Emcore Loses $3.6M in Q1

ALBUQUERQUE, N.M. -- EMCORE Corporation (Nasdaq:EMKR), a leading provider of compound semiconductor-based components, subsystems, and systems for the fiber optics and solar power markets, today announced its financial results for its fiscal first quarter ended December 31, 2011.

Consolidated revenue for the first quarter ended December 31, 2011 was $37.5 million, which represents a 28% decrease compared to the prior year and the immediate preceding quarter. On a segment basis, revenue for our Fiber Optics segment was $18.4 million, which represented approximately a 40% decrease compared to the prior year and the immediate preceding quarter. As previously reported, in October 2011 our primary contract manufacturer announced that as a result of flooding in Thailand, it had suspended operations at its facility that was used to manufacture certain of our fiber optics products. Rising water penetrated the facility and submerged most of our process and test equipment as well as our inventory materials. The impact from this flooding has had a significant adverse impact on our operations and our ability to meet customer demand for certain of our fiber optics products. As discussed below, we are currently focused on rebuilding the manufacturing infrastructure for our impacted product lines. Our Photovoltaics segment was not affected by the Thailand floods. Revenue for our Photovoltaics segment was $19.1 million, which represents a 7% decrease compared to the prior year and a 10% decrease compared to the immediate preceding quarter. Historically, revenue has fluctuated significantly in our Photovoltaics segment due to timing of program completions and product shipments of major orders.

Emcore Corp. (Nasdaq: EMKR)