EMCORE Corporation Announces Financial Results for First Quarter Ended December 31, 2015


EMCORE CORPORATION
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

  As of  As of
  December 31,
 2015
  September 30,
 2015
ASSETS   
Current assets:   
Cash and cash equivalents$115,520  $111,885 
Restricted cash1,103  375 
Accounts receivable, net14,430  17,319 
Inventory14,871  17,130 
Prepaid expenses and other current assets4,313  4,976 
Total current assets150,237  151,685 
Property, plant, and equipment, net9,730  8,925 
Other non-current assets, net245  297 
Total assets$160,212  $160,907 
LIABILITIES and SHAREHOLDERS’ EQUITY   
Current liabilities:   
Accounts payable$6,915  $7,189 
Deferred gain associated with sale of assets3,400  3,400 
Accrued expenses and other current liabilities11,494  13,102 
Total current liabilities21,809  23,691 
Asset retirement obligations1,525  1,774 
Total liabilities23,334  25,465 
Shareholders’ equity:   
Common stock762,540  762,003 
Treasury stock(47,721) (47,721)
Accumulated other comprehensive income759  847 
Accumulated deficit(578,700) (579,687)
Total shareholders’ equity136,878  135,442 
Total liabilities and shareholders’ equity$160,212  $160,907 
        


We have provided a reconciliation of our non-GAAP income (loss) from continuing operations financial measure to its most directly comparable U.S. GAAP financial measure as indicated in the table below:

EMCORE Corporation
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Income (Loss) from Continuing Operations
(in thousands, except per share data)
(unaudited)

   For the Three Months Ended
   December 31, 2015  September 30, 2015  December 31, 2014
(Loss) income from continuing operations - US GAAP $(134) $1,350  $(3,130)
Adjustments:      
Amortization expense      63     6  
Stock-based compensation expense   363     411     1,774  
Income tax expense (benefit)   2     (339 )   (1,912 )
Accretion expense   15     21     16  
Gain from change in estimate on ARO obligation           (845 )
Compensation expense associated with sale of Businesses           2,118  
Specific severance and restructuring charges       118     965  
Foreign exchange loss (gain)   135     239     (57 )
Loss on sale of assets           228  
Change in fair value of financial instruments           (36 )
Expenses associated with the legal arbitration   904     848     41  
Total adjustments   1,419     1,361     2,298  
Income (loss) from continuing operations - Non-GAAP   $ 1,285     $ 2,711     $ (832 )
             
Income (loss) from continuing operations - Non-GAAP per basic share   $ 0.05     $ 0.11     $ (0.03 )
Income (loss) from continuing operations - Non-GAAP per diluted share   $ 0.05     $ 0.10     $ (0.03 )
Weighted average number of basic shares outstanding   25,697     25,615     31,217  
Weighted average number of diluted shares outstanding   25,697     25,896     31,217  
                   

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