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Emcore Turns In A Solid Quarter

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Company "closing in on target of 12.5 percent by the end of FY 17"

Emcore, a provider of InP optical chips and systems, has announced financial results for its first quarter ended December 31, 2016.

Jeffrey Rittichier, Emcore's president and CEO remarked; “Emcore turned in a solid quarter, with excellent growth in revenue and Non-GAAP pre-tax income." Rittichier went on to say: “With our improvement in Non-GAAP operating margin to 11.5 percent, we’re rapidly closing in on our target of 12.5 percent by the end of FY 17."

Consolidated revenue was $30.2 million, representing a 17.9 percent increase from the prior quarter. Consolidated gross margin was 33.3 percent, a decrease from the 35.6 percent gross margin reported in the prior quarter. Consolidated operating income was $2.3 million, representing a 28 percent increase from the prior quarter.

GAAP pre-tax income from continuing operations was $1.9 million, an increase of approximately $0.2 million over the prior quarter. GAAP pre-tax EPS from continuing operations of $0.07, an increase of $0.01 compared to the prior quarter. 

Non-GAAP pre-tax income from continuing operations was $3.5 million, a $0.9 million increase compared to the prior quarter. Non-GAAP pre-tax EPS from continuing operations of $0.13, an increase of $0.03 compared to the prior quarter.

Cash and cash equivalents was $62.2 million at the end of the quarter

Business Outlook

The company expects revenue for the second quarter ended March 31, 2017 to be in the range of $29 to $31 million.


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