EMCORE CORPORATION
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
| As of | As of | ||||||
|
December 31,
2015 |
September 30,
2015 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 115,520 | $ | 111,885 | |||
| Restricted cash | 1,103 | 375 | |||||
| Accounts receivable, net | 14,430 | 17,319 | |||||
| Inventory | 14,871 | 17,130 | |||||
| Prepaid expenses and other current assets | 4,313 | 4,976 | |||||
| Total current assets | 150,237 | 151,685 | |||||
| Property, plant, and equipment, net | 9,730 | 8,925 | |||||
| Other non-current assets, net | 245 | 297 | |||||
| Total assets | $ | 160,212 | $ | 160,907 | |||
| LIABILITIES and SHAREHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 6,915 | $ | 7,189 | |||
| Deferred gain associated with sale of assets | 3,400 | 3,400 | |||||
| Accrued expenses and other current liabilities | 11,494 | 13,102 | |||||
| Total current liabilities | 21,809 | 23,691 | |||||
| Asset retirement obligations | 1,525 | 1,774 | |||||
| Total liabilities | 23,334 | 25,465 | |||||
| Shareholders’ equity: | |||||||
| Common stock | 762,540 | 762,003 | |||||
| Treasury stock | (47,721 | ) | (47,721 | ) | |||
| Accumulated other comprehensive income | 759 | 847 | |||||
| Accumulated deficit | (578,700 | ) | (579,687 | ) | |||
| Total shareholders’ equity | 136,878 | 135,442 | |||||
| Total liabilities and shareholders’ equity | $ | 160,212 | $ | 160,907 | |||
We have provided a reconciliation of our non-GAAP income (loss) from continuing operations financial measure to its most directly comparable U.S. GAAP financial measure as indicated in the table below:
EMCORE Corporation
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Income (Loss) from Continuing Operations
(in thousands, except per share data)
(unaudited)
| For the Three Months Ended | ||||||||||||
| December 31, 2015 | September 30, 2015 | December 31, 2014 | ||||||||||
| (Loss) income from continuing operations - US GAAP | $ | (134 | ) | $ | 1,350 | $ | (3,130 | ) | ||||
| Adjustments: | ||||||||||||
| Amortization expense | — | 63 | 6 | |||||||||
| Stock-based compensation expense | 363 | 411 | 1,774 | |||||||||
| Income tax expense (benefit) | 2 | (339 | ) | (1,912 | ) | |||||||
| Accretion expense | 15 | 21 | 16 | |||||||||
| Gain from change in estimate on ARO obligation | — | — | (845 | ) | ||||||||
| Compensation expense associated with sale of Businesses | — | — | 2,118 | |||||||||
| Specific severance and restructuring charges | — | 118 | 965 | |||||||||
| Foreign exchange loss (gain) | 135 | 239 | (57 | ) | ||||||||
| Loss on sale of assets | — | — | 228 | |||||||||
| Change in fair value of financial instruments | — | — | (36 | ) | ||||||||
| Expenses associated with the legal arbitration | 904 | 848 | 41 | |||||||||
| Total adjustments | 1,419 | 1,361 | 2,298 | |||||||||
| Income (loss) from continuing operations - Non-GAAP | $ | 1,285 | $ | 2,711 | $ | (832 | ) | |||||
| Income (loss) from continuing operations - Non-GAAP per basic share | $ | 0.05 | $ | 0.11 | $ | (0.03 | ) | |||||
| Income (loss) from continuing operations - Non-GAAP per diluted share | $ | 0.05 | $ | 0.10 | $ | (0.03 | ) | |||||
| Weighted average number of basic shares outstanding | 25,697 | 25,615 | 31,217 | |||||||||
| Weighted average number of diluted shares outstanding | 25,697 | 25,896 | 31,217 | |||||||||
