EMCORE Corporation (NASDAQ: EMKR - News), 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 fiscal fourth quarter ended September 30, 2018.
In addition, the Company today announced that its
Chief Financial Officer, Jikun Kim is leaving the Company to tend
to personal obligations. EMCORE has an external search underway to
identify a replacement. Mr. Kim expects to continue serving in his
capacity as the Company’s Chief Financial Officer until December
31, 2018. Mr. Kim’s departure is not the result of any dispute or
disagreement with the Company, or any matter related to the
Company’s accounting practices or financial statement
disclosures.
Jeffrey Rittichier, EMCORE's President and CEO
commented, “2018 was a challenging year for us as we worked through
an inventory overhang in the Cable TV supply chain. With that
behind us now, we're experiencing strong growth in L-EML
transmitter shipments and expect that our CATV business will be on
a solid footing in FY19.” Rittichier went on to say “We’ve also
entered the year with robust backlog in our Navigation and Chip
product lines and look forward to realizing growth in these areas.
I also want to thank Jikun Kim for his contributions to the
company, and wish him great success and happiness going
forward.”
Financial Highlights - Fiscal Fourth
Quarter Ended September 30, 2018
Financial
Highlights |
|
For the Three Months Ended |
(in thousands) |
|
September 30, 2018 |
|
June 30, 2018 |
|
September 30, 2017 |
Revenue |
|
$ |
25,241 |
|
|
$ |
17,717 |
|
|
$ |
29,176 |
|
GAAP Gross Profit |
|
$ |
4,428 |
|
|
$ |
1,198 |
|
|
$ |
10,611 |
|
Non-GAAP Gross
Profit |
|
$ |
4,557 |
|
|
$ |
1,298 |
|
|
$ |
10,769 |
|
GAAP Operating (loss)
income |
|
$ |
(5,616 |
) |
|
$ |
(7,954 |
) |
|
$ |
1,709 |
|
Non-GAAP Operating
(loss) income |
|
$ |
(3,518 |
) |
|
$ |
(6,926 |
) |
|
$ |
3,331 |
|
GAAP pre-tax (loss)
income from continuing operations |
|
$ |
(5,833 |
) |
|
$ |
(8,414 |
) |
|
$ |
2,196 |
|
Non-GAAP pre-tax (loss)
income from continuing operations |
|
$ |
(3,275 |
) |
|
$ |
(6,710 |
) |
|
$ |
3,430 |
|
GAAP pre-tax EPS from
continuing operations - per diluted share |
|
$ |
(0.21 |
) |
|
$ |
(0.31 |
) |
|
$ |
0.08 |
|
Non-GAAP pre-tax EPS
from continuing operations - per diluted share |
|
$ |
(0.12 |
) |
|
$ |
(0.26 |
) |
|
$ |
0.12 |
|
Financial Statement Highlights for the
Fourth Quarter of Fiscal 2018:
- Consolidated revenue was $25.2 million, representing a 42.5%
increase from the prior quarter
- Consolidated GAAP gross margin was 17.5%, representing an
increase from the 6.8% gross margin in the prior quarter
- Consolidated Non-GAAP gross margin was 18.1%, representing an
increase from 7.3% in the prior quarter
- Consolidated GAAP operating margin was (22.2)%, representing an
increase from (44.9)% in the prior quarter
- Consolidated Non-GAAP operating margin was (13.9)%,
representing an increase from (39.1)% in the prior quarter
- GAAP diluted pre-tax EPS from continuing operations was
$(0.21), representing an increase from $(0.31) in the prior
quarter
- Non-GAAP diluted pre-tax EPS from continuing operations was
$(0.12), representing an increase from $(0.26) in the prior
quarter
- Cash and cash equivalents was $63.1 million at the end of the
quarter, a decrease of $2.2 million when compared to the end of the
prior quarter
Financial Highlights - Fiscal
Year Ended September 30, 2018
Financial
Highlights |
|
For the Fiscal Years Ended September
30, |
(in thousands) |
|
2018 |
|
2017 |
Revenue |
|
$ |
85,617 |
|
|
$ |
122,895 |
|
GAAP Gross Profit |
|
$ |
18,487 |
|
|
$ |
42,534 |
|
Non-GAAP Gross
Profit |
|
$ |
19,003 |
|
|
$ |
43,096 |
|
GAAP Operating (loss)
income |
|
$ |
(18,311 |
) |
|
$ |
7,741 |
|
Non-GAAP Operating
(loss) income |
|
$ |
(12,071 |
) |
|
$ |
14,075 |
|
GAAP pre-tax (loss)
income from continuing operations |
|
(17,902 |
) |
|
$ |
8,384 |
|
Non-GAAP pre-tax (loss)
income from continuing operations |
|
$ |
(11,338 |
) |
|
$ |
14,320 |
|
GAAP pre-tax EPS from
continuing operations - per diluted share |
|
$ |
(0.66 |
) |
|
$ |
0.30 |
|
Non-GAAP pre-tax EPS
from continuing operations - per diluted share |
|
$ |
(0.41 |
) |
|
$ |
0.52 |
|
Financial Statement Highlights for the
Fiscal Year Ended September 30, 2018:
- Consolidated revenue was $85.6 million, representing a 30.3%
decrease from the prior year
- Consolidated GAAP gross margin was 21.6%, representing a
decrease from the 34.6% gross margin reported in the prior
year
- Consolidated Non-GAAP gross margin was 22.2%, representing a
decrease from 35.1% reported in the prior year
- Consolidated GAAP operating margin was (21.4)%, representing a
decrease from 6.3% in the prior year
- Consolidated Non-GAAP operating margin was (14.1)%,
representing a decrease from 11.5% in the prior year
- GAAP diluted pre-tax EPS from continuing operations was
$(0.66), representing a decrease from $0.30 in the prior year
- Non-GAAP diluted pre-tax EPS from continuing operations was
$(0.41), representing a decrease from $0.52 in the prior year
- Cash and cash equivalents was $63.1 million at the end of the
year, a decrease of $5.2 million when compared to the prior
year
Business OutlookThe Company
expects revenue for the fiscal first quarter ending
December 31, 2018 to be in the range of $23 to $25
million.
Conference CallThe Company will
discuss its financial results on December 4, 2018 at 8:00 a.m.
EST (5:00 a.m PST). The call will be available by dialing
888-204-4368. For international callers, please dial +1
323-994-2082. The conference passcode number is 7241733. 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 4, 2018 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, 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.
Use of Non-GAAP Financial
MeasuresWe disclose non-GAAP gross profit, gross margin
percentage, operating income (loss), operating margin percentage,
pre-tax EPS from continuing operations and pre-tax income (loss)
from continuing operations as a supplemental measure to U.S. GAAP
gross profit, gross margin percentage, operating income (loss),
operating margin percentage, pre-tax EPS from continuing operations
and pre-tax income (loss) 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, they have 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 they 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 the 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 our
disclosures of these measures 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 (“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; 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.
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, 2018 |
|
June 30, 2018 |
|
September 30, 2017 |
|
September 30, 2018 |
|
September 30, 2017 |
Revenue |
|
$ |
25,241 |
|
|
$ |
17,717 |
|
|
$ |
29,176 |
|
|
$ |
85,617 |
|
|
$ |
122,895 |
|
Cost of revenue |
|
20,813 |
|
|
16,519 |
|
|
18,565 |
|
|
67,130 |
|
|
80,361 |
|
Gross
profit |
|
4,428 |
|
|
1,198 |
|
|
10,611 |
|
|
18,487 |
|
|
42,534 |
|
Operating expense: |
|
|
|
|
|
|
|
|
|
|
Selling,
general, and administrative |
|
5,532 |
|
|
5,237 |
|
|
5,181 |
|
|
21,232 |
|
|
22,246 |
|
Research
and development |
|
4,372 |
|
|
3,915 |
|
|
3,862 |
|
|
15,387 |
|
|
12,542 |
|
Impairments |
|
— |
|
|
— |
|
|
38 |
|
|
— |
|
|
506 |
|
Loss
(gain) from change in estimate on ARO obligation |
|
145 |
|
|
— |
|
|
(45 |
) |
|
145 |
|
|
(45 |
) |
(Gain)
loss on sale of assets |
|
(5 |
) |
|
— |
|
|
(134 |
) |
|
34 |
|
|
(456 |
) |
Total
operating expense |
|
10,044 |
|
|
9,152 |
|
|
8,902 |
|
|
36,798 |
|
|
34,793 |
|
Operating
(loss) income |
|
(5,616 |
) |
|
(7,954 |
) |
|
1,709 |
|
|
(18,311 |
) |
|
7,741 |
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
Interest
income, net |
|
243 |
|
|
216 |
|
|
99 |
|
|
733 |
|
|
245 |
|
Foreign
exchange (loss) gain |
|
(570 |
) |
|
(676 |
) |
|
388 |
|
|
(434 |
) |
|
82 |
|
Change in
fair value of financial instruments |
|
— |
|
|
|
|
— |
|
|
— |
|
|
— |
|
Other
income |
|
110 |
|
|
— |
|
|
— |
|
|
110 |
|
|
316 |
|
Total
other (expense) income |
|
(217 |
) |
|
(460 |
) |
|
487 |
|
|
409 |
|
|
643 |
|
(Loss)
income from continuing operations before income tax benefit
(expense) |
|
(5,833 |
) |
|
(8,414 |
) |
|
2,196 |
|
|
(17,902 |
) |
|
8,384 |
|
Income tax (expense)
benefit |
|
(53 |
) |
|
— |
|
|
(32 |
) |
|
449 |
|
|
(163 |
) |
(Loss)
income from continuing operations |
|
(5,886 |
) |
|
(8,414 |
) |
|
2,164 |
|
|
(17,453 |
) |
|
8,221 |
|
Loss from
discontinued operations, net of tax |
|
— |
|
|
— |
|
|
41 |
|
|
— |
|
|
14 |
|
Net
(loss) income |
|
$ |
(5,886 |
) |
|
$ |
(8,414 |
) |
|
$ |
2,205 |
|
|
$ |
(17,453 |
) |
|
$ |
8,235 |
|
Per share
data: |
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
basic share: |
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.21 |
) |
|
$ |
(0.31 |
) |
|
$ |
0.08 |
|
|
$ |
(0.64 |
) |
|
$ |
0.31 |
|
Discontinued operations |
|
— |
|
|
— |
|
|
0.00 |
|
|
— |
|
|
0.00 |
|
Net (loss) income per
basic share |
|
$ |
(0.21 |
) |
|
$ |
(0.31 |
) |
|
$ |
0.08 |
|
|
$ |
(0.64 |
) |
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
diluted share: |
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.21 |
) |
|
$ |
(0.31 |
) |
|
$ |
0.08 |
|
|
$ |
(0.64 |
) |
|
$ |
0.30 |
|
Discontinued operations |
|
— |
|
|
— |
|
|
0.00 |
|
|
— |
|
|
0.00 |
|
Net (loss) income per
diluted share |
|
$ |
(0.21 |
) |
|
$ |
(0.31 |
) |
|
$ |
0.08 |
|
|
$ |
(0.64 |
) |
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of basic shares outstanding |
|
27,424 |
|
|
27,387 |
|
|
26,904 |
|
|
27,266 |
|
|
26,659 |
|
Weighted-average number
of diluted shares outstanding |
|
27,424 |
|
|
27,387 |
|
|
27,768 |
|
|
27,266 |
|
|
27,544 |
|
EMCORE
CORPORATIONCondensed Consolidated Balance
Sheets(in
thousands)(unaudited)
|
As of September 30, 2018 |
|
As of September 30, 2017 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
63,117 |
|
|
$ |
68,333 |
|
Restricted cash |
78 |
|
|
421 |
|
Accounts
receivable, net |
19,275 |
|
|
22,265 |
|
Inventory |
20,850 |
|
|
25,139 |
|
Prepaid
expenses and other current assets |
12,730 |
|
|
8,527 |
|
Total
current assets |
116,050 |
|
|
124,685 |
|
Property, plant, and
equipment, net |
18,216 |
|
|
16,635 |
|
Non-current
inventory |
1,433 |
|
|
2,686 |
|
Other non-current
assets, net |
199 |
|
|
78 |
|
Total
assets |
$ |
135,898 |
|
|
$ |
144,084 |
|
LIABILITIES and SHAREHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
12,997 |
|
|
$ |
11,818 |
|
Accrued
expenses and other current liabilities |
14,205 |
|
|
9,825 |
|
Total
current liabilities |
27,202 |
|
|
21,643 |
|
Asset retirement
obligations |
1,809 |
|
|
1,638 |
|
Other long-term
liabilities |
82 |
|
|
29 |
|
Total
liabilities |
29,093 |
|
|
23,310 |
|
Shareholders’
equity: |
|
|
|
Common
stock |
734,066 |
|
|
730,906 |
|
Treasury
stock |
(47,721 |
) |
|
(47,721 |
) |
Accumulated other comprehensive income |
885 |
|
|
561 |
|
Accumulated deficit |
(580,425 |
) |
|
(562,972 |
) |
Total
shareholders’ equity |
106,805 |
|
|
120,774 |
|
Total
liabilities and shareholders’ equity |
$ |
135,898 |
|
|
$ |
144,084 |
|
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
CorporationRECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES(Loss) Income from Continuing
Operations(in thousands, except per share
data)(unaudited)
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
September 30, 2018 |
|
June 30, 2018 |
|
September 30, 2017 |
|
September 30, 2018 |
|
September 30, 2017 |
US GAAP net
(loss) income |
|
$ |
(5,886 |
) |
|
$ |
(8,414 |
) |
|
$ |
2,205 |
|
|
$ |
(17,453 |
) |
|
$ |
8,235 |
|
US GAAP net loss from
discontinued operations |
|
— |
|
|
— |
|
|
(41 |
) |
|
— |
|
|
(14 |
) |
US GAAP (loss)
income from Continuing Operations |
|
(5,886 |
) |
|
(8,414 |
) |
|
2,164 |
|
|
(17,453 |
) |
|
8,221 |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense |
|
53 |
|
|
— |
|
|
32 |
|
|
(449 |
) |
|
163 |
|
Other income |
|
(110 |
) |
|
— |
|
|
— |
|
|
(110 |
) |
|
(316 |
) |
Currency exchange loss
(gain) |
|
570 |
|
|
676 |
|
|
(388 |
) |
|
434 |
|
|
(82 |
) |
Total other income & tax related
adjustments |
|
513 |
|
|
676 |
|
|
(356 |
) |
|
(125 |
) |
|
(235 |
) |
|
|
|
|
|
|
|
|
|
|
|
Stock based
compensation expense - R&D |
|
153 |
|
|
157 |
|
|
143 |
|
|
614 |
|
|
505 |
|
Stock based
compensation expense - SG&A |
|
669 |
|
|
625 |
|
|
648 |
|
|
2,584 |
|
|
2,605 |
|
Litigation related
expenses |
|
1,169 |
|
|
127 |
|
|
422 |
|
|
1,762 |
|
|
783 |
|
Severance and
restructuring charges |
|
(162 |
) |
|
19 |
|
|
392 |
|
|
585 |
|
|
1,874 |
|
Impairments |
|
— |
|
|
— |
|
|
38 |
|
|
— |
|
|
506 |
|
Loss (gain) from change
in estimate on ARO obligation |
|
145 |
|
|
— |
|
|
(45 |
) |
|
145 |
|
|
(45 |
) |
(Gain) loss on sale of
assets |
|
(5 |
) |
|
— |
|
|
(134 |
) |
|
34 |
|
|
(456 |
) |
Total operating expense adjustments |
|
1,969 |
|
|
928 |
|
|
1,464 |
|
|
5,724 |
|
|
5,772 |
|
|
|
|
|
|
|
|
|
|
|
|
ARO accretion |
|
16 |
|
|
17 |
|
|
19 |
|
|
66 |
|
|
70 |
|
Stock based
compensation expense - COGS |
|
113 |
|
|
83 |
|
|
139 |
|
|
450 |
|
|
492 |
|
Total COGS adjustments |
|
129 |
|
|
100 |
|
|
158 |
|
|
516 |
|
|
562 |
|
Non-GAAP
pre-tax (loss) income from continuing operations |
|
$ |
(3,275 |
) |
|
$ |
(6,710 |
) |
|
$ |
3,430 |
|
|
$ |
(11,338 |
) |
|
$ |
14,320 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EPS from
continuing operations - per diluted share |
|
$ |
(0.21 |
) |
|
$ |
(0.31 |
) |
|
$ |
0.08 |
|
|
$ |
(0.64 |
) |
|
$ |
0.30 |
|
Other income and tax
related adjustments |
|
0.02 |
|
|
0.02 |
|
|
(0.01 |
) |
|
0.00 |
|
|
(0.01 |
) |
Operating expense
adjustments |
|
0.07 |
|
|
0.03 |
|
|
0.05 |
|
|
0.21 |
|
|
0.21 |
|
COGS adjustments |
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.02 |
|
|
0.02 |
|
Non-GAAP
pre-tax EPS from continuing operations - per diluted
share |
|
$ |
(0.12 |
) |
|
$ |
(0.26 |
) |
|
$ |
0.12 |
|
|
$ |
(0.41 |
) |
|
$ |
0.52 |
|
GAAP Gross Margin
Percentage |
|
17.5 |
% |
|
6.8 |
% |
|
36.4 |
% |
|
21.6 |
% |
|
34.6 |
% |
Non GAAP Gross Margin
Percentage |
|
18.1 |
% |
|
7.3 |
% |
|
36.9 |
% |
|
22.2 |
% |
|
35.1 |
% |
GAAP Operating Margin
Percentage |
|
(22.2 |
)% |
|
(44.9 |
)% |
|
5.9 |
% |
|
(21.4 |
)% |
|
6.3 |
% |
Non GAAP Operating
Margin Percentage |
|
(13.9 |
)% |
|
(39.1 |
)% |
|
11.5 |
% |
|
(14.1 |
)% |
|
11.5 |
% |
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, 2018 |
|
June 30, 2018 |
|
September 30, 2017 |
|
September 30, 2018 |
|
September 30, 2017 |
Cost of revenue |
$ |
113 |
|
|
$ |
83 |
|
|
$ |
139 |
|
|
$ |
450 |
|
|
$ |
492 |
|
Selling, general, and
administrative |
669 |
|
|
625 |
|
|
648 |
|
|
2,584 |
|
|
2,605 |
|
Research and
development |
153 |
|
|
157 |
|
|
143 |
|
|
614 |
|
|
505 |
|
Total
stock-based compensation expense |
$ |
935 |
|
|
$ |
865 |
|
|
$ |
930 |
|
|
$ |
3,648 |
|
|
$ |
3,602 |
|
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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