PRESS RELEASE

EXHIBIT 99.1


EMCORE Corporation Reports Fiscal 2004 Second Quarter and Six-month Results

Revenues increase 37% from a year ago to a record $23.2 million;
Company reports earnings per share of $0.04;
Revenue guidance increased for fiscal third quarter ending June 30, 2004 to $25
million

SOMERSET, New Jersey, May 5, 2004 -- EMCORE Corporation (NASDAQ: EMKR), a
leading provider of compound semiconductor products for the rapidly expanding
broadband and wireless communications markets, today announced its financial
results for the fiscal 2004 second quarter ended March 31, 2004.

Revenues for the second quarter of 2004 were $23.2 million, an increase of $6.3
million, or 37%, from the $16.9 million reported in the prior year. On a
sequential basis, revenues were up modestly from the previous quarter. For the
six-months ended March 31, 2004, revenues totaled $46.3 million, an increase of
$20.1 million, or 77% as compared to the same period a year earlier. Gross
profit for the quarter was $2.7 million, or 12%, compared to a gross loss of
$(0.8) million, or (5%) a year earlier. Gross margins sequentially decreased by
2% points, the result of unfavorable product mix.

Including the gain on the early extinguishment of debt, the Company reported
operating income of $3.6 million for the quarter. Operating expenses excluding
the gain from the early extinguishment of debt were $11.3 million, an increase
of $1.6 million from $9.7 million reported a year earlier. On a sequential
basis, operating expenses were flat. Research and development expenses increased
to $5.7 million for the quarter, compared to $4.2 million in the same period a
year earlier. Selling, general and administrative expenses of $5.6 million
represented an increase of $0.1 million from the same period a year earlier. Net
interest expense and the loss from discontinued operations totaled $1.8 million,
resulting in reported net income of $1.8 million or $0.04 per basic and diluted
share.

Cash, cash equivalents and marketable securities at March 31, 2004 totaled
approximately $70.5 million, an increase of $42.1 million and $26.8 million from
September 30, 2003 and March 31, 2003, respectively. Cash used in operations
declined significantly on a sequential basis.

Company Highlights:
- ------------------

EMCORE was selected by Boeing to provide advanced triple-junction
high-efficiency solar cells and panels for the latest model 702 satellite.

During the quarter, EMCORE exchanged approximately $80.3 million aggregate
principal amount of its new 5% Convertible Senior Subordinated Notes due May 15,
2011 and approximately 7.7 million shares of common stock for approximately
$146.0 aggregate million principal amount of its 5% Convertible Subordinated
Notes due May 15, 2006. The exchange offer achieved debt reduction of
approximately $65.7 million, a decrease in annual interest expense of
approximately $3.3 million, and a gain from early extinguishment of debt of
$12.3 million.

EMCORE announced the first design win for its QTR 3400 SmartLink(TM) Media
Converter. The SmartLink(TM) QTR 3400 Media converter is a member of EMCORE's
growing product portfolio targeted at the expanding 10G Ethernet, Infiniband and
Fibre Channel markets.

EMCORE announced its new ELX-7100 XENPAK transceiver, which is compliant with
10GBASE-LX4, the highly versatile wavelength division multiplexing (WDM) format
within the IEEE 802.3ae standard for 10 Gigabit Ethernet. This single XENPAK
device replaces a number of more costly solutions and provides customers
additional flexibility for both multimode and singlemode applications.

MANAGEMENT DISCUSSION AND OUTLOOK:
- ---------------------------------


"We are pleased with the successful outcome of our exchange offer, as over 90%
of the earlier bonds were tendered. This exchange resulted in a $66 million
dollar debt reduction, over $3 million dollars of annual interest expense cash
savings, and an extended maturity until May 2011. This outcome, coupled with
significant design wins in both the fiber and solar markets, is a key event in
positioning EMCORE as a leader in global communications," said Reuben F.
Richards, Jr., President and CEO of EMCORE Corporation. "Our increased cash
position and pipeline of new CATV and fiber optic products means that EMCORE is
well-positioned for future growth," added Mr. Richards.

EMCORE will discuss the results further on a conference call to be held
tomorrow, Thursday, May 6, 2004 at 9:00 a.m. ET. To participate in the call,
U.S. callers should dial (toll free) 888-896-0863 and international callers
should dial 973-582-2703. A replay of the call will be available beginning May
6, 2004 at 11:15 a.m. ET until May 13, 2004 at 11:59 p.m. ET. The replay call-in
number for U.S. callers is 888-896-0863, for international callers it is
973-582-2703, and the access code is 4692335#. The call will also 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 offers a versatile portfolio of compound semiconductor
products for the rapidly expanding broadband and wireless communications markets
and the solid-state lighting industry. The company's integrated solutions
philosophy embodies state-of-the-art technology, material science expertise, and
a shared vision of our customer's goals and objectives to be leaders and
pioneers in the rapidly growing communications market. EMCORE's solutions
include: optical components for fiber-to-the-curb/home/business, cable
television, and high speed data and telecommunications; solar cells, solar
panels and fiberoptic satellite links for global satellite communications; and
electronic materials for high bandwidth communications systems, such as Internet
access and wireless telephones. Through its participation in GELcore, LLC,
EMCORE plays a vital role in developing and commercializing next-generation LED
technology for use in the general illumination market. For further information
about EMCORE, visit http://www.emcore.com.





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. 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 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, the industry and the economy in general; (b)
statements regarding the expected level and timing of benefits to EMCORE from
its current restructuring and realignment efforts, including (i) expected cost
reductions and their impact on EMCORE's financial performance, (ii) expected
improvement to EMCORE's product and technology development programs, and (iii)
the belief that the restructuring and realignment efforts will position EMCORE
well in the current business environment and prepare it for future growth with
increasingly competitive new product offerings and long-term cost structure; (c)
statements regarding the anticipated cost of the restructuring and realignment
efforts; (d) any and all guidance provided by EMCORE regarding its expected
financial performance in current or future periods, including, without
limitation, with respect to anticipated revenues for the third quarter of fiscal
2004. These forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those projected, including
without limitation, the following: (1) EMCORE's restructuring and realignment
efforts may not be successful in achieving their expected benefits, may be
insufficient to align EMCORE's operations with customer demand and the changes
affecting our industry, or may be more costly than currently anticipated; (2)
reduced revenues resulting from the TurboDisc sale; (3) due to the current
economic slowdown, in general, and setbacks in our customers' businesses, in
particular, our ability to predict EMCORE's financial performance for future
periods is far more difficult than in the past; and (4) 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)