EMCORE Corporation Announces Financial Results For First Quarter Ended December 31, 2012

  • Consolidated revenue within the guidance range for Q1
  • Consolidated GAAP net income of $2.8 million
  • Anticipate Q2 revenue of $45 to $49 million

ALBUQUERQUE, N.M., Feb. 5, 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 first quarter ended December 31, 2012.

Financial Results

Revenue:

Consolidated revenue for the first quarter ended December 31, 2012 was $49.3 million, which represents a 31.7% increase compared to the prior year and 3.8% increase from the immediate preceding quarter. On a segment basis, revenue for our Fiber Optics segment was $29.7 million, which represents a 62.1% increase compared to the prior year and 1.4% decrease compared to the immediate preceding quarter. Revenue for the Photovoltaics segment was $19.6 million, which represents a 2.5% increase compared to the prior year and 12.8% increase compared to the immediate preceding quarter.

Gross Profit:

Consolidated gross profit was approximately $10.9 million. Consolidated gross margin was 22.2%, which represents an increase from the 9.3% gross margin reported in the prior year and an increase from the 9.7% gross margin reported in the immediate preceding quarter. On a segment basis, Fiber Optics gross margin was 16.7%, which represents an increase from the negative 4.8% gross margin reported in the prior year and an increase from the 2.4% gross margin reported in the immediate preceding quarter. Photovoltaics gross margin was 30.5%, which represents an increase from the 22.7% gross margin reported in the prior year and an increase from the 22.2% gross margin reported in the immediate preceding quarter.

Operating Income (Loss):

The consolidated operating income was $2.8 million, which represents a $14.5 million improvement when compared to the prior year and a $9.1 million improvement when compared to the immediate preceding quarter. The quarter-over-quarter variance was primarily due to lower expenses associated with the Company's realignment efforts previously announced and improved results within the Company's business segments.

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