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Emcore quarterly gross profit plummets by 22%


On the positive side, consolidated revenue for fiscal 2011 increased by 5% from fiscal 2010, to $200.9 million


Emcore Corporation has announced its financial results for its fourth quarter and fiscal year ended September 30, 2011.


Consolidated revenue for the fourth quarter ended September 30, 2011 was $52.1 million, which represents a 4% decrease compared to the prior year. Revenue for the Fibre Optics segment was $30.9 million, a 10% decrease compared to the same quarter last year. Revenue for the Photovoltaics segment was $21.2 million, representing an 8% increase compared to the prior year.


Consolidated gross profit was $10.0 million, a 22% decrease compared to the prior year. Consolidated gross margin was 19.2%, which represents a decrease from the 23.6% gross margin reported in the same quarter last year.


On a segment basis, Fibre Optics gross margin was 18.0%, a decrease from the 20.4% gross margin reported in the prior year. Photovoltaics gross margin was 21.0%, a decrease from the 29.3% gross margin reported in the same quarter, 2010.


The consolidated operating loss was $14.4 million, which represents a $12.6 million increase in operating loss when compared to the prior year. Emcore says the quarter-over- quarter variance was primarily due to the $8.0 impairment charge recorded on the long-lived assets of its Fibre Optics segment offset slightly by the change in litigation settlements totalling $1.5 million and a decrease in non-cash stock- based compensation expense of $1.1 million.


The consolidated net loss was $14.3 million, which represents a $13.4 million increase in net loss when compared to the prior year. The


consolidated net loss per share was $0.15, which represents a $0.14 increase in net loss per share when compared to the same quarter last year. During the fourth quarter ended September 30, 2011, the firm recorded $1.0 million of non-operating expense related to its Suncore joint venture.


Annual Financial Results


Consolidated revenue for fiscal 2011 was $200.9 million, which represents a 5% increase compared to the prior year. On a segment basis, revenue for the Fibre Optics segment was $125.6 million, which represents a 3% increase compared to the prior year. Revenue for the Photovoltaics segment was $75.3 million, which represents an 8% increase compared to the same quarter last year.


Consolidated gross profit was $42.8 million, a 16% decrease compared to the prior year. Consolidated gross margin was 21.3%, which represents a decrease from the 26.5% gross margin reported in the prior year.


On a segment basis, Fibre Optics gross margin was 18.5%, which represents a decrease from the 23.1% gross margin reported in the corresponding quarter last year. Photovoltaics gross margin was 26.0%, a decrease from the 32.3% gross margin reported in the prior year.


The consolidated operating loss was $32.5 million, which represents an $11.1 million increase in operating loss when compared to the prior year. The year-over-year variance was primarily due to the decrease in gross profit and the $8.0 impairment charge recorded on the long-lived assets of the firm’s Fibre Optics segment, offset slightly by lower stock-based compensation expense of $2.4 million and the net gain related to litigation settlements totalling $1.1 million.


The consolidated net loss was $34.2 million, which represents a $10.5 million increase in net loss when compared to the prior year. The consolidated net loss per share was $0.38,


January / February 2012 www.compoundsemiconductor.net 173


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