EMCORE (EMKR) Announces Unaudited Q3 Results, Shares Surge

EMCORE (EMKR) has finally announced its unaudited financial results for its third quarter after filing a delay with the SEC in August because the company needed more time to review its accounting for inventory write-downs. 

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During the 3rd quarter, the company determined that about $2.5 million of excess and obsolete inventory should have been recorded in the quarter ending Sept 30th 2009.  There were other minor corrections made in previous quarters, but the effect of the corrections were not considered material to any previously reported financial statements.

For the 3rd quarter 2010, the company reported revenues of $46.6 million and the company indicates that the decline sequentially is due to a timing issue on a major shipment.  The non GAAP EPS loss came in at.03/share.  That’s in line with what the company reported last quarter and a significant improvement over the year ago quarter in which the company posted a loss of .09/share.

This quarter, the company expects to report revenues in the range of $54 – $55 million and significant positive cash flow.

Shares of ESLR are surging about 15% today, but remain in a long downtrend and below the buck level.

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