On December 23rd, 2011 EMCORE Corporation (Albuquerque, New Mexico, U.S.) released financial results for its fourth quarter and fiscal year (FY) ending September 30th, 2011.

Revenues in company's Photovoltaics segment grew 31% sequentially to USD 21.2 million during the fourth quarter of 2011. However, the company also reported a -28% operating margin and a net loss of USD 14.3 million in the fourth quarter, as well as a -16% operating margin and net loss of USD 34.2 million over the full FY 2011.

EMCORE to increase revenues to USD 52.1 million

Across all divisions, EMCORE reported a 5% quarter-to-quarter increase in revenue to USD 52.1 million during the fourth quarter, as well as a 5% annual increase in revenues to USD 201 million.

The company's operating losses and net losses continue to grow. In the fourth quarter of 2011, the company reported an operating loss of USD 1.8 million, which grew to USD 11.2 million in the third quarter of 2011.

EMCORE implements measures to improve liquidity

EMCORE states that at the end of its fourth quarter, its cash, cash equivalents and restricted cash totaled USD 16.1 million. The company also notes that it amended its Wells Fargo credit facility as a measure to improve liquidity in December 2011, which will allow it to increase its potential borrowings up to USD 14 million.

Additionally, the company entered into an equity line of credit arrangement with Commerce Court Small Cap Value Fund Ltd. (Toronto, Canada) through which it can sell up to USD 50 million of its common stock over a 24-month term.

Flood damage impacts outlook for 1Q FY 2012

EMCORE notes that on October 24th, 2011 flood waters damaged the offices and manufacturing facility of its primary contract manufacturer in Thailand, submerging some areas for more than one month.

The company notes that this has had "significant" impact on its operations, as well as its ability to meet customer demand for fiber optics products, and impacted production capabilities for multiple product lines, not including PV products.

EMCORE expects to earn USD 36 to 38 million in revenues in its first quarter of FY 2012, stating that the decline is primarily due to the impact of flooding in Thailand on its Fiber Optics business.

2011-12-29| Courtesy: EMCORE Corporation | solarserver.com © Heindl Server GmbH

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