optics and solar power markets, today announced its financial results for its fiscal second quarter ended March 31, 2013.

Financial Results

Revenue:

Consolidated revenue for the second quarter ended March 31, 2013 was $42.3 million, which represents an 11.9% increase compared to the prior year and 14.3% decrease from the immediate preceding quarter. On a segment basis, revenue for our Fiber Optics segment was $23.1 million, which represents a 5.4% increase compared to the prior year and 22.1% decrease compared to the immediate preceding quarter. Revenue for the Photovoltaic s segment was $19.1 million, which represents a 20.9% increase compared to the prior year and 2.5% decrease compared to the immediate preceding quarter.

Gross Profit:

Consolidated gross profit was approximately $7.8 million. Consolidated gross margin was 18.5%, which represents an increase from the 14.2% gross margin reported in the prior year and a decrease from the 22.2% gross margin reported in the immediate preceding quarter. On a segment basis, Fiber Optics gross margin was 7.0%, which represents a decrease from the 9.4% gross margin reported in the prior year and a decrease from the 16.7% gross margin reported in the immediate preceding quarter. Photovoltaics gross margin was 32.5%, which represents an increase from the 20.9% gross margin reported in the prior year and an increase from the 30.5% gross margin reported in the immediate preceding quarter.  

Operating Income (Loss):

The consolidated operating income was $12.2 million, which represents a $21.1 million improvement when compared to the prior year and a $9.3 million improvement when compared to the immediate preceding quarter. The quarter-over-quarter variance was primarily due to higher flood-related insurance proceeds.

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