EMCORE Corporation Announces Preliminary Financial Results for the Second Fiscal Quarter Ended March 31, 2021
April 19 2021 - 8:30AM
EMCORE Corporation (Nasdaq: EMKR), a leading provider of advanced
mixed-signal products that serve the aerospace & defense and
broadband communications markets, announced preliminary financial
results for its second fiscal quarter ended March 31, 2021.
EMCORE expects its revenue for the quarter to be
approximately $38.4 million compared to its previous revenue
guidance range of $34 million to $36 million.
Jeff Rittichier, EMCORE’s President and CEO
commented, “Our Broadband business achieved better-than-forecasted
shipments due to improved CATV production output across multiple
facilities during the quarter. MSOs continue to invest in their
networks to break bottlenecks caused by the bandwidth demands of
businesses and their need for remote operations.”
These preliminary and unaudited results are based
on the most current information available to management following
its initial review of operations for the quarter ended March 31,
2021 and remain subject to completion of EMCORE’s customary closing
procedures, including external auditor review. EMCORE expects to
provide final financial results for its second fiscal quarter
during the week of May 3, 2021.
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.
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, as amended.
Such statements include statements regarding EMCORE's plans,
strategies, business prospects, growth opportunities, changes, and
trends in our business and expansion into new markets. These
forward-looking statements are based on management's current
expectations, estimates, forecasts, and projections about EMCORE
and are subject to risks and uncertainties that could cause actual
results and events to differ materially from those stated in the
forward-looking statements, including without limitation, the
following: (a) uncertainties regarding the effects of the COVID-19
pandemic and the impact of measures intended to reduce its spread
on our business and operations, which is evolving and beyond our
control; (b) the rapidly evolving markets for EMCORE's products and
uncertainty regarding the development of these markets; (c)
EMCORE's historical dependence on sales to a limited number of
customers and fluctuations in the mix of products and customers in
any period; (d) delays and other difficulties in commercializing
new products; (e) 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; (f) uncertainties concerning
the availability and cost of commodity materials and specialized
product components that we do not make internally; (g) risks and
uncertainties related to manufacturing and production capacity and
expansion plans related thereto; (h) actions by competitors; (i)
the risk that, upon completion of further closing and review
procedures, the financial results for the second fiscal quarter are
different than the results set forth in this press release; and (j)
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, 2020, as updated by our subsequent periodic reports.
Forward-looking statements contained in this press release are made
only as of the date hereof, and EMCORE undertakes no obligation to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.
EMCORE Investor Contact: Tom
Minichiello Chief Financial Officer (626) 293-3400
investor@emcore.com
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