13.12.14

Emcore Coporation: Q4 & Fiscal Year Results

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     Consolidated Q4 revenue of $43.7 million
    Consolidated Q4 GAAP net income of $15.5 million, after taking into effect $24.1 million of income tax benefit
    Consolidated revenue and net income for Fiscal Year 2014 of $174.8 million and $4.9 million, respectively
    Transaction of Space Photovoltaics segment divestiture completed on December 10, 2014
    Telecom product line divestiture expected to close in January 2015
    Anticipate Q1 revenue of $17 to $19 million for the remaining Broadband Fiber Optics business and non-GAAP net loss of approximately $1 to $2 million

ALHAMBRA, California - EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components, subsystems, and systems for the fiber optics market, announced its financial results for its fourth quarter and fiscal year ended September 30, 2014.

 Financial Statement Highlights for the Fourth Quarter of Fiscal 2014:

    Consolidated revenue was $43.7 million, representing a 1.9% decrease from the immediate preceding quarter
    Fiber Optics revenues increased 8.8% to $28.5 million, and Photovoltaics revenue decreased 17.1% to $15.3 million over the immediate preceding quarter
    Consolidated gross margin was 14.4%, a decrease from the 21.1% gross margin reported in the immediate preceding quarter
    On a segment basis, Fiber Optics gross margin decreased to 11.1% from the 16.4% gross margin reported in the immediate preceding quarter due to an excess and obsolete inventory reserve of $2.8 million and Photovoltaics gross margin decreased to 20.5% from the 27.7% gross margin reported in the immediate preceding quarter
    Increase in the SG&A due to expenses associated with the announced divestitures and severance costs
    Consolidated operating loss was $8.5 million, a $5.4 million increase when compared to the immediate preceding quarter
    A deferred tax valuation allowance release of $24.1 million was recorded as an income tax benefit during the fourth quarter of 2014. We expect that substantially all of the $24.1 million benefit in deferred tax assets will be used in fiscal year 2015 when income tax expense is recorded in fiscal year 2015 as a result of the sale of the Photovoltaics business
    Consolidated net income was $15.5 million, an $18.6 million increase when compared to the immediate preceding quarter
    Consolidated net income per share was $0.50 compared to a net loss per share of $0.10 in the immediate preceding quarter
    Non-GAAP net loss was $1.2 million, or $0.04 per share, an improvement of approximately $0.4 million over the immediate preceding quarter
    Cash and cash equivalents was $20.7 million at the end of the fourth quarter, an increase of $2.5 million when compared to the immediate preceding quarter

 Financial Statement Highlights of Fiscal 2014:

    Consolidated revenue was $174.8 million, representing a 3.9% increase compared to the prior year
    Fiber Optics revenues increased 4.7% over the prior year to $101.6 million, and Photovoltaics revenue increased 2.9% to $73.2 million compared to the prior year
    Consolidated gross margin was 18.7%, an increase from the 16.8% gross margin reported in the prior year
    On a segment basis, Fiber Optics gross margin increased to 11.6% from the 10.1% gross margin reported in the prior year and Photovoltaics gross margin increased to 28.6% from the 25.8% gross margin reported in the prior year
    Consolidated operating loss was $19.1 million, a $19.3 million decline when compared to the prior year
    A net deferred tax valuation allowance release of $24.1 million was recorded as an income tax benefit during fiscal year 2014. We expect that substantially all of the $24.1 million benefit in deferred tax assets will be used in fiscal year 2015 when income tax expense is recorded as a result of the sale of the Photovoltaics business
    Consolidated net income was $4.9 million, a $0.1 million decline when compared to the prior year
    Consolidated net income per share was $0.16 compared to a net income per share of $0.19 reported in the prior year
    Non-GAAP net loss was $5.8 million, or $0.19 per share, an improvement of approximately $6.3 million, over the prior year
    Cash and cash equivalents was $20.7 million at the year end, an increase of $4.6 million when compared to the prior year

Business Outlook

As previously announced, on December 10, 2014, we completed the sale of our Space Photovoltaics business to SolAero Technologies Corp. In addition, we previously announced on October 23, 2014 that we had agreed to sell certain assets and liabilities of our Telecommunications Fiber Optics business to NeoPhotonics Corporation (the "Digital Products Sale"). Following the completion of the Digital Products Sale, we will continue to operate our Broadband Fiber Optics business. The Company currently expects to complete the Digital Products Sale in early January 2015.

On a consolidated basis, we expect revenue for the remaining Broadband Fiber Optics business first quarter ended December 31, 2014 to be in the range of $17 to $19 million and non-GAAP net loss of approximately $1 to $2 million. These amounts do not include any financial amounts associated with the Photovoltaics Business or Digital Products Business for the first quarter. The Company expects that beginning in the quarter ended December 31, 2014, the Broadband business will be the only reporting entity. As a reference, the revenue for the Broadband Fiber Optics business for the quarter ended September 30, 2014 was $14.3 million.


 About EMCORE

EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the fiber optics market. EMCORE's Fiber Optics business segment provides optical components, subsystems and systems for high-speed telecommunications, Cable Television (CATV) and Fiber-To-The-Premise (FTTP) networks, as well as products for satellite communications, video transport and specialty photonics technologies for defense and homeland security applications. EMCORE's Solar Photovoltaics business, which was sold in December 2014, provides products for space power applications including high-efficiency multi-junction solar cells, Covered Interconnect Cells (CICs) and complete satellite solar panels For further information about EMCORE, visit http://www.emcore.com.
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