Solar ♦ news digest in the prior year.
The consolidated operating loss was $21.4 million, an improvement of $119.6 million, or 85%, from the $141.0 million operating loss reported in the prior year. In fiscal 2009, the Company recorded $60.8 million of non-cash impairment charges related to goodwill, intangible assets, and other long-lived assets in the Fiber Optics segment.
The consolidated net loss was $23.7 million, an improvement of $115.1 million, or 83%, from the net loss of $138.8 million reported in the prior year, with the variance primarily due to the non-cash provisions and impairment charges discussed above as well as, improved operating performance at the gross margin level. The consolidated net loss per share was $0.28, an improvement of $1.47 per share from the $1.75 net loss per share reported in the prior year.
As of September 30, 2010, the Company had a consolidated order backlog of approximately $71.3 million, a $3.7 million, or 6%, increase from the $67.6 million order backlog reported as of the end of the preceding quarter. On a segment basis, the year-end Photovoltaics order backlog totaled $52.9 million, a $10.4 million, or 25%, increase from $42.5 million reported as of the end of the preceding quarter. The year-end Fiber Optics order backlog totaled $18.4 million, a $6.7 million, or 27% decrease from $25.1 million reported as of the end of the preceding quarter. Order backlog is defined as purchase orders or supply agreements accepted by the Company with expected product delivery and/or services to be performed within the next twelve months.
During fiscal 2010, management implemented a series of measures and continues to evaluate opportunities intended to align the Company’s cost structure with its revenue forecasts. On July 30, 2010, the Company entered into an agreement for the establishment and operation of a joint venture with San’An Optoelectronics Co., Ltd. for the purpose of engaging in the development, manufacturing, and distribution of CPV receivers, modules, and systems for terrestrial solar power applications under license from the Company.
As of September 30, 2010, cash and cash equivalents was approximately $19.9 million and working capital totaled $34.9 million. For the fiscal
year ended September 30, 2010, the Company generated $3.4 million in cash from operations compared with a consumption of $29.6 million of cash in the prior year. The improvement in cash flow was due primarily to improved operating performance and working capital management, as well as an increase in customer deposits and advanced payments when compared to the prior year. With respect to measures taken to improve liquidity, in November 2010, the Company entered into a three-year $35 million asset-backed revolving credit facility with Wells Fargo Bank, which can be used for working capital, letters of credit, and other general corporate purposes.
Business Outlook
In the first fiscal quarter ending December 31, 2010, the Company expects consolidated revenue to be $50 to $53 million.
Emcore Corporation offers a broad portfolio of compound semiconductor-based products for the broadband, fiber optics, space and solar power markets. Emcores Fiber Optics segment offers optical components, subsystems and systems for high speed data and telecommunications networks, cable television (CATV) and fiber-to-the-premises (FTTP). The firm’s Photovoltaics segment provides products for both space and terrestrial applications. For space applications, EMCORE offers high efficiency gallium arsenide (GaAs) solar cells, covered interconnected cells (CICs) and panels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar concentrator systems.
OPEL Solar Receives 2010 Innovation Award
The company was honored by Connecticut’s Greater Valley Chamber of Commerce for its solar HCPV technology and solar tracker systems.
The Shelton, Connecticut-based company was recognized for ongoing contributions to solar energy expansion with its patented, advanced solar HCPV technology and unique solar tracker systems.
OPEL Solar recently announced that it has January / February 2011
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