SOMERSET, N.J.--(BUSINESS WIRE)--Feb. 6, 2001--
*Fiber optic revenues increase 184%
*Backlog increases 233% to record $155 million
EMCORE Corporation (NASDAQ:EMKR) today announced its financial
results for the first quarter ended December 31, 2000.
For the fourth consecutive quarter, EMCORE reported record revenue
and gross profit, which were fueled by increased bookings and
shipments from all of the Company's product lines. Total first quarter
revenue increased 143% to $40.1 million from $16.5 million reported in
the prior year period. Revenues for systems, electronic materials,
photovoltaics and fiber optics increased 126%, 172%, 251% and 184%,
respectively, from the prior year period. Sequentially, revenue
increased 18% from $34.0 million. Gross profit also reached a new
record level of $16.5 million, an increase of 146% from $6.7 million
reported in the prior year period.
In addition, EMCORE's backlog reached a new all-time Company
record of $155 million, an increase of 233% from $47 million reported
in the prior year, and a sequential increase of 24% over the previous
quarter.
"Our record revenue and gross profit for the quarter demonstrate
that EMCORE continues to experience very strong, very positive
customer response to its entire product portfolio," said Reuben F.
Richards, Jr., President and CEO. "During the quarter, we moved ahead
with our previously-announced plans for accelerated investment in
research and development in response to customer demand for fiber
optic products, and the Company is seeing substantial interest from
its customer base relating to new product prototypes. This R&D
investment strategy promises to significantly expand our wireless and
fiber optic product lines and, at the same time, add further strength
to our long-term customer relationships. We are very excited about the
opportunities these programs can create for EMCORE's long-term growth
and success."
EMCORE's research and development initiatives address a broad
range of emerging market opportunities. Areas of focus include the
Company's array transceiver program and transponder development. In
response to customer requests, the Company has launched wireless and
fiber optic product development projects in areas such as long
wavelength VCSELs and photodetectors for Metro/Access markets, 2.5
gigabit per channel VCSEL arrays and 10 gigabit serial VCSEL devices
for 10 Gigabit Ethernet applications.
For the first quarter, the Company reported an operating loss
before goodwill amortization of $3.6 million. This compares with an
operating loss before goodwill amortization of $9.4 million in the
previous quarter and $2.7 million in the first quarter of fiscal year
2000. Net loss before goodwill amortization was $6.3 million, or
($0.18) per basic and diluted share, compared with a net loss before
goodwill amortization of $12.1 million, or ($0.36) per basic and
diluted share, in the previous quarter and $5.5 million, or ($0.21)
per basic and diluted share, in the first quarter of fiscal year 2000.
EMCORE will host a conference call with analysts and investors on
Wednesday, February 7, 2001, at 9:00 a.m. (eastern). The call will be
available on the Internet at:
www.emcore.com or
webcast.themeetingson.com |
