EMCORE Corporation (NASDAQ: EMKR - News), a leading provider of
advanced Mixed-Signal Optics products that provide the foundation
for today's leading-edge defense systems and high-speed
communications network infrastructures, today announced financial
results for its fiscal fourth quarter (4Q19) and year ended
September 30, 2019 (FY19). Management will host a conference
call to discuss financial and business results tomorrow, Thursday,
December 5, 2019 at 8:00 a.m. Eastern Time.
“Revenue increased to $24.3 million in the fourth fiscal
quarter, reflecting the first full quarter of contribution from the
SDI acquisition. Together with the continued strength in demand for
EMCORE’s Aerospace and Defense products, for the first time this
end market represented nearly 60% of our total revenue,” said Jeff
Rittichier, EMCORE’s President and CEO. “While there is still much
work to be done, our strategic focus is clear. We must drive
further operating leverage in our business while continuing to make
the investments necessary to maintain growth in Aerospace and
Defense.”
|
Three Months Ended |
|
|
Sep 30, 2019 |
Jun 30, 2019 |
Increase/ |
(in millions) |
4Q19 |
3Q19 |
(Decrease) |
Revenue |
$ |
24.3 |
|
$ |
17.2 |
|
$ |
7.1 |
|
Gross
Margin (1) |
(1 |
)% |
22 |
% |
(23 |
)% |
Operating
Expenses (1) |
$ |
14.4 |
|
$ |
13.9 |
|
$ |
0.5 |
|
Operating
Margin (1) |
(60 |
)% |
(59 |
)% |
(1 |
)% |
Net
Income (Loss) (1) |
$ |
(15.0 |
) |
$ |
(10.5 |
) |
$ |
(4.5 |
) |
Earnings (Loss) per share (1) |
$ |
(0.52 |
) |
$ |
(0.37 |
) |
$ |
(0.15 |
) |
Non-GAAP
Gross Margin (2) |
19 |
% |
23 |
% |
(4 |
)% |
Non-GAAP
Operating Expenses (2) |
$ |
12.4 |
|
$ |
9.1 |
|
$ |
3.3 |
|
Non- GAAP
Operating Margin (2) |
(32 |
)% |
(30 |
)% |
(2.0 |
)% |
Non-GAAP
Net Income (Loss) (2) |
$ |
(7.7 |
) |
$ |
(5.0 |
) |
$ |
(2.7 |
) |
Non-GAAP Earnings (Loss) Per share (2) |
$ |
(0.27 |
) |
$ |
(0.18 |
) |
$ |
(0.09 |
) |
Adjusted
EBITDA (2) |
$ |
(5.7 |
) |
$ |
(3.3 |
) |
$ |
(2.4 |
) |
Ending
Cash, cash equivalents and restricted cash |
$ |
22.0 |
|
$ |
20.7 |
|
$ |
1.3 |
|
Current Borrowings from Credit Facility |
$ |
5.5 |
|
$ |
0.0 |
|
$ |
5.5 |
|
(1) 4Q19 includes $4.8M of net charges related to the transitioning
of the CATV product line |
(2) Please refer to the schedules at the end of this press release
for complete GAAP to non-GAAP reconciliations and other information
related to non-GAAP financial measures |
|
Twelve Months Ended |
|
|
Sep 30, 2019 |
Sep 30, 2018 |
Increase/ |
(in
millions) |
FY19 |
FY18 |
(Decrease) |
Revenue |
$ |
87.3 |
|
$ |
85.6 |
|
$ |
1.7 |
|
Gross
Margin (1) |
17 |
% |
22 |
% |
(5 |
)% |
Operating
Expenses (1) |
$ |
51.2 |
|
$ |
36.8 |
|
$ |
14.4 |
|
Operating
Margin (1) |
(41 |
)% |
(21 |
)% |
(20 |
)% |
Net
Income (Loss) (1) |
$ |
(36.0 |
) |
$ |
(17.5 |
) |
$ |
(18.5 |
) |
Earnings (Loss) per share (1) |
$ |
(1.29 |
) |
$ |
(0.64 |
) |
$ |
(0.65 |
) |
Non-GAAP
Gross Margin (2) |
23 |
% |
23 |
% |
0 |
% |
Non-GAAP
Operating Expenses (2) |
$ |
38.1 |
|
$ |
31.2 |
|
$ |
6.9 |
|
Non- GAAP
Margin (2) |
(20 |
)% |
(14 |
)% |
(6 |
)% |
Non-GAAP
Net Income (Loss) (2) |
$ |
(17.0 |
) |
$ |
(11.2 |
) |
$ |
(5.8 |
) |
Non-GAAP Earnings (Loss) Per Share (2) |
$ |
(0.61 |
) |
$ |
(0.41 |
) |
$ |
(0.20 |
) |
Adjusted
EBITDA (2) |
$ |
(10.6 |
) |
$ |
(6.4 |
) |
$ |
(4.2 |
) |
Ending
Cash, cash equivalents and restricted cash |
$ |
22.0 |
|
$ |
63.2 |
|
$ |
(41.2 |
) |
Current Borrowings from Credit Facility |
$ |
5.5 |
|
$ |
0.0 |
|
$ |
5.5 |
|
(1) FY19 includes $4.8M of net charges recorded in 4Q19 related to
the transitioning of the CATV product line |
(2) Please refer to the schedules at the end of this press release
for complete GAAP to non-GAAP reconciliations and other information
related to non-GAAP financial measures |
Business OutlookThe Company expects revenue for
the fiscal first quarter ending December 31, 2019 (1Q20) to be
in the range of $25 to $27 million.
Conference CallThe Company will discuss its
financial results on December 5, 2019 at 8:00 a.m. ET (5:00
a.m. PT). The call will be available by dialing 800-367-2403. For
international callers, please dial +1 334-777-6978. The conference
passcode number is 2374375. The call will be webcast live via the
Company's website at http://investor.emcore.com/events.cfm. A
webcast will be available for replay beginning Thursday,
December 5, 2019 for at least 90 days following the conclusion
of the call on the Company's website.
About EMCOREEMCORE Corporation is a
leading provider of advanced Mixed-Signal Optics products
that provide the foundation for today’s leading-edge aerospace
& defense systems and high-speed broadband communication
networks. Our optical chips, components, subsystems and systems
enable broadband and wireless service providers to continually
enhance their network capacity, speed, and coverage to advance the
free flow of information that empowers the lives of millions of
people daily. The Mixed-Signal Optics technology at the
heart of our broadband transmission products is shared with our
fiber optic gyros and military communications links to provide the
aerospace and defense markets state-of-the-art systems that keep us
safe in an increasingly unpredictable world. EMCORE’s
performance-leading optical components and systems serve a broad
array of applications including cable television,
fiber-to-the-premise networks, telecommunications, data centers,
wireless infrastructure, satellite RF fiber links, navigation
systems, and military communications. EMCORE has
vertically integrated manufacturing capability through its
world-class Indium Phosphide (InP) wafer fabrication facility at
our headquarters in Alhambra, California and is ISO 9001
certified in Alhambra and at our facility
in Beijing, China. For further information
about EMCORE, visit http://www.emcore.com.
Use of Non-GAAP Financial
MeasuresThe Company conforms to U.S. Generally Accepted
Accounting Principles (GAAP) in the preparation of its financial
statements. We disclose supplemental non-GAAP earnings
measures for gross profit margin, operating expenses, operating
profit margin, net income, and earnings per share. We also
disclose adjusted EBITDA, a non-earnings measure.
Management believes these supplemental non-GAAP measures reflect
the Company’s core ongoing operating performance and facilitates
comparisons across reporting periods. The Company uses these
measures when evaluating its financial results and for planning and
forecasting of future periods. We believe that these
supplemental non-GAAP measures are also useful to investors in
assessing our operating performance. While we believe in the
usefulness of these supplemental non-GAAP measures, there are
limitations. Our non-GAAP measures may not be reported by
other companies in our industry and/or may not be directly
comparable to similarly titled measures of other companies due to
potential differences in calculation. We compensate for these
limitations by using these non-GAAP measures as a supplement to
GAAP and by providing the reconciliations to the most comparable
GAAP measure.
The schedules at the end of this press release reconcile the
Company’s non-GAAP measures to the most directly comparable GAAP
measure. The adjustments share one or more of the following
characteristics: they are unusual and the Company does not expect
them to recur in the ordinary course of its business, they do not
involve the expenditure of cash, they are unrelated to the ongoing
operation of the business in the ordinary course, or their
magnitude and timing is largely outside of the Company’s
control. For all reporting periods disclosed, the Company has
applied consistent rationale, method, and adjustments in
reconciling non-GAAP measures to the most directly comparable GAAP
measure.
Non-GAAP measures are not in accordance with or an alternative
to GAAP, nor are they meant to be considered in isolation or as a
substitute for comparable GAAP measures. Our disclosures of
these measures should be read only in conjunction with our
financial statements prepared in accordance with GAAP.
Non-GAAP measures should not be viewed as a substitute for the
Company’s GAAP results.
Forward-Looking StatementsThe 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 (“Exchange Act”). 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. We caution 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.
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
rapidly evolving markets for the Company's products and uncertainty
regarding the development of these markets; (b) the Company's
historical dependence on sales to a limited number of customers and
fluctuations in the mix of products and customers in any period;
(c) delays and other difficulties in commercializing new products;
(d) the failure of new 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) uncertainties concerning the availability
and cost of commodity materials and specialized product components
that we do not make internally; (f) actions by competitors; (g)
risks and uncertainties related to applicable laws and regulations,
including the impact of changes to applicable tax laws and tariff
regulations; (h) acquisition-related risks, including that (i) the
revenues and net operating results obtained from the Systron Donner
Inertial ("SDI") business may not meet our expectations, (ii) the
costs and cash expenditures for integration of the SDI business
operations may be higher than expected, (iii) there could be losses
and liabilities arising from the acquisition of SDI that we will
not be able to recover from any source, and (iv) we may not realize
sufficient scale in our navigation systems product line from the
SDI acquisition and will need to take additional steps, including
making additional acquisitions, to achieve our growth objectives
for this product line; (i) risks related to our ability to obtain
capital; (j) risks related to the transition of certain of our
manufacturing operations from our Beijing facility to a contract
manufacturer’s facility; and (k) other risks and uncertainties
discussed under Item 1A - Risk Factors in our Annual Report on Form
10-K for the fiscal year ended September 30, 2018, as updated by
our subsequent periodic reports.
Forward-looking statements are based on certain assumptions and
analysis made in light of our experience and perception of
historical trends, current conditions and expected future
developments as well as other factors that we believe are
appropriate under the circumstances. While these statements
represent our judgment on what the future may hold, and we believe
these judgments are reasonable, these statements are not guarantees
of any events or financial results. 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 filings with
the Securities and Exchange Commission (“SEC”) that are available
on the SEC’s web site located at www.sec.gov, including the
sections entitled “Risk Factors” in our Annual Report on Form 10-K
and our Quarterly Reports on Form 10-Q. Certain information
included in this press release may supersede or supplement
forward-looking statements in our other Exchange Act reports filed
with the SEC. 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 CORPORATIONCondensed Consolidated
Statements of Operations(in thousands, except per
share data)(unaudited) |
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
September 30, 2019 |
|
June 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
Revenue |
|
$ |
24,300 |
|
|
$ |
17,219 |
|
|
$ |
25,241 |
|
|
$ |
87,265 |
|
|
$ |
85,617 |
|
Cost of revenue |
|
24,532 |
|
|
13,515 |
|
|
20,813 |
|
|
72,176 |
|
|
67,130 |
|
Gross profit |
|
(232 |
) |
|
3,704 |
|
|
4,428 |
|
|
15,089 |
|
|
18,487 |
|
Operating expense: |
|
|
|
|
|
|
|
|
|
|
Research and development |
|
6,435 |
|
|
4,629 |
|
|
4,372 |
|
|
19,443 |
|
|
15,387 |
|
Selling, general, and administrative |
|
8,217 |
|
|
9,288 |
|
|
5,532 |
|
|
32,094 |
|
|
21,232 |
|
Loss (gain) from change in estimate on ARO obligation |
|
26 |
|
|
— |
|
|
145 |
|
|
(14 |
) |
|
145 |
|
(Gain) loss on sale of assets |
|
(302 |
) |
|
— |
|
|
(5 |
) |
|
(302 |
) |
|
34 |
|
Total operating expense |
|
14,376 |
|
|
13,917 |
|
|
10,044 |
|
|
51,221 |
|
|
36,798 |
|
Operating profit (loss) |
|
(14,608 |
) |
|
(10,213 |
) |
|
(5,616 |
) |
|
(36,132 |
) |
|
(18,311 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
39 |
|
|
99 |
|
|
243 |
|
|
629 |
|
|
733 |
|
Foreign exchange gain (loss) |
|
(396 |
) |
|
(349 |
) |
|
(570 |
) |
|
(427 |
) |
|
(434 |
) |
Other income |
|
— |
|
|
— |
|
|
110 |
|
|
— |
|
|
110 |
|
Total other income (expense) |
|
(357 |
) |
|
(250 |
) |
|
(217 |
) |
|
202 |
|
|
409 |
|
Income (loss) before income tax (expense) benefit |
|
(14,965 |
) |
|
(10,463 |
) |
|
(5,833 |
) |
|
(35,930 |
) |
|
(17,902 |
) |
Income tax (expense)
benefit |
|
(10 |
) |
|
(14 |
) |
|
(53 |
) |
|
(54 |
) |
|
449 |
|
Net income (loss) |
|
$ |
(14,975 |
) |
|
$ |
(10,477 |
) |
|
$ |
(5,886 |
) |
|
$ |
(35,984 |
) |
|
$ |
(17,453 |
) |
Per share
data: |
|
|
|
|
|
|
|
|
|
|
Net income (loss) per basic
and diluted share |
|
$ |
(0.52 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.21 |
) |
|
$ |
(1.29 |
) |
|
$ |
(0.64 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of
basic and diluted shares outstanding |
|
28,734 |
|
|
28,005 |
|
|
27,424 |
|
|
27,983 |
|
|
27,266 |
|
|
EMCORE CORPORATIONCondensed Consolidated
Balance Sheets(in
thousands)(unaudited) |
|
|
As of September 30, 2019 |
|
As of September 30, 2018 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
21,574 |
|
|
$ |
63,117 |
|
Restricted cash |
403 |
|
|
78 |
|
Total cash, cash equivalents and restricted cash |
21,977 |
|
|
63,195 |
|
Accounts receivable, net |
19,552 |
|
|
19,275 |
|
Inventory |
24,051 |
|
|
20,850 |
|
Prepaid expenses and other current assets |
6,389 |
|
|
12,730 |
|
Total current assets |
71,969 |
|
|
116,050 |
|
Property, plant, and
equipment, net |
37,223 |
|
|
18,216 |
|
Goodwill |
69 |
|
|
— |
|
Intangible assets, net |
239 |
|
|
— |
|
Non-current inventory |
— |
|
|
1,433 |
|
Other non-current assets,
net |
62 |
|
|
199 |
|
Total assets |
$ |
109,562 |
|
|
$ |
135,898 |
|
LIABILITIES and SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Borrowings from credit facility |
$ |
5,497 |
|
|
$ |
— |
|
Accounts payable |
$ |
10,701 |
|
|
$ |
12,997 |
|
Accrued expenses and other current liabilities |
14,521 |
|
|
14,205 |
|
Total current liabilities |
30,719 |
|
|
27,202 |
|
Asset retirement
obligations |
1,890 |
|
|
1,809 |
|
Other long-term
liabilities |
207 |
|
|
82 |
|
Total liabilities |
32,816 |
|
|
29,093 |
|
Shareholders’ equity: |
|
|
|
Common stock |
739,926 |
|
|
734,066 |
|
Treasury stock |
(47,721 |
) |
|
(47,721 |
) |
Accumulated other comprehensive income |
950 |
|
|
885 |
|
Accumulated deficit |
(616,409 |
) |
|
(580,425 |
) |
Total shareholders’ equity |
76,746 |
|
|
106,805 |
|
Total liabilities and shareholders’ equity |
$ |
109,562 |
|
|
$ |
135,898 |
|
|
EMCORE CORPORATIONRECONCILIATION OF GAAP
TO NON-GAAP FINANCIAL MEASURES(in thousands,
except per share data)(unaudited) |
|
|
|
Three Months Ended |
Twelve Months Ended |
|
|
Sep 30, 2019 |
Jun 30, 2019 |
Sep 30, 2019 |
Sep 30, 2018 |
|
|
4Q19 |
3Q19 |
FY 19 |
FY 18 |
Gross Profit (Loss) |
|
$ |
(232 |
) |
$ |
3,705 |
|
$ |
15,090 |
|
$ |
18,486 |
|
Gross
Margin |
|
(1 |
)% |
22 |
% |
17 |
% |
22 |
% |
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
Stock-based compensation |
|
128 |
|
121 |
|
468 |
|
451 |
|
Asset retirement obligation
(ARO) accretion |
|
14 |
|
14 |
|
14 |
|
206 |
|
Amortization of acquired
intangibles |
|
11 |
|
— |
|
11 |
|
— |
|
Severance and restructuring
charges |
|
— |
|
137 |
|
118 |
|
168 |
|
CATV transition - inventory
adjustment |
|
4,714 |
|
— |
|
4,714 |
|
— |
|
Total adjustments |
|
4,867 |
|
272 |
|
5,325 |
|
825 |
|
|
|
|
|
|
|
Non-GAAP Gross
Profit |
|
$ |
4,635 |
|
$ |
3,977 |
|
$ |
20,415 |
|
$ |
19,311 |
|
Non-GAAP Gross
Margin |
|
19 |
% |
23 |
% |
23 |
% |
23 |
% |
|
|
Three Months Ended |
Twelve Months Ended |
|
|
Sep 30, 2019 |
Jun 30,
2019 |
Sep 30, 2019 |
Sep 30, 2018 |
|
|
4Q19 |
3Q19 |
FY 19 |
FY 18 |
Operating Expenses |
|
$ |
14,376 |
|
$ |
13,917 |
|
$ |
51,221 |
|
$ |
36,797 |
|
Stock-based compensation |
|
(655 |
) |
(557 |
) |
(2,138 |
) |
(3,199 |
) |
Acquisition related
expenses |
|
(146 |
) |
(335 |
) |
(819 |
) |
(84 |
) |
Severance and restructuring
charges |
|
(86 |
) |
— |
|
(86 |
) |
(416 |
) |
CATV transition - severance
charges |
|
(388 |
) |
— |
|
(445 |
) |
— |
|
CATV transition - gain on sale
of asset |
|
302 |
|
— |
|
302 |
|
— |
|
Litigation related expenses
and arbitration ruling |
|
(1,022 |
) |
(3,931 |
) |
(9,961 |
) |
(1,679 |
) |
Gain/loss due to change in ARO
estimate |
|
(26 |
) |
— |
|
14 |
|
(145 |
) |
Gain/loss on sale of
assets |
|
— |
|
— |
|
4 |
|
(34 |
) |
Non-GAAP
Operating Expenses |
|
$ |
12,355 |
|
$ |
9,094 |
|
$ |
38,092 |
|
$ |
31,240 |
|
|
|
Three Months Ended |
Twelve Months Ended |
|
|
Sep 30, 2019 |
Jun 30, 2019 |
Sep 30, 2019 |
Sep 30, 2018 |
|
|
4Q19 |
3Q19 |
FY 19 |
FY 18 |
Operating Profit (Loss) |
|
$ |
(14,608 |
) |
$ |
(10,212 |
) |
$ |
(36,132 |
) |
$ |
(18,311 |
) |
Operating
Margin |
|
(60 |
)% |
(59 |
)% |
(41 |
)% |
(21 |
)% |
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
Stock-based compensation |
|
783 |
|
677 |
|
2,606 |
|
3,649 |
|
Asset retirement obligation
(ARO) accretion |
|
14 |
|
14 |
|
14 |
|
206 |
|
Acquisition related
expenses |
|
146 |
|
335 |
|
819 |
|
84 |
|
Amortization of acquired
intangibles |
|
11 |
|
— |
|
11 |
|
— |
|
Severance and restructuring
charges |
|
86 |
|
137 |
|
260 |
|
584 |
|
CATV transition - severance
charges |
|
388 |
|
— |
|
388 |
|
— |
|
CATV transition - inventory
adjustment |
|
4,714 |
|
— |
|
4,714 |
|
— |
|
CATV transition - gain on sale
of asset |
|
(302 |
) |
— |
|
(302 |
) |
— |
|
Litigation related expenses
and arbitration ruling |
|
1,022 |
|
3,931 |
|
9,961 |
|
1,679 |
|
Gain/loss due to change in ARO
estimate |
|
26 |
|
— |
|
(14 |
) |
145 |
|
Gain/loss on sale of
assets |
|
— |
|
— |
|
(4 |
) |
34 |
|
Total adjustments |
|
6,888 |
|
5,094 |
|
18,453 |
|
6,381 |
|
|
|
|
|
|
|
Non-GAAP Operating
Profit (Loss) |
|
(7,720 |
) |
(5,118 |
) |
(17,679 |
) |
(11,930 |
) |
Non-GAAP Operating
Margin |
|
(32 |
)% |
(30 |
)% |
(32 |
)% |
(30 |
)% |
|
|
|
|
|
|
Depreciation |
|
2,070 |
|
1,770 |
|
7,040 |
|
5,550 |
|
Adjusted
EBITDA |
|
$ |
(5,650 |
) |
$ |
(3,348 |
) |
$ |
(10,639 |
) |
$ |
(6,380 |
) |
Adjusted EBITDA
% |
|
(23 |
)% |
(19 |
)% |
(12 |
)% |
(7 |
)% |
|
|
Three Months Ended |
Twelve Months Ended |
|
|
Sep 30, 2019 |
Jun 30, 2019 |
Sep 30, 2019 |
Sep 30, 2018 |
|
|
4Q19 |
3Q19 |
FY 19 |
FY 18 |
Net Income (Loss) |
|
$ |
(14,975 |
) |
$ |
(10,477 |
) |
$ |
(35,984 |
) |
$ |
(17,453 |
) |
Earnings (Loss) Per
Share |
|
$ |
(0.52 |
) |
$ |
(0.37 |
) |
$ |
(1.29 |
) |
$ |
(0.64 |
) |
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
Stock-based compensation |
|
783 |
|
677 |
|
2,606 |
|
3,649 |
|
Asset retirement obligation
(ARO) accretion |
|
14 |
|
14 |
|
14 |
|
206 |
|
Acquisition related
expenses |
|
146 |
|
335 |
|
819 |
|
84 |
|
Amortization of acquired
intangibles |
|
11 |
|
— |
|
11 |
|
— |
|
Severance and restructuring
charges |
|
86 |
|
137 |
|
260 |
|
584 |
|
CATV transition - severance
charges |
|
388 |
|
— |
|
388 |
|
— |
|
CATV transition - inventory
adjustment |
|
4,714 |
|
— |
|
4,714 |
|
— |
|
CATV transition - gain on sale
of asset |
|
(302 |
) |
— |
|
(302 |
) |
— |
|
Litigation related expenses
and arbitration ruling |
|
1,022 |
|
3,931 |
|
9,961 |
|
1,679 |
|
Gain/loss due to change in ARO
estimate |
|
26 |
|
— |
|
(14 |
) |
145 |
|
Gain/loss on sale of
assets |
|
— |
|
— |
|
(4 |
) |
34 |
|
Foreign currency
gain/loss |
|
396 |
|
349 |
|
427 |
|
434 |
|
Non-operating
income/(expense) |
|
— |
|
— |
|
— |
|
(110 |
) |
Income tax
(benefit)/expense |
|
10 |
|
15 |
|
54 |
|
(449 |
) |
Total adjustments |
|
7,294 |
|
5,458 |
|
18,934 |
|
6,256 |
|
|
|
|
|
|
|
Non-GAAP Net Income
(Loss) |
|
(7,681 |
) |
(5,019 |
) |
(17,050 |
) |
(11,197 |
) |
Non-GAAP Earnings
(Loss) Per Share |
|
(0.27 |
) |
(0.18 |
) |
(0.61 |
) |
(0.41 |
) |
|
|
|
|
|
|
Interest income/expense |
|
(39 |
) |
(99 |
) |
(630 |
) |
(733 |
) |
Depreciation |
|
2,070 |
|
1,770 |
|
7,040 |
|
5,550 |
|
Adjusted
EBITDA |
|
$ |
(5,650 |
) |
$ |
(3,348 |
) |
$ |
(10,640 |
) |
$ |
(6,380 |
) |
Adjusted EBITDA
% |
|
(23 |
)% |
(19 |
)% |
(12 |
)% |
(7 |
)% |
Contact:EMCORE CorporationTom Minichiello(626)
293-3400investor@emcore.com
Sapphire Investor Relations, LLCErica Mannion or Michael
Funari(617) 542-6180investor@emcore.com
EMCORE (NASDAQ:EMKR)
過去 株価チャート
から 7 2024 まで 8 2024
EMCORE (NASDAQ:EMKR)
過去 株価チャート
から 8 2023 まで 8 2024