07.02.13

Emcore Corporation: Q1 Results

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ALBUQUERQUE, N.M. - EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components, subsystems, and systems for the fiber optics and solar power markets, announced its financial results for its fiscal first quarter ended December 31, 2012.

Financial Results

Revenue:

Consolidated revenue for the first quarter ended December 31, 2012 was $49.3 million, which represents a 31.7% increase compared to the prior year and 3.8% increase from the immediate preceding quarter. On a segment basis, revenue for our Fiber Optics segment was $29.7 million, which represents a 62.1% increase compared to the prior year and 1.4% decrease compared to the immediate preceding quarter. Revenue for the Photovoltaics segment was $19.6 million, which represents a 2.5% increase compared to the prior year and 12.8% increase compared to the immediate preceding quarter.

Gross Profit:

Consolidated gross profit was approximately $10.9 million. Consolidated gross margin was 22.2%, which represents an increase from the 9.3% gross margin reported in the prior year and an increase from the 9.7% gross margin reported in the immediate preceding quarter. On a segment basis, Fiber Optics gross margin was 16.7%, which represents an increase from the negative 4.8% gross margin reported in the prior year and an increase from the 2.4% gross margin reported in the immediate preceding quarter. Photovoltaics gross margin was 30.5%, which represents an increase from the 22.7% gross margin reported in the prior year and an increase from the 22.2% gross margin reported in the immediate preceding quarter.

Operating Income (Loss):

The consolidated operating income was $2.8 million, which represents a $14.5 million improvement when compared to the prior year and a $9.1 million improvement when compared to the immediate preceding quarter. The quarter-over-quarter variance was primarily due to lower expenses associated with the Company's realignment efforts previously announced and improved results within the Company's business segments.

Net Income (Loss):

The consolidated net income was $2.8 million, which represents a $17.1 million improvement when compared to the prior year and a $9.4 million improvement when compared to the immediate preceding quarter. The consolidated net income per share was $0.11 compared to a net loss per share of $0.61 in the prior year and a net loss per share of $0.27 in the immediate preceding quarter.

Non-GAAP Net Income (Loss):

After excluding certain non-cash and other infrequent transactions as set forth in the attached non-GAAP table, our non-GAAP net income for the first quarter ended December 31, 2012 was $0.1 million, which represents an improvement of approximately $7.5 million from that reported for the prior year and approximately $6.4 million from the immediate preceding quarter. The consolidated non-GAAP net income per share was $0.00, which represents an increase from the $0.31 loss per share reported in the prior year and an improvement from the $0.26 loss per share reported in the immediate preceding quarter.

Order Backlog

As of December 31, 2012, order backlog for our Photovoltaics segment totaled $35.3 million, which represents an 18% decrease from $43.3 million reported as of September 30, 2012. The order backlog as of December 31, 2012 and September 30, 2012 included $3.4 million and $1.9 million, respectively, of terrestrial solar cell orders from our Suncore joint venture. Order backlog is defined as purchase orders or supply agreements accepted by us with expected product delivery and/or services to be performed and deferred revenue expected to be recognized within the next twelve months. Product sales from our Fiber Optics segment are made pursuant to purchase orders, often with short lead times.

Business Outlook

On a consolidated basis, we expect revenue for our second quarter ended March 31, 2013 to be in the range of $45 to $49 million, which includes revenue from our joint venture Suncore.

 About EMCORE

EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the fiber optics and solar power markets. 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 segment 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 www.emcore.com.

Use of Non-GAAP Financial Measures

We provide a non-GAAP net loss disclosure as a supplemental measure to U.S. GAAP regarding our operational performance. This financial measure excludes the impact of certain items; therefore, it has not been calculated in accordance with U.S. GAAP.

We believe that this additional non-GAAP financial measure is useful to investors in assessing our operating performance. We also use this financial measure internally to evaluate our operating performance and for planning and forecasting of future periods. In addition, financial analysts that follow us may focus on and publish both historical results and future projections based on our non-GAAP financial measure. We also believe that it is in the best interest of our investors to provide this non-GAAP information.

While we believe that this non-GAAP financial measure provides useful supplemental information to investors, there are limitations associated with the use of this non-GAAP financial measure. Our non-GAAP financial measure may not be reported by all of our competitors and it may not be directly comparable to similarly titled measures of other companies due to potential differences in calculation. We compensate for these limitations by using this non-GAAP financial measure as a supplement to U.S. GAAP and by providing a reconciliation of our non-GAAP financial measure to its most comparable U.S. GAAP financial measure.

Non-GAAP financial measures are not in accordance with or an alternative for U.S. GAAP. Our non-GAAP financial measure is not meant to be considered in isolation or as a substitute for comparable U.S. GAAP financial measures and it should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

Contact:
Mark Weinswig
Chief Financial Officer
(505) 332-5000
investor@emcore.com
TTC Group
Victor Allgeier
(646) 290-6400
vic@ttcominc.com
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