EMCORE PRESS RELEASE
Published on December 19, 2007
EXHIBIT
99.1
PRESS
RELEASE
EMCORE
Corporation Announces Preliminary Unaudited Results for its Fourth Quarter
and
Fiscal Year Ended September 30, 2007
|
·
|
Fiscal
2007 4th quarter revenue increased 33% year-over-year and 6% sequentially
to $47.0 million
|
|
·
|
Fiscal
2007 annual revenue exceeded guidance of $170
million
|
|
·
|
Fiscal
2008 annual revenue guidance to be raised over initial indication
of $210
- $230 million
|
ALBUQUERQUE,
New Mexico, December 14, 2007 -- EMCORE Corporation (NASDAQ: EMKR), a leading
provider of compound semiconductor-based components and subsystems for the
broadband, fiber optic, satellite, and terrestrial solar power markets, today
announced preliminary unaudited financial results for its fourth quarter and
fiscal year ended September 30, 2007.
Consolidated
revenue for the quarter ended September 30, 2007 totaled $47.0
million. This represents a revenue increase of approximately 33% from
$35.4 million reported last year from continuing operations and an increase
of
approximately 6% from $44.5 million from the prior
quarter. Consolidated revenue for the year ended September 30, 2007
totaled $170.1 million, exceeding expectations. This represents a
revenue increase of approximately 18% from $143.5 million reported last year
from continuing operations.
Fiber
Optics revenue for the fourth quarter of fiscal 2007 totaled $31.3 million,
which represents an increase of 11% from $28.0 million reported last year and
an
increase of 13% from $27.6 million reported from the prior quarter. For the
year
ended September 30, 2007, Fiber Optics revenue increased 5% to $110.4 million
from $104.9 million, as reported in the prior year. Despite lower
revenue from our legacy datacom products that serve the digital fiber optics
sector, we achieved sequential revenue growth in our Fiber Optics sector. The
annual increase in revenue was primarily due to a significant increase in sales
of our CATV products, FTTP components and revenues associated with our
acquisition of Opticomm Corporation. On a quarterly basis, fiscal
2007 Fiber Optics revenue was $25.3 million, $26.2 million, $27.6 million and
$31.3 million.
Photovoltaics
revenue increased 116% for the fourth quarter of fiscal 2007 to $15.8 million
when compared to $7.3 million reported last year, and decreased 7% from $16.9
million reported from the prior quarter. For the year ended September
30, 2007, Photovoltaics revenue increased 54% to $59.7 million from $38.7
million, as reported in the prior year. The decrease in sequential
quarterly revenue in our Photovoltaics segment was due to the timing of certain
order shipments. On an annual basis, revenue for our Photovoltaics
segment exceeded expectations. The annual increase in revenue was primarily
due
to increased demand of solar cells and panels for commercial satellites,
government engineering programs, and emerging business of concentrator solar
cells for terrestrial power applications. On a quarterly basis,
fiscal 2007 Photovoltaics revenue was $13.4 million, $13.6 million, $16.9
million and $15.8 million.
Consolidated
gross profit for the quarter ended September 30, 2007 totaled $8.3
million. Gross profit increased from $4.2 million reported last year
from continuing operations and decreased from $9.8 million from the prior
quarter. Consolidated gross profit for the year ended September 30,
2007 totaled $30.7 million. This represents an increase of 18% from
$26.0 million reported last year from continuing operations.
Consolidated
gross margin for the quarter ended September 30, 2007 was approximately
18%. This represents an increase from the 12% reported in the prior
year and a decrease from the 22% reported in the prior
quarter. Consolidated gross margins were 18% for both years ended
September 30, 2007 and 2006. On a segment basis, Fiber Optics gross
margins were 17% and 18% for the fourth quarter and year ended September 30,
2007, respectively. Fiber Optics gross margin on a quarterly basis
improved from 13% gross margin as reported in the prior year and decreased
from
22% gross margin as reported in the prior quarter. The sequential
decrease in Fiber Optics gross margin was primarily due to unabsorbed overhead
due to low datacom product revenue and changes in product mix involving
increased sales of lower margin FTTP components. Photovoltaics gross margins
were 19% and 18% for the fourth quarter and year ended September 30, 2007,
respectively. Photovoltaics gross margin on a quarterly basis
improved from 6% gross margin as reported in the prior year and decreased from
22% gross margin as reported in the prior quarter. The decrease in
Photovoltaics gross margin when compared to the prior quarter was a result
of
lower overall revenue and changes in product mix involving increased sales
of
lower margin satellite solar cells.
Operating
expenses for the fourth quarter and year ended September 30, 2007 totaled $23.7
million and $86.8 million, respectively. A significant portion of the
quarter-over-quarter and year-over-year increase in operating expenses was
due
to expenses associated with our investment in the Company’s new terrestrial
Solar Power Systems division, professional fees incurred associated with our
review of historical stock option granting practices, stock-based compensation,
and restructure-, severance- and litigation-related expenses (later referred
to
as “Adjusted Expenses” and as disclosed in detail in the attached non-GAAP
tables). Excluding Adjusted Expenses, operating expenses for the
fourth quarter and year ended September 30, 2007 totaled $14.3 million and
$52.4
million, respectively. This represents a decrease of $2.9 million of
operating expense when compared to the fourth quarter of fiscal 2006 and a
decrease of $0.6 million of operating expense on an annual
basis. Fiscal 2007 fourth quarter results also included approximately
$0.6 million associated with our new manufacturing facility in Langfang, China
and approximately $0.4 million of operating expense associated with our recent
acquisition of Opticomm Corporation.
Operating
loss for the fourth quarter and year ended September 30, 2007 totaled $15.3
million and $56.0 million, respectively. Excluding Adjusted Expenses,
our adjusted operating loss for the fourth quarter and year ended September
30,
2007 totaled $5.5 million and $20.3 million, respectively. This
represents a decrease in operating loss of $7.2 million when compared to the
fourth quarter of fiscal 2006 and a decrease in operating loss of $5.6 million
on an annual basis.
Our
net
loss for the fourth quarter and year ended September 30, 2007 totaled $16.2
million, or $0.32 loss per share and $57.3 million or $1.12 loss per share,
respectively. Excluding Adjusted Expenses, our adjusted net loss for
the fourth quarter and year ended September 30, 2007 totaled $6.4 million or
$0.13 loss per share and $21.5 million or $0.42 loss per share,
respectively.
Cash,
cash equivalents and marketable securities at September 30, 2007 totaled $41.2
million, a decrease of $7.1 million from the prior quarter. The decrease was
primarily due to payment of professional fees incurred associated with our
review of historical stock option granting practices, legal costs associated
with our patent infringement lawsuits against Optium Corporation and various
increases in net working capital requirements.
As
of
September 30, 2007, EMCORE had an order backlog of approximately $149 million
as
compared to a backlog of approximately $48 million from the prior
year. The September 30, 2007 order backlog is comprised of $127
million for our Solar Power segment and $22 million for our Fiber Optics
segment. Within our Solar Power segment, $57 million relates to our
satellite solar power business and $70 million relates to our terrestrial solar
power business. The significant increase in order backlog is
attributable to the receipt of long-term photovoltaics-related sales contracts,
of which approximately $45 million is scheduled for shipment after calendar
year
2008.
Management
Discussion and Outlook:
“Fiscal
2007 was a year of transition at EMCORE. We consolidated operations, transferred
product manufacturing to our new facility in China, extended our industry
leading satellite photovoltaics product line to serve the terrestrial solar
power market and experienced continued growth in our broadband CATV product
line. Our primary objective for the coming year is to achieve
positive earnings per share in 2008. We are well positioned in each
of our core product markets and foresee continued improvement in our competitive
position across all segments” stated Reuben F. Richards, Jr., Chief Executive
Officer.
Company
& Quarterly Highlights:
August
6,
2007 — EMCORE announced that it attained a record 39% conversion efficiency
under 1000x concentrated illumination on its multi-junction solar cell products
currently in high volume production. These solar cells are for terrestrial
concentrator photovoltaic (CPV) systems applications. EMCORE’s
concentrated triple-junction (CTJ) solar cells were designed and optimized
for
the most desirable system operating conditions, i.e. 500-1000x concentration,
for cost effective commercial CPV systems. The record conversion efficiency
of
39% was measured on 1-cm2 production concentrator solar cells and at 1000x
illumination. EMCORE is currently manufacturing ultra-high efficiency CTJ cells
with a variety of form factors for multiple customers and has shipped several
million concentrator solar cells to CPV system manufacturers worldwide. As
a
part of the planned high-volume product roadmap, EMCORE’s continuing investment
in technological innovation will enable the introduction of concentrator solar
cell products with conversion efficiencies of greater than 40% under the high
illumination operating conditions required for next generation, cost competitive
CPV systems.
August
29, 2007 — EMCORE announced that it was awarded a follow-on production order
from Green and Gold Energy (GGE), Adelaide, South Australia, for 3 million
solar
cells for use in GGE's SunCubeTM terrestrial concentrator system. This 105
MW
purchase order was a follow-on order to an initial 5 MW order placed earlier
in
the year. All hardware ordered under this contract is to be shipped by December
2008.
August
31, 2007 — EMCORE announced the consolidation of its North American fiber optics
engineering and design centers into its main operating
sites. EMCORE's engineering facilities in Virginia, Illinois, and
Northern California were consolidated into larger primary sites in Albuquerque,
New Mexico and Alhambra, California. The consolidation of these engineering
sites should allow EMCORE to leverage resources within engineering, new product
introduction, and customer service. By consolidating facilities,
EMCORE expects to realize annual cost savings of approximately $7.0
million.
November
1, 2007 — EMCORE announced that following the completion of the voluntary review
of the Company's historical stock option granting practices, the Company filed
with the Securities and Exchange Commission ("SEC") its Annual Report on Form
10-K for the fiscal year ended September 30, 2006 and its Quarterly Reports
on
Form 10-Q for the quarters ended December 31, 2006, March 31, 2007, and June
30,
2007. These filings supersede in their entirety the preliminary quarterly
earnings releases issued on January 8, 2007, April 25, 2007, July 10, 2007,
and
October 10, 2007.
December
12, 2007 — EMCORE announced that it signed a memorandum of understanding for the
supply of 60MW of solar power systems that are scheduled for deployment in
Ontario, Canada over the next three years. EMCORE will supply and install
turnkey solar power systems in the Sault Ste Marie area utilizing EMCORE's
concentrating photovoltaic (CPV) systems developed at its Albuquerque, NM
facility. EMCORE also has the right to substitute other solar technologies
in
portions of the projects. The project developer, Pod Generating Group (PGG),
has
secured the licenses and permits for the project through the Ontario Power
Authority Standard Offer Program and system deployment is expected to begin
in
mid-2008. PGG is a developer of photovoltaics-based power generation facilities
in Northern Ontario, Canada.
December
14, 2007 — EMCORE filed a Form 12b-25, Notification of Late Filing, with the SEC
because the filing delays discussed above have not allowed sufficient time
for
the completion of our fiscal 2007 audit by December 14, 2007. The
Company anticipates that it will be able to file its fiscal 2007 Form 10-K
within the fifteen-day period, or December 31, 2007, the extended deadline
provided under Rule 12b-25(b)(2)(ii).
***
EMCORE
will discuss these preliminary unaudited financial results on a conference
call
to be held on Tuesday, December 18, 2007, at 9:00 a.m. ET. To
participate in the conference call, U.S. callers should dial (toll free)
866-710-0179 and international callers should dial 334-323-9871. The
access code for the call is 958735. A replay of the call will be
available beginning December 18, 2007 at 11:00 a.m. ET until Tuesday, December
25, 2007 at 11:59 p.m. ET. The replay call-in number for U.S. callers
is 877-656-8905, for international callers it is 334-323-9859, and the access
code is 86551201. The call also will be web cast via the Company's
web site at http://www.emcore.com. Please go to the site
beforehand to download any necessary software.
About
EMCORE
EMCORE
Corporation is a leading provider of compound semiconductor-based components
and
subsystems for the broadband, fiber optic, satellite and terrestrial solar
power
markets. EMCORE's Fiber Optics segment offers optical components,
subsystems and systems that enable the transmission of video, voice and data
over high-capacity fiber optic cables for high-speed data and
telecommunications, cable television (CATV) and fiber-to-the-premises (FTTP)
networks. EMCORE's Solar Power segment provides solar products for
satellite and terrestrial applications. For satellite applications, EMCORE
offers high-efficiency compound semiconductor-based gallium arsenide (GaAs)
solar cells, covered interconnect cells and fully integrated solar
panels. For terrestrial applications, EMCORE offers concentrating
photovoltaic (CPV) systems for utility scale solar applications as well as
offering its high-efficiency GaAs solar cells and CPV components for use in
solar power concentrator systems. For specific information about our
company, our products or the markets we serve, please visit our website at
http://www.emcore.com.
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
Securities Exchange Act of 1934. Such forward-looking statements include, but
are not limited to, (a) the Company’s unaudited results for the fourth quarter
and fiscal year 2007, (b) statements related to the Company’s review of its
historic stock option granting practices, and (c) the timing of filing of
reports with the SEC. These risks and uncertainties include, but are not limited
to, (a) the difficulty of predicting quarterly and year-end financial results,
(b) the finalization and audit of the Company’s fiscal year 2007 results, (c)
risks arising out of or related to the Company’s past practices
related to stock option grants and the resulting restatement of the Company’s
financial statements as reflected in its annual report on Form 10-K for its
2006
fiscal year, including the risk of possible litigation, and (d) factors
discussed from time to time in reports filed by the Company with the SEC. The
forward-looking statements contained in this announcement are made as of the
date hereof and EMCORE does not assume any obligation to update the reasons
why
actual results could differ materially from those projected in the
forward-looking statements.
EMCORE
CORPORATION
Condensed
Consolidated Statements of Operations
For
the three and twelve months ended September 30, 2007 and
2006
(in
thousands)
(unaudited)
|
Three
Months Ended
September
30,
|
Twelve
Months Ended
September
30,
|
||||||||||||
|
2007
|
2006
|
2007
|
2006
|
||||||||||
|
Revenue
|
$
|
47,015
|
$
|
35,366
|
$
|
170,067
|
$
|
143,533
|
|||||
|
Cost
of revenue
|
38,678
|
31,174
|
139,330
|
117,581
|
|||||||||
|
Gross
profit
|
8,337
|
4,192
|
30,737
|
25,952
|
|||||||||
|
Operating
expenses:
|
|||||||||||||
|
Selling,
general and administrative
|
15,583
|
12,585
|
56,780
|
38,177
|
|||||||||
|
Research
and development
|
8,103
|
5,632
|
29,988
|
19,692
|
|||||||||
|
Impairment
of goodwill and intellectual property
|
-
|
2,233
|
-
|
2,233
|
|||||||||
|
Total
operating expenses
|
23,686
|
20,450
|
86,768
|
60,102
|
|||||||||
|
Operating
loss
|
(15,349
|
)
|
(16,258
|
)
|
(56,031
|
)
|
(34,150
|
)
|
|||||
|
Other
(income) expenses:
|
|||||||||||||
|
Interest
income
|
(577
|
)
|
(447
|
)
|
(4,120
|
)
|
(1,286
|
)
|
|||||
|
Interest
expense
|
1,209
|
1,365
|
4,985
|
5,352
|
|||||||||
|
Loss
from convertible subordinated notes exchange offer
|
-
|
-
|
-
|
1,078
|
|||||||||
|
Loss
from early redemption of convertible subordinated
notes
|
-
|
-
|
561
|
-
|
|||||||||
|
Impairment
of investment
|
-
|
500
|
-
|
500
|
|||||||||
|
Loss
on disposal of property, plant & equipment
|
210
|
424
|
210
|
424
|
|||||||||
|
Gain
from insurance proceeds
|
-
|
-
|
(357
|
)
|
-
|
||||||||
|
Net
gain on sale of GELcore investment
|
-
|
(88,040
|
)
|
-
|
(88,040
|
)
|
|||||||
|
Equity
in net loss of unconsolidated affiliates
|
-
|
620
|
-
|
931
|
|||||||||
|
Foreign
exchange gain
|
(1
|
)
|
-
|
(13
|
)
|
-
|
|||||||
|
Total
other expenses (income)
|
841
|
(85,578
|
)
|
1,266
|
(81,041
|
)
|
|||||||
|
(Loss)
income from continuing operations before income
taxes
|
(16,190
|
)
|
69,320
|
(57,297
|
)
|
46,891
|
|||||||
|
Provision
for income taxes
|
-
|
1,852
|
-
|
1,852
|
|||||||||
|
(Loss)
income from continuing operations
|
(16,190
|
)
|
67,468
|
(57,297
|
)
|
45,039
|
|||||||
|
Discontinued
operations:
|
|||||||||||||
|
Income
from discontinued operations
|
-
|
33
|
-
|
373
|
|||||||||
|
Gain
on disposal of discontinued operations, net of tax
|
-
|
7,499
|
-
|
9,511
|
|||||||||
|
Income
from discontinued operations
|
-
|
7,532
|
-
|
9,884
|
|||||||||
|
Net
(loss) income
|
$
|
(16,190
|
)
|
$
|
75,000
|
$
|
(57,297
|
)
|
$
|
54,923
|
|||
|
Basic
per share data:
|
|||||||||||||
|
(Loss)
income from continuing operations
|
$
|
(0.32
|
)
|
$
|
1.33
|
$
|
(1.12
|
)
|
$
|
0.91
|
|||
|
Income
from discontinued operations
|
-
|
0.15
|
-
|
0.20
|
|||||||||
|
Net
(loss) income
|
$
|
(0.32
|
)
|
$
|
1.48
|
$
|
(1.12
|
)
|
$
|
1.11
|
|||
|
Weighted-average
number of basic shares outstanding
|
51,081
|
50,728
|
51,001
|
49,687
|
|||||||||
EMCORE
CORPORATION
Condensed
Consolidated Balance Sheet
As
of September 30, 2007 and 2006
(in
thousands, except share data)
(unaudited)
|
|
2007
|
2006
|
||||||
|
ASSETS
|
||||||||
|
Current
assets:
|
||||||||
|
Cash
and cash equivalents
|
$
|
12,151
|
$
|
22,592
|
||||
|
Marketable
securities
|
29,075
|
101,375
|
||||||
|
Restricted
cash
|
1,538
|
738
|
||||||
|
Accounts
receivable, net
|
38,424
|
27,387
|
||||||
|
Receivables,
related parties
|
332
|
453
|
||||||
|
Notes
receivable
|
-
|
3,000
|
||||||
|
Inventory,
net
|
29,309
|
23,252
|
||||||
|
Prepaid
expenses and other current assets
|
4,160
|
4,518
|
||||||
|
|
||||||||
|
Total
current assets
|
114,989
|
183,315
|
||||||
|
Property,
plant and equipment, net
|
57,427
|
55,186
|
||||||
|
Goodwill
|
41,061
|
40,447
|
||||||
|
Other
intangible assets, net
|
5,275
|
4,293
|
||||||
|
Investments
in unconsolidated affiliates
|
14,872
|
981
|
||||||
|
Long-term
receivables, related parties
|
-
|
82
|
||||||
|
Other
non-current assets, net
|
2,575
|
3,243
|
||||||
|
|
||||||||
|
Total
assets
|
$
|
236,199
|
$
|
287,547
|
||||
|
LIABILITIES
and SHAREHOLDERS’ EQUITY
|
||||||||
|
Current
liabilities:
|
||||||||
|
Accounts
payable
|
$
|
22,653
|
$
|
20,122
|
||||
|
Accrued
expenses and other current liabilities
|
28,912
|
22,082
|
||||||
|
Convertible
subordinated notes, current portion
|
-
|
11,428
|
||||||
|
Total
current liabilities
|
51,565
|
53,632
|
||||||
|
|
||||||||
|
Convertible
subordinated notes
|
84,981
|
84,516
|
||||||
|
Deferred
income taxes
|
71
|
-
|
||||||
|
Total
liabilities
|
136,617
|
138,148
|
||||||
|
Shareholders’
equity:
|
||||||||
|
Preferred
stock, $0.0001 par, 5,882 shares authorized, no shares
outstanding
|
-
|
-
|
||||||
|
Common
stock, no par value, 100,000 shares authorized, 51,208 shares issued
and
51,049 shares
outstanding as of September 30, 2007; 50,962 shares issued and
50,803
shares outstanding as of September 30, 2006
|
443,835
|
436,338
|
||||||
|
Accumulated
deficit
|
(342,153
|
)
|
(284,856
|
)
|
||||
|
Accumulated
other comprehensive loss
|
(17
|
)
|
-
|
|||||
|
Treasury
stock, at cost; 159 shares as of September 30, 2007 and
2006
|
(2,083
|
)
|
(2,083
|
)
|
||||
|
Total
shareholders’ equity
|
99,582
|
149,399
|
||||||
|
|
||||||||
|
Total
liabilities and shareholders’ equity
|
$
|
236,199
|
$
|
287,547
|
||||
Use
of Non-GAAP Measures
EMCORE
provides non-GAAP operating expenses, non-GAAP operating loss, and non-GAAP
net
loss as supplemental measures to GAAP regarding our operational performance.
These financial measures exclude the impact of certain items and, therefore,
have not been calculated in accordance with GAAP. A detailed explanation of
each
of the adjustments to such financial measures is described below. This press
release also contains a reconciliation of each of these non-GAAP financial
measures to its most comparable GAAP financial measure.
EMCORE
believes that the additional non-GAAP measures are useful to investors for
financial analysis. In particular, management believes it is
appropriate in evaluating EMCORE's operations to exclude gains or losses from
one-time items such as restructuring, severance and patent litigation-related
charges, charges associated with our review of historical stock option grants
and expenses incurred at our new terrestrial Solar Power Systems division
because these items would make results less comparable between
periods. Management believes adjusting for stock-based compensation
expense is appropriate, as it is a non-cash expense, and adjusting is consistent
with the practice of most of our competitors. Management also uses these
measures internally to evaluate the company's operating performance, and the
measures are used for planning and forecasting of future periods. In
addition, many financial analysts that follow our Company focus on and publish
both historical results and future projections based on non-GAAP financial
measures. We believe that it is in the best interest of our investors to provide
this information to analysts so that they accurately report the non-GAAP
financial information. However, non-GAAP measures are not in
accordance with, nor are they a substitute for, GAAP measures.
While
management believes that these non-GAAP financial measures provide useful
supplemental information to investors, there are limitations associated with
the
use of these non-GAAP financial measures. These non-GAAP financial measures
are
not prepared in accordance with GAAP, may not be reported by all of the
Company's competitors and may not be directly comparable to similarly titled
measures of the Company's competitors due to potential differences in the exact
method of calculation. The Company compensates for these limitations by using
these non-GAAP financial measures as supplements to GAAP financial measures
and
by reviewing the reconciliations of the non-GAAP financial measures to their
most comparable GAAP financial measures.
Non-GAAP
financial measures are not in accordance with, or alternative for, generally
accepted accounting principles in the United States. The Company's non-GAAP
financial measures are not meant to be considered in isolation or as a
substitute for comparable GAAP financial measures, and should be read only
in
conjunction with the Company's consolidated financial statements prepared in
accordance with GAAP.
Pursuant
to the requirements of Regulation G, the Company has provided a reconciliation
of the non-GAAP financial measures to the most directly comparable GAAP
financial measures as indicated in the tables listed below:
|
EMCORE
CORPORATION
Non
-GAAP Table – Operating Expenses
Unaudited
(in
thousands)
|
Three
Months Ended
September
30,
|
Twelve
Months Ended
September
30,
|
|||||||||||
|
2007
|
2006
|
2007
|
2006
|
||||||||||
|
Operating
expenses – as reported
|
$
|
23,686
|
$
|
20,450
|
$
|
86,678
|
$
|
60,102
|
|||||
|
Adjusted
Expenses:
|
|||||||||||||
|
Solar
Power Systems division expense
|
(2,644
|
)
|
(942
|
)
|
(9,357
|
)
|
(1,254
|
)
|
|||||
|
Stock
option restatement-related expense
|
(2,787
|
)
|
(1,339
|
)
|
(10,699
|
)
|
(1,339
|
)
|
|||||
|
Restructuring,
severance and patent litigation-related expense
|
(3,232
|
)
|
(100
|
)
|
(9,754
|
)
|
(958
|
)
|
|||||
|
Stock-based
compensation expense
|
(675
|
)
|
(852
|
)
|
(4,505
|
)
|
(3,592
|
)
|
|||||
|
Operating
expenses – Non-GAAP
|
$
|
14,348
|
$
|
17,217
|
$
|
52,363
|
$
|
52,959
|
|||||
|
EMCORE
CORPORATION
Non
-GAAP Table – Operating Loss
Unaudited
(in
thousands)
|
Three
Months Ended
September
30,
|
Twelve
Months Ended
September
30,
|
|||||||||||
|
2007
|
2006
|
2007
|
2006
|
||||||||||
|
Operating
loss – as reported
|
$
|
(15,349
|
)
|
$
|
(16,258
|
)
|
$
|
(56,031
|
)
|
$
|
(34,150
|
)
|
|
|
Adjusted
Expenses:
|
|||||||||||||
|
Solar
Power Systems division expense
|
2,644
|
942
|
9,357
|
1,254
|
|||||||||
|
Stock
option restatement-related expense
|
2,787
|
1,339
|
10,699
|
1,339
|
|||||||||
|
Restructuring,
severance and patent litigation-related expense
|
3,232
|
100
|
9,754
|
958
|
|||||||||
|
Stock-based
compensation expense
|
1,139
|
1,201
|
5,939
|
4,726
|
|||||||||
|
Operating
loss – Non-GAAP
|
$
|
(5,547
|
)
|
$
|
(12,676
|
)
|
$
|
(20,282
|
)
|
$
|
(25,873
|
)
|
|
|
Operating
loss per basic share – Non-GAAP
|
$
|
(0.11
|
)
|
$
|
(0.25
|
)
|
$
|
(0.40
|
)
|
$
|
(0.52
|
)
|
|
|
EMCORE
CORPORATION
Non
-GAAP Table – Net Loss
Unaudited
(in
thousands)
|
Three
Months Ended
September
30,
|
Twelve
Months Ended
September
30,
|
|||||||||||
|
2007
|
2006
|
2007
|
2006
|
||||||||||
|
Net
loss – as reported
|
$
|
(16,190
|
)
|
$
|
75,000
|
$
|
(57,297
|
)
|
$
|
54,923
|
|||
|
Adjusted
Expenses:
|
|||||||||||||
|
Solar
Power Systems division expense
|
2,644
|
942
|
9,357
|
1,254
|
|||||||||
|
Stock
option restatement-related expense
|
2,787
|
1,339
|
10,699
|
1,339
|
|||||||||
|
Restructuring,
severance and patent litigation-related expense
|
3,232
|
100
|
9,754
|
958
|
|||||||||
|
Stock-based
compensation expense
|
1,139
|
1,209
|
5,939
|
4,994
|
|||||||||
|
Income
from discontinued operations
|
-
|
(7,532
|
)
|
-
|
(9,884
|
)
|
|||||||
|
Net
(loss) income – Non-GAAP
|
$
|
(6,388
|
)
|
$
|
71,058
|
$
|
(21,548
|
)
|
$
|
53,584
|
|||
|
Net
(loss) income per basic share – Non-GAAP
|
$
|
(0.13
|
)
|
$
|
1.40
|
$
|
(0.42
|
)
|
$
|
1.08
|
|||
Contacts:
EMCORE
Corporation
Adam
Gushard
Interim
Chief Financial Officer
(505)
332-5000
info@emcore.com
TTC
Group
Victor
Allgeier
(646)
290-6400
info@ttcominc.com