EMCORE Reports First-Quarter 2002 Results
EMCORE Corp. (Somerset, NJ) announced financial results for its fiscal 2002 first quarter ended December 31, 2001. Revenues of $19.1 million and a net loss of $17.7 million, or $0.49 loss per share, were the results for the first quarter ended December 31, 2001. In the corresponding quarter of fiscal year 2001, the company had revenues of $39.1 million and a net loss of $7.8 million, or $0.23 loss per share.
EMCORE CEO and President Reuben Richards commented, "We anticipated that this quarter would be challenging as a result of delays in customer deployment of communications networks using EMCORE's newly introduced fiber optic transponders and transceivers, and customer cancellations and deferrals on MOCVD equipment. However, we are pleased to report a 108-percent sequential increase in sales of wireless materials and see encouraging signs of a recovery in this market. The company is also on track with its initiatives to decrease manufacturing costs and operating expenses in the new fiscal year.”