EMCORE Corporation (NASDAQ:EMKR), a leading provider of advanced
Mixed-Signal Optics products that provide the foundation for
today's high-speed communications network infrastructures and
leading-edge defense systems, today announced financial results for
its fourth quarter ended September 30, 2017.
Jeffrey Rittichier, EMCORE's President and CEO commented,
“EMCORE completed an outstanding fiscal year 2017 with a 34% growth
in revenue and 182% growth in profits over the last year. We did
this with 38% lower headcount and a smaller fixed cost base in
production.” Rittichier continued by saying “EMCORE now has the
foundation to increase our non-CATV revenue to 30% for the next
year as well as improve non-GAAP operating margins to 15% as we
exit fiscal year 2018.”
Financial Highlights - Fourth Quarter
Ended September 30, 2017
Financial
Highlights |
|
For the Three Months Ended |
(in thousands) |
|
September 30, 2017 |
|
June 30, 2017 |
|
September 30, 2016 |
Revenue |
|
$ |
29,176 |
|
|
$ |
30,952 |
|
|
$ |
25,600 |
|
GAAP Gross Profit |
|
$ |
10,611 |
|
|
$ |
10,842 |
|
|
$ |
9,119 |
|
Non-GAAP Gross
Profit |
|
$ |
10,769 |
|
|
$ |
10,972 |
|
|
$ |
9,222 |
|
GAAP Operating
income |
|
$ |
1,709 |
|
|
$ |
2,009 |
|
|
$ |
1,764 |
|
Non-GAAP Operating
Income |
|
$ |
3,331 |
|
|
$ |
3,565 |
|
|
$ |
2,545 |
|
GAAP pre-tax income
from continuing operations |
|
$ |
2,196 |
|
|
$ |
2,455 |
|
|
$ |
1,729 |
|
Non-GAAP pre-tax income
from continuing operations |
|
$ |
3,430 |
|
|
$ |
3,642 |
|
|
$ |
2,593 |
|
GAAP pre-tax EPS from
continuing operations - per diluted share |
|
$ |
0.08 |
|
|
$ |
0.09 |
|
|
$ |
0.06 |
|
Non-GAAP pre-tax EPS
from continuing operations - per diluted share |
|
$ |
0.12 |
|
|
$ |
0.13 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statement Highlights for the
Fourth Quarter of Fiscal 2017:
- Consolidated revenue was $29.2 million, representing a 5.7%
decrease from the prior quarter
- Consolidated GAAP gross margin was 36.4%, representing an
increase from the 35.0% gross margin reported in the prior
quarter
- Consolidated Non-GAAP gross margin was 36.9%, representing an
increase from 35.4% reported in the prior quarter
- Consolidated GAAP operating margin was 5.9%, representing a
decrease from 6.5% in the prior quarter
- Consolidated Non-GAAP operating margin was 11.4%, representing
a decrease from 11.5% in the prior quarter
- GAAP diluted pre-tax EPS from continuing operations of $0.08,
representing a decrease from $0.09 in the prior quarter
- Non-GAAP diluted pre-tax EPS from continuing operations of
$0.12, representing a decrease from $0.13 in the prior quarter
- Cash and cash equivalents was $68.3 million at the end of the
quarter
Financial Highlights - Fiscal
Year Ended September 30, 2017
Financial
Highlights |
|
For the Fiscal Years Ended September
30, |
(in thousands) |
|
2017 |
|
2016 |
Revenue |
|
$ |
122,895 |
|
|
$ |
91,998 |
|
GAAP Gross Profit |
|
$ |
42,534 |
|
|
$ |
30,954 |
|
Non-GAAP Gross
Profit |
|
$ |
43,096 |
|
|
$ |
31,365 |
|
GAAP Operating
income |
|
$ |
7,741 |
|
|
$ |
2,939 |
|
Non-GAAP Operating
Income |
|
$ |
14,075 |
|
|
$ |
4,988 |
|
GAAP pre-tax income
from continuing operations |
|
$ |
8,384 |
|
|
$ |
2,633 |
|
Non-GAAP pre-tax income
from continuing operations |
|
$ |
14,320 |
|
|
$ |
5,076 |
|
GAAP pre-tax EPS from
continuing operations - per diluted share |
|
$ |
0.30 |
|
|
$ |
0.10 |
|
Non-GAAP pre-tax EPS
from continuing operations - per diluted share |
|
$ |
0.52 |
|
|
$ |
0.19 |
|
Financial Statement Highlights for the
Fiscal Year Ended September 30, 2017:
- Consolidated revenue was $122.9 million, representing a 33.6%
increase from the prior year
- Consolidated GAAP gross margin was 34.6%, representing an
increase from the 33.6% gross margin reported in the prior
year
- Consolidated Non-GAAP gross margin was 35.1%, representing an
increase from 34.1% reported in the prior year
- Consolidated GAAP operating margin was 6.3%, representing an
increase from 3.2% in the prior year
- Consolidated Non-GAAP operating margin was 11.5%, representing
an increase from 5.4% in the prior year
- GAAP diluted pre-tax EPS from continuing operations of $0.30,
representing an increase from $0.10 in the prior year
- Non-GAAP diluted pre-tax EPS from continuing operations of
$0.52, representing an increase from $0.19 in the prior year
- Cash and cash equivalents was $68.3 million at the end of the
year, an increase of $4.4 million when compared to the prior
year
Business Outlook
EMCORE anticipates increasing our non-CATV
revenue to 30% for the next year as well as improving non-GAAP
operating margins to 15% as we exit fiscal year 2018.
Conference Call
The Company will discuss its fiscal year 2017
financial results, fiscal year 2018 outlook and guidance for Q1
fiscal year 2018 on December 5, 2017 at 8:00 a.m. EST (5:00
a.m PST). The call will be available, live, to interested parties
by dialing 888-349-9582. For international callers, please dial +1
719-457-2683. The conference passcode number is 7450331. 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 Tuesday, December 5, 2017 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 high-speed communication network
infrastructures and leading-edge defense systems. Our optical
chips, components, subsystems and systems enable broadband and
wireless 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, wireless infrastructure, satellite RF fiber
links, navigation systems and military communications. EMCORE has
fully 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 facilities in Warminster, Pennsylvania and
China. For further information about EMCORE, visit
http://www.emcore.com.
Use of Non-GAAP Financial
MeasuresWe disclose non-GAAP gross profit, gross margin
percentage, operating income, operating margin percentage, pre-tax
EPS and income from continuing operations as a supplemental measure
to U.S. GAAP income from continuing operations regarding our
operational performance. These financial measures exclude the
impact of certain items that we do not believe are indicative of
our core operating results; therefore, it has not been calculated
in accordance with U.S. GAAP. A reconciliation of non-GAAP pre-tax
income from continuing operations to GAAP income from continuing
operations, which identifies the items excluded from the non-GAAP
measures, are provided in the table below titled "Reconciliation of
GAAP to Non-GAAP Financial Measures".
We believe that these additional non-GAAP financial measures are
useful to investors in assessing our operating performance. We also
use these financial measures internally to evaluate our operating
performance and for planning and forecasting of future periods. In
addition, financial analysts that follow us may focus on and
publish both historical results and future projections based on our
non-GAAP financial measures. We also believe that it is in the best
interests of our investors to provide this non-GAAP
information.
While we believe that these non-GAAP financial measures provide
useful supplemental information to investors, there are limitations
associated with the use of these non-GAAP financial measures. Our
non-GAAP financial measures may not be reported by all of our
competitors and it 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 financial measures as a supplement to U.S. GAAP and by
providing a reconciliation of our non-GAAP financial measures to
its most comparable U.S. GAAP financial measures.
Non-GAAP financial measures are not in accordance with or an
alternative for U.S. GAAP. Our non-GAAP financial measures are not
meant to be considered in isolation or as a substitute for
comparable U.S. GAAP financial measures and it should be read only
in conjunction with our consolidated financial statements prepared
in accordance with U.S. GAAP.
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. 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; and (g)
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, 2016, 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 CORPORATION |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share
data) |
(unaudited) |
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
September 30, 2017 |
|
June 30, 2017 |
|
September 30, 2016 |
|
September 30, 2017 |
|
September 30, 2016 |
Revenue |
|
$ |
29,176 |
|
|
$ |
30,952 |
|
|
$ |
25,600 |
|
|
$ |
122,895 |
|
|
$ |
91,998 |
|
Cost of revenue |
|
18,565 |
|
|
20,110 |
|
|
16,481 |
|
|
80,361 |
|
|
61,044 |
|
Gross
profit |
|
10,611 |
|
|
10,842 |
|
|
9,119 |
|
|
42,534 |
|
|
30,954 |
|
Operating expense: |
|
|
|
|
|
|
|
|
|
|
Selling,
general, and administrative |
|
5,181 |
|
|
5,815 |
|
|
4,963 |
|
|
22,246 |
|
|
20,734 |
|
Research
and development |
|
3,862 |
|
|
3,340 |
|
|
2,392 |
|
|
12,542 |
|
|
9,921 |
|
Impairments |
|
38 |
|
|
— |
|
|
— |
|
|
506 |
|
|
— |
|
Recovery
of previously incurred litigation related fees and expenses from
arbitration award |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,599 |
) |
Gain from
change in estimate on ARO obligation |
|
(45 |
) |
|
— |
|
|
— |
|
|
(45 |
) |
|
— |
|
Gain on
sale of assets |
|
(134 |
) |
|
(322 |
) |
|
— |
|
|
(456 |
) |
|
(41 |
) |
Total
operating expense |
|
8,902 |
|
|
8,833 |
|
|
7,355 |
|
|
34,793 |
|
|
28,015 |
|
Operating
income |
|
1,709 |
|
|
2,009 |
|
|
1,764 |
|
|
7,741 |
|
|
2,939 |
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
Interest
income, net |
|
99 |
|
|
77 |
|
|
48 |
|
|
245 |
|
|
88 |
|
Foreign
exchange gain (loss) |
|
388 |
|
|
53 |
|
|
(83 |
) |
|
82 |
|
|
(394 |
) |
Other
income |
|
— |
|
|
316 |
|
|
— |
|
|
316 |
|
|
— |
|
Total
other income (expense) |
|
487 |
|
|
446 |
|
|
(35 |
) |
|
643 |
|
|
(306 |
) |
Income
from continuing operations before income tax (expense) benefit |
|
2,196 |
|
|
2,455 |
|
|
1,729 |
|
|
8,384 |
|
|
2,633 |
|
Income tax (expense)
benefit |
|
(32 |
) |
|
(19 |
) |
|
8 |
|
|
(163 |
) |
|
(14 |
) |
Income
from continuing operations |
|
2,164 |
|
|
2,436 |
|
|
1,737 |
|
|
8,221 |
|
|
2,619 |
|
Income
(loss) from discontinued operations, net of tax |
|
41 |
|
|
(11 |
) |
|
259 |
|
|
14 |
|
|
5,647 |
|
Net
income |
|
$ |
2,205 |
|
|
$ |
2,425 |
|
|
$ |
1,996 |
|
|
$ |
8,235 |
|
|
$ |
8,266 |
|
Per share
data: |
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
basic share: |
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
0.08 |
|
|
$ |
0.09 |
|
|
$ |
0.07 |
|
|
$ |
0.31 |
|
|
$ |
0.10 |
|
Discontinued operations |
|
0.00 |
|
|
(0.00 |
) |
|
0.01 |
|
|
0.00 |
|
|
0.22 |
|
Net income per basic
share |
|
$ |
0.08 |
|
|
$ |
0.09 |
|
|
$ |
0.08 |
|
|
$ |
0.31 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
diluted share: |
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
0.08 |
|
|
$ |
0.09 |
|
|
$ |
0.06 |
|
|
$ |
0.30 |
|
|
$ |
0.10 |
|
Discontinued operations |
|
0.00 |
|
|
(0.00 |
) |
|
0.01 |
|
|
0.00 |
|
|
0.21 |
|
Net income per diluted
share |
|
$ |
0.08 |
|
|
$ |
0.09 |
|
|
$ |
0.07 |
|
|
$ |
0.30 |
|
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of basic shares outstanding |
|
26,904 |
|
|
26,833 |
|
|
26,177 |
|
|
26,659 |
|
|
25,979 |
|
Weighted-average number
of diluted shares outstanding |
|
27,768 |
|
|
27,816 |
|
|
26,674 |
|
|
27,544 |
|
|
26,518 |
|
|
EMCORE CORPORATION |
Condensed Consolidated Balance
Sheets |
(in thousands) |
(unaudited) |
|
|
As of |
|
As of |
|
September 30, 2017 |
|
September 30, 2016 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
68,333 |
|
|
$ |
63,905 |
|
Restricted cash |
421 |
|
|
965 |
|
Accounts
receivable, net |
22,265 |
|
|
18,432 |
|
Inventory |
25,139 |
|
|
24,150 |
|
Prepaid
expenses and other current assets |
8,527 |
|
|
3,764 |
|
Total
current assets |
124,685 |
|
|
111,216 |
|
Property, plant, and
equipment, net |
16,635 |
|
|
12,213 |
|
Non-current
inventory |
2,686 |
|
|
3,531 |
|
Other non-current
assets, net |
78 |
|
|
251 |
|
Total
assets |
$ |
144,084 |
|
|
$ |
127,211 |
|
LIABILITIES and SHAREHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
11,818 |
|
|
$ |
10,575 |
|
Accrued
expenses and other current liabilities |
9,825 |
|
|
7,684 |
|
Total
current liabilities |
21,643 |
|
|
18,259 |
|
Asset retirement
obligations |
1,638 |
|
|
1,573 |
|
Other long-term
liabilities |
29 |
|
|
62 |
|
Total
liabilities |
23,310 |
|
|
19,894 |
|
Shareholders’
equity: |
|
|
|
Common
stock |
730,906 |
|
|
725,880 |
|
Treasury
stock |
(47,721 |
) |
|
(47,721 |
) |
Accumulated other comprehensive income |
561 |
|
|
579 |
|
Accumulated deficit |
(562,972 |
) |
|
(571,421 |
) |
Total
shareholders’ equity |
120,774 |
|
|
107,317 |
|
Total
liabilities and shareholders’ equity |
$ |
144,084 |
|
|
$ |
127,211 |
|
|
|
|
|
|
|
|
|
We have provided a reconciliation of our non-GAAP pre-tax income
from continuing operations financial measure to its most directly
comparable U.S. GAAP financial measure as indicated in the table
below:
EMCORE Corporation |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES |
Income (Loss) from Continuing
Operations |
(in thousands, except per share
data) |
(unaudited) |
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
September 30, 2017 |
|
June 30, 2017 |
|
September 30, 2016 |
|
September 30, 2017 |
|
September 30, 2016 |
US GAAP net
income |
|
$ |
2,205 |
|
|
$ |
2,425 |
|
|
$ |
1,996 |
|
|
$ |
8,235 |
|
|
$ |
8,266 |
|
US GAAP net (income)
loss from discontinued operations |
|
(41 |
) |
|
11 |
|
|
(259 |
) |
|
(14 |
) |
|
(5,647 |
) |
US GAAP net
income from Continuing Operations |
|
2,164 |
|
|
2,436 |
|
|
1,737 |
|
|
8,221 |
|
|
2,619 |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
32 |
|
|
19 |
|
|
(8 |
) |
|
163 |
|
|
14 |
|
Other income |
|
— |
|
|
(316 |
) |
|
— |
|
|
(316 |
) |
|
— |
|
Currency exchange
(gain) loss |
|
(388 |
) |
|
(53 |
) |
|
83 |
|
|
(82 |
) |
|
394 |
|
Total other income & tax related
adjustments |
|
(356 |
) |
|
(350 |
) |
|
75 |
|
|
(235 |
) |
|
408 |
|
|
|
|
|
|
|
|
|
|
|
|
Stock based
compensation expense - R&D |
|
143 |
|
|
143 |
|
|
95 |
|
|
505 |
|
|
372 |
|
Stock based
compensation expense - SG&A |
|
648 |
|
|
824 |
|
|
282 |
|
|
2,605 |
|
|
1,445 |
|
Litigation related
expenses |
|
422 |
|
|
7 |
|
|
301 |
|
|
783 |
|
|
1,783 |
|
Severance charges |
|
392 |
|
|
774 |
|
|
— |
|
|
1,874 |
|
|
678 |
|
Impairments |
|
38 |
|
|
— |
|
|
— |
|
|
506 |
|
|
— |
|
Recovery
of previously incurred litigation related fees and expenses
associated with arbitration award |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,599 |
) |
Gain from change in
estimate on ARO obligation |
|
(45 |
) |
|
— |
|
|
— |
|
|
(45 |
) |
|
— |
|
Gain on sale of
assets |
|
(134 |
) |
|
(322 |
) |
|
— |
|
|
(456 |
) |
|
(41 |
) |
Total operating expense adjustments |
|
1,464 |
|
|
1,426 |
|
|
678 |
|
|
5,772 |
|
|
1,638 |
|
|
|
|
|
|
|
|
|
|
|
|
ARO accretion |
|
19 |
|
|
17 |
|
|
21 |
|
|
70 |
|
|
66 |
|
Stock based
compensation expense - COGS |
|
139 |
|
|
113 |
|
|
82 |
|
|
492 |
|
|
345 |
|
Total COGS adjustments |
|
158 |
|
|
130 |
|
|
103 |
|
|
562 |
|
|
411 |
|
Non-GAAP
pre-tax income from continuing operations |
|
$ |
3,430 |
|
|
$ |
3,642 |
|
|
$ |
2,593 |
|
|
$ |
14,320 |
|
|
$ |
5,076 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EPS from
continuing operations - per diluted share |
|
$ |
0.08 |
|
|
$ |
0.09 |
|
|
$ |
0.06 |
|
|
$ |
0.30 |
|
|
$ |
0.10 |
|
Other income and tax
related adjustments |
|
(0.01 |
) |
|
(0.01 |
) |
|
0.00 |
|
|
(0.01 |
) |
|
0.02 |
|
Operating expense
adjustments |
|
0.05 |
|
|
0.05 |
|
|
0.03 |
|
|
0.21 |
|
|
0.05 |
|
COGS adjustments |
|
0.00 |
|
|
0.00 |
|
|
0.01 |
|
|
0.02 |
|
|
0.02 |
|
Non-GAAP
pre-tax EPS from continuing operations - per diluted
share |
|
$ |
0.12 |
|
|
$ |
0.13 |
|
|
$ |
0.10 |
|
|
$ |
0.52 |
|
|
$ |
0.19 |
|
GAAP Gross Margin
Percentage |
|
36.4 |
% |
|
35.0 |
% |
|
35.6 |
% |
|
34.6 |
% |
|
33.6 |
% |
Non GAAP Gross Margin
Percentage |
|
36.9 |
% |
|
35.4 |
% |
|
36.0 |
% |
|
35.1 |
% |
|
34.1 |
% |
GAAP Operating Margin
Percentage |
|
5.9 |
% |
|
6.5 |
% |
|
6.9 |
% |
|
6.3 |
% |
|
3.2 |
% |
Non GAAP Operating
Margin Percentage |
|
11.4 |
% |
|
11.5 |
% |
|
9.9 |
% |
|
11.5 |
% |
|
5.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expenseThe effect of recording
stock-based compensation expense was as follows:
Stock-based
Compensation Expense |
For the Three Months Ended |
|
For the Twelve Months Ended |
(in thousands) |
September 30, 2017 |
|
June 30, 2017 |
|
September 30, 2016 |
|
September 30, 2017 |
|
September 30, 2016 |
Cost of revenue |
$ |
139 |
|
|
$ |
113 |
|
|
$ |
82 |
|
|
$ |
492 |
|
|
$ |
345 |
|
Selling, general, and
administrative |
648 |
|
|
824 |
|
|
282 |
|
|
2,605 |
|
|
1,445 |
|
Research and
development |
143 |
|
|
143 |
|
|
95 |
|
|
505 |
|
|
372 |
|
Total
stock-based compensation expense |
$ |
930 |
|
|
$ |
1,080 |
|
|
$ |
459 |
|
|
$ |
3,602 |
|
|
$ |
2,162 |
|
Contact:EMCORE CorporationJikun Kim(626)
293-3400investor@emcore.com
Sapphire Investor Relations, LLCErica Mannion or Michael
Funari(617) 542-6180investor@emcore.com
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