EMCORE Corporation (NASDAQ:EMKR) Q1 2019 Earnings Conference Call Transcript

Feb 06, 2019 • 04:30 pm ET


EMCORE Corporation (NASDAQ:EMKR) Q1 2019 Earnings Conference Call Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the EMCORE Corporation Fiscal First Quarter 2019 Earnings Conference Call. (Operator Instructions) As a reminder, today's call is being recorded.

At this time, I'd like to turn the call over to Erica Mannion of Sapphire Investor Relations. Please go ahead.

Erica Mannion

Thank you, and good afternoon, everyone. Before we begin, we would like to remind you that the information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. These forward-looking statements are largely based on our current expectations and projections about future events and trends effecting our business. Such forward-looking statements include, in particular, projections about future results, statements about plans, strategies, business prospects, changes in trends in the business and the markets in which we operate.

Management cautions that these forward-looking statements relate to future events or our future financial performance and are subject to business, economic and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance or achievements of the business or our industry to be materially different from those expressed or implied by any forward-looking statements.

We caution you not to rely on these statements and to also consider the risks and uncertainties associated with these statements and the business that are included in the Company's filings with the US Securities and Exchange Commission that are available on the SEC's website located at www.sec.gov, including the sections entitled Risk Factors in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q.

The Company assumes no obligation to update any forward-looking statements to conform such statements to actual results or to changes in our expectations except as required by applicable law or regulation.

In addition, references will be made during this call to non-GAAP financial measures. Investors are encouraged to review these non-GAAP financial measures as well as the explanation and reconciliation of these measures to the comparable GAAP financial measures included at the end of our earnings press release, included as Exhibit 99.1 to the Form 8-K we furnished to the SEC today. These materials can also be found in the Investors section of our website at www.emcore.com.

With me today from EMCORE are Jeff Rittichier, President and Chief Executive Officer; and Mark Gordon, Interim Principal Financial and Accounting Officer. Mark will review the financial results, and Jeff will discuss business highlights and fiscal second quarter guidance before we open the call up for questions.

Now I'd like to turn the call over to Mark.

Mark Gordon

Thank you, Erica, and good afternoon, everyone. Today, I will focus my discussion on EMCORE's FY '19 Q1 financial results ending December 31, 2018. Consolidated revenue for the quarter came in at $24.0 million, with broadband revenue representing 72% of total company revenue, down from 80% in the prior quarter as the cable TV market returned to a more normalized demand environment following the