ALHAMBRA, Calif., Feb. 05, 2020 (GLOBE NEWSWIRE) — In a release issued under the same headline earlier today by EMCORE Corporation (Nasdaq: EMKR) the Reconciliations of GAAP to Non-GAAP Financial Measures table for the three months ended December 31, 2019 should have referred to a gross profit of $7,474 instead of a gross profit of $7,493.  In addition, the Broadband table for the three months ended December 31, 2019 should have referred to a gross profit of $2,987 instead of a gross profit of $3,005 which also impacted the Broadband Segment table in the body of the release.  The corrected release follows:EMCORE Reports Fiscal 2020 First Quarter ResultsEMCORE Corporation (Nasdaq: EMKR), a leading provider of mixed-signal products that provide the foundation for today’s leading-edge aerospace & defense systems and high-speed communication networks, today announced results for its fiscal 2020 first quarter ended December 31, 2019 (1Q20).  Management will host a conference call to discuss financial and business results tomorrow, Thursday, February 6, 2020, at 8:00 AM Eastern Time.Consolidated revenue was $25.5 million, a 5% sequential-quarter increase, and comprised $13.7 million from the Aerospace and Defense segment and $11.8 million from the Broadband segment.  Net loss on a GAAP basis was $1.3 million and on a non-GAAP basis was $1.8 million, compared with a net loss of $15.0 million and $7.7 million in the prior quarter, respectively.  Adjusted EBITDA was positive $0.2 million.“EMCORE delivered solid results in the first quarter, with significantly improved operating performance, as well as break-even Adjusted EBITDA two quarters ahead of schedule,” said Jeff Rittichier, EMCORE’s President and CEO.  “While there is still much work to be done this year to further improve our operations, including the completion of our move to EMS manufacturing for our Cable TV products, we believe we are off to a good start and are pleased with the progress we have made thus far.”Consolidated Results
Bay Street News