Emcore has been affected by the massive drop in oil prices and the economic recession. However, its results for fiscal 2008 were very good. Emcore reported a 41 percent increase in revenue for the year from $239.3 million in fiscal 2008 from $169.6 million for fiscal 2007. The company also reported a 107 percent international revenue increase of $48.8 million to $94.4 million. Both the fiber optics and photovoltaics segments increased revenue during the year. The company noted that annual revenue for the Fiber Optics segment increased by $60.9 million, or 55%, to $171.3 million, and annual revenue for the photovoltaics segment increased by $8.8 million, or 15%, to $68.0 million.
Since mid September the company’s fiber optics business had a $19.7 million loss for the quarter. It went from $53.6 million down to $46.1 million compared to the previous quarter. The government canceled a $5.3 million for GaAs-based solar cells on satellites. The company recorded another $4.5 million loss from CPV systems that became obsolete as the company upgraded from second-generation to third generation CPV technology. As a result of the setbacks, the company says it will lay-off some 100 workers. Despite this, Emcore is cautiously optimistic with 150 MW of GaAs solar currently in negotiations. Company Financial Results