EMCORE Corporation Announces Financial Results For Third Quarter Ended June 30, 2013

  • Consolidated revenue of $33.5 million
  • Consolidated GAAP net loss of $7.3 million
  • Anticipate Q4 revenue of $42 to $45 million

ALBUQUERQUE, N.M., Aug. 6, 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 third quarter ended June 30, 2013.

Financial Results

Revenue:

Consolidated revenue for the third quarter ended June 30, 2013 was $33.5 million, which represents a 18.5% decrease compared to the prior year and a 20.8% decrease from the immediate preceding quarter. On a segment basis, revenue for our Fiber Optics segment was $21.6 million, which represents a 16.5% decrease compared to the prior year and 6.8% decrease compared to the immediate preceding quarter. Revenue for the Photovoltaic s segment was $11.9 million, which represents a 21.8% decrease compared to the prior year and 37.8% decrease compared to the immediate preceding quarter. The reduction in the Photovoltaics segment was primarily due to a large international order that was expected to ship in the third quarter but approval to ship was not received prior to June 30 2013. This order has subsequently shipped to the customer and revenue is expected to be recognized in the fourth quarter.

Gross Profit:

Consolidated gross profit was approximately $4.0 million. Consolidated gross margin was 12.1%, which represents an increase from the 10.7% gross margin reported in the prior year and a decrease from the 18.5% gross margin reported in the immediate preceding quarter. On a segment basis, Fiber Optics gross margin was 3.0%, which represents a decrease from the 9.3% gross margin reported in the prior year and a decrease from the 7.0% gross margin reported in the immediate preceding quarter. Photovoltaics gross margin was 28.6%, which represents an increase from the 13.0% gross margin reported in the prior year and a decrease from the 32.5% gross margin reported in the immediate preceding quarter.

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