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EMCORE CORP - 10-Q - Management's Discussion and Analysis of Financial Condition and Results of Operations
(Edgar Glimpses Via Acquire Media NewsEdge) You should read the following discussion of our financial condition and results
of operations in conjunction with the financial statements and the notes thereto
included in Financial Statements under Item 1 within this Quarterly
Report. The following discussion contains forward-looking statements that
reflect our plans, estimates, and beliefs. Our actual results could differ
materially from those discussed in the forward-looking statements. Factors that
could cause or contribute to such differences in results and outcomes include
without limitation those discussed under Item 1A - Risk Factors in our Annual
Report on Form 10-K for the fiscal year ended September 30, 2011, as updated by
our subsequent periodic reports. These cautionary statements apply to all
forward-looking statements wherever they appear in this Quarterly Report.
Business Overview
EMCORE Corporation and its subsidiaries (the "Company", "we", "our", or
"EMCORE") offers a broad portfolio of compound semiconductor-based products for
the broadband, fiber optics, satellite, and solar power markets. We were
established in 1984 as a New Jersey corporation and we have two reporting
segments: Fiber Optics and Photovoltaics. Our Fiber Optics segment offers
optical components, subsystems, and systems that enable the transmission of
video, voice, and data over high-capacity fiber optics cables for high-speed
data and telecommunications, cable television (CATV), and fiber-to-the-premises
(FTTP) networks. Our Photovoltaics segment provides solar products for both
satellite and terrestrial applications. For satellite applications, we offer
high-efficiency compound semiconductor-based gallium arsenide (GaAs)
multi-junction solar cells, covered interconnected cells (CICs), and fully
integrated solar panels. For terrestrial applications, we offer concentrating
photovoltaic (CPV) power systems for commercial and utility scale solar
applications as well as our high-efficiency GaAs solar cells and integrated CPV
components for use in other solar power concentrator systems.
Our headquarters and principal executive offices are located at 10420 Research
Road, SE, Albuquerque, New Mexico, 87123, and our main telephone number is (505)
332-5000. For specific information about us, our products or the markets we
serve, please visit our website at http://www.emcore.com. The information
contained in or linked to our website is not a part of, nor incorporated by
reference into, this Quarterly Report on Form 10-Q or a part of any other report
or filing with the Securities and Exchange Commission (SEC).
As previously disclosed, in October 2011 flood waters infiltrated the offices
and manufacturing floorspace of our primary contract manufacturer's facility in
Thailand and suspended all production. As a result, the manufacturing
infrastructure that supported approximately 50% of our Fiber Optics segment
revenue was destroyed. This has had a significant impact on our operations and
our ability to meet customer demand for certain of our fiber optics products in
the near term. Our Photovoltaics segment was not affected by the Thailand
floods. See Footnote 9 - Flood-related Losses in the notes to the
consolidated financial statements for additional disclosures related to the
impact of the Thailand flood on our operations.
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