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EMCORE (EMKR) 4th Quarter Results Show Larger Loss Than Expected
EMCORE released preliminary 4th quarter results today. The company performed below expectations, posting a net loss (GAAP) of $19.4 million, or .25/share. The previous year, the company had posted a loss of $17.5 million, or .34/share. Looking at the Non-GAAP numbers, net loss was 12 cents a share, well below Wall Street’s expectations of .01/share.
EMCORE advised that gap in performance was primarily related to "lower gross margins related to expenses on inventory write-downs and product warranty accruals."
The company also discussed its expectations for next year:
The company said it expects first-quarter revenue to be relatively flat on a sequential basis with a significantly improved bottom line and forecast fiscal 2009 revenue to increase by 10 percent compared to fiscal 2008.
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