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A Strong Year For Emcore

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Q4 revenue up 14.4 percent with a yearly increase of 12.6 percent

Emcore, a provider of InP optical chips and systems for the broadband and specialty fibre optics market, has announced financial results for its fourth quarter and fiscal year ended September 30, 2016.

"A combination of strength in customer orders and improved manufacturing efficiency drove significant income generation in the fourth quarter and allowed us to finish the year strongly", said Jeffrey Rittichier, president and CEO of Emcore.

"We have good visibility into demand at this time and see continued growth in DOCSIS 3.1 product deployments as well as growing momentum with our Fiber Optic Gyro and Inertial Measurement Unit products", concluded Rittichier. 

Financial Statement Highlights Q4

Consolidated revenue was $25.6 million, representing a 14.4 percent increase from the immediately preceding quarter. Consolidated gross margin was 35.6 percent, an increase from the 33.1 percent gross margin reported in the immediately preceding quarter.

GAAP income from continuing operations was $1.7 million, an increase of approximately $0.6 million over the immediately preceding quarter. Consolidated net income of $2.0 million, is a $0.7 million increase compared to the immediately preceding quarter, which included $2.6 million related to the recovery of fees and expense associated with the SEI arbitration ruling

Consolidated net income per share was $0.08 compared to net income per share of $0.05 in the immediately preceding quarter.

Non-GAAP pre-tax income from continuing operations was $2.6 million, a $2.0 million increase compared to the immediately preceding quarter. Cash and cash equivalents was $63.9 million at the end of the quarter

Highlights for the Fiscal Year 

Consolidated revenue was $92.0 million, representing a 12.6 percent increase from the prior year.  Consolidated gross margin was 33.6 percent, a decrease from the 35.1 percent gross margin reported in the prior year.

GAAP income from continuing operations was $2.6 million, an increase of approximately $4.9 million over the prior year. Consolidated net income, including income from discontinued operations of $5.6 million, was $8.3 million, a $54.8 million decrease when compared to the prior year due primarily to net income recorded from discontinued operations in the prior year from the Photovoltaics and Digital Products businesses sold in fiscal year 2015

Consolidated net income per share was $0.32 compared to net income per share of $2.10 reported in the prior year.

Non-GAAP pre-tax income from continuing operations was $5.1 million, an improvement of approximately $0.9 million over the prior year.

Cash and cash equivalents was $63.9 million at the end of the year, a decrease of $48.0 million when compared to the prior year primarily due to the payment of a special dividend in July 2016 of $39.2 million and purchases of equipment of $5.8 million 

Business Outlook

The company expects revenue for the first quarter ended December 31, 2016 to be in the range of $28 to $30 million.

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