Emcore sees 9-mo loss shrink in FY 2009/10

(ADPnews) - Oct 7, 2010 - Solar power technology firm Emcore Corp (NASDAQ:EMKR) reported yesterday a preliminary net loss of USD 22.8 million (EUR 16.5m) for the nine months to June 30, compared with USD 122.5 million a year earlier, on the back of better gross margins.

Gross margin for the period stood at 27.6%, versus a negative margin of 5.8% a year earlier.

Revenue climbed by 1% on the year to USD 137.2 million, with sales at the photovoltaic (PV) segment growing 9% to USD 49.9 million.

Emcore posted an adjusted net loss per share of USD 0.03 for its third quarter to June 30, compared with a loss of USD 0.09 a year ago.

Adjusted operating loss narrowed to USD 2.8 million from USD 7.2 million in the third quarter of the prior fiscal year.

Third-quarter revenue amounted to USD 46.6 million, up from USD 38.5 million, with PV sales declining to USD 15.1 million from USD 16.1 million.

For its closing quarter to September 30, Emcore projected revenue growth of 16% to 18% quarter-on-quarter to USD 54 million-55 million. The company expects improved sales at both the PV and fibre optics units.

(USD 1 = EUR 0.722)

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