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, 2014

(in thousands, except (loss) income per share)

(unaudited)



	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,
	2013			2014			2014			2014
Revenue	$	44,211		$	42,247		$	44,582		$	43,738
Cost of revenue	34,076			35,381			35,189			37,458
Gross profit	10,135			6,866			9,393			6,280
Operating expenses (income):
Selling, general, and administrative	7,972			6,911			7,843			10,059
Research and development	4,403			5,204			4,681			4,809
Gain on sale of assets	—			—			—			(100		)
Total operating expense	12,375			12,115			12,524			14,768
Operating loss	(2,240		)	(5,249		)	(3,131		)	(8,488		)
Other income (expense):
Interest expense, net	(126		)	(117		)	(134		)	(145		)
Foreign exchange gain (loss)	100			(90		)	5			(5		)
Gain on sale investment	290			17			—			—
Change in fair value of financial instruments	(78		)	7			110			(5		)
Other income	—			—			—			51
Total other income (expense)	186			(183		)	(19		)	(104		)
Loss before income tax expense	$	(2,054	)	$	(5,432	)	$	(3,150	)	$	(8,592	)
Income tax benefit	—			—			—			24,080
Net (loss) income	$	(2,054	)	$	(5,432	)	$	(3,150	)	$	15,488
Per share data:
Net (loss) income per basic share	$	(0.07	)	$	(0.18	)	$	(0.10	)	$	0.50
Net (loss) income per diluted share	$	(0.07	)	$	(0.18	)	$	(0.10	)	$	0.50
Weighted-average number of basic shares outstanding	29,938			30,392			30,656			30,752
Weighted-average number of diluted shares outstanding	29,938			30,392			30,656			30,992

EMCORE CORPORATION

Quarterly Consolidated Statements of Operations

For the Fiscal Year Ended September 30, 2013

(in thousands, except income (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