In a release issued under the same headline earlier today by EMCORE
Corporation (Nasdaq: EMKR), the Operating Profit table for the
three months ended June 30, 2020 in the Reconciliations of GAAP to
Non-GAAP Financial Measures tables should have referred to: (i)
Total adjustments of $512,000 rather than $200,000; (ii) Non-GAAP
Operating Profit of $(701,000) rather than $(1.013) million; (iii)
Non-GAAP Operating Margin of -3% rather than -4%; (iv) Adjusted
EBITDA of $328,000 rather than $16,000; and (v) Adjusted EBITDA %
of 1% rather than 0%. The corrected release follows:
EMCORE Reports Fiscal 2020 Third Quarter
Results
EMCORE Corporation (Nasdaq: EMKR), a leading
provider of advanced mixed-signal products that serve the aerospace
& defense and broadband communications markets, today announced
results for the fiscal 2020 third quarter ended June 30, 2020
(3Q20). Management will host a conference call to discuss financial
and business results tomorrow, Thursday, August 6, 2020, at 8:00 AM
Eastern Time.
Consolidated revenue for 3Q20 was $27.3 million, comprised of
$14.0 million from the Aerospace & Defense segment and $13.3
million from the Broadband segment. Net loss on a GAAP and non-GAAP
basis was $1.3 million and $0.7 million, respectively, in 3Q20
compared with a net loss on a GAAP and non-GAAP basis of $5.1
million and $3.8 million, respectively, in 2Q20. Adjusted EBITDA
was positive $0.3 million in 3Q20.
“We saw strong demand in both our Aerospace & Defense and
Broadband businesses, driving a 14% sequential-quarter revenue
increase. Top-line growth and ongoing operational improvements
resulted in a seven point improvement in gross margin, led by our
QMEMS team,” said Jeff Rittichier, Chief Executive Officer of
EMCORE. “Looking ahead into our September quarter, the demand
picture from our CATV and Aerospace & Defense customers remains
strong, which should allow us to stay on the path of improved
operational results despite the global impact of the pandemic,”
concluded Rittichier.
Consolidated Results
|
|
|
|
|
Three Months Ended |
|
|
Jun 30, 2020 |
Mar 31, 2020 |
+ increase / |
|
3Q20 |
2Q20 |
- decrease |
Revenue |
$27.3M |
$23.8M |
+$3.5M |
Gross Margin |
34% |
27% |
+7% |
Operating Expenses |
$10.4M |
$11.4M |
-$1.0M |
Operating Margin |
-4% |
-21% |
+17% |
Net Income (Loss) |
($1.3M) |
($5.1M) |
+$3.8M |
Earnings (Loss) Per Share |
($0.04) |
($0.18) |
+$0.14 |
Non-GAAP Gross Margin (1) |
34% |
28% |
+6% |
Non-GAAP Operating Expenses (1) |
$10.1M |
$10.4M |
-0.3M |
Non-GAAP Operating Margin (1) |
-3% |
-16% |
+13% |
Non-GAAP Net Income (Loss) (1) |
($0.7M ) |
($3.8M) |
+$3.1M |
Non-GAAP Earnings (Loss) Per Share (1) |
($0.03) |
($0.13) |
+$0.10 |
Adjusted EBITDA |
$0.3M |
($2.5M) |
+$2.8M |
Ending Cash and Cash Equivalents |
$29.7M |
$22.1M |
+$7.6M |
Loan Payable |
$6.5M |
$0.0M |
+$6.5M |
(1) 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 |
Aerospace and Defense (A&D)
Segment
A&D’s sequential-quarter revenue increase was driven by
higher sales of Quartz MEMS, partially offset by decreased Fiber
Optic Gyroscopes revenue. A&D’s gross margin increase was
driven by improved gross margins for Quartz MEMS and Defense
Optoelectronics.
|
|
|
|
|
Three Months Ended |
|
|
Jun 30, 2020 |
Mar 31, 2020 |
+ increase / |
|
3Q20 |
2Q20 |
- decrease |
A&D Segment Revenue |
$14.0M |
$13.0M |
+$1.0M |
A&D Segment Gross Margin |
35% |
22% |
+13% |
A&D Segment R&D Expense |
$3.9M |
$4.0M |
-$0.1M |
A&D Segment Profit |
$1.0M |
($1.1M) |
+$2.1M |
Non-GAAP A&D Segment Gross Margin (1) |
36% |
23% |
+13% |
Non-GAAP A&D Segment R&D Expense (1) |
$3.9M |
$3.8M |
+$0.1M |
Non-GAAP A&D Segment Profit |
$1.1M |
($0.9M) |
+$2.0M |
(1) 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 |
Broadband Segment
Broadband’s sequential-quarter revenue increase was primarily
driven by higher sales of CATV and Chips. Broadband’s gross
margin was essentially flat.
|
|
|
|
|
Three Months Ended |
|
|
Jun 30, 2020 |
Mar 31, 2020 |
+ increase / |
|
3Q20 |
2Q20 |
- decrease |
Broadband Segment Revenue |
$13.3M |
$10.8M |
+$2.5M |
Broadband Segment Gross Margin |
33% |
33% |
-% |
Broadband Segment R&D Expense |
$0.9M |
$0.6M |
+$0.3M |
Broadband Segment Profit |
$3.5M |
$3.0M |
+$0.5M |
Non-GAAP Broadband Segment Gross Margin (1) |
33% |
34% |
-1% |
Non-GAAP Broadband Segment R&D Expense (1) |
$0.8M |
$0.5M |
+$0.3M |
Non-GAAP Broadband Segment Profit |
$3.6M |
$3.2M |
+$0.4M |
(1) 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 Outlook
The Company expects revenue for the fiscal fourth quarter ending
September 30, 2020 to be in the range of $29 million to $31
million.
Conference Call
The Company will discuss its financial results on August 6, 2020
at 8:00 a.m. ET (5:00 a.m. PT). The call will be available by
dialing 800-437-2398. For international callers, please dial +1
323-289-6576. The conference passcode number is 8731769. 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 approximately one hour following the
conclusion of the call on the Company's website.
About EMCORE
EMCORE Corporation is a leading provider of advanced
mixed-signal products that serve the aerospace & defense and
broadband communications markets. Our best-in-class components and
systems support a broad array of applications including navigation
and inertial sensing, defense optoelectronics, broadband transport,
5G wireless infrastructure, optical sensing, and cloud data
centers. We leverage industry-leading Quartz MEMS, Lithium Niobate
and Indium Phosphide chip-level technology to deliver
state-of-the-art component and system-level products across our
end-market applications. EMCORE has vertically-integrated
manufacturing capability at its wafer fabrication facility in
Alhambra, CA, and quartz MEMS manufacturing facility in Concord,
CA. Our manufacturing facilities maintain ISO 9001 quality
management certification, and we are AS9100 aerospace quality
certified at our facility in Concord. For further information about
EMCORE, please visit http://www.emcore.com.
Use of Non-GAAP Financial
Measures
The 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, as well as
adjusted EBITDA.
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 Statements
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
(“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, 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 our acquisition of
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; (k) the
outbreak of COVID-19 and the impact on our business and operations,
which is evolving and beyond our control; and (l) 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, 2019,
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 do not intend 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
Statement of Operations(in
thousands, except for per share
data)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
June 30, |
|
June 30, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Revenue |
|
$ |
27,266 |
|
|
$ |
17,219 |
|
|
$ |
76,598 |
|
|
$ |
62,965 |
|
Cost of revenue |
|
|
18,048 |
|
|
|
13,515 |
|
|
|
53,479 |
|
|
|
47,644 |
|
Gross profit |
|
|
9,218 |
|
|
|
3,704 |
|
|
|
23,119 |
|
|
|
15,321 |
|
Operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative |
|
|
5,936 |
|
|
|
9,288 |
|
|
|
18,962 |
|
|
|
23,877 |
|
Research and development |
|
|
4,807 |
|
|
|
4,629 |
|
|
|
14,033 |
|
|
|
13,008 |
|
Gain from change in estimate on ARO obligation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(40 |
) |
Gain on sale of assets |
|
|
(312 |
) |
|
|
— |
|
|
|
(2,229 |
) |
|
|
— |
|
Total operating expense |
|
|
10,431 |
|
|
|
13,917 |
|
|
|
30,766 |
|
|
|
36,845 |
|
Operating loss |
|
|
(1,213 |
) |
|
|
(10,213 |
) |
|
|
(7,647 |
) |
|
|
(21,524 |
) |
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest (expense) income, net |
|
|
(40 |
) |
|
|
99 |
|
|
|
(54 |
) |
|
|
590 |
|
Foreign exchange loss |
|
|
(20 |
) |
|
|
(349 |
) |
|
|
(29 |
) |
|
|
(31 |
) |
Total other (expense) income |
|
|
(60 |
) |
|
|
(250 |
) |
|
|
(83 |
) |
|
|
559 |
|
Loss before income tax expense |
|
|
(1,273 |
) |
|
|
(10,463 |
) |
|
|
(7,730 |
) |
|
|
(20,965 |
) |
Income tax (expense)
benefit |
|
|
(14 |
) |
|
|
(14 |
) |
|
|
27 |
|
|
|
(44 |
) |
Net loss |
|
$ |
(1,287 |
) |
|
$ |
(10,477 |
) |
|
$ |
(7,703 |
) |
|
$ |
(21,009 |
) |
Foreign exchange translation
adjustment |
|
|
2 |
|
|
|
9 |
|
|
|
(5 |
) |
|
|
36 |
|
Comprehensive loss |
|
$ |
(1,285 |
) |
|
$ |
(10,468 |
) |
|
$ |
(7,708 |
) |
|
$ |
(20,973 |
) |
Per share
data: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per basic and diluted
share |
|
$ |
(0.04 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.76 |
) |
Weighted-average number of
basic and diluted shares outstanding |
|
|
29,295 |
|
|
|
28,005 |
|
|
|
29,052 |
|
|
|
27,730 |
|
EMCORE
CORPORATIONCondensed Consolidated
Balance Sheets(in
thousands)(unaudited)
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
|
June 30, |
|
September 30, |
|
|
2020 |
|
2019 |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
29,497 |
|
|
$ |
21,574 |
|
Restricted cash |
|
|
185 |
|
|
|
403 |
|
Accounts receivable, net of allowance of $303 and $148,
respectively |
|
|
19,854 |
|
|
|
18,497 |
|
Contract assets |
|
|
2,079 |
|
|
|
1,055 |
|
Inventory |
|
|
24,410 |
|
|
|
24,051 |
|
Prepaid expenses and other current assets |
|
|
5,440 |
|
|
|
6,389 |
|
Assets held for sale |
|
|
1,580 |
|
|
|
— |
|
Total current assets |
|
|
83,045 |
|
|
|
71,969 |
|
Property, plant, and
equipment, net |
|
|
21,210 |
|
|
|
37,223 |
|
Goodwill |
|
|
69 |
|
|
|
69 |
|
ROU assets |
|
|
14,886 |
|
|
|
— |
|
Other intangible assets,
net |
|
|
211 |
|
|
|
239 |
|
Other non-current assets |
|
|
217 |
|
|
|
62 |
|
Total assets |
|
$ |
119,638 |
|
|
$ |
109,562 |
|
LIABILITIES and SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Borrowings from credit facility |
|
$ |
— |
|
|
$ |
5,497 |
|
PPP liability - current |
|
|
2,458 |
|
|
|
— |
|
Accounts payable |
|
|
13,075 |
|
|
|
10,701 |
|
Accrued expenses and other current liabilities |
|
|
10,788 |
|
|
|
14,521 |
|
ROU liability - current |
|
|
1,020 |
|
|
|
— |
|
Total current liabilities |
|
|
27,341 |
|
|
|
30,719 |
|
PPP liability -
non-current |
|
|
4,030 |
|
|
|
— |
|
ROU liability -
non-current |
|
|
13,981 |
|
|
|
— |
|
Asset retirement
obligations |
|
|
2,014 |
|
|
|
1,890 |
|
Other long-term
liabilities |
|
|
— |
|
|
|
207 |
|
Total liabilities |
|
|
47,366 |
|
|
|
32,816 |
|
Commitments and contingencies
(Note 13) |
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
Common stock, no par value, 50,000 shares authorized; 36,318 shares
issued and 29,408 shares outstanding as of June 30, 2020;
35,803 shares issued and 28,893 shares outstanding as of
September 30, 2019 |
|
|
743,160 |
|
|
|
739,926 |
|
Treasury stock at cost; 6,910 shares |
|
|
(47,721 |
) |
|
|
(47,721 |
) |
Accumulated other comprehensive income |
|
|
945 |
|
|
|
950 |
|
Accumulated deficit |
|
|
(624,112 |
) |
|
|
(616,409 |
) |
Total shareholders’ equity |
|
|
72,272 |
|
|
|
76,746 |
|
Total liabilities and shareholders’ equity |
|
$ |
119,638 |
|
|
$ |
109,562 |
|
EMCORE
CORPORATIONReconciliations of
GAAP to Non-GAAP Financial Measures
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
|
3Q20 |
|
2Q20 |
Gross Profit |
|
$ |
9,218 |
|
|
$ |
6,427 |
|
Gross
Margin |
|
|
34 |
% |
|
|
27 |
% |
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
Stock-based compensation |
|
|
166 |
|
|
|
202 |
|
Asset retirement obligation
(ARO) accretion |
|
|
8 |
|
|
|
8 |
|
Amortization of acquired
intangibles |
|
|
9 |
|
|
|
9 |
|
Total adjustments |
|
|
183 |
|
|
|
219 |
|
|
|
|
|
|
|
|
Non-GAAP Gross
Profit |
|
$ |
9,401 |
|
|
$ |
6,646 |
|
Non-GAAP Gross
Margin |
|
|
34 |
% |
|
|
28 |
% |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
|
3Q20 |
|
2Q20 |
Operating Expenses |
|
$ |
10,431 |
|
|
$ |
11,408 |
|
Stock-based compensation |
|
|
(613 |
) |
|
|
(843 |
) |
Acquisition-related
expenses |
|
|
3 |
|
|
|
(8 |
) |
Severance and restructuring
charges |
|
|
(13 |
) |
|
|
(389 |
) |
CATV transition - severance
charges |
|
|
— |
|
|
|
(20 |
) |
CATV transition - gain on sale
of asset |
|
|
312 |
|
|
|
— |
|
Litigation-related expenses
& arbitration ruling |
|
|
(18 |
) |
|
|
(19 |
) |
Gain/loss on sale of
assets |
|
|
— |
|
|
|
315 |
|
Non-GAAP
Operating Expenses |
|
$ |
10,102 |
|
|
$ |
10,444 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
|
3Q20 |
|
2Q20 |
Operating Profit |
|
$ |
(1,213 |
) |
|
$ |
(4,981 |
) |
Operating
Margin |
|
|
-4 |
% |
|
|
-21 |
% |
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
Stock-based compensation |
|
|
779 |
|
|
|
1,045 |
|
Asset retirement obligation
(ARO) accretion |
|
|
8 |
|
|
|
8 |
|
Acquisition-related
expenses |
|
|
(3 |
) |
|
|
8 |
|
Amortization of acquired
intangibles |
|
|
9 |
|
|
|
9 |
|
Severance and restructuring
charges |
|
|
13 |
|
|
|
389 |
|
CATV transition - severance
charges |
|
|
— |
|
|
|
20 |
|
CATV transition - gain on sale
of asset |
|
|
(312 |
) |
|
|
— |
|
Litigation-related expenses
& arbitration ruling |
|
|
18 |
|
|
|
19 |
|
Gain/loss on sale of
assets |
|
|
— |
|
|
|
(315 |
) |
Total adjustments |
|
|
512 |
|
|
|
1,183 |
|
|
|
|
|
|
|
|
Non-GAAP
Operating Profit |
|
|
(701 |
) |
|
|
(3,798 |
) |
Non-GAAP
Operating Margin |
|
|
-3 |
% |
|
|
-16 |
% |
|
|
|
|
|
|
|
Depreciation |
|
|
1,029 |
|
|
|
1,315 |
|
Adjusted
EBITDA |
|
$ |
328 |
|
|
$ |
(2,483 |
) |
Adjusted
EBITDA % |
|
|
1 |
% |
|
|
-10 |
% |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
|
3Q20 |
|
2Q20 |
Net Income (Loss) |
|
$ |
(1,287 |
) |
|
$ |
(5,081 |
) |
Earnings
(Loss) Per Share |
|
|
(0.04 |
) |
|
|
(0.18 |
) |
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
Stock-based compensation |
|
|
779 |
|
|
|
1,045 |
|
Asset retirement obligation
(ARO) accretion |
|
|
8 |
|
|
|
8 |
|
Acquisition-related
expenses |
|
|
(3 |
) |
|
|
8 |
|
Amortization of acquired
intangibles |
|
|
9 |
|
|
|
9 |
|
Severance and restructuring
charges |
|
|
13 |
|
|
|
389 |
|
CATV transition - severance
charges |
|
|
— |
|
|
|
20 |
|
CATV transition - gain on sale
of asset |
|
|
(312 |
) |
|
|
— |
|
Litigation-related expenses
& arbitration ruling |
|
|
18 |
|
|
|
19 |
|
Gain/loss on sale of
assets |
|
|
— |
|
|
|
(315 |
) |
Foreign currency
gain/loss |
|
|
20 |
|
|
|
156 |
|
Income tax expense |
|
|
14 |
|
|
|
(55 |
) |
Total adjustments |
|
|
546 |
|
|
|
1,284 |
|
|
|
|
|
|
|
|
Non-GAAP Net
Income (Loss) |
|
|
(741 |
) |
|
|
(3,797 |
) |
Non-GAAP
Earnings (Loss) Per Share |
|
|
(0.03 |
) |
|
|
(0.13 |
) |
|
|
|
|
|
|
|
Interest income/expense |
|
|
40 |
|
|
|
(1 |
) |
Depreciation |
|
|
1,029 |
|
|
|
1,315 |
|
Adjusted
EBITDA |
|
$ |
328 |
|
|
$ |
(2,483 |
) |
Adjusted
EBITDA % |
|
|
1 |
% |
|
|
-10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Three Months Ended |
|
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
|
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
|
3Q20 |
|
|
2Q20 |
|
|
|
3Q20 |
|
|
2Q20 |
Aerospace and
Defense |
|
|
|
|
|
|
|
Broadband |
|
|
|
|
|
|
Gross Profit |
|
$ |
4,877 |
|
|
$ |
2,844 |
|
|
Gross Profit |
|
$ |
4,341 |
|
|
$ |
3,583 |
|
Gross
Margin |
|
|
35 |
% |
|
|
22 |
% |
|
Gross
Margin |
|
|
33 |
% |
|
|
33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
Stock-based compensation |
|
|
114 |
|
|
|
114 |
|
|
Stock-based compensation |
|
|
52 |
|
|
|
88 |
|
Asset retirement obligation
(ARO) accretion |
|
|
— |
|
|
|
— |
|
|
Asset retirement obligation
(ARO) accretion |
|
|
8 |
|
|
|
8 |
|
Amortization of acquired
intangibles |
|
|
9 |
|
|
|
9 |
|
|
Amortization of acquired
intangibles |
|
|
— |
|
|
|
— |
|
Total adjustments |
|
|
123 |
|
|
|
123 |
|
|
Total adjustments |
|
|
60 |
|
|
|
96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Gross
Profit |
|
$ |
5,000 |
|
|
$ |
2,967 |
|
|
Non-GAAP Gross
Profit |
|
$ |
4,401 |
|
|
$ |
3,679 |
|
Non-GAAP Gross
Margin |
|
|
36 |
% |
|
|
23 |
% |
|
Non-GAAP Gross
Margin |
|
|
33 |
% |
|
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace and
Defense |
|
|
|
|
|
|
|
Broadband |
|
|
|
|
|
|
R&D
Expenses |
|
$ |
3,925 |
|
|
$ |
3,991 |
|
|
R&D
Expenses |
|
$ |
882 |
|
|
$ |
593 |
|
Stock-based compensation |
|
|
(53 |
) |
|
|
(153 |
) |
|
Stock-based compensation |
|
|
(72 |
) |
|
|
(99 |
) |
Non-GAAP
R&D Expenses |
|
$ |
3,872 |
|
|
$ |
3,838 |
|
|
Non-GAAP
R&D Expenses |
|
$ |
810 |
|
|
$ |
494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 6 2024 まで 7 2024
EMCORE (NASDAQ:EMKR)
過去 株価チャート
から 7 2023 まで 7 2024