EMCORE Corporation Announces Preliminary Financial Results for the Second Fiscal Quarter Ended March 31, 2018
April 09 2018 - 4:15PM
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 preliminary financial
results for its second fiscal quarter ended March 31, 2018.
EMCORE expects its revenues for the quarter to be approximately
$18M to $19M compared to its previous revenue guidance for the
quarter of a range of $21M to $23M. Certain principal factors
that contributed to the lower than expected revenues in the quarter
ended March 31, 2018 include:
- Impact of a major CATV customer working through a large
inventory accumulation was greater than anticipated, resulting in
lower than expected revenues from the customer during the
quarter.
- Although other CATV customers showed strong demand in the
quarter, a portion of the orders were received too late to ship
before the end of Q2.
Jeffrey Rittichier, EMCORE's President and CEO commented, “CATV
experienced significant demand shortfall from one major customer
but saw bright spots in terms of LEML adoption and strength from
our other customers. During the quarter, our Chip and Navigation
businesses performed well and demonstrated the expected strength in
demand.”
These preliminary, unaudited results are based on the most
current information available to management following its initial
review of operations for the quarter ended March 31, 2018, and
remain subject to completion of EMCORE's customary closing
procedures, including external auditor review.
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, data centers, 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
facility in Beijing, China. For further information about EMCORE,
visit http://www.emcore.com.
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, 2017, 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.
Contact:EMCORE CorporationJikun Kim(626)
293-3400investor_emkr@emcore.com
Sapphire Investor Relations, LLCErica Mannion or Michael
Funari(617) 542-6180investor_emkr@emcore.com
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