EMCORE Corporation (EMKR) has reported a 34.86 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $2 million, or $0.07 a share in the quarter, compared with $1.48 million, or $0.06 a share for the same period last year. On the other hand, adjusted net income from continuing operations for the quarter stood at $2.59 million, or $0.10 a share compared with $2.71 million or $0.10 a share, a year ago.
Revenue during the quarter grew 11.22 percent to $25.60 million from $23.02 million in the previous year period. Gross margin for the quarter contracted 543 basis points over the previous year period to 35.62 percent. Total expenses were 93.11 percent of quarterly revenues, down from 94.73 percent for the same period last year. This has led to an improvement of 162 basis points in operating margin to 6.89 percent.
Operating income for the quarter was $1.76 million, compared with $1.21 million in the previous year period.
"A combination of strength in customer orders and improved manufacturing efficiency drove significant income generation in the fourth quarter and allowed us to finish the year strongly", said Jeffrey Rittichier, president and chief executive officer of EMCORE. "We have good visibility into demand at this time and see continued growth in DOCSIS 3.1 product deployments as well as growing momentum with our Fiber Optic Gyro and Inertial Measurement Unit products", concluded Mr. Rittichier.
For the first-quarter, EMCORE Corporation expects revenue to be in the range of $28 million to $30 million.
Working capital drops significantly
EMCORE Corporation has witnessed a decline in the working capital over the last year. It stood at $92.96 million as at Sep. 30, 2016, down 27.37 percent or $35.04 million from $127.99 million on Sep. 30, 2015. Current ratio was at 6.09 as on Sep. 30, 2016, down from 6.40 on Sep. 30, 2015.
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