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

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.

Forward-Looking Statements

The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. These forward-looking statements are largely based on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Such forward-looking statements include, in particular, projections about our future results included in our Exchange Act reports, statements about our plans, strategies, business prospects, changes and trends in our business and the markets in which we operate.

These forward-looking statements may be identified by the use of terms and phrases such as “anticipates”, “believes”, “can”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “plans”, “projects”, “targets”, “will”, and similar expressions or variations of these terms and similar phrases. Additionally, statements concerning future matters such as the development of new products, enhancements or technologies, sales levels, expense levels and other statements regarding matters that are not historical are forward-looking statements. We caution that these forward-looking statements relate to future events or our future financial performance and are subject to business, economic, and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance or achievements of our business or our industry to be materially different from those expressed or implied by any forward-looking statements.

These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, including without limitation, the following: (a) the rapidly evolving markets for the Company's products and uncertainty regarding the development of these markets; (b) the Company's historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; (c) delays and other difficulties in commercializing new products; (d) the failure of new products: (i) to perform as expected without material defects, (ii) to be manufactured at acceptable volumes, yields, and cost, (iii) to be qualified and accepted by our customers, and, (iv) to successfully compete with products offered by our competitors; (e) uncertainties concerning the availability and cost of commodity materials and specialized product components that we do not make internally; (f) actions by competitors; and (g) other risks and uncertainties discussed under Item 1A - Risk Factors in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015, as updated by our subsequent periodic reports.

Neither management nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. All forward-looking statements in this press release are made as of the date hereof, based on information available to us as of the date hereof, and subsequent facts or circumstances may contradict, obviate, undermine, or otherwise fail to support or substantiate such statements. We caution you not to rely on these statements without also considering the risks and uncertainties associated with these statements and our business that are addressed in our filings with the SEC that are available on the SEC's web site located at www.sec.gov, including the sections entitled "Risk Factors" in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Certain information included in this press release may supersede or supplement forward-looking statements in our other Exchange Act reports filed with the SEC. We assume no obligation to update any forward-looking statement to conform such statements to actual results or to changes in our expectations, except as required by applicable law or regulation.


EMCORE CORPORATION
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

   For the Three Months Ended
   December 31, 2015  September 30, 2015  December 31, 2014
Revenue $22,490  $23,018  $18,416 
Cost of revenue 15,089  13,568  13,237 
Gross profit 7,401  9,450  5,179 
Operating expense (income):      
Selling, general, and administrative 4,821  5,587  8,627 
Research and development 2,560  2,649  2,174 
Gain from change in estimate on ARO obligation     (845)
Loss on sale of assets     228 
Total operating expense 7,381  8,236  10,184 
Operating income (loss) 20   1,214     (5,005 )
Other income (expense):            
Interest (expense) income, net   (17 )   36     (130 )
Foreign exchange (loss) gain   (135 )   (239 )   57  
Change in fair value of financial instruments           36  
Total other expense   (152 )   (203 )   (37 )
(Loss) income from continuing operations before income tax (expense) benefit   (132 )   1,011     (5,042 )
Income tax (expense) benefit   (2 )   339     1,912  
(Loss) income from continuing operations   (134 )   1,350     (3,130 )
Income from discontinued operations, net of tax   1,121     130     59,258  
Net income   $ 987     $ 1,480     $ 56,128  
Per share data:            
Net (loss) income per basic share:            
Continuing operations   $ 0.00     $ 0.05     $ (0.10 )
Discontinued operations   0.04     0.01   1.90  
Net income per basic share   $ 0.04     $ 0.06     $ 1.80  
             
Net (loss) loss per diluted share:            
Continuing operations   $ 0.00     $ 0.05     $ (0.10 )
Discontinued operations   0.04     0.01     1.90  
Net income per diluted share   $ 0.04     $ 0.06     $ 1.80  
             
Weighted-average number of basic shares outstanding   25,697     25,615     31,217  
Weighted-average number of diluted shares outstanding   25,697     25,896     31,217  

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