For fiscal second-quarter 2014 (to end-March), Emcore Corp of Albuquerque, NM, USA, which makes compound semiconductor-based components and subsystems for the fiber-optic and solar power markets, has reported revenue of $42.2m, down 4.5% on $44.2m last quarter but almost level with $42.3m a year ago.
Fiscal Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Revenue $42.3m $33.5m $43.1m $44.2m $42.2m
Fiber Optics revenue was $23.6m (56% of total revenue), up 1.4% on $23.3m? last quarter and 2.2% on $23.1m a year ago. Photovoltaics revenue was $18.6m (44% of total revenue), down 11% on $20.9m last quarter and 2.6% on $19.1m a year ago.
Overall gross margin was 16.3%, down from 22.9% last quarter and 18.5% a year ago. Fiber Optics gross margin has fallen further from 10.3% last quarter to 8.2%, but this is still up from 7% a year ago. After spiking up to 37% last quarter, Photovoltaics gross margin has fallen back to 26.5%, down on 32.5% a year ago.
Compared with an operating profit of $12.2m a year ago, operating loss has risen from $2.2m last quarter to $5.2m. Fiber Optics operating loss was $7.3m, up from $6.6m last quarter and compared with a profit of $7.9m a year ago. Photovoltaics operating loss was $2.1m, compared with a profit of $4.3m both last quarter and a year ago.
Non-GAAP net loss has risen further, from $0.15m a year ago and $0.47m last quarter to $2.6m. Nevertheless, during the quarter, cash and cash equivalents rose slightly from $18.1m to $18.2m.
At the end of March, order backlog for the Photovoltaics segment was $51.4m, down 7.1% on $55.3m at the end of December but up 41% on $36.5m a year ago.
For third-quarter 2014 (to end-June), Emcore expects revenue of $40-44m, with an increase in Fiber revenue offset by a drop in Photovoltaics.