EMCORE Corporation Announces Financial Results for Fourth Quarter and Fiscal Year Ended September 30, 2015

• Consolidated Q4 revenue of $23.0 million
• Non-GAAP Q4 income from continuing operations of $2.7 million and GAAP income from continuing operations of $1.4 million
• Consolidated Q4 GAAP net income of $1.5 million after taking into effect income from discontinued operations of $0.1 million
• Consolidated revenue for Fiscal Year 2015 was $81.7 million
• Consolidated net income for Fiscal Year 2015 including income from discontinued operations of $65.4 million, was $63.1 million
• Anticipate Q1 revenue of $22 to $24 million

ALHAMBRA, Calif., Dec. 08, 2015 (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 fourth quarter and fiscal year ended September 30, 2015.

Financial Statement Highlights for the Fourth Quarter of Fiscal 2015:

• Consolidated revenue was $23.0 million, representing a 8.6% increase from the immediate preceding quarter
• Consolidated gross margin was 41.1%, an improvement from the 36.3% gross margin reported in the immediate preceding quarter
• Non-GAAP income from continuing operations was $2.7 million, an improvement of approximately $0.7 million over the immediate preceding quarter
• Consolidated net income was $1.5 million, a $1.0 million decrease when compared to the immediate preceding quarter
• Consolidated net income per share was $0.06 compared to net income per share of $0.08 in the immediate preceding quarter

Financial Statement Highlights for the Fiscal Year Ended September 30, 2015:

• Consolidated revenue was $81.7 million, representing a 47.1% increase from the prior year
• Consolidated gross margin was 35.1%, an improvement from the 21.8% gross margin reported in the prior year
• Non-GAAP income from continuing operations was $4.2 million, an improvement of approximately $18.0 million over the prior year.
• Consolidated net income, including income from discontinued operations of $65.4 million, was $63.1 million, a $58.2 million increase when compared to the prior year
• Consolidated net income per share was $2.10 compared to net income per share of $0.16 reported in the prior year
• Cash and cash equivalents was $111.9 million at the end of the year, an increase of $91.2 million when compared to the prior year

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 first quarter ended December 31, 2015 to be in the range of $22 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 December 8, 2015 following the conclusion of the call on the Company's website.

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 income (loss) 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.

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, 2014, 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												For the Fiscal Years Ended
	September 30,				June 30,				September 30,				September 30,				September 30,
		2015				2015				2014				2015				2014
Revenue	$	23,018			$	21,194			$	14,302			$	81,685			$	55,514
Cost of revenue		13,568				13,511				10,136				52,994				43,400
Gross profit		9,450				7,683				4,166				28,691				12,114
Operating expense (income):
Selling, general, and administrative		5,587				4,543				7,891				24,711				23,239
Research and development		2,649				2,274				2,466				9,119				9,306
Gain from change in estimate on ARO obligation		—				—				—				—				—
Loss (gain) on sale of assets		—				—				(100	)			228				(100	)
Total operating expense		8,236				6,817				10,257				33,213				32,445
Operating income (loss)		1,214				866				(6,091	)			(4,522	)			(20,331	)
Other income (expense):
Interest income (expense), net		36				4				(145	)			75				(522	)
Foreign exchange gain (loss)		(239	)			50				(5	)			(138	)			(7	)
Gain on sale of investment		—				—				—				—				307
Change in fair value of financial instruments		—				—				(5	)			122				34
Other income		—				—				51				—				51
Total other income (expense)		(203	)			54				(104	)			59	Editor's Picks Breathing through your nose when you exercise may make your runs easier Entrepreneurs are facing a mental health crisis — here's how to help them Are fish oil supplements as healthy as we think? And is eating fish better? Will AI kill our creativity? It could – if we don’t start to value and protect the traits that make us human Does AI have a right to free speech? Only if it supports our right to free thought How can I lower my cholesterol? Do supplements work? How about psyllium or probiotics? Why we need to set limits on sperm donation Aging with a healthy brain: How lifestyle changes could help prevent up to 40% of dementia cases Seven techniques to avoid weight regain, approved by experts Market Data Market Data by TradingView Financial Markets by TradingView Most Popular 1 Taiwan Political Standoff Deepens as President Lai Urges Parliament to Withdraw Disputed Laws 2 Trump Weighs Reclassifying Marijuana as Schedule III, Potentially Transforming U.S. Cannabis Industry 3 Biren Technology Targets Hong Kong IPO to Raise $300 Million Amid China’s AI Chip Push 4 SUPERFORTUNE Launches AI-Powered Mobile App, Expanding Beyond Web3 Into $392 Billion Metaphysics Market 5 Wall Street Futures Slip as Tech Stocks Struggle Ahead of Key US Economic Data 6 Trump’s Rob Reiner Remarks Spark Bipartisan Outrage After Tragic Deaths 7 Jimmy Lai Convicted Under Hong Kong National Security Law in Landmark Case 8 Asian Currencies Trade Sideways as Dollar Weakens Ahead of Key U.S. Data 9 FxWirePro: EUR/NZD advances as kiwi weakness after RBNZ's Breman comments 10 Sydney Bondi Beach Terror Attack Kills 16, Sparks Gun Law and Security Debate EconoTimes Back to Top ▲ ©PUBLISH Holdings . All Rights Reserved. By using this site, you agree to the Terms of Service, Privacy Policy, and Cookie Policy. About us Advertise with us Contribute Contact Us Disclaimer: EconoTimes provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and EconoTimes specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Brokerage. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. EconoTimes expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results. Welcome to EconoTimes Sign up for daily updates for the most important stories unfolding in the global economy.