State of Incorporation | Commission File Number | IRS Employer Identification Number |
Title of Each Class | Trading symbol(s) | Name of Each Exchange on Which Registered | |||||||||
(Nasdaq Global Market) |
Exhibit Number | Exhibit Description | |||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
EMCORE CORPORATION | ||||||||
By: | /s/ Tom Minichiello | |||||||
Name: | Tom Minichiello | |||||||
Dated: February 9, 2022 | Title: | Chief Financial Officer |
Three Months Ended | |||||||||||
Dec 31, 2021 | Sep 30, 2021 | +increase/ -decrease | |||||||||
1Q22 | 4Q21 | ||||||||||
Revenue | $42.2M | $44.0M | -$1.8M | ||||||||
Gross margin | 37% | 39% | -2% | ||||||||
Operating expenses (1) | $13.3M | $11.6M | +$1.7M | ||||||||
Operating margin (1) | 6% | 13% | -7% | ||||||||
Net income (1) | $2.4M | $5.1M | -$2.7M | ||||||||
Earnings per share diluted (1) | $0.06 | $0.13 | -$0.07 | ||||||||
Non-GAAP gross margin (2) | 38% | 39% | -1% | ||||||||
Non-GAAP operating expenses (2) | $10.6M | $10.5M | +0.1M | ||||||||
Non-GAAP operating margin (2) | 13% | 16% | -3% | ||||||||
Non-GAAP net income (2) | $5.3M | $6.8M | -$1.5M | ||||||||
Non-GAAP earnings per share diluted (2) | $0.14 | $0.17 | -$0.03 | ||||||||
Adjusted EBITDA | $6.3M | $7.8M | -$1.5M | ||||||||
Ending cash and cash equivalents | $76.0M | $71.7M | +$4.3M | ||||||||
(1) 1Q22 includes a $1.3 million charge for severance costs associated with the planned shutdown of manufacturing operations in Beijing, China. | |||||||||||
(2) Please refer to the schedules at the end of this press release for GAAP to non-GAAP reconciliations and other information related to non-GAAP financial measures. |
Three Months Ended | |||||||||||
Dec 31, 2021 | Sep 30, 2021 | +increase/ -decrease | |||||||||
1Q22 | 4Q21 | ||||||||||
A&D segment revenue | $9.9M | $11.7M | -$1.8M | ||||||||
A&D segment gross margin | 17% | 17% | —% | ||||||||
A&D segment R&D expense (1) | $4.2M | $4.2M | $—M | ||||||||
A&D segment profit (1) | ($2.5M) | ($2.2M) | -$0.3M | ||||||||
Non-GAAP A&D segment gross margin (2) | 18% | 18% | —% | ||||||||
Non-GAAP A&D segment R&D expense (2) | $4.0M | $4.0M | $—M | ||||||||
Non-GAAP A&D segment profit | ($2.3M) | ($2.0M) | -$0.3M | ||||||||
(1) Individual components may not sum to the total of reported consolidated amounts due to rounding. | |||||||||||
(2) Please refer to the schedules at the end of this press release for GAAP to non-GAAP reconciliations and other information related to non-GAAP financial measures. |
Three Months Ended | |||||||||||
Dec 31, 2021 | Sep 30, 2021 | +increase/ -decrease | |||||||||
1Q22 | 4Q21 | ||||||||||
Broadband segment revenue | $32.3M | $32.2M | +$0.1M | ||||||||
Broadband segment gross margin | 44% | 47% | -3% | ||||||||
Broadband segment R&D expense (1) | $0.5M | $0.7M | -$0.2M | ||||||||
Broadband segment profit (1) | $13.6M | $14.4M | -$0.8M | ||||||||
Non-GAAP Broadband segment gross margin (2) | 44% | 47% | -3% | ||||||||
Non-GAAP Broadband segment R&D expense (2) | $0.4M | $0.6M | -$0.2M | ||||||||
Non-GAAP Broadband segment profit | $13.8M | $14.6M | -$0.8M | ||||||||
(1) Individual components may not sum to the total of reported consolidated amounts due to rounding. | |||||||||||
(2) Please refer to the schedules at the end of this press release for GAAP to non-GAAP reconciliations and other information related to non-GAAP financial measures. |
For the Three Months Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenue | $ | 42,236 | $ | 33,426 | |||||||
Cost of revenue | 26,439 | 20,854 | |||||||||
Gross profit | 15,797 | 12,572 | |||||||||
Operating expense: | |||||||||||
Selling, general, and administrative | 7,187 | 5,757 | |||||||||
Research and development | 4,627 | 4,296 | |||||||||
Restructuring charge | 1,298 | 41 | |||||||||
Loss (gain) on sale of assets | 187 | (29) | |||||||||
Total operating expense | 13,299 | 10,065 | |||||||||
Operating income | 2,498 | 2,507 | |||||||||
Other income: | |||||||||||
Interest expense, net | (11) | (49) | |||||||||
Foreign exchange gain | 42 | 237 | |||||||||
Total other income | 31 | 188 | |||||||||
Income before income tax expense | 2,529 | 2,695 | |||||||||
Income tax expense | (115) | (126) | |||||||||
Net income | $ | 2,414 | $ | 2,569 | |||||||
Foreign exchange translation adjustment | 20 | (10) | |||||||||
Comprehensive income | $ | 2,434 | $ | 2,559 | |||||||
Per share data | |||||||||||
Net income per basic share | $ | 0.07 | $ | 0.09 | |||||||
Weighted-average number of basic shares outstanding | 36,950 | 29,503 | |||||||||
Net income per diluted share | $ | 0.06 | $ | 0.08 | |||||||
Weighted-average number of diluted shares outstanding | 39,031 | 30,377 |
As of | |||||||||||
December 31, 2021 | September 30, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 74,896 | $ | 71,621 | |||||||
Restricted cash | 1,062 | 61 | |||||||||
Accounts receivable, net of credit loss of $425 and $260, respectively | 32,382 | 31,849 | |||||||||
Contract assets | 238 | 361 | |||||||||
Inventory | 31,283 | 32,309 | |||||||||
Prepaid expenses and other current assets | 7,046 | 6,877 | |||||||||
Assets held for sale | 1,052 | 1,241 | |||||||||
Total current assets | 147,959 | 144,319 | |||||||||
Property, plant, and equipment, net | 23,219 | 22,544 | |||||||||
Goodwill | 69 | 69 | |||||||||
Operating lease right-of-use assets | 20,140 | 13,489 | |||||||||
Other intangible assets, net | 161 | 167 | |||||||||
Other non-current assets | 213 | 225 | |||||||||
Total assets | $ | 191,761 | $ | 180,813 | |||||||
LIABILITIES and SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 17,033 | $ | 16,686 | |||||||
Accrued expenses and other current liabilities | 10,344 | 9,936 | |||||||||
Operating lease liabilities - current | 941 | 1,198 | |||||||||
Total current liabilities | 28,318 | 27,820 | |||||||||
Operating lease liabilities - non-current | 19,628 | 12,684 | |||||||||
Asset retirement obligations | 2,058 | 2,049 | |||||||||
Other long-term liabilities | 794 | 794 | |||||||||
Total liabilities | 50,798 | 43,347 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock, no par value, 50,000 shares authorized; 44,181 shares issued and 37,275 shares outstanding as of December 31, 2021; 43,890 shares issued and 36,984 shares outstanding as of September 30, 2021 | 783,329 | 782,266 | |||||||||
Treasury stock at cost; 6,906 shares as of December 31, 2021 and September 30,2021 | (47,721) | (47,721) | |||||||||
Accumulated other comprehensive income | 707 | 687 | |||||||||
Accumulated deficit | (595,352) | (597,766) | |||||||||
Total shareholders’ equity | 140,963 | 137,466 | |||||||||
Total liabilities and shareholders’ equity | $ | 191,761 | $ | 180,813 |
Three Months Ended | |||||||||||
Dec 31, 2021 | Sep 30, 2021 | ||||||||||
1Q22 | 4Q21 | ||||||||||
Gross profit | $ | 15,797 | $ | 17,057 | |||||||
Gross margin | 37% | 39% | |||||||||
Adjustments: | |||||||||||
Stock-based compensation expense | 151 | 204 | |||||||||
Asset retirement obligation accretion | 9 | 9 | |||||||||
Amortization of acquired intangibles | 6 | 9 | |||||||||
Total adjustments | 166 | 222 | |||||||||
Non-GAAP gross profit | $ | 15,963 | $ | 17,279 | |||||||
Non-GAAP gross margin | 38% | 39% |
Three Months Ended | |||||||||||
Dec 31, 2021 | Sep 30, 2021 | ||||||||||
1Q22 | 4Q21 | ||||||||||
Operating expense | $ | 13,299 | $ | 11,560 | |||||||
Stock-based compensation expense | (937) | (966) | |||||||||
CATV transition - severance and restructuring charge | (1,298) | — | |||||||||
CATV transition - loss on sale of assets | (187) | (76) | |||||||||
Litigation-related expense | (234) | (58) | |||||||||
Non-GAAP operating expense | $ | 10,643 | $ | 10,460 |
Three Months Ended | |||||||||||
Dec 31, 2021 | Sep 30, 2021 | ||||||||||
1Q22 | 4Q21 | ||||||||||
Operating profit | $ | 2,498 | $ | 5,497 | |||||||
Operating margin | 6% | 13% | |||||||||
Adjustments: | |||||||||||
Stock-based compensation | 1,088 | 1,170 | |||||||||
Asset retirement obligation accretion | 9 | 9 | |||||||||
Amortization of acquired intangibles | 6 | 9 | |||||||||
CATV transition - severance and restructuring charge | 1,298 | — | |||||||||
CATV transition - loss on sale of assets | 187 | 76 | |||||||||
Litigation-related expenses | 234 | 58 | |||||||||
Total adjustments | 2,822 | 1,322 | |||||||||
Non-GAAP operating profit | 5,320 | 6,819 | |||||||||
Non-GAAP operating margin | 13% | 16% | |||||||||
Depreciation expense | 995 | 990 | |||||||||
Adjusted EBITDA | $ | 6,315 | $ | 7,809 | |||||||
Adjusted EBITDA % | 15% | 18% |
Three Months Ended | |||||||||||
Dec 31, 2021 | Sep 30, 2021 | ||||||||||
1Q22 | 4Q21 | ||||||||||
Net income | $ | 2,414 | $ | 5,075 | |||||||
Earnings per share basic | $ | 0.07 | $ | 0.14 | |||||||
Earnings per share diluted | $ | 0.06 | $ | 0.13 | |||||||
Adjustments: | |||||||||||
Stock-based compensation expense | 1,088 | 1,170 | |||||||||
Asset retirement obligation accretion | 9 | 9 | |||||||||
Amortization of acquired intangibles | 6 | 9 | |||||||||
CATV transition - severance and restructuring charge | 1,298 | — | |||||||||
CATV transition - loss on sale of assets | 187 | 76 | |||||||||
Litigation-related expense | 234 | 58 | |||||||||
Foreign exchange (gain) loss | (42) | 49 | |||||||||
Income tax expense | 115 | 358 | |||||||||
Total adjustments | 2,895 | 1,729 | |||||||||
Non-GAAP net income | 5,309 | 6,804 | |||||||||
Non-GAAP earnings per share basic | 0.14 | 0.18 | |||||||||
Non-GAAP earnings per share diluted | 0.14 | 0.17 | |||||||||
Interest expense, net | 11 | 15 | |||||||||
Depreciation expense | 995 | 990 | |||||||||
Adjusted EBITDA | $ | 6,315 | $ | 7,809 | |||||||
Adjusted EBITDA % | 15 | % | 18 | % |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||
Dec 31, 2021 | Sep 30, 2021 | Dec 31, 2021 | Sep 30, 2021 | |||||||||||||||||||||||
1Q22 | 4Q21 | 1Q22 | 4Q21 | |||||||||||||||||||||||
Aerospace and Defense | Broadband | |||||||||||||||||||||||||
Gross profit | $ | 1,684 | $ | 1,959 | Gross profit | $ | 14,113 | $ | 15,098 | |||||||||||||||||
Gross margin | 17 | % | 17 | % | Gross margin | 44 | % | 47 | % | |||||||||||||||||
Adjustments: | Adjustments: | |||||||||||||||||||||||||
Stock-based compensation expense | 86 | 118 | Stock-based compensation expense | 65 | 86 | |||||||||||||||||||||
Asset retirement obligation accretion | — | — | Asset retirement obligation accretion | 9 | 9 | |||||||||||||||||||||
Amortization of acquired intangibles | 6 | 9 | Amortization of acquired intangibles | — | — | |||||||||||||||||||||
Total adjustments | 92 | 127 | Total adjustments | 74 | 95 | |||||||||||||||||||||
Non-GAAP gross profit | $ | 1,776 | $ | 2,086 | Non-GAAP gross profit | $ | 14,187 | $ | 15,193 | |||||||||||||||||
Non-GAAP gross margin | 18 | % | 18 | % | Non-GAAP gross margin | 44 | % | 47 | % | |||||||||||||||||
R&D expense | $ | 4,162 | $ | 4,175 | R&D expense | $ | 465 | $ | 706 | |||||||||||||||||
Stock-based compensation expense | (117) | (131) | Stock-based compensation expense | (65) | (76) | |||||||||||||||||||||
Non-GAAP R&D expense | $ | 4,045 | $ | 4,044 | Non-GAAP R&D expense | $ | 400 | $ | 630 |
S)*!G\\4 >C_\ "1Z+_P!!2T_[^BI(==TJXF2& M'4;:25SA460$DUY?_P (3X@_Y\/_ "*G^-:.@^$]:LM>L;FXLMD,4NYV\Q3@ M8/H: $^(L!378)L';) !GW!/^(J7P'KECIB7<%[<) '970OT/!!_I79>(O#\ M&OV"PNQCEC.Z*0#.T^X]*\_N/ 6N0N1%%%.O9DD _0XH [^?Q5H<<3-_:=NW M'16R3^5>/W,OVB[FFQ_K)&;\SFML>"/$!./L('N94_QK\$_P#(TVOT;^5=[XPTR[U31!;6 M4/F2"13MW!>!]:YKPOX7UC3M?@N;JT\N%0
Cover |
Feb. 09, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 09, 2022 |
Entity Registrant Name | EMCORE CORP |
Entity Incorporation, State or Country Code | NJ |
Entity File Number | 001-36632 |
Entity Tax Identification Number | 22-2746503 |
Entity Address, Address Line One | 2015 W. Chestnut Street |
Entity Address, City or Town | Alhambra |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 91803 |
City Area Code | 626 |
Local Phone Number | 293-3400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, no par value |
Trading Symbol | EMKR |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000808326 |
Amendment Flag | false |
Security Exchange Name | NASDAQ |
<2
M\&N.V2JI_W85X997$4H;+R*\=4GA]Z\BO$64Q;LGQT'*SI60>8379]^ZC?)F
MAZEK=S.$6+"/27Q[R/ 'BCL8@"7
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MK"%'%W9S$U8<$MN%UXMIZ OX]$8&3F.^".43S9%9[I$^!V0(V./..XT^;D9;;D<:,L9^$X;\%
MS;GNCAK7,H^&526X38*GK'A%<$*@KOS%K XO84R@+NQ-;%-)+!F,FF\ *YY1;( +,N4;#YTDR!%ODJGE\4$_2IO/RT>5Z&[QZ1@C_D'D
MWK'0U<*O\X*Q*V\&8U@+@F41FE&8+KG>TK=A:OV;,1L< OW]D?(/?2]3O1/I
M*5)9?/*Z> .5Z8W8 Y8_G]YW>F&&ZZ"(C6''A"K/F,/ @MPI_W7NB>OA"L]
M:4,R\:H1IF^NM\(.#'1]4KLD-[3KBO#[:+[Y=@LFM&!$0P"%
M,/@JY *"H0)*2NT3 H64P@[?Y^ C13<7V/&V=278G%Q08W^J YR"T=N'K0THYTZ"#/5$]9W:[L3.WQ! 7ORH<\
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M_4NMW8T); $\:?%(=K8A >9-R3SADJ>-R1T"J9\]:X"T"W^G@&1P,(:4=J0
M""DB4=0?RRP1E.!XSUA9QL M +C_CH_\AWRZ_72_E*KP>1IZ%/-J?,^US2#*
M%PD4,H4'G#FF>00TQ.0=3.^ (3_:0_@+S]DF^67N>X'I3<'@^OCYE\MH0C'
MCPLW/1/<2#XOWVG3TCUO"/<50U6D7 $)C\D(<)D\CZG+.*+A<[S&T+OF!I0L
M4B;,(@ML<_:+3/&0*1X%2_$XD?"4*1XE]'/+%(]=87.Z%(_\ 0D#R>P.F=U1
M*>]'I;([SFKW+M3=$N=WG!6"KUMZCHU[*PFN,P08G$-#SH&B!JGQ_J[GKBDK;C.[A\57=)E=/!HVYDWP;$(6)QX$-%$*9Q?:2 %&26@##)(=B6/+QN?%
MOK(J1-7&UL4$L! A0#% @ NH!)
M5 16*MX",@ <5@# !H ( !DC( &5M:W(M,C R,C R,#EX
B.&ME>'@Y.3$N:'1M4$L%!@ & 8 C@$ ,QD $!
end