EMCORE Corporation Announces Financial Results for First Quarter Ended December 31, 2015

Consolidated Q1 revenue of $22.5 million

Consolidated Q1 GAAP net income of $1.0 million after taking into effect income from discontinued operations of $1.1 million

Non-GAAP Q1 income from continuing operations of $1.3 million and GAAP loss from continuing operations of $0.1 million

Anticipate Q2 revenue of $21 to $24 million

ALHAMBRA, Calif., Feb. 04, 2016 (GLOBE NEWSWIRE) -- EMCORE Corporation (NASDAQ:EMKR), a leading provider of Indium Phosphide (InP) optical chips, components, subsystems, and systems for the broadband and specialty fiber optics market, today announced financial results for its first quarter ended December 31, 2015.

Financial Highlights - First Quarter Ended December 31, 2015

Financial Highlights  For the Three Months Ended
(in thousands)  December 31, 2015  September 30, 2015  December 31, 2014
Revenue $22,490  $23,018  $18,416 
Gross Profit $7,401  $9,450  $5,179 
Operating income (loss) $20  $1,214  $(5,005)
Consolidated net income, including discontinued operations $987  $1,480  $56,128 
Income (loss) from continuing operations - Non-GAAP $1,285  $2,711  $(832)
             

Financial Statement Highlights for the First Quarter of Fiscal 2016:

  • Consolidated revenue was $22.5 million, representing a 2.3% decrease from the immediate preceding quarter
  • Consolidated gross margin was 32.9%, a decrease from the 41.1% gross margin reported in the immediate preceding quarter
  • Non-GAAP income from continuing operations was $1.3 million, a decrease of approximately $1.4 million over the immediate preceding quarter
  • Consolidated net income was $1.0 million, a $0.5 million decrease when compared to the immediate preceding quarter
  • Consolidated net income per share was $0.04 compared to net income per share of $0.06 in the immediate preceding quarter
  • Cash and cash equivalents was $115.5 million at the end of the quarter, an increase of $3.6 million when compared to the immediate preceding quarter

Other Matters

The Board of Directors continues to evaluate the Company's cash needs. At this time, the Company expects to approve a cash dividend or distribution to shareholders, with the timing and amount to be determined in a few months following completion of the review.

Business Outlook

We expect revenue for the second quarter ended March 31, 2016 to be in the range of $21 to $24 million.

Conference Call

We will discuss our financial results today at 4:30 p.m. ET. The call will be webcast via the Company's website at http://www.emcore.com. Please go to the site beforehand to download any necessary software. A webcast will be available for replay beginning February 4, 2016 following the conclusion of the call on the Company's website.

Conferences

Management will be participating in the following upcoming conferences:

  • Northland Capital Markets Growth Conference at Omni Berkshire Place, New York, NY on March 9, 2016
  • Optical Fiber Communication Conference and Exposition at Anaheim Convention Center, Anaheim, CA, Booth #1228 on March 22-24, 2016

About EMCORE

EMCORE Corporation designs and manufactures Indium Phosphide (InP) optical chips, components, subsystems and systems for the broadband and specialty fiber optics market. EMCORE was the pioneer in linear fiber optic transmission technology, and today is a leader in optical components, as well as a provider of complete end-to-end solutions for high-speed communications network infrastructures, enabling systems and service providers to meet growing demand for bandwidth and connectivity. EMCORE’s advanced optical technologies are designed for cable television (CATV) and fiber-to-the-premise (FTTP) networks, telecommunications and data centers, satellite communications, aerospace and defense, wireless networks, and broadcast and professional audio/video systems. With its world-class InP semiconductor wafer fabrication facility, EMCORE has fully vertically-integrated manufacturing capability and also provides contract design, foundry and component packaging services. EMCORE is headquartered in Alhambra, California with InP wafer fabrication operations in Alhambra, and ISO 9001 certified manufacturing in Alhambra and Langfang, China. For further information about EMCORE, visit http://www.emcore.com.

Use of Non-GAAP Financial Measures

We disclose non-GAAP net income (loss) from continuing operations as a supplemental measure to U.S. GAAP (loss) income from continuing operations regarding our operational performance. This financial measure excludes the impact of certain items that we do not believe are indicative of our core operating results; 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.


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