Rubicon Technology, Inc. (NASDAQ:RBCN), a leading provider of optical and industrial sapphire products, today reported financial results for its third quarter ended September 30, 2016. The Company's third quarter results were impacted by the decision made in the quarter to close its Malaysia facility. On September 12, 2016, the Company announced its plans to cease all production activities and shut down its Penang, Malaysia facility. Production activities at the Penang facility are expected to cease by November 30, 2016, with the shutdown of the facility to be completed by the end of the year. The Company's Malaysia facility has been primarily engaged in producing polished and patterned substrates for the LED market and the decision was made in order for the Company to focus on the optical and industrial sapphire market for the foreseeable future. Bill Weissman, the Company's CEO, said, "While margin pressure in the LED and mobile device segments of the sapphire market continue to be severe, there remains good margin opportunity in the optical and industrial segments. We believe that the actions we are taking will improve our operating results, strengthen our cash position and allow us to grow in strategic markets that are better aligned with our strengths while offering stronger margin potential. Once the changes are fully implemented, our revenue will be smaller for a period of time, but the optical and industrial sapphire markets are growing with potential new applications for sapphire emerging." The Company reported third quarter revenue of $7.1 million, $3.6 million higher than the prior quarter revenue. Revenue from wafer sales in the third quarter was $5.5 million as compared with $1.8 million in the prior quarter. The higher wafer revenue was the result of increased orders from a key patterned wafer customer along with that customer drawing down all wafers in consignment inventory. Once our Malaysia facility ceases production activities, our wafer revenue will significantly decrease beginning in the fourth quarter of 2016 and into future periods.