EXHIBIT 99-1: PRESS RELEASE

Consolidated revenues for the quarter ended December 31, 2006 totaled $38.5 million, slightly higher than guidance provided. This represents a revenue increase of 8% from $35.7 million reported from continuing operations in the first quarter of fiscal 2006 and an increase of 9% from $35.4 million reported in the prior quarter. Both of the Company’s operating segments posted revenue increases when compared to the first quarter of last year. Fiber Optics revenues for the first quarter of fiscal 2007 were $25.3 million. This represents an increase in revenue from $25.0 million reported last year but a decrease in revenue from $28.0 million reported in the prior quarter. The 10% decrease in Fiber Optics revenues from the prior quarter was due to customer inventory management, which continued into the second quarter. EMCORE experienced a significant increase in customer demand for its CATV products during the quarter ended December 31, 2006, a trend expected to continue throughout fiscal 2007. Photovoltaics revenues for the first quarter of fiscal 2007 were $13.2 million. This represents a revenue increase of 23% from $10.7 million reported last year and a 79% sequential increase from $7.3 million reported in the prior quarter. As previously discussed, the Photovoltaics division experienced a delay in receipt of export licenses that resulted in a revenue shortfall during the fourth quarter of fiscal 2006. During the quarter ended December 31, 2006, the Company received the export licenses and the delayed orders were shipped to the customers. Total consolidated revenue for the second quarter ended March 31, 2007 approximated $40 million, which represents a 10% year-over-year increase and a 3% sequential increase. The quarterly increase in revenue for the second quarter was achieved for both operating segments.

Consolidated gross profit for the quarter ended December 31, 2006 totaled $6.1 million. This represents a 4% decrease from $6.4 million reported from continuing operations in the first quarter of fiscal 2006 and a 44% sequential increase from $4.3 million reported in the prior quarter. Consolidated gross margin for the quarter ended December 31, 2006 was 16%, which represents a decrease from the 18% gross margin reported in the prior year but a significant increase from the 12% gross margin reported in the prior quarter. Gross margin for the quarter ended December 31, 2006 was approximately 17% after excluding non-cash stock-based compensation expense. On a segment basis, Fiber Optics gross margins were 21% as of December 31, 2006. Fiber Optics gross margins decreased from 23% gross margins as reported in the prior year but increased from 14% gross margins as reported in the prior quarter. The year-over-year decrease in Fiber Optics gross margins was due to unabsorbed fixed overhead due to reduced digital fiber optics revenues. The sequential increase in Fiber Optics gross margins is primarily due to increased sales of higher margin CATV components and systems offset by the unabsorbed overhead. Photovoltaics gross margin was 7% as of December 31, 2006, which remained relatively unchanged when compared to the prior year and prior quarter. Photovoltaics achieved lower than expected gross margin due to a push-out of higher margin contracts into next quarter and lower production yields due to variability encountered with the quality of certain raw materials. Photovoltaics gross margin for the second quarter ended March 31, 2007 is expected to increase to approximately 20% due to improved product mix in our Photovoltaics division.

A significant portion of the year-over-year increase in operating expenses is due to costs incurred associated with prior year acquisitions, the new terrestrial solar power division, and the review of historical stock option grants. During the quarter ended December 31, 2006, operating expenses included approximately $2.0 million related to the Company’s new terrestrial solar power division. Research and development expenses are expected to increase in the second quarter as EMCORE completes the second generation of its solar power concentrator system and prepares for the transfer of system development to production in the September quarter. In addition, operating expenses during the quarter included approximately $1.9 million related to the review of historical stock option grants. Excluding the expenses associated with the new terrestrial solar power division, non-cash stock-based compensation expense of $1.5 million, and the review of historical stock option grants, operating expenses for the quarter ended December 31, 2006 totaled $13.3 million, an increase of $0.3 million from the prior quarter, after excluding similar charges. As discussed last quarter, EMCORE recorded a $2.2 million one-time non-cash impairment charge that related to the write-down of intangible assets of Corona Optical Systems, an acquisition made several years ago. On a GAAP reporting basis, operating expenses for the quarter ended December 31, 2006 totaled $18.7 million. This represents a 70% increase from the $11.0 million of operating expenses reported from continuing operations in the first quarter of fiscal 2006 and a sequential increase of 4% from the $18.0 million of operating expenses reported in the prior quarter.

Excluding expenses associated with the new terrestrial solar power division, non-cash stock-based compensation expense, and the review of historical stock option grants, net loss for the quarter ended December 31, 2006 totaled $6.5 million, or ($0.13) per basic share. This represents a sequential decrease of $3.2 million when compared to the adjusted net loss of $9.7 million from the prior quarter. On a GAAP reporting basis, net loss for the quarter ended December 31, 2006 totaled $12.2 million, or ($0.24) per basic share.

Cash, cash equivalents and marketable securities at December 31, 2006 totaled approximately $88.0 million, a decrease of $36.7 million from the prior quarter. The decrease was a result of a $13.5 million cash investment in WorldWater and Power Corporation, a $2.4 million semi-annual interest payment on the Company’s outstanding convertible subordinated notes and $1.2 million for capital equipment purchases. The remaining decrease was primarily due to payment of taxes associated with the income earned on the sale of the Company’s interest in the GELcore joint venture, payment of legal and accounting fees incurred associated with the review of historical stock option grants, legal costs associated with the Company’s patent infringement lawsuits against Optium Corporation and certain other increases in working capital requirements.

“As mentioned previously, the sale of our interest in GELcore and the sale of the Electronics Materials and Device division have provided us with the capital to invest in our terrestrial photovoltaic strategy and expand our fiber optics business. Our strategic investment in WorldWater and Power and expansion into China are just two examples of these initiatives. We have obtained a significant number of new satellite and terrestrial orders in our Photovoltaic division that we believe will help improve operational performance in fiscal 2007. We expect a much stronger second half for the Company and based on increased strength in our CATV and broadband product lines, we expect improved gross margins.” stated Reuben F. Richards, Jr., Chief Executive Officer. “We are all working diligently to file our delayed 2006 Form 10-K and our Form 10-Q as soon as reasonably practicable” added Mr. Richards.

On April 13, 2007, EMCORE purchased Opticomm Corporation. Pursuant to the stock purchase agreement, the Company acquired privately held Opticomm Corporation of San Diego, California, including its fiber optic video, audio and data networking business, technologies, and intellectual property. EMCORE paid $4.0 million in cash as initial consideration for all of the shares of Opticomm. EMCORE also agreed to an additional earn-out payment based on Opticomm’s 2007 revenues. Management anticipates that this transaction will provide approximately $7.0 million of revenue for calendar year 2007, and upon integration it is expected to be operationally profitable. In 2006, Opticomm generated revenues of $6.3 million and had positive net income.

On November 29, 2006, EMCORE invested $13.5 million and received approximately 27% equity interest in World Water and Power Corporation, a NASDAQ-listed company using the symbol WWAT.OB. WorldWater is a leading solar energy systems company offering both distributed energy systems as well as grid-tied solar systems. The two companies also announced the formation of a strategic alliance and supply agreement under which EMCORE is the exclusive supplier of high-efficiency multi-junction solar cells, assemblies and concentrator subsystems to WorldWater and Power with a contract valued at $100 million over the next 3 years. In April 2007, EMCORE announced that subject to finalizing certain agreements, EMCORE would commit to two more investments in WorldWater totaling $7.0 million.

EMCORE Double Data Rate (DDR) 12 channel 60 Gbps modules. The MTX/RX9552 is a 12 channel 60 Gbps DDR product, doubling the speed of the existing single data rate (SDR) SNAP12. The DDR modules are currently sampling to customers at data rates of 5 Gbps per channel featuring low power consumption and an improved digital management interface. The Mini, MTX/RX9542, is the second new product offering that offers DDR bandwidth with less than half the footprint. Originally designed for broad temperature range military applications, the Mini's small form factor allows commercial end users to dramatically increase card density and bandwidth.

EMCORE will discuss its quarterly results on a conference call to be held on Thursday April 26, 2007, at 9:00 a.m. ET. To participate in the call, U.S. callers should dial (toll free) 866-710-0179 and international callers should dial 334-323-9871. The access code for the call is 18077. A replay of the call will be available beginning April 26, 2007 at 11:00 a.m. ET until May 3, 2007 at 11:59 p.m. ET. The replay call-in number for U.S. callers is 877-656-8905, for international callers it is 334-323-9859, and the access code is 85597960. The call also will be web cast via the Company's web site at http://www.emcore.com. Please go to the site beforehand to download any necessary software.

EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the broadband, fiber optic, satellite and terrestrial solar power markets. EMCORE's Fiber Optic segment offers optical components, subsystems and systems for high-speed data and telecommunications networks, cable television (CATV) and fiber-to-the-premises (FTTP). EMCORE's Photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, EMCORE offers high efficiency Gallium Arsenide (GaAs) solar cells, Covered Interconnect Cells (CICs) and panels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar power concentrator systems. For further information about EMCORE, visit http://www.emcore.com.

The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, (a) the Company’s unaudited results for the fourth quarter and fiscal year 2006 and our first quarter of fiscal 2007, (b) statements related to the Company’s voluntary review of its historic stock option granting practices, including statements concerning the determination of accounting adjustments and related tax and financial consequences in connection with the Special Committee’s recommendations, and (c) the timing of filing of reports with the SEC. These risks and uncertainties include, but are not limited to, (a) the difficulty of predicting quarterly and year end financial results, (b) the finalization and audit of the Company’s unaudited fiscal year 2006 results, (c) the effects of the Company’s voluntary review of its historic stock option granting practices, including (i) risks and uncertainties relating to developments in regulatory and legal guidance regarding stock option grants and accounting for such grants, (ii) the possibility that the Company will not be able to file additional reports with the SEC in a timely manner, (iii) the possibility that the Company may determine that additional stock-based compensation expenses and other additional expenses be recorded in connection with affected option grants (iv) negative tax consequences arising out of the stock option review, (v) the possible delisting of the Company’s stock from the NASDAQ National Market pursuant to NASDAQ Marketplace Rule 4310(c)(14), (vi) the impact of any actions that may be required or taken as a result of such review or the NASDAQ hearing and review process, and (vii) risk of litigation arising out of or related to the Company’s stock option grants or a restatement of the Company’s financial statements, and (d) factors discussed from time to time in reports filed by the Company with the SEC. The forward-looking statements contained in this news release are made as of the date hereof and EMCORE does not assume any obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements.

As previously disclosed, EMCORE engaged in a voluntary review of its historical stock option grant procedures, which was conducted by a Special Committee comprised of independent members of our Board of Directors, with the assistance of independent outside counsel and accounting experts. Based on the Special Committee’s review, we determined that our previously filed financial statements would need to be restated to reflect additional non-cash stock-based compensation expense and related tax expense. The key findings and conclusions of the Special Committee are described in a Current Report on Form 8-K that was filed with the Securities and Exchange Commission (SEC) on November 15, 2006.

The Special Committee’s conclusion that EMCORE should recognize additional compensation expense for certain stock option grants requires substantial work on the part of our independent public accountants and senior management. This work involves not just restatements of prior year audited financial statements, but it also impacts the preparation of our audited financial statements for our fiscal year ended September 30, 2006. For this reason we were unable to file our Annual Report on Form 10-K for our fiscal year ended September 30, 2006 and our Quarterly Report on Form 10-Q for our quarter ended December 31, 2006 with the SEC within regulatory filing deadlines. We have been working diligently to prepare the restated financial statements, and as we have publicly reported, we will file our fiscal 2006 Form 10-K and fiscal 2007 first quarter Form 10-Q with the SEC as soon as reasonably practicable.

EMCORE has withdrawn reliance upon its historical financial statements because previously reported operating costs did not correctly reflect non-cash stock-based compensation expenses related to historical stock option grants. The preliminary unaudited results included in this announcement have not been restated to reflect additional non-cash stock-based compensation expense and related tax expense.

	Three Months Ended December 31,
	2006			2005
Revenue	$	38,487		$	35,729
Cost of revenue		32,339			29,304
Gross profit		6,148			6,425

Operating expenses:
Selling, general and administrative		12,122			6,895
Research and development		6,611			4,137
Total operating expenses		(18,733	)		(11,032	)

Operating loss		(12,585	)		(4,607	)

Other (income) expense:
Interest and other income		(1,652	)		(330	)
Interest expense		1,262			1,297
Loss from convertible subordinated notes exchange offer		-			1,078
Net income from equity investments		-			(365	)
Total other expenses (income)		(390	)		1,680

Loss from continuing operations		(12,195	)		(6,287	)

Discontinued operations:
Loss from discontinued operations, net of tax		-			(254	)

Net loss	$	(12,195	)	$	(6,541	)

Per share data:
Loss per basic and diluted shares from continuing operations	$	(0.24	)	$	(0.13	)
Loss per basic and diluted shares from discontinued operations		-			(0.01	)
Net loss per basic and diluted share	$	(0.24	)	$	(0.14	)
Weighted average number of share outstanding used in basic and diluted per share calculations		50,869			48,181

	As of December 31, 2006			As of September 30, 2006
ASSETS
Current assets:
Cash and cash equivalents	$	16,367		$	22,592
Marketable securities		70,650			101,375
Restricted cash		963			738
Accounts receivable, net		37,856			28,404
Receivables, related parties		332			453
Inventory, net		24,002			23,211
Prepaid expenses and other current assets		5,827			6,646

Total current assets		155,997			183,419

Property, plant and equipment, net		54,771			55,504
Goodwill		39,200			39,190
Other intangible assets, net		4,611			5,120
Investments in unconsolidated affiliates		14,715			981
Long-term receivables, related parties		82			82
Other non-current assets, net		3,129			3,242

Total assets	$	272,505		$	287,538

LIABILITIES and SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	18,125		$	20,122
Accrued expenses and other current liabilities		17,335			20,686

Total current liabilities		35,460			40,808

Convertible subordinated notes		95,993			95,944

Total liabilities		131,453			136,752

Commitments and contingencies

Shareholders’ equity:
Preferred stock, $0.0001 par, 5,882 shares authorized, no shares outstanding
Common stock, no par value, 100,000 shares authorized, 51,086 shares issued and 50,927 shares outstanding as of December 31, 2006; 50,962 shares issued and 50,803 outstanding as of September 30, 2005		414,008			411,521
Accumulated deficit		(270,873	)		(258,652	)
Treasury stock, at cost; 159 shares		(2,083	)		(2,083	)

Total shareholders’ equity		141,052			150,786

Total liabilities and shareholders’ equity	$	272,505		$	287,538

EMCORE provides non-GAAP operating expenses, non-GAAP operating loss, and non-GAAP net income (loss) and non-GAAP loss per share as supplemental measures to GAAP regarding our operational performance. These financial measures exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. A detailed explanation of each of the adjustments to such financial measures is described below. This press release also contains a reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure.

EMCORE believes that the additional non-GAAP measures are useful to investors for financial analysis. In particular, management believes it is appropriate in evaluating EMCORE's operations to exclude gains or losses from one-time items such as impairment charges, charges associated with our review of historical stock option grants and gains (losses) on divestitures of assets because these items would make results less comparable between periods. Management believes adjusting for stock-based compensation expense is appropriate, as it is a non-cash expense, and adjusting is consistent with the practice of most of our competitors. Management also uses these measures internally to evaluate the company's operating performance, and the measures are used for planning and forecasting of future periods. In addition, many financial analysts that follow our Company focus on and publish both historical results and future projections based on non-GAAP financial measures. We believe that it is in the best interest of our investors to provide this information to analysts so that they accurately report the non-GAAP financial information. However, non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures.

While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, may not be reported by all of the Company's competitors and may not be directly comparable to similarly titled measures of the Company's competitors due to potential differences in the exact method of calculation. The Company compensates for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures.

	For the three months ended
	December 31, 2006			December 31, 2005			September 30, 2006
OPERATING EXPENSES:

Operating expenses - as reported	$	18,733		$	11,032		$	17,952
Adjustments:
Impairment charge		-			-			(2,233	)
Expense incurred on new terrestrial solar power division		(2,022	)		-			(1,254	)
SFAS 123 stock-based compensation expense - non-cash		(1,529	)		(724	)		(649	)
Expenses associated with historical review of stock option grants		(1,918	)		-			(900	)

Operating expenses - Non-GAAP	$	13,264		$	10,308		$	12,916

	For the three months ended
	December 31, 2006			December 31, 2005			September 30, 2006
OPERATING LOSS:

Operating loss - as reported	$	(12,585	)	$	(4,607	)	$	(13,670	)
Adjustments:
Impairment charge		-			-			2,233
Expense incurred on new terrestrial solar power division		2,022			-			1,254
SFAS 123 stock-based compensation expense - non-cash		1,795			995			898
Expenses associated with historical review of stock option grants		1,918			-			900

Operating expenses - Non-GAAP	$	(6,850	)	$	(3,612	)	$	(8,385	)

	For the three months ended
	December 31, 2006			December 31, 2005			September 30, 2006
NET LOSS:

Net income (loss) - as reported	$	(12,195	)	$	(6,541	)	$	77,696
Adjustments:
Impairment charge		-			-			2,233
Expense incurred on new terrestrial solar power division		2,022			-			1,254
SFAS 123 stock-based compensation expense - non-cash		1,795			995			898
Reduction in fair value of investment		-			-			500
Loss from convertible subordinated notes exchange offer		-			1,078			-
Gain on sale of GELcore		-			-			(88,040	)
Net income from equity investments		-			(365	)		620
(Income) loss from discontinued operations		-			-			(7,573	)
Expenses associated with historical review of stock option grants		1,918			-			900
Provision for income taxes		-			-			1,848

Net Loss - Non-GAAP	$	(6,460	)	$	(4,833	)	$	(9,664	)

Weighted average number of shares outstanding		50,869			48,181			50,728

Net loss per share - Non-GAAP	$	(0.13	)	$	(0.10	)	$	(0.19	)