EMCORE PRESS RELEASE
Published on February 11, 2008
EXHIBIT
99-1
PRESS
RELEASE
EMCORE
Corporation Announces 2008 Revenue Guidance and Preliminary Unaudited Results
For Its First Quarter Ended December 31, 2007
·
|
Including
our pending acquisition, fiscal 2008 annual revenue guidance is estimated
at $265 - $285 million, an increase of 25% from our previously provided
revenue guidance and a 60% increase when compared to prior year annual
revenue of $170 million
|
·
|
Including
our pending acquisition, calendar year 2008 revenue guidance is estimated
at $340 million
|
·
|
Quarterly
revenue increased 21% year-over-year to approximately $47
million
|
·
|
Quarterly
gross margin increased from 14% to 21%
year-over-year
|
·
|
Including
our pending acquisition, 2nd
quarter
revenue guidance is estimated at $56-57
million
|
ALBUQUERQUE,
New Mexico, February 6, 2008 -- 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 first quarter ended
December 31, 2007.
Consolidated
revenue for the quarter ended December 31, 2007 totaled approximately $47
million. This represents a revenue increase of approximately 21% from
$38.6 million reported last year and flat when compared to the prior quarter.
Fiber Optics revenue totaled $34.0 million, which represents an increase of
34%
from $25.3 million reported last year and an increase of 9% from $31.2 million
reported from the prior quarter. The increase in revenue was
primarily related to sales of our broadband products, as well as a recovery
of
10G products that serve the digital fiber optics sector, which increased 13%
year-over-year and 16% from the prior quarter. Photovoltaics revenue
totaled approximately $13 million, which represents a decrease of 3% from $13.3
million reported last year and a decrease of 18% from $15.8 million reported
from the prior quarter. Our Photovoltaics division experienced
delivery and installation delays on capital equipment purchased for its new
concentrator photovoltaics (CPV) solar cell and receiver manufacturing
line. The delayed equipment caused a shortfall of approximately $3.0
million in revenue associated with scheduled CPV receiver
shipments. All required capital equipment is expected to be on line
in the current quarter and shipment of CPV receivers should commence
shortly. We expect to make up the revenue shortfall in the current
fiscal year with no impact to fiscal 2008 revenue guidance.
Consolidated
gross profit for the quarter ended December 31, 2007 totaled $9.8 million,
which
represents an increase from $5.5 million reported last year and from $8.2
million reported in the prior quarter. Consolidated gross margin was
approximately 21%, which represents an increase from 14% gross margin reported
in the prior year and from 17% gross margin reported in the prior
quarter. On a segment basis, Fiber Optics gross margins were 23% for
the first quarter ended December 31, 2007, an improvement from 18% gross margin
reported in both the prior year and the prior quarter. The increase
in Fiber Optics gross margins is primarily due to increased revenue and
restructuring efforts completed by the Company in the prior
year. Photovoltaics gross margins were 14% for the first
quarter ended December 31, 2007. Photovoltaics gross margin on a
quarterly basis improved from 8% gross margin as reported in the prior year
and
decreased from 17% gross margin as reported in the prior quarter. The
sequential decrease in Photovoltaics gross margin was a result of deferred
revenue and unfavorable product mix.
Excluding
stock-based compensation expense, professional fees incurred associated with
our
review of historical stock option granting practices, non-recurring legal
expenses, and severance and restructuring-related expenses (later referred
to as
“Adjusted Expenses” and disclosed in detail in the attached non-GAAP tables),
operating expenses for the quarter ended December 31, 2007 totaled $16.0
million. This represents an increase of $1.9 million of operating
expense when compared to the prior year. This annual increase was
primarily related to increased SG&A spending in our new Terrestrial Solar
Power Systems division, as well as in our other divisions to support revenue
increases. On a GAAP basis, operating expenses for the
quarter ended December 31, 2007 totaled $23.4 million, which represents an
increase from $19.2 million reported last year and a decrease from $24.8 million
reported in the prior quarter. A significant portion of the
year-over-year increase in operating expenses was due to non-cash stock-based
compensation expense. The Company incurred approximately $4.4 million
in additional non-cash stock-based compensation expense related to the
modification of stock options issued to former employees.
Excluding
Adjusted Expenses, our adjusted operating loss for the quarter ended December
31, 2007 totaled $6.0 million. This represents a decrease in
operating loss of 28% or $2.3 million when compared to the prior
year. On a GAAP basis, operating loss for the quarter ended December
31, 2007 totaled $13.6 million.
Excluding
Adjusted Expenses, our adjusted net loss for the quarter ended December 31,
2007
totaled $6.8 million or $0.13 loss per share. This represents a decrease in
net
loss of 13% or $1.0 million when compared to the prior year. On a
GAAP basis, net loss for the quarter ended December 31, 2007 totaled $14.5
million, or $0.28 loss per share.
As
of
December 31, 2007, the Company had an order backlog of approximately $156
million as compared to a backlog of approximately $149 million as of September
30, 2007. The December 31, 2007 order backlog is comprised of $142
million for our Photovoltaics segment and $14 million for our Fiber Optics
segment. Within our Photovoltaics segment, $53 million relates to our
satellite solar power business and $89 million relates to our terrestrial solar
power business.
Cash,
cash equivalents and marketable securities at December 31, 2007 totaled
approximately $30 million, a decrease of $11.5 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, interest payments on our convertible subordinated notes, capital
expenditures, and various other increases in net working capital requirements.
The Company has plans to improve its liquidity position through additional
equity financing, as well as potential asset sales.
Management
Discussion and Outlook:
“Fiscal
2008 has started on a positive note with our recent success in developing large
CPV solar power system opportunities to be deployed in the Canadian, South
Korean and Spanish markets. We are also very excited about the
opportunity to supply up to 700 MW of solar power systems in the southwestern
region of the United States. Our order backlog for CPV components continues
to
increase. Our Fiber Optics divisions continue to experience
significant revenue growth both year-over-year and quarterly and the recently
announced acquisition of Intel’s telecom assets compliment our digital fiber
optic product portfolio. We are pleased with the improvement in
operating margins and we remain confident that 2008 will be a year of solid
earnings improvement and profitability for the Company. Calendar year
2008 revenue is expected to exceed $340 million, and the progress in each of
our
business segments continues to point towards the path of separating EMCORE
into
two separate companies,” stated Reuben F. Richards, Jr., Chief Executive
Officer.
Company
& Quarterly Highlights:
December
12, 2007 -EMCORE announced that it signed a memorandum of understanding for
the
supply of 60 Megawatts (MW) of solar power systems that are scheduled for
deployment in Ontario, Canada over the next three years. EMCORE will supply
and
install turn-key solar power systems in the Sault Ste Marie area utilizing
EMCORE's 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
17, 2007 - EMCORE announced that it has received a purchase order to supply
5.7
MW of EMCORE's CPV systems for alternative energy projects in South Korea,
along
with a letter of intent for follow-on projects of 14.3 MW, expected to be
released within the next six months. EMCORE also signed an agreement with DI
Semicon, a semiconductor packaging company in Seoul, Korea, regarding the
formation of a joint venture among DI Semicon, EMCORE and other parties. This
joint venture, when fully established and commenced operations, will manufacture
CPV systems in Korea for EMCORE, including systems for the 14.3 MW follow-up
projects described above and will also involve a minimum purchase commitment
of
15 MW annually of EMCORE CPV systems to be deployed in South Korea.
December
18, 2007 - EMCORE announced a definitive agreement to acquire the
telecom-related portion of Intel’s Optical Platform Division for $85
million. The purchase price will be paid $75 million in cash and $10
million in cash or common stock of EMCORE, at EMCORE’s option. The telecom
assets to be acquired include intellectual property, assets and technology
relating to tunable lasers and assemblies, tunable transponders and 300-pin
transponders. The acquisition will enhance EMCORE’s presence in the
telecommunications market segment and expand its fiber optics product portfolio,
allowing EMCORE to provide telecom customers with a more complete product
offering. The transaction is subject to regulatory review and certain other
closing conditions, and is expected to close by March 2008.
January
23, 2008 - EMCORE announced that it will supply its solar CPV components and
systems to the Spanish market through several agreements.
·
|
EMCORE
was awarded a 300-kilowatt (kW) CPV system contract by Spain’s Institute
of Concentrator Photovoltaics Systems (ISFOC). EMCORE expects to
have its
CPV systems installed in Castilla-La Mancha, Spain by December
2008.
|
·
|
EMCORE
reached an agreement to construct an 850-kW solar power park in
Extremadura, Spain. EMCORE will be utilizing its CPV solar power
system
and provide a turn-key solution with a scope of work including
engineering, procurement, and construction (EPC). This project is
expected
to be completed before July 2008 in order to take advantage of the
current
high feed-in tariff.
|
·
|
EMCORE
received a purchase order for one million CPV components from a prominent
CPV system integrator. This order is expected to be completed by
March
2009 with CPV products being deployed in projects within the Spanish
market.
|
January
29, 2008 – EMCORE, in privately negotiated transactions, entered into separate
agreements with holders of approximately 97.5%, or approximately $83.3 million
aggregate principal amount, of its outstanding 5.50% convertible senior
subordinated notes due 2011 (the “Notes”) pursuant to which the holders
converted their Notes into the Company’s common stock. Upon
conversion of the Notes, the Company issued 11.9 million shares of its common
stock, based on a conversion price of $7.01, in accordance with the terms of
the
Notes. The issuance of the Company’s common stock upon conversion of
the Notes was made in reliance on the exemption from the registration
requirements provided under Section 3(a)(9) of the Securities Act of 1933,
which
exempts the issuance of any security by an issuer with its existing security
holders exclusively where no commission or other remuneration is paid or given
directly or indirectly for soliciting such exchange. To incentivize
the holders to convert their Notes, the Company made cash payments to such
holders equal to 4% of the principal amount of the Notes converted, plus accrued
interest. In addition, on January 29, 2008, the Company called for
redemption all of its remaining outstanding Notes. The redemption
date is February 20, 2008 (the “Redemption Date”), and the redemption price,
which will be paid in cash, is 100% of the principal amount of the Notes
redeemed, plus accrued and unpaid interest to, but not including, the Redemption
Date. The Notes are convertible at any time at the option of the note
holders at a conversion price of $7.01 per share. The closing price of the
Company’s common stock on January 29, 2008 was $11.77. Note holders who wish to
convert their Notes must do so by the close of business on February 19,
2008.
January
31, 2008 - EMCORE announced that it has signed a memorandum of understanding
for
the supply of between 200 MW and 700 MW of solar power systems that are
scheduled for deployment in utility scale solar power projects under development
in the southwestern region of the United States. EMCORE will supply and install
turn-key solar power systems utilizing EMCORE's CPV systems developed at its
Albuquerque, NM facility. The project developer, SunPeak Solar, is securing
land
and grid access throughout 2008 and project construction is expected to begin
in
early 2009. This agreement is not expected to contribute revenues until 2009
and
is dependant on the renewal of the federal investment tax credit (ITC) extending
into 2009 and beyond.
***
EMCORE
will discuss its quarterly results on a conference call to be held on Thursday,
February 7, 2008, 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
39197. A replay of the call will be available beginning February 7,
2008 at 12:00 p.m. ET until February 14, 2008 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 37247359. 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 relating to future events that involve risks
and
uncertainties. Such forward-looking statements include but are not limited
to
words such as "expects," "anticipates," "intends," "plans," believes," and
"estimates," and variations of these words and similar expressions, identify
these forward-looking statements. These forward-looking statements also include,
without limitation, (a) any statements or implications regarding EMCORE’s
ability to remain competitive and a leader in its industry, and the future
growth of EMCORE, or the industry and the economy in general; (b) statements
regarding the expected level and timing of benefits to EMCORE from its current
cost reduction efforts, including (i) expected cost reductions and their impact
on EMCORE’s financial performance, (ii) EMCORE’s ability to reduce operating
expenses associated with its recent acquisitions (iii) EMCORE’s continued
leadership in technology and manufacturing in its markets, and (iv) the belief
that the cost reduction efforts will not impact product development or
manufacturing execution; (c) any statement or implication that the products
described in this press release (i) will be successfully introduced or marketed,
(ii) will be qualified and purchased by our customers, or (iii) will perform
to
any particular specifications or performance or reliability standards; (d)
any
and all guidance provided by EMCORE regarding its expected financial performance
in future periods, including, without limitation, with respect to anticipated
revenues for the third quarter of fiscal 2008 or expected revenues from recent
and anticipated acquisitions. 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) EMCORE’s cost
reduction efforts may not be successful in achieving their expected benefits,
(including, among other things, cost structure, gross margin and other
profitability improvements), due to, among other things, shifts in product
mix,
selling price pressures, costs and delays related to product transfers to lower
cost manufacturing locations and associated facility closures, integration
difficulties, and execution concerns; (b) EMCORE may encounter difficulties
in
integrating its recent acquisitions and as a result may sustain increased
operating expenses, delays in commercializing new products, production
difficulties associated with transferring products to EMCORE’s manufacturing
facilities and disruption of customer relationships (c) the failure of the
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 and (d) other risks and uncertainties described
in
EMCORE's filings with the Securities and Exchange Commission such as
cancellations, rescheduling or delays in product shipments; manufacturing
capacity constraints; lengthy sales and qualification cycles; difficulties
in
the production process; changes in semiconductor industry growth; increased
competition; delays in developing and commercializing new products; and other
factors. The forward-looking statements contained in this news release 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 months ended December 31, 2007 and 2006
(in
thousands, except per share data)
(unaudited)
Three
Months Ended
December
31,
|
|||||||
2007
|
2006
|
||||||
Product
revenue
|
$
|
44,501
|
$
|
35,626
|
|||
Service
revenue
|
2,386
|
2,970
|
|||||
Total
revenue
|
46,887
|
38,596
|
|||||
Cost
of product revenue
|
35,556
|
30,941
|
|||||
Cost
of service revenue
|
1,532
|
2,159
|
|||||
Total
cost of revenue
|
37,088
|
33,100
|
|||||
Gross
profit
|
9,799
|
5,496
|
|||||
Operating
expenses:
|
|||||||
Selling,
general and administrative
|
16,154
|
12,539
|
|||||
Research
and development
|
7,248
|
6,611
|
|||||
Total
operating expenses
|
23, 402
|
19,150
|
|||||
Operating
loss
|
(13,603
|
)
|
(13,654
|
)
|
|||
Other
expenses (income):
|
|||||||
Interest
income
|
(427
|
)
|
(1,651
|
)
|
|||
Interest
expense
|
1,205
|
1,262
|
|||||
Loss
on disposal of property, plant & equipment
|
86
|
-
|
|||||
Foreign
exchange gain
|
(13
|
)
|
-
|
||||
Total
other expenses (income)
|
851
|
(389
|
)
|
||||
Net
loss
|
$
|
(14,454
|
)
|
$
|
(13,265
|
)
|
|
Per
share data:
|
|||||||
Net
loss per basic and diluted share
|
$
|
(0.28
|
)
|
$
|
(0.26
|
)
|
|
Weighted-average
number of basic and diluted shares outstanding
|
52,232
|
50,875
|
EMCORE
CORPORATION
Condensed
Consolidated Balance Sheets
As
of December 31, 2007 and September 30, 2007
(in
thousands, except share data)
(unaudited)
|
As
of
December
31, 2007
|
As
of
September
30, 2007
|
||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$
|
14,610
|
$
|
12,151
|
||||
Marketable
securities
|
15,150
|
29,075
|
||||||
Restricted
cash
|
1,307
|
1,538
|
||||||
Accounts
receivable, net
|
41,282
|
38,151
|
||||||
Receivables,
related parties
|
335
|
332
|
||||||
Inventory,
net
|
29,625
|
29,205
|
||||||
Prepaid
expenses and other current assets
|
4,048
|
4,350
|
||||||
|
||||||||
Total
current assets
|
106,357
|
114,802
|
||||||
Property,
plant and equipment, net
|
60,294
|
57,257
|
||||||
Goodwill
|
41,681
|
40,990
|
||||||
Other
intangible assets, net
|
4,899
|
5,275
|
||||||
Investments
in unconsolidated affiliates
|
14,872
|
14,872
|
||||||
Other
non-current assets, net
|
2,001
|
1,540
|
||||||
|
||||||||
Total
assets
|
$
|
230,104
|
$
|
234,736
|
||||
LIABILITIES
and SHAREHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$
|
24,309
|
$
|
22,685
|
||||
Accrued
expenses and other current liabilities
|
27,413
|
28,776
|
||||||
Income taxes payable
|
137
|
137
|
||||||
Convertible
subordinated notes
|
85,012
|
-
|
||||||
Total
current liabilities
|
136,871
|
51,598
|
||||||
|
||||||||
Convertible
subordinated notes
|
-
|
84,981
|
||||||
Total
liabilities
|
136,871
|
136,579
|
||||||
Shareholders’
equity:
|
||||||||
Preferred
stock, $0.0001 par, 5,882 shares authorized, no shares
outstanding
|
-
|
-
|
||||||
Common
stock, no par value, 100,000 shares authorized, 52,350 shares issued
and
52,191
shares outstanding as of December 31, 2007; 51,208 shares issued
and
51,049 shares
outstanding as of September 30, 2007
|
453,358
|
443,835
|
||||||
Accumulated
deficit
|
(358,032
|
)
|
(343,578
|
)
|
||||
Accumulated
other comprehensive loss
|
(10
|
)
|
(17
|
)
|
||||
Treasury
stock, at cost; 159 shares as of December 31, 2007 and September
30,
2007
|
(2,083
|
)
|
(2,083
|
)
|
||||
Total
shareholders’ equity
|
93,233
|
98,157
|
||||||
|
||||||||
Total
liabilities and shareholders’ equity
|
$
|
230,104
|
$
|
234,736
|
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 patent litigation-related charges, charges associated
with our review of historical stock option grants and severance and
restructuring-related expenses 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
December
31,
|
||||||
2007
|
2006
|
||||||
Operating
expenses – as reported
|
$
|
23,402
|
$
|
19,150
|
|||
Adjusted
Expenses:
|
|||||||
Severance
and restructuring-related charges
|
(455
|
)
|
(443
|
)
|
|||
Stock
option restatement-related expense
|
(782
|
)
|
(1,811
|
)
|
|||
Non-recurring
legal expenses
|
(965
|
)
|
(846
|
)
|
|||
Stock-based
compensation expense
|
(5,200
|
)
|
(1,980
|
)
|
|||
Operating
expenses – Non-GAAP
|
$
|
16,000
|
$
|
14,070
|
EMCORE
CORPORATION
Non
-GAAP Table – Operating Loss
Unaudited
(in
thousands)
|
Three
Months Ended
December
31,
|
||||||
2007
|
2006
|
||||||
Operating
loss – as reported
|
$
|
(13,603
|
)
|
$
|
(13,654
|
)
|
|
Adjusted
Expenses:
|
|||||||
Severance
and restructuring-related charges
|
455
|
443
|
|||||
Stock
option restatement-related expense
|
782
|
1,811
|
|||||
Non-recurring
legal expenses
|
965
|
846
|
|||||
Stock-based
compensation expense
|
5,449
|
2,326
|
|||||
Operating
loss – Non-GAAP
|
$
|
(5,952
|
)
|
$
|
(8,228
|
)
|
|
Operating
loss per basic share – Non-GAAP
|
$
|
(0.11
|
)
|
$
|
(0.16
|
)
|
EMCORE
CORPORATION
Non
-GAAP Table – Net Loss
Unaudited
(in
thousands)
|
Three
Months Ended
December
31,
|
||||||
2007
|
2006
|
||||||
Net
loss – as reported
|
$
|
(14,454
|
)
|
$
|
(13,265
|
)
|
|
Adjusted
Expenses:
|
|||||||
Severance
and restructuring-related charges
|
455
|
443
|
|||||
Stock
option restatement-related expense
|
782
|
1,811
|
|||||
Non-recurring
legal expenses
|
965
|
846
|
|||||
Stock-based
compensation expense
|
5,449
|
2,326
|
|||||
Net
loss – Non-GAAP
|
$
|
(6,803
|
)
|
$
|
(7,839
|
)
|
|
Net
loss per basic share – Non-GAAP
|
$
|
(0.13
|
)
|
$
|
(0.15
|
)
|
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