Emcore's Concentrated Photovoltaic Battery Sales Decline

In the first quarter of fiscal 2012, Emcore concentrated photovoltaic solar cell business unit accounted for 51% of the company's total revenue, or 19.1 million US dollars, a decrease of 2 million US dollars. However, Emcore reported that the amount of orders for concentrating photovoltaic cells was approximately US$51.7 million, an increase of US$43.5 million. The increase in order volume was due to the first order of Suncore, the conglomerate photovoltaic module operations unit of China’s joint venture, which was assembled to meet the country’s demand for 100 million project contracts.

However, Emcore remained in a state of loss, with a combined operating loss of US$ 11.7 million, which was a year-on-year increase of US$8.9 million and a decrease of US$2.7 million.

According to the GAAP, the combined net loss in the first quarter was US$14.2 million, which was the same as the previous quarter.

The combined total profit rate of the concentrating photovoltaic sector is 22.7%, which is an increase from the 21% reported in September 2011. The reason for this increase is higher utilization of production equipment and improvement of Gen3 battery output.

Emcore said that its satellite and US government contracts have brought concentrator photovoltaic cell production close to record highs.

On the whole, as of December 31, 2011, cash, cash equivalents, and restricted-use cash totaled 23.8 million U.S. dollars and the total value of working capital was 18.9 million U.S. dollars.