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Selected Quarterly Financial Information (unaudited)
 12 Months Ended
Sep. 30, 2015
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Information
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.

On December 10, 2014, we sold our Photovoltaics Business to SolAero. On January 2, 2015, we sold our Digital Products Business to NeoPhotonics. These asset sales are reported as discontinued operations, and therefore are excluded from the continuing operations presented below.

EMCORE CORPORATION
Quarterly Consolidated Statements of Operations
For the Fiscal Year Ended September 30, 2015
(in thousands, except (loss) income per share)
(unaudited)
 
For the Three Months Ended
 
December 31,
 
March 31,
 
June 30,
 
September 30,
 
2014
 
2015
 
2015
 
2015
Revenue
$
18,416

 
$
19,057

 
$
21,194

 
$
23,018

Cost of revenue
13,237

 
12,678

 
13,511

 
13,568

Gross profit
5,179

 
6,379

 
7,683

 
9,450

Operating expense (income):
 
 
 
 
 
 
 
Selling, general, and administrative
8,627

 
5,954

 
4,543

 
5,587

Research and development
2,174

 
2,022

 
2,274

 
2,649

Gain from change in estimate on ARO obligation
(845
)
 
—

 
—

 
—

Loss on sale of assets
228

 
—

 
—

 
—

Total operating expense
10,184

 
7,976

 
6,817

 
8,236

Operating (loss) income
(5,005
)
 
(1,597
)
 
866

 
1,214

Other income (expense):
 
 
 
 
 
 
 
Interest (expense) income, net
(130
)
 
165

 
4

 
36

Foreign exchange gain (loss)
57

 
(6
)
 
50

 
(239
)
Change in fair value of financial instruments
36

 
86

 
—

 
—

Total other (expense) income
(37
)
 
245

 
54

 
(203
)
(Loss) income from continuing operations before income tax benefit (expense)
(5,042
)
 
(1,352
)
 
920

 
1,011

Income tax benefit (expense)
1,912

 
396

 
(456
)
 
339

(Loss) income from continuing operations
(3,130
)
 
(956
)
 
464

 
1,350

Income from discontinued operations, net of tax
59,258

 
4,008

 
1,976

 
130

Net income
$
56,128

 
$
3,052

 
$
2,440

 
$
1,480

Per share data:
 
 
 
 
 
 
 
Net (loss) income per basic share:
 
 
 
 
 
 
 
Continuing operations
$
(0.10
)
 
$
(0.03
)
 
$
0.02

 
$
0.05

Discontinued operations
1.90

 
0.13

 
$
0.06

 
0.01

Net income per basic share
$
1.80

 
$
0.10

 
$
0.08

 
$
0.06

Net (loss) income per diluted share:
 
 
 
 
 
 
 
Continuing operations
$
(0.10
)
 
$
(0.03
)
 
$
0.02

 
$
0.05

Discontinued operations
1.90

 
0.13

 
0.06

 
0.01

Net income per diluted share
$
1.80

 
$
0.10

 
$
0.08

 
$
0.06

Weighted-average number of basic shares outstanding
31,217

 
32,077

 
31,203

 
25,615

Weighted-average number of diluted shares outstanding
31,217

 
32,077

 
31,432

 
25,896

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
$
14,663

 
$
12,953

 
$
13,596

 
$
14,302

Cost of revenue
12,272

 
10,055

 
10,937

 
10,136

Gross profit
2,391

 
2,898

 
2,659

 
4,166

Operating expense (income):
 
 
 
 
 
 
 
Selling, general, and administrative
5,656

 
4,328

 
5,364

 
7,891

Research and development
1,824

 
2,676

 
2,340

 
2,466

Gain on sale of assets
—

 
—

 
—

 
(100
)
Total operating expense
7,480

 
7,004

 
7,704

 
10,257

Operating loss
(5,089
)
 
(4,106
)
 
(5,045
)
 
(6,091
)
Other income (expense):
 
 
 
 
 
 
 
Interest expense, net
(126
)
 
(117
)
 
(134
)
 
(145
)
Foreign exchange gain (loss)
100

 
(90
)
 
(12
)
 
(5
)
Gain on sale of investment
290

 
17

 
—

 
—

Change in fair value of financial instruments
(78
)
 
7

 
110

 
(5
)
Other income
—

 
—

 
—

 
51

Total other income (expense)
186

 
(183
)
 
(36
)
 
(104
)
Loss from continuing operations before income tax benefit (expense)
(4,903
)
 
(4,289
)
 
(5,081
)
 
(6,195
)
Income tax benefit (expense)
1,080

 
(433
)
 
732

 
23,171

(Loss) income from continuing operations
(3,823
)
 
(4,722
)
 
(4,349
)
 
16,976

Income (loss) from discontinued operations, net of tax
$
1,769

 
$
(710
)
 
$
1,199

 
$
(1,488
)
Net (loss) income
$
(2,054
)
 
$
(5,432
)
 
$
(3,150
)
 
$
15,488

Per share data:
 
 
 
 
 
 
 
Net (loss) income per basic share:
 
 
 
 
 
 
 
Continuing operations
$
(0.13
)
 
$
(0.16
)
 
$
(0.14
)
 
$
0.55

Discontinued operations
0.06

 
(0.02
)
 
0.04

 
(0.05
)
Net (loss) income per basic share
$
(0.07
)
 
$
(0.18
)
 
$
(0.10
)
 
$
0.50

Net (loss) income per diluted share:
 
 
 
 
 
 
 
Continuing operations
$
(0.13
)
 
$
(0.16
)
 
$
(0.14
)
 
$
0.55

Discontinued operations
0.06

 
(0.02
)
 
0.04

 
(0.05
)
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