EMCORE Increases Revenue Projection for Last-Time Buys of Broadband Products to $20 Million
May 24 2023 - 4:02PM
EMCORE Corporation (Nasdaq: EMKR), the world’s largest independent
provider of inertial navigation solutions to the aerospace and
defense industry, announced today that it expects revenue from
last-time buys of Broadband products to be approximately $20
million, up from the $10 million previously projected. EMCORE
expects margins to be consistent with the historical margin
performance for these products.
Jeffrey Rittichier, EMCORE’s President and CEO stated, “In our
Q2FY23 earnings release, we indicated that last-time buys for
products in our broadband business would total approximately $10
million. As of today, our Broadband backlog stands near $20 million
with some opportunity for additional upside.” Mr. Rittichier went
on to say, “Shipments of these products are being scheduled and are
expected to largely be complete by the end of the calendar year
2023.”
EMCORE expects Indium Phosphide (InP) wafer production
supporting Broadband products to conclude by the end of July 2023,
and the majority of InP wafer operations to finish by the end of
August 2023. EMS assembly for Broadband products is expected to be
complete by around the end of the calendar year 2023. During this
period, EMCORE expects to complete its planned headcount reduction
of approximately 100 employees as Broadband operations wind down.
About EMCORE EMCORE Corporation is a leading
provider of inertial navigation products for the aerospace and
defense markets. We leverage industry-leading Photonic Integrated
Chip (PIC), Quartz MEMS, and Lithium Niobate 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 facilities in
Alhambra, CA, Budd Lake, NJ, Concord, CA, and Tinley Park, IL. Our
manufacturing facilities all maintain ISO 9001 quality management
certification, and we are AS9100 aerospace quality certified at our
facilities in Budd Lake and Concord. For further information about
EMCORE, please visit https://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,
goals and business prospects; financial projections including
revenue and margin from last-time buys of Broadband products; the
timing of shipments of products; expected changes in InP wafer
production and EMS assembly, including timing thereof; and timing
of completion of its headcount reduction. 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) risks and uncertainties related to our current
expectations with respect to potential revenues arising from last
time buys by our Broadband and Defense Optoelectronics customers;
(b) any disruptions to our operations as a result of our
restructuring activities, the ability to successfully execute our
restructuring program and achieve the intended benefits thereof on
the expected timeframe or at all, and unforeseen or greater than
expected costs associated with the restructuring; (c) risks related
to the loss of personnel; (d) risks related to customer and vendor
relationships and contractual obligations; (e) risks related to the
closing of our manufacturing support and engineering center in
China; (f) the rapidly evolving markets for the Company's products
and uncertainty regarding the development of these markets; (g) 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; (h) the effect of component shortages and uncertainties
concerning the availability and cost of commodity materials and
specialized product components that we do not make internally; (i)
actions by competitors; (j) risks and uncertainties related to
applicable laws and regulations; (k) risks and uncertainties
related to manufacturing and production capacity; (l) risks related
to the conversion of order backlog into product revenue; and (m)
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, 2022, 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.
Investor Contact:EMCORE
CorporationTom MinichielloChief Financial Officer(626)
293-3400investor@emcore.com
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