EXHIBIT 99.1 - FY09 Q4 EARNINGS RELEASE
Published on December 17, 2009
EXHIBIT
99.1
PRESS
RELEASE
EMCORE
Corporation Announces Unaudited Results for Its Fourth Quarter and Fiscal Year
Ended September 30, 2009
·
|
Company
generates positive cash flow from operations for second consecutive
quarter
|
·
|
Consolidated
order backlog increases over 26% to approximately $63
million
|
ALBUQUERQUE,
New Mexico, December 15, 2009 – EMCORE Corporation (NASDAQ: EMKR – News), a leading
provider of compound semiconductor-based components, subsystems, and systems for
the fiber optics and solar power markets, today announced unaudited financial
results for its fourth quarter and fiscal year ended September 30,
2009.
Quarterly
Results:
Revenue:
Revenue for the fourth
quarter of fiscal 2009 was $40.5 million, an increase of $2.0 million, or 5%,
from $38.5 million reported in the immediately preceding
quarter.
On a
segment basis, fourth quarter revenue for the Photovoltaics segment was $16.4
million, an increase of $0.3 million, or 2%, from $16.1 million reported in the
immediately preceding quarter with the increase due primarily to greater demand
for terrestrial concentrated photovoltaic (CPV) products. The Photovoltaics
segment accounted for 40% of the Company's consolidated fourth quarter revenue
compared to 42% in the preceding third fiscal quarter.
Fourth
quarter revenue for the Fiber Optics segment was $24.1 million, an increase of
$1.7 million, or 8%, from $22.4 million reported in the immediately preceding
quarter with the increase concentrated primarily in the CATV product lines. The
Fiber Optics segment accounted for 60% of the Company's consolidated fourth
quarter revenue compared to 58% in the preceding third fiscal
quarter.
Gross
Profit:
On a GAAP
basis, the consolidated gross profit for the fourth quarter was $4.1 million, an
improvement of $6.5 million from a $2.4 million gross loss reported in the
immediately preceding quarter and a $0.5 million gross loss reported in the
prior year period. The $4.1 million fourth quarter gross profit represents the
Company’s best gross profit performance since the third quarter of fiscal
2008.
On a
segment basis, fourth quarter Photovoltaics GAAP gross margin was 28.5%, a
decrease from a record 33.9% gross margin reported in the preceding quarter with
the decrease due primarily to product mix and one-time yield excursion for
certain products. On a non-GAAP basis, the fourth quarter
Photovoltaics gross margin was 10.6%, a decrease from a record 33.9% gross
margin reported in the preceding quarter with the decrease due primarily to the
sale during the fourth quarter of $2.9 million in previously fully-reserved
legacy CPV products.
Fourth
quarter Fiber Optics non-GAAP gross margin was 13.0%, a significant increase
from a 1.9% non-GAAP gross margin reported in the preceding quarter with the
improvement due primarily to higher margins in the Company’s broadband product
lines. On a GAAP basis, the fourth quarter Fiber Optics gross margin was
negative 2.5%, a significant improvement from a negative 35.2% gross margin
reported in the preceding quarter with the increase due primarily to a lower
loss being recorded on firm inventory purchase commitments and lower inventory
excess and obsolescence charges when compared to the preceding quarter. During
the quarter, the Fiber Optics segment recorded approximately $2.0 million in
non-cash losses on firm inventory purchase commitments and $2.0 million in
non-cash inventory reserve adjustments, both of which adversely impacted gross
profit and margins.
Net
Loss:
On a GAAP
basis, the consolidated net loss for the fourth quarter was $13.5 million, a
$31.8 million improvement from a net loss of $45.3 million reported in the
preceding quarter. After excluding certain non-cash and other
adjustments as set forth in the attached non-GAAP tables, the fourth quarter
consolidated non-GAAP net loss was $9.1 million, a $1.8 million increase from a
$7.3 million net loss reported in the preceding quarter.
On a GAAP
basis, the fourth quarter net loss per share was $0.17, an improvement of $0.40
per share from a $0.57 net loss per share reported in the preceding
quarter. On a non-GAAP basis, the fourth quarter net loss per share
was $0.11, an increase of $0.02 per share from a $0.09 loss per share reported
in the preceding quarter.
Fiscal Year
Results:
For the fiscal year ended
September 30, 2009, consolidated revenue totaled $176.4 million compared to
$239.3 million in the prior year. On a segment basis, annual revenue for
the Photovoltaics segment totaled $62.2 million compared to $68.0 million in the
prior year while annual revenue for the Fiber Optics segment totaled $114.1
million compared to $171.3 million in the prior year.
On a GAAP basis, the fiscal
2009 consolidated gross loss totaled $3.8 million compared to a gross
profit of $29.9 million in the prior year. On a segment basis, annual
Photovoltaics GAAP gross margins improved from a negative 8.3% to a positive
13.6%, while the Fiber Optics GAAP gross margins decreased from 20.7% in fiscal
2008 to a negative 10.7% in fiscal 2009.
On a GAAP
basis, the Company’s fiscal 2009 net loss totaled $136.1 million, including
$60.8 million in non-cash impairment charges, compared to a net loss of $80.9
million in fiscal 2008. This represents a net loss per share of $1.72 in fiscal
2009 compared to a net loss per share in fiscal 2008 of $1.20 per
share.
Order
Backlog:
As of
September 30, 2009, the Company had a consolidated order backlog of
approximately $62.6 million, a $13.0 million, or 26%, increase from a $49.6
million order backlog reported as of the end of the preceding quarter. On a
segment basis, the quarter-end Photovoltaics order backlog totaled $47.7
million, an $11.5 million, or 32%, increase from $36.2 million reported as of
the end of the preceding quarter. The quarter-end Fiber Optics order backlog
totaled $14.9 million, a $1.5 million, or 11% increase from $13.4 million
reported as of the end of the preceding quarter. The fourth quarter is the
second consecutive quarter wherein the Company’s order backlog for both its
Photovoltaics and Fiber Optics segments has increased. Order backlog is defined
as purchase orders or supply agreements accepted by the Company with expected
product delivery and / or services to be performed within the next twelve
months.
Cash
Flow:
During
the fourth quarter, the Company generated $0.9 million in cash from operations
due to the combination of a lower cash operating loss and the continuation of
improved working capital management. The fourth quarter represents the second
consecutive quarter that the Company has been cash flow positive from operations
and the third consecutive quarter that the Company has generated cash from
reductions in both inventories and accounts receivable. For the fiscal year
ended September 30, 2009, the Company generated $32.4 million in cash from
lowering both inventory and accounts receivable levels while paying down $27.4
million in accounts payable.
Balance Sheet
Highlights:
As of
September 30, 2009, cash, cash equivalents, and restricted cash totaled
approximately $15.5 million which represents a $5.7 million, or 58%, increase
from $9.8 million as of the end of the preceding quarter, and net working
capital totaled $37.5 million.
Liquidity
Update:
In
addition to generating positive cash flow from operations over the last two
quarters, the Company maintains a $14 million credit facility with Bank of
America and, immediately subsequent to the end of the fourth quarter; the
Company closed a two-year $25 million committed equity line of credit facility
with the Commerce Court Small Cap Value Fund, Ltd. In addition, the
Company continues to pursue and evaluate other capital raising alternatives,
product joint-venture opportunities and the potential separation of certain
portions of the Company’s business.
Business
Outlook:
For the
first quarter of fiscal 2010 ending December 31, 2009, the Company expects
consolidated revenue to be in the range of $41million to $43 million with
increases in both the Photovoltaics and Fiber Optics segments.
Annual
Report:
As a
result of the additional time necessary to complete the compilation and audit of
the Company’s financial statements, the Company filed a Form 12b-25 requesting
an extension to file its Annual Report on Form 10-K for the fiscal year ended
September 30, 2009 with the Securities and Exchange Commission. The
Company believes that it will be able to file its Form 10-K for the fiscal year
ended September 30, 2009 within the fifteen calendar day period provided under
Rule 12b-25(b).
Conference
Call:
EMCORE
will discuss its unaudited results for its fourth quarter and fiscal year ended
September 30, 2009 on a conference call to be held on Tuesday, December 15, 2009
at 5:00 pm ET. To participate in the conference call, U.S. callers
should dial (toll free) 877-857-6176 and international callers should dial
719-325-4880. The access code for the call is 4486919. A
replay of the call will be available beginning December 15, 2009 at 8:30pm ET
until December 22, 2009 at 11:59 pm ET. The replay call-in number for
U.S. callers is 888-203-1112 and is 719-457-0820 for international
callers. The access code for the replay call-in number is
4486919. The conference call also will be webcast via the Company's
website at http://www.emcore.com. Please
go to the site beforehand to download any necessary software.
About
EMCORE:
EMCORE
Corporation offers a broad portfolio of compound semiconductor-based products
for the broadband, fiber optics, satellite and solar power markets. EMCORE's
Fiber Optics segment offers optical components, subsystems and systems for high
speed data and telecommunications networks, cable television (CATV) and
fiber-to-the-premises (FTTP). EMCORE's Photovoltaics segment provides products
for both satellite and terrestrial applications. For satellite applications,
EMCORE offers high efficiency gallium arsenide (GaAs) solar cells, covered
interconnected cells (CICs) and panels. For terrestrial applications, EMCORE is
adapting its high-efficiency GaAs solar cells for use in solar concentrator
systems. For further information about EMCORE, visit
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
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. Management cautions 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.
Factors
that could cause or contribute to such differences in results and outcomes
include without limitation, (a) any statements or implications regarding our
ability to remain competitive, the future growth of the Company, or the industry
and the economy in general; (b) statements regarding the expected level and
timing of benefits from our current cost reduction efforts, including (i)
expected cost reductions and their impact on our financial performance, (ii) our
ability to reduce operating expenses (iii) our continued leadership in
technology and manufacturing in our 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 us regarding its expected financial performance in
future periods, including, without limitation, with respect to anticipated
revenues for the first quarter of fiscal 2010.
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 impact on the Company, our customers and our
suppliers from the unprecedented financial worldwide economic crisis; (b) our
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; (c) we may encounter delays in
commercializing new products, production difficulties associated with
transferring products to our contract manufacturing facilities and disruption of
customer relationships; (d) 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; (e)
we may not be successful in undertaking the steps currently planned in order to
increase our liquidity; and (f) other risks and uncertainties described in our
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.
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 Annual Report on
Form 10-K. Certain information included in this press release may
supersede or supplement forward-looking statements in our other Exchange Act
reports filed with the Securities and Exchange Commission. 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
For
the three and twelve months ended September 30, 2009 and 2008
(in
thousands, except loss per share)
(unaudited)
|
Three
Months Ended
September
30,
|
|
Twelve
Months Ended
September
30,
|
|
|||||||||
|
|
|
2009
|
|
|
2008
|
|
|
2009
|
|
|
2008
|
|
Revenue
|
|
$
|
40,527
|
$
|
60,635
|
$
|
176,356
|
$
|
239,303
|
||||
Cost
of revenue
|
|
|
36,457
|
|
61,137
|
|
180,130
|
|
209,408
|
||||
Gross
profit (loss)
|
|
|
4,070
|
|
(502
|
)
|
|
(3,774
|
)
|
|
29,895
|
||
Operating
expenses:
|
|
|
|
|
|
||||||||
Selling,
general, and administrative
|
|
|
11,540
|
|
7,428
|
|
46,579
|
|
43,460
|
||||
Research
and development
|
|
|
6,445
|
|
11,351
|
|
27,100
|
|
39,483
|
||||
Impairments
|
-
|
22,233
|
60,781
|
22,233
|
|||||||||
Total
operating expenses
|
|
|
17,985
|
|
41,012
|
|
134,460
|
|
105,176
|
||||
Operating
loss
|
|
|
(13,915
|
)
|
|
(41,514
|
)
|
|
(138,234
|
)
|
|
(75,281
|
)
|
Other
(income) expense:
|
|
|
|
|
|
||||||||
Interest
income
|
|
|
(1
|
)
|
|
(84
|
)
|
|
(84
|
)
|
|
(862
|
)
|
Interest
expense
|
|
|
99
|
|
-
|
|
542
|
|
1,580
|
||||
Foreign
exchange (gain) loss
|
(481
|
)
|
1,048
|
154
|
746
|
||||||||
Gain
from sale of investments
|
-
|
(3,692
|
)
|
(3,144
|
)
|
(7,384
|
)
|
||||||
Impairment
of investment
|
-
|
1,461
|
367
|
1,461
|
|||||||||
Loss
on disposal of equipment
|
-
|
978
|
-
|
1,064
|
|||||||||
Stock–based
expense from tolled options
|
-
|
-
|
-
|
4,316
|
|||||||||
Loss
from conversion of subordinated notes
|
|
|
-
|
|
-
|
|
-
|
|
4,658
|
||||
Total
other (income) expense
|
|
|
(383
|
)
|
|
(289
|
)
|
|
(2,165
|
)
|
|
5,579
|
|
|
|
|
|
|
|
||||||||
Net
loss
|
|
$
|
(13,532
|
)
|
$
|
(41,225
|
)
|
$
|
(136,069
|
)
|
$
|
(80,860
|
)
|
|
|
|
|
|
|
||||||||
Per
share data:
|
|
|
|
|
|
||||||||
|
|
|
|
|
|||||||||
Net
loss per basic and diluted share
|
|
$
|
(0.17
|
)
|
$
|
(0.53
|
)
|
$
|
(1.72
|
)
|
$
|
(1.20
|
)
|
|
|
|
|
|
|
||||||||
Weighted-average
number of basic and diluted
shares
outstanding
|
|
|
80,647
|
|
77,734
|
79,140
|
67,568
|
||||||
|
|
|
|
|
|
|
|
|
|
EMCORE
CORPORATION
Condensed
Consolidated Balance Sheets
As
of September 30, 2009 and 2008
(In
thousands)
(unaudited)
2009
|
2008
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$
|
15,183
|
$
|
18,227
|
||||
Restricted
cash
|
366
|
1,854
|
||||||
Available-for-sale
securities
|
1,350
|
2,679
|
||||||
Accounts
receivable, net of allowance of $7,125 and $2,377,
respectively
|
39,417
|
60,313
|
||||||
Inventory,
net
|
34,221
|
64,617
|
||||||
Prepaid
expenses and other current assets
|
4,712
|
7,100
|
||||||
Total
current assets
|
95,249
|
154,790
|
||||||
Property,
plant and equipment, net
|
55,028
|
83,278
|
||||||
Goodwill
|
20,384
|
52,227
|
||||||
Other
intangible assets, net
|
12,982
|
28,033
|
||||||
Investments
in unconsolidated affiliates
|
-
|
8,240
|
||||||
Available-for-sale
securities, non-current
|
-
|
1,400
|
||||||
Long-term
restricted cash
|
163
|
569
|
||||||
Other
non-current assets, net
|
753
|
741
|
||||||
Total
assets
|
$
|
184,559
|
$
|
329,278
|
||||
LIABILITIES
and SHAREHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Borrowings
from credit facility
|
$
|
10,332
|
$
|
-
|
||||
Short-term
debt
|
842
|
-
|
||||||
Accounts
payable
|
24,931
|
52,266
|
||||||
Accrued
expenses and other current liabilities
|
21,687
|
23,290
|
||||||
Total
current liabilities
|
57,792
|
75,556
|
||||||
Other
long-term liabilities
|
104
|
-
|
||||||
Total
liabilities
|
57,896
|
75,556
|
||||||
Commitments
and contingencies
|
||||||||
Shareholders’
equity:
|
||||||||
Preferred
stock, $0.0001 par, 5,882 shares authorized; no shares
outstanding
|
-
|
-
|
||||||
Common
stock, no par value, 200,000 shares authorized;
80,982
shares issued and 80,823 shares outstanding as of September 30,
2009;
77,920
shares issued and 77,761 shares outstanding as of September 30,
2008
|
688,844
|
680,020
|
||||||
Accumulated
deficit
|
(560,833
|
)
|
(424,764
|
)
|
||||
Accumulated
other comprehensive income
|
735
|
549
|
||||||
Treasury
stock, at cost; 159 shares as of September 30, 2009 and
2008
|
(2,083
|
)
|
(2,083
|
)
|
||||
Total
shareholders’ equity
|
126,663
|
253,722
|
||||||
Total
liabilities and shareholders’ equity
|
$
|
184,559
|
$
|
329,278
|
Use
of Non-GAAP Measures
The
Company provides non–GAAP gross profit and gross margin, non–GAAP operating
loss, and non–GAAP net loss and net loss per share 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. This press release also contains a reconciliation of each of these
non–GAAP financial measures to its most comparable GAAP financial
measure.
The
Company believes that the additional non–GAAP measures are useful to investors
in assessing the Company’s financial condition and performance. In particular,
management believes it is appropriate in evaluating the Company’s operations to
exclude gains or losses from specific accounts receivable and inventory
write-downs, loss from firm purchase commitments, patent litigation and other
corporate legal–related charges; impairment charges; and warranty, severance and
restructuring–related expenses because these items would make results less
comparable between periods. 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, financial analysts that
follow our Company may focus on and publish both historical results and future
projections based on non–GAAP financial measures. We also believe that it is in
the best interest of our investors to provide non-GAAP information.
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. Our non-GAAP financial
measures may not be reported by all of the Company's competitors and they may
not be directly comparable to similarly titled measures of other companies due
to potential differences in calculation. The Company compensates for these
limitations by using these non–GAAP financial measures as supplements to GAAP
financial measures and by providing reconciliations of the non–GAAP financial
measures to their most comparable GAAP financial measures.
Non–GAAP
financial measures are not in accordance with, or an 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.
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
below:
Non-GAAP
Table
Gross
profit (loss) and margin
Unaudited
(in
thousands, except percentages)
|
Three
Months Ended
September
30, 2009
|
Three
Months Ended
June
30, 2009
|
|||||||||||||||||
Fiber
Optics
|
Photovoltaics
|
Total
|
Fiber
Optics
|
Photovoltaics
|
Total
|
||||||||||||||
Gross
(loss) profit – GAAP
|
$
|
(598
|
)
|
$
|
4,668
|
$
|
4,070
|
$
|
(7,889
|
)
|
$
|
5,461
|
$
|
(2,428
|
)
|
||||
Specific
adjustments:
|
|||||||||||||||||||
Inventory
valuation
|
1,985
|
(2,937
|
)
|
(952
|
)
|
1,800
|
-
|
1,800
|
|||||||||||
Product
warranty
|
(245
|
)
|
-
|
(245
|
)
|
-
|
-
|
-
|
|||||||||||
Loss
on commitments
|
1,991
|
-
|
1,991
|
6,524
|
-
|
6,524
|
|||||||||||||
Gross
profit (loss) – Non-GAAP
|
$
|
3,133
|
$
|
1,731
|
$
|
4,864
|
$
|
435
|
$
|
5,461
|
$
|
5,896
|
|||||||
Gross
margin – GAAP
|
(2.5%
|
)
|
28.5%
|
10.0%
|
(35.2%
|
)
|
33.9%
|
(6.3%
|
)
|
||||||||||
Gross
margin – Non-GAAP
|
13.0%
|
10.6%
|
12.0%
|
1.9%
|
33.9%
|
15.3%
|
Non-GAAP
Table
Operating
Loss
Unaudited
(in
thousands)
|
Three
Months Ended
September
30,
2009
|
Three
Months Ended
June
30,
2009
|
|||||
Operating
loss – GAAP
|
$
|
(13,915
|
)
|
$
|
(45,996
|
)
|
|
Specific
adjustments:
|
|||||||
Impairments
|
-
|
27,000
|
|||||
Provision
for doubtful accounts
|
225
|
2,112
|
|||||
Corporate
legal expense
|
2,779
|
1,325
|
|||||
Severance
and restructuring-related expense
|
1,082
|
57
|
|||||
Inventory
valuation
|
(952
|
)
|
1,800
|
||||
Product
warranty
|
(245
|
)
|
-
|
||||
Loss
on commitments
|
1,991
|
6,524
|
|||||
Operating
loss – Non-GAAP
|
$
|
(9,035
|
)
|
$
|
(7,178
|
)
|
Non-GAAP
Table
Net
Loss
Unaudited
(in
thousands)
|
Three
Months Ended
September
30,
2009
|
Three
Months Ended
June
30,
2009
|
|||||
Net
loss – GAAP
|
$
|
(13,532
|
)
|
$
|
(45,353
|
)
|
|
Specific
adjustments:
|
|||||||
Impairments
|
-
|
27,000
|
|||||
Provision
for doubtful accounts
|
225
|
2,112
|
|||||
Corporate
legal expense
|
2,779
|
1,325
|
|||||
Severance
and restructuring-related expense
|
1,082
|
57
|
|||||
Inventory
valuation
|
(952
|
)
|
1,800
|
||||
Product
warranty
|
(245
|
)
|
-
|
||||
Loss
on commitments
|
1,991
|
6,524
|
|||||
Foreign
exchange gain
|
(481
|
)
|
(745
|
)
|
|||
Net
loss – Non-GAAP
|
$
|
(9,133
|
)
|
(7,280
|
)
|
||
Net
loss per basic and diluted share – GAAP
|
$
|
(0.17
|
)
|
$
|
(0.57
|
)
|
|
Net
loss per basic and diluted share – Non-GAAP
|
$
|
(0.11
|
)
|
$
|
(0.09
|
)
|
Contacts:
EMCORE
Corporation
Silvia M.
Gentile
Executive
Offices
(505)
323-3417
info@emcore.com
TTC
Group
Victor
Allgeier
(646)
290-6400
info@ttcominc.com