Solar ♦ news digest
to serve more than 225,000 homes. The project is expected to offset approximately 5.5 million metric tons of CO2 over 25 years, the equivalent of taking over 40,000 cars off the road annually.
Emcore’s Q3 revenue in line with guidance
The company has reported revenue of $49.5 million for the latest quarter and says it projects Q4 revenue to be in the range of $51 to $55 million.
Emcore Corporation, a provider of compound semiconductor-based components, subsystems, and systems for the fibre optics and solar power markets, has announced its financial results for its third quarter ended June 30, 2011.
time last year.
On a segment basis, Fibre Optics gross margin was 19.4%, a decrease from the 25.9% gross margin reported in the prior year. Photovoltaics gross margin was 18.6%, which represents a decrease from both the 30.7% gross margin reported in the prior year.
Operating loss:
The consolidated operating loss was $11.2 million, which represents a $2.9 million increase in operating loss when compared to the same quarter last year.
Emcore says the quarter-over-quarter variance was primarily due to the change in litigation settlements totalling $4.1 million, an increase in non-cash stock- based compensation expense of $1.4 million, and an increase in research and development expense associated with the March 2011 Soliant Energy asset acquisition and our Fibre Optics segment.
Net loss:
The consolidated net loss was $11.1 million, which represents a $1.9 million increase in net loss when compared to the prior year. The consolidated net loss per share was $0.12, which represents a $0.01 increase in net loss per share when compared to the prior year. During the third quarter ended June 30, 2011, Emcore recorded $0.3 million of non-operating expense related to its Suncore joint venture.
Revenue:
Consolidated revenue for the third quarter ended June 30, 2011 was $49.5 million, which represents a 6% increase compared to the prior year.
On a segment basis, revenue for the Fibre Optics segment was $33.3 million, which represents a 6% increase compared to the prior year. Revenue for the Photovoltaics segment was $16.2 million, which represents a 7% increase compared to the same quarter last year.
Gross Profit:
Consolidated gross profit was $9.5 million, a 26% decrease compared to the prior year, while consolidated gross margin was 19.1%, a decrease from the 27.5% gross margin reported the same
Order Backlog As of June 30, 2011, Emcore has a consolidated order backlog of approximately $66.2 million, a 31% increase from the $50.5 million order backlog reported as of March 31, 2011. On a segment basis, the Photovoltaics order backlog totalled $39.6 million, a 50% increase from $26.4 million reported as of March 31, 2011. The Fibre Optics order backlog totalled $26.6 million, a 10% increase from $24.1 million reported as of March 31, 2011. The order backlog is defined as purchase orders or supply agreements accepted by the firm with expected product delivery and/or services to be performed within the next twelve months.
Balance Sheet Update As of June 30, 2011, cash, cash equivalents, and restricted cash totalled approximately $21.1 million. In May 2011, Emcore completed a common stock
August/September 2011
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