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EMCORE Corp. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: December 13, 2012 05:06PM
EMCORE Corp. (EMKR) filed Annual Report for the period ended 2012-09-30. Emcore Corporation has a market cap of $112.3 million; its shares were traded at around $4.23 with and P/S ratio of 0.6.
Highlight of Business Operations:Our Fiber Optics segment accounted for 59%, 63% and 64% of our consolidated revenue for the fiscal years ended September 30, 2012, 2011 and 2010, respectively.
Our Photovoltaics segment accounted for 41%, 37% and 36% of our consolidated revenue for the fiscal years ended September 30, 2012, 2011 and 2010, respectively.
Stock-based compensation expense within cost of revenue totaled approximately $1.6 million, $1.4 million and $2.1 million during the fiscal years ended September 30, 2012, 2011 and 2010, respectively.
Income (loss) from operations represents revenue less the cost of revenue and direct operating expenses incurred within the operating segments as well as allocated expenses such as shared service departments. Income (loss) from operations is a measure of profit and loss that executive management uses to assess performance and make decisions. As a percentage of revenue, our operating loss was (21.7)%, (16.2)% and (11.2)% for the fiscal years ended September 30, 2012, 2011 and 2010, respectively.
We entered into a joint venture agreement in fiscal 2010 with San'an Optoelectronics Co., Ltd. (San'an) for the purpose of engaging in the development, manufacturing, and distribution of CPV receivers, modules, and systems for terrestrial solar power applications under a technology license from us. The joint venture, Suncore Photovoltaic Technology Co., Ltd. (Suncore) was established in January 2011. We have accounted for our investment in Suncore using the equity method of accounting. Pursuant to the joint venture agreement, San'an and EMCORE share the profits, losses, and risks of Suncore in proportion to and, in the event of losses, to the extent of their respective contributions to the registered capital of Suncore. We continue to hold a 40% registered ownership in Suncore and we recorded a loss associated with our Suncore joint venture totaling $1.2 million for the fiscal year ended September 30, 2012. As of September 30, 2012, our cumulative proportionate loss in Suncore has exceeded our net investment in Suncore by approximately $3.1 million. Pursuant to ASC 323-10, Investments—Equity Method and Joint Ventures – Overall, we stopped recording our proportionate share of Suncore's loss after our investment declined to a zero value since we have no obligation or intent to fund the deficit balance. We will resume applying the equity method only after our share of net income in Suncore equals the share of net losses not recognized during the period we suspended using the equity method. See Note 18 - Suncore Joint Venture in the notes to the consolidated financial statements for additional information related to our Suncore joint venture.
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