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Selected Quarterly Financial Information (unaudited)
 12 Months Ended
Sep. 30, 2013
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Information (unaudited)
Selected Quarterly Financial Information (unaudited)

The following tables present our unaudited consolidated results of operations for the eight most recently ended quarters. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts below to present fairly the selected quarterly information when read in conjunction with the consolidated financial statements and notes included elsewhere in this Annual Report. Our results from operations vary substantially from quarter to quarter. Accordingly, the operating results for a quarter are not necessarily indicative of results for any subsequent quarter or for the full year. We have experienced and expect to continue to experience significant fluctuations in quarterly results.

EMCORE CORPORATION
Quarterly Consolidated Statements of Operations
For the Fiscal Year Ended September 30, 2013
(in thousands, except loss per share)
(unaudited)
 
For the Three Months Ended
 
December 31,
 
March 31,
 
June 30,
 
September 30,
 
2012
 
2013
 
2013
 
2013
Revenue
$
49,306

 
$
42,277

 
$
33,473

 
$
43,091

Cost of revenue
38,358

 
34,444

 
29,429

 
37,718

Gross profit
10,948

 
7,833

 
4,044

 
5,373

Operating expenses (income):
 
 
 
 
 
 
 
Selling, general, and administrative
6,904

 
6,771

 
7,039

 
6,705

Research and development
5,390

 
4,112

 
4,674

 
5,796

Flood-related insurance proceeds
(4,192
)
 
(14,808
)
 
—

 
—

Gain on sale of assets
—

 
(413
)
 
—

 
—

Total operating expense (income)
8,102

 
(4,338
)
 
11,713

 
12,501

Operating income (loss)
2,846

 
12,171

 
(7,669
)
 
(7,128
)
Other income (expense):
 
 
 
 
 
 
 
Interest expense, net
(238
)
 
(186
)
 
(185
)
 
(191
)
Foreign exchange gain (loss)
101

 
(21
)
 
181

 
95

Gain on sale of equity method investment
—

 
—

 
—

 
4,800

Change in fair value of financial instruments
237

 
(267
)
 
373

 
172

Other income
—

 
—

 
17

 
—

Total other income (expense)
100

 
(474
)
 
386

 
4,876

Income (loss) before income tax expense
$
2,946

 
$
11,697

 
$
(7,283
)
 
$
(2,252
)
Income tax expense
(120
)
 
—

 
—

 
—

Net income (loss)
$
2,826

 
$
11,697

 
$
(7,283
)
 
$
(2,252
)
Per share data:
 
 
 
 
 
 
 
Net income (loss) per basic share
$
0.11

 
$
0.44

 
$
(0.27
)
 
$
(0.08
)
Net income (loss) per diluted share
$
0.11

 
$
0.44

 
$
(0.27
)
 
$
(0.08
)
Weighted-average number of basic shares outstanding
25,977

 
26,310

 
26,609

 
27,158

Weighted-average number of diluted shares outstanding
26,236

 
26,642

 
26,609

 
27,158



EMCORE CORPORATION
Quarterly Consolidated Statements of Operations
For the Fiscal Year Ended September 30, 2012
(in thousands, except loss per share)
(unaudited)
 
For the Three Months Ended
 
December 31,
 
March 31,
 
June 30,
 
September 30,
 
2011
 
2012
 
2012
 
2012
Revenue
$
37,451

 
$
37,780

 
$
41,062

 
$
47,488

Cost of revenue
33,983

 
32,404

 
36,677

 
42,891

Gross profit
3,468

 
5,376

 
4,385

 
4,597

Operating expenses (income):
 
 
 
 
 
 
 
Selling, general, and administrative
7,480

 
8,365

 
8,758

 
10,258

Research and development
6,980

 
5,781

 
4,996

 
4,581

Impairment
—

 
—

 
1,425

 
—

Litigation settlements
—

 
—

 
1,050

 
—

Flood-related loss (recovery)
5,698

 
114

 
(293
)
 
—

Flood-related insurance proceeds
(5,000
)
 
—

 
—

 
(4,000
)
(Gain) loss on sale of assets
—

 
—

 
(2,793
)
 
51

Total operating expense
15,158

 
14,260

 
13,143

 
10,890

Operating loss
(11,690
)
 
(8,884
)
 
(8,758
)
 
(6,293
)
Other income (expense):
 
 
 
 
 
 
 
Interest expense, net
(129
)
 
(121
)
 
(146
)
 
(281
)
Foreign exchange gain (loss)
89

 
167

 
(196
)
 
(15
)
Loss from equity method investment
(960
)
 
(241
)
 
—

 
—

Change in fair value of financial instruments
105

 
(256
)
 
61

 
21

Other expense
—

 
—

 
—

 
—

Total other expense
(895
)
 
(451
)
 
(281
)
 
(275
)
Loss before income tax expense
$
(12,585
)
 
$
(9,335
)
 
$
(9,039
)
 
$
(6,568
)
Foreign income tax expense on capital distributions
(1,644
)
 
—

 
—

 
—

Net loss
$
(14,229
)
 
$
(9,335
)
 
$
(9,039
)
 
$
(6,568
)
Per share data:
 
 
 
 
 
 
 
Net loss per basic and diluted share
$
(0.61
)
 
$
(0.40
)
 
$
(0.38
)
 
$
(0.27
)
Weighted-average number of basic and diluted shares outstanding
23,476

 
23,529

 
23,686

 
23,892