financial news ♦ Solar
that has allowed us to refine the collaborative development process.
“Because of this collaboration, our customers’ engineering staffs can focus on developing new manufacturing processes that will establish their companies as technology leaders in their respective markets. By helping them to minimize the risk, cost, and time involved in bringing those new processes into production we play a critical role in enabling that technology leadership,” he continued.
For over 25 years, Owens Design has specialized in designing and manufacturing complex, advanced technology systems. The company focuses on the semiconductor hard disk drive and solar photovoltaic industries.
Emcore Regains Compliance With NASDAQ
The firm has filed with the SEC its Quarterly Report on Form 10-Q for the third quarter of 2010 on October 5, and now complies with NASDAQ Listing Rule 5250(c)(1)
Emcore, a leading provider of compound semiconductor-based components, subsystems and systems for the fiber optics and solar power markets, has received a letter, dated October 6, 2010, from the NASDAQ Listing Qualifications Department.
The Company has regained compliance with NASDAQ Listing Rule 5250(c)(1), by filing with the SEC its Quarterly Report on Form 10-Q for the third quarter of 2010 on October 5, 2010.
Rule 5250(c)(1) requires that NASDAQ listed companies file their required periodic financial reports with the Securities and Exchange Commission on a timely basis.
Because the Company was able to regain compliance with NASDAQ Listing Rule 5250(c)(1) before the October 18, 2010 deadline NASDAQ had established for the Company to submit a plan for regaining compliance, the Company is no longer required to submit such a plan to NASDAQ.
Emcore Corporation is a leading provider of
compound semiconductor-based components, subsystems and systems for the fiber optics and solar power markets. The firm’s Photonic Systems segment is a leading developer and manufacturer of fiber-optic systems and components for a wide range of commercial and military applications including microwave fiber-optic signal transmission andprocessing, satellite earth-stations, fiber-optic gyroscopes, and terahertz sensing.
EMCORE announce unaudited financial results for 3rd Quarter
EMCORE Corporation, provider of compound semiconductor-based components, subsystems, and systems for the fiber optics and solar power markets, have announced unaudited financial results for its third quarter and nine-month periods ended June 30, 2010.
Quarterly Filing Delay
As previously reported by the Company in its Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on August 16, 2010, the filing of the Quarterly Report on Form 10-Q for the period ended June 30, 2010 was delayed because the Company required additional time to complete its review of the accounting for certain inventory write-downs and the allowance against a specific account receivable and whether these matters affected prior financial periods reported. The Company has now filed its Form 10-Q with the SEC and is current with NASD reporting requirements.
During the third fiscal quarter ended June 30, 2010, management determined that approximately $2.5 million of excess and obsolete inventory reserves related to the Company’s Fiber Optics segment should have been recorded in the quarter ended September 30, 2009. Accordingly, the consolidated balance sheet as of September 30, 2009 was corrected to reduce inventory by approximately $2.5 million with a corresponding increase to accumulated deficit. The impact from correcting prior period financial statements resulted in the reduction of cost of revenue of approximately $1.2 million and $0.3 million in the quarters
November/December 2010
www.compoundsemiconductor.net 249
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