North Coast Solar Stocks

November 12, 2009

EMCORE Corporation Awarded Solar Panel Manufacturing Contract From Dutch Space

Filed under: EMKR — Tags: , , — Jason @ 4:01 pm

Contract Awarded for Orbital Sciences Corporation’s Cygnus(TM) Spacecraft to Serve NASA’s Commercial Orbital Transportation Services (COTS) / Commercial Resupply Service (CRS) Projects

4:01 pm EST, Thursday November 12, 2009

ALBUQUERQUE, NM–(Marketwire – 11/12/09) – EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components and subsystems for the fiber optic and solar power markets, announced today that the Company has been awarded a contract by Dutch Space of Leiden, The Netherlands to manufacture, test, and deliver the solar panels to power the Cygnus� spacecraft being developed by Orbital Sciences Corporation (ORB) for NASA’s Commercial Resupply Service (CRS) project. With all options exercised the total value of the contract would be in excess of $15 million.

Under the CRS project, Orbital will carry out eight pressurized space cargo missions beginning in early 2011 and running through 2015 to provide a U.S.-produced and-operated automated cargo delivery service to the International Space Station (ISS). An initial demonstration flight will be carried out as part of NASA’s Commercial Orbital Transportation Services (COTS) project, which provided NASA incentives to the developing commercial launch services industry.

The solar panels to be delivered to Dutch Space will use EMCORE’s ZTJ solar cells. With a sunlight-to-electricity conversion efficiency of 30%, the ZTJ solar cell is the highest performance space qualified multi-junction solar cell available in the world today. Production of the solar panels will take place at EMCORE’s state-of-the-art manufacturing facilities located in Albuquerque, New Mexico.

Bart Reijnen, CEO of Dutch Space: “From our joint experience on NASA’s Dawn interplanetary project, which included Orbital as the prime contractor, we know that collaborating with EMCORE results in first-class technology tailored to specific needs. Their contribution to the solar arrays for the Cygnus spacecrafts will provide the highest available efficiency, optimized for the mission.”

Christopher Larocca, Chief Operating Officer of EMCORE stated, “This is a significant award for EMCORE as this program will be powered by the most highly efficient space solar cells available today. We are proud to once again be part of an Orbital-led mission with Dutch Space as the solar array provider. This is a reformation of the team that successfully collaborated on NASA’s DAWN mission, which is currently powering the spacecraft on its voyage to the Asteroid Belt. The CRS award builds on the successful heritage of DAWN and paves the way for more future partnerships with Dutch Space.”

EMCORE is the world’s largest manufacturer of highly efficient radiation hard solar cells for space power applications. With a beginning-of-life (BOL) conversion efficiency of 30% and the option for a patented, onboard monolithic bypass diode, EMCORE’s industry leading multi-junction solar cells can provide the highest power to interplanetary spacecrafts and earth orbiting satellites.

Advertisements

October 1, 2009

EMCORE Secures $25 Million Equity Financing Commitment

Filed under: EMKR — Tags: , , , — Jason @ 5:54 pm

Thursday October 1, 2009, 5:54 pm EDT

ALBUQUERQUE, NM–(Marketwire – 10/01/09) – EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components, subsystems and systems for the fiber optic and solar power markets, announced today that it has entered into a committed equity financing facility under which it has the option to sell up to $25 million of its registered common shares to Commerce Court Small Cap Value Fund, Ltd. over a 24-month period. Under the terms of the financing agreement, EMCORE is not obligated to utilize any of the facility and remains free to enter into other financing transactions.

EMCORE will determine, at its sole discretion, the timing and dollar amount of each draw under this facility, subject to certain conditions. When and if EMCORE elects to use the facility, the number and price of shares sold in each draw will be determined by a formula, pursuant to which EMCORE will issue shares to Commerce Court at a pre-negotiated discount to the volume weighted average price of EMCORE’s common stock over a preceding period of trading days. The Commerce Court Small Cap Value Fund, Ltd. seeks diversified investment opportunities in innovative small and mid capitalization companies that offer compelling growth or value propositions. Acqua Capital Management Company serves as an advisor to Commerce Court Small Cap Value Fund, Ltd.

In connection with the execution of the equity financing facility, EMCORE has issued to Commerce Court 185,185 shares of common stock as a commitment fee and warrants to purchase 1,600,000 shares of EMCORE common stock at prices that represent a 25% to 75% premium over the market price at the time of closing. The offer and sale of any shares by EMCORE under this equity financing facility has been registered pursuant to a shelf registration statement declared effective by the Securities and Exchange Commission on July 17, 2009.

“This extremely flexible financing facility is an important addition to our portfolio of financing options, providing the Company with the ability to raise capital quickly and at a competitive cost while potentially managing dilution more effectively by issuing shares in multiple tranches at times of our choosing,” stated John M. Markovich, Chief Financial Officer of EMCORE Corporation. “This equity facility, in combination with our line of credit with Bank of America and our improved operating performance, has served to substantially improve the Company’s liquidity position.”

Net proceeds from any sale of the securities will be used for general corporate purposes which may include new product development, capital expenditures and increases in working capital necessary to support the growth in certain sectors of our business.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.

September 17, 2009

EMCORE Enters Into a Long Term Supply Agreement for Space Solar Cells With Northrop Grumman Corporation

Filed under: EMKR — Tags: , , — Jason @ 2:43 pm

EMCORE to Supply High-Efficiency Multi-Junction Solar Cells for Use in NGAS’s Satellite Programs Through 2012

Thursday September 17, 2009, 2:43 pm EDT

ALBUQUERQUE, NM–(Marketwire – 09/17/09) – EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components, subsystems and systems for the fiber optic and solar power markets, announced today that Northrop Grumman Aerospace Systems Sector has entered into a long term supply agreement with EMCORE’s Solar Photovoltaics Division to manufacture and deliver high-efficiency, multi-junction solar cells for Northrop Grumman’s satellite programs. EMCORE solar cells will help provide power for Northrop Grumman’s space-based global climate monitoring capabilities and other satellite missions. The period of performance for the supply agreement is 2009 through 2012, with a potential value of more than $17 million.

The production of the solar cells will take place at EMCORE’s state-of-art manufacturing facilities located in Albuquerque, New Mexico, USA.

Christopher Larocca, EMCORE’s Chief Operating Officer, stated, “We are very pleased to receive this award from Northrop-Grumman and appreciate their confidence in our technology leadership to provide solar cells for their space missions.” Mr. Larocca continued, “Our proven manufacturing capabilities and unsurpassed reliability heritage make EMCORE the supplier of choice for demanding spacecraft power systems. We look forward to working with Northrop Grumman Aerospace Systems to power their satellite missions for many years to come.”

EMCORE is the world’s largest manufacturer of highly efficient radiation-hard solar cells for space power applications. With a beginning-of-life (BOL) conversion efficiency of 30% and the option for a patented, onboard monolithic bypass diode, EMCORE’s industry leading multi-junction solar cells provide the highest power to interplanetary spacecrafts and earth orbiting satellites.

About Northrop Grumman:

Northrop Grumman Corporation is a leading global security company whose 120,000 employees provide innovative systems, products, and solutions in aerospace, electronics, information systems, shipbuilding and technical services to government and commercial customers worldwide.

August 17, 2009

EMCORE Corporation Announces Unaudited Results for Its Third Quarter Ended June 30, 2009

Filed under: EMKR — Tags: , , , , , , — Jason @ 4:00 pm

Company Generates Positive Cash Flow From Operations for the Quarter; Photovoltaics Business Segment Achieves Record Quarterly Profitability; Consolidated Order Backlog Increases by 62% to Approximately $50 Million

Monday August 17, 2009, 4:00 pm EDT

ALBUQUERQUE, NM–(Marketwire – 08/17/09) – EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components and subsystems for the fiber optics and solar power markets, today announced unaudited financial results for its fiscal third quarter and nine-month periods ended June 30, 2009.

Quarterly Results:

Revenue:

Revenue for the third quarter of fiscal 2009 was $38.5 million, a decrease of $4.8 million, or 11%, from $43.3 million reported in the immediately preceding quarter.

On a segment basis, third quarter revenue for the Photovoltaics segment was $16.1 million, an increase of $1.2 million, or 8%, from $14.9 million reported in the immediately preceding quarter with the increase due to greater demand for satellite solar power products. The Photovoltaics segment accounted for 42% of the Company’s consolidated third quarter revenue compared to 34% in the preceding second fiscal quarter.

Third quarter revenue for the Fiber Optics segment was $22.4 million, a decrease of $6.0 million, or 21%, from $28.4 million reported in the immediately preceding quarter with the decline in revenue concentrated primarily in the telecom and CATV product lines. The Fiber Optics segment accounted for 58% of the Company’s consolidated third quarter revenue compared to 66% in the preceding second fiscal quarter.

Gross Profit / (Loss):

After excluding certain adjustments, as set forth in the attached non-GAAP tables, the third quarter consolidated non-GAAP gross profit was $5.9 million, a $4.5 million improvement from $1.4 million reported in the preceding quarter with the corresponding non-GAAP gross margin increasing to 15.3% from 3.3% in the preceding quarter. On a GAAP basis, the consolidated gross loss for the third quarter was $2.4 million, an improvement of $4.6 million from a $7.0 million gross loss reported in the preceding quarter. During the quarter, the Company recorded approximately $6.4 million in non-cash losses on firm inventory purchase commitments and $1.9 million in non-cash inventory reserve adjustments in its Fiber Optics segment, both of which adversely impacted gross profit and margins.

On a segment basis, third quarter Photovoltaics non-GAAP gross margin was a record 33.9%, a significant increase from a 20.5% gross margin reported in the preceding quarter with the improvement due primarily to increased sales of higher margin satellite solar panels along with improved manufacturing yields on solar cells. The third quarter marks the second consecutive quarter of sequentially improved non-GAAP gross margins in the Photovoltaics segment. On a GAAP basis, the third quarter Photovoltaic gross margin mirrored the non-GAAP gross margin at 33.9% compared to a negative 24.7% gross margin in the preceding quarter.

(more…)

July 30, 2009

EMCORE Corporation Awarded Solar Contract From Boeing

Filed under: EMKR — Tags: , , , , — Jason @ 8:00 am

Thursday July 30, 2009, 8:00 am EDT

ALBUQUERQUE, NM–(Marketwire – 07/30/09) – EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components and systems for the fiber optic and solar power markets, today announced an industry team led by The Boeing Company (BA) has received a contract from the Defense Advanced Research Projects Agency (DARPA) for work on Phase 2 of the Fast Access Spacecraft Testbed (FAST) program. The $15.5 million cost-plus-fixed-fee contract is currently funded to $13.8 million.

DARPA’s FAST program aims to develop a new, ultra-lightweight High Power Generation System (HPGS) that can generate up to 175 kilowatts — more power than is currently available to the International Space Station. When combined with electric propulsion, FAST will form the foundation for future self-deployed, high-mobility spacecraft to perform ultra-high-power communications, space radar, satellite transfer and servicing missions.

Boeing Phantom Works of Huntington Beach, California is leading the effort with support from Boeing Network and Space Systems, El Segundo, California. The Phase 2 work will include designing, fabricating and integrating test articles, performing a series of component-level evaluations and running two full-scale system tests.

“Our team is pleased to partner with DARPA in developing this powerful new technology,” said Tom Kessler, FAST program manager, Boeing Advanced Network and Space Systems. “FAST offers significant cost and performance benefits to our commercial, civil and national security customers, including new high-power applications to provide a cost-effective means for spacecraft to travel to the outer solar system.”

During Phase 1 of the program, the Boeing-led team, which includes DR Technologies, Northrop Grumman Astro Aerospace, Texas A&M University, EMCORE, Boeing subsidiary Spectrolab Inc., and other key suppliers, developed a preliminary design for an HPGS capable of providing more than 130 watts per kilogram on a system that is less than half the weight and one sixth the size of an existing on-orbit solar power system. The team also defined the test program being conducted in Phase 2, which will verify the performance and operation of the HPGS’s solar concentration, power conversion, heat rejection, structure and deployment, and sun pointing and tracking subsystems.

The Boeing team’s unique solar concentrator design offers higher performance and greater radiation tolerance than current on-orbit solar power generation systems. Boeing will also be using different approaches to solar cell technology to include capabilities from EMCORE and Spectrolab.

The size efficiency of the HPGS enables a new class of compact spacecraft that can self-deploy from low-Earth orbit to reach their final orbit using electric propulsion. This permits the use of smaller, less expensive launch vehicles that can support high-value science missions to the outer solar system without the need for expensive radioisotope power systems.

About Boeing Integrated Defense Systems

A unit of The Boeing Company, Boeing Integrated Defense Systems is one of the world’s largest space and defense businesses specializing in innovative and capabilities-driven customer solutions, and the world’s largest and most versatile manufacturer of military aircraft. Headquartered in St. Louis, Boeing Integrated Defense Systems is a $32 billion business with 70,000 employees worldwide.

June 23, 2009

EMCORE Corporation Signs Solar Power Agreement With PNM

Filed under: EMKR — Tags: , , — Jason @ 1:02 pm

Tuesday June 23, 2009, 1:02 pm EDT

EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components and systems for the fiber optic and solar power markets, today announced a formal agreement with PNM of New Mexico to participate in PNM’s large distributed generation (DG) solar power program. This 20-year agreement with EMCORE consists of 114 kilowatts of solar power produced onsite at EMCORE’s corporate headquarters in Albuquerque, N.M.

The power is generated by EMCORE’s 2nd and 3rd generation concentrator photovoltaics (CPV) systems installed next to its headquarters’ facility in Albuquerque, NM. The power is fed to EMCORE’s buildings through a PNM-approved REC meter. Although over one-megawatt EMCORE’s CPV systems have been deployed across seven sites throughout the world, this is the first DG application.

“This is a significant milestone in advancing solar power applications for both EMCORE and PNM. The DG program allows power to be generated close to the point of use and distributed without requiring a comprehensive transmission infrastructure,” said Christopher Larocca, EMCORE’s Chief Operating Officer. “EMCORE’s CPV systems are ideally suited for such applications because of their cost competitiveness and high energy conversion efficiency. Our industry leading 30%+ CPV modules generate highest levels of power per square meter. We look forward to pursuing additional distributed generation programs with PNM as well as other utility companies.”

“We’re very pleased to have EMCORE Corporation as the first participant in the PNM distributed generation solar power program,” said Sue Fullen, Vice President of Marketing and Customer Service of PNM. “Our large solar program announced earlier this year is just one of the many ways we’re working to provide more environmentally friendly, renewable sources of electricity into our overall energy portfolio.”

A commemoration event has been scheduled for 10:00am Mountain Time, June 25, 2009 at EMCORE’s Albuquerque headquarters with PNM and local government officials attending. To participate in the event, please visit the registration page on the EMCORE web site at: http://www.emcore.com/rsvp/.

About PNM:

PNM, a wholly owned subsidiary of PNM Resources (PNM), is New Mexico’s largest electricity provider and serves about 497,000 electricity customers statewide and also sells electricity on the wholesale market. PNM is based in Albuquerque, NM.

June 22, 2009

EMCORE Corporation Awarded Contract From Air Force Research Laboratory

Filed under: EMKR — Tags: , , — Jason @ 8:00 am

Monday June 22, 2009, 8:00 am EDT

EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components and systems for the fiber optic and solar power markets, today announced it has been awarded a $5.7 million cost-plus fixed-fee contract from the Air Force Research Laboratory, located at the Kirtland Air Force Base, for the development of high-efficiency photovoltaic solar cells.

The two-year contract calls for EMCORE to demonstrate high efficiency solar cells for space applications, as well as investigate advanced photovoltaic devices based on inverted metamorphic (IMM) structures. The contract also includes a provision for an additional twelve-month award of $3.4 million for advanced IMM development once the base contract has been completed. Funding for the entire contract has been appropriated.

“We are pleased to be partnering up with Air Force Research Laboratory to further develop EMCORE’s proprietary inverted metamorphic photovoltaic technology,” said Christopher Larocca, Chief Operating Officer of EMCORE. “EMCORE’s IMM cells represent a significant leap in photovoltaic cell development and we believe this contract will allow EMCORE to demonstrate industry leading cell efficiency of 37%. This level of efficiency, combined with the lightweight and flexible properties of our cell, will enable significantly broader space and terrestrial photovoltaic applications.”

June 16, 2009

EMCORE Awarded Solar Panel Manufacturing Contract for NASA’s Global Precipitation Measurement Mission

Filed under: EMKR — Tags: , , — Jason @ 8:00 am

Award Reaffirms EMCORE’s Position as the Leading Supplier of High-Reliability High-Efficiency Solar Panels for Space Missions

Tuesday June 16, 2009, 8:00 am EDT

ALBUQUERQUE, NM–(MARKET WIRE)–Jun 16, 2009 — EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components and subsystems for the fiber optic and solar power markets announced today that the Company has been awarded a contract to manufacture, test, and deliver solar panels for NASA’s Global Precipitation Measurement spacecraft. The contract, valued at approximately $5 million, will be managed by MEI Technologies, Inc. for the NASA Goddard Space Flight Center (GSFC).

The Global Precipitation Measurement (GPM) mission is one of the satellite-based science missions studying global precipitation, including rain, snow, and ice. The launch of the spacecraft is presently scheduled for summer of 2013. The GPM spacecraft solar arrays will be powered by EMCORE’s latest generation, 30% efficiency class ZTJ multi-junction solar cells. Production of the solar cells and panels will take place at EMCORE’s state-of-the-art manufacturing facilities located in Albuquerque, New Mexico.

MEI Technologies is a prime contractor at GSFC for the Electrical Systems Engineering Services and operates in six different states. Sam Boyd, MEI Technologies’ Chief Operating Officer, emphasized, “We are very proud to support GSFC and its earth science mission, and our entire team, including top quality suppliers like EMCORE, is committed to the success of GPM.”

Christopher Larocca, Chief Operating Officer of EMCORE, stated, “We are very excited to earn this contract award from MEI Technologies and NASA Goddard Space Flight Center. This award reaffirms EMCORE’s position as the leading solar panel supplier for space missions. Our proven manufacturing capability, technology leadership, and reliability heritage make EMCORE the supplier of choice for demanding spacecraft power systems.”

EMCORE is the world’s largest manufacturer of highly efficient radiation hard solar cells for space power applications. With a beginning-of-life (BOL) conversion efficiency of 30% and the option for a patented, onboard monolithic bypass diode, EMCORE’s industry leading multi-junction solar cells can provide the highest power to interplanetary spacecrafts and earth orbiting satellites.

May 20, 2009

EMCORE Corporation Announces Long Term Supply Agreement With Space Systems/Loral

Filed under: EMKR — Tags: , , — Jason @ 4:28 pm

EMCORE to Supply High-Efficiency Multi-Junction Solar Cells for Use in Space Systems/Loral’s Satellite Fleet Through 2014

Wednesday May 20, 2009, 4:28 pm EDT

ALBUQUERQUE, NM–(MARKET WIRE)–May 20, 2009 — EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components and subsystems for the fiber optic and solar power markets, announced today that Space Systems Loral (SS/L) has awarded a long term supply agreement contract to EMCORE’s Photovoltaics Division to manufacture and deliver high-efficiency, multi-junction solar cells for Space Systems/Loral’s spacecraft programs. The period of performance for the contract is 2009 through 2014 and the solar cells will be produced at EMCORE’s state-of-the-art manufacturing facilities located in Albuquerque, New Mexico, USA.

Christopher Larocca, Executive Vice President and General Manager of EMCORE’s Solar Photovoltaics Division, stated, “We have been supplying Space Systems/Loral with solar cells for more than 10 years, and we are delighted and grateful to continue this relationship for the foreseeable future.” Mr. Larocca continued, “Our proven manufacturing capability, technology leadership and unsurpassed reliability providing solar cells and panels to the space industry make EMCORE the supplier of choice for demanding spacecraft power systems. We look forward to working with Space Systems/Loral to power their satellite missions for many years to come.”

“EMCORE’s Photovoltaics Division continues to grow at a rapid pace, and has recently secured more than a dozen new production programs for fully integrated space solar panels as well as solar cells. EMCORE remains committed to manufacturing the highest quality, best performing solar cells and panels in the industry. Satellite manufacturers and solar array integrators continue to rely on EMCORE as an independent supply source that meets all of their satellite power needs,” added Dr. Hong Hou, President and CEO of EMCORE.

EMCORE is the world’s largest manufacturer of highly efficient radiation-hard solar cells for space power applications. With a beginning-of-life (BOL) conversion efficiency of 30% and the option for a patented, onboard monolithic bypass diode, EMCORE’s industry leading multi-junction solar cells provide the highest power to interplanetary spacecrafts and earth orbiting satellites.

May 11, 2009

EMCORE Corporation Announces Unaudited Results for Its Second Quarter and Six-Month Period Ended March 31, 2009

Filed under: EMKR — Tags: , , , , , , — Jason @ 4:01 pm

Monday May 11, 2009, 4:01 pm EDT

ALBUQUERQUE, NM–(MARKET WIRE)–May 11, 2009 — EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components and subsystems for the fiber optic and solar power markets, today announced unaudited financial results for its fiscal second quarter and six-month period ended March 31, 2009.

Quarterly Results:

Revenue:

Revenue for the second quarter of fiscal 2009 was $43.3 million, a decrease of $13.0 million, or 23%, from $56.3 million reported in the same period last year and a decrease of $10.8 million, or 20%, from $54.1 million reported in the immediately preceding quarter.

On a segment basis, revenue for the Fiber Optics segment for the second quarter of fiscal 2009 was $28.4 million, a $9.2 million, or 24%, decrease from $37.6 million reported in the same period last year and a decrease of $10.8 million, or 28%, from $39.2 million reported in the preceding quarter. The decrease in Fiber Optics revenue was primarily due to the impact that the very unfavorable macroeconomic environment has had on our customers. The Fiber Optics segment represented 66% of the Company’s consolidated revenue for the second quarter compared to 67% in the same period last year.

Revenue for the Photovoltaics segment for the second quarter of fiscal 2009 was $14.9 million, a $3.7 million, or 20%, decrease from $18.6 million reported in the same period last year and flat when compared to the preceding quarter. On a year-over-year basis, and when compared to the preceding quarter, our satellite solar power product lines experienced an increase in revenue while our concentrator photovoltaics (“CPV”) product lines and government service contracts experienced a decrease in revenue. The Photovoltaics segment represented 34% of the Company’s consolidated revenue for the second quarter compared to 33% in the same period last year.

Gross Profit/(Loss):

After excluding inventory and warranty reserve adjustments, as set forth in the attached non-GAAP tables, the second quarter consolidated gross profit was $2.1 million and the consolidated gross margin was 4.8%. On a GAAP basis, the consolidated gross loss for the second quarter of fiscal 2009 was $7.0 million, a decrease of $13.6 million from a $6.6 million gross profit reported in the same period last year and a decrease of $8.6 million from a $1.6 million gross profit reported in the preceding quarter. On a GAAP basis, consolidated gross margin for the second quarter was negative 16.2% compared to a gross margin of 11.8% reported in the same period last year and 2.9% reported in the preceding quarter.

On a segment basis, second quarter non-GAAP gross margin for the Fiber Optics segment was negative 3.1% and a positive 20.0% for the Photovoltaics segment. On a GAAP basis, Fiber Optics gross margin for the second quarter was negative 11.7%, a decrease from a 24.0% gross margin reported in the same period last year and from a negative 1.1% gross margin reported in the preceding quarter. The decrease in Fiber Optics gross margin was primarily due to unabsorbed overhead expenses due to declining revenues and inventory valuation write-downs that totaled approximately $2.2 million. The loss was magnified by our efforts to monetize older-generation product inventory as we transition to newer lower cost and more competitive design platforms. Photovoltaics gross margin for the second quarter of fiscal 2009 was negative 24.7%, a decrease from a negative 12.8% gross margin reported in the same period last year and from 13.6% gross margin reported in the preceding quarter. The decrease in Photovoltaics gross margin was primarily due to inventory valuation write-downs of approximately $5.6 million associated with earlier versions of our CPV components and systems that have become obsolete due to the introduction of new product platforms. In addition, gross margins were adversely affected by product warranty accruals associated with our CPV-related business that totaled approximately $1.1 million.

(more…)

January 20, 2009

EMCORE Corporation Completes Its Sale of WorldWater & Solar Technologies Corporation (Entech Solar, Inc.) Shares for $5.9 Million

Filed under: EMKR, ENSL — Tags: , — Jason @ 4:05 pm

Tuesday January 20, 4:05 pm ET

ALBUQUERQUE, N.M., Jan. 20 /PRNewswire-FirstCall/ — EMCORE Corporation (EMKR) a leading provider of semiconductor-based components and subsystems for the broadband, fiber optic, satellite and terrestrial solar power markets, announced today that it has completed the second closing of a two step transaction involving the sale of its remaining interests in the company formerly named WorldWater & Solar Technologies Corporation (WWAT), now named Entech Solar, Inc. In the second closing, the Company sold 1,446,428 shares of WorldWater Series D Convertible Preferred Stock and 152,522 Warrants to purchase shares of Series D Convertible Preferred Stock to The Quercus Trust for approximately $5.9 million. This completes the divestment of all of EMCORE’s equity interests in WorldWater. With the completion of this last sale in a series of four sales transactions, EMCORE has realized a 75% return on its investment in WorldWater securities. Based on this transaction and changes in WorldWater’s business plan, EMCORE has terminated the operational agreements between EMCORE and WorldWater.

January 8, 2009

EMCORE Corporation Raises Additional Cash Through the Sale of Shares of WorldWater & Solar Technologies Corporation

Filed under: EMKR, ENSL — Tags: , , — Jason @ 3:08 pm

Thursday January 8, 3:08 pm ET

ALBUQUERQUE, N.M., Jan. 8 /PRNewswire-FirstCall/ — EMCORE Corporation (EMKR) a leading provider of semiconductor-based components and subsystems for the broadband, fiber optic, satellite and terrestrial solar power markets, announced today that it has completed the first closing of a two step transaction involving the sale of its remaining interests in WorldWater & Solar Technologies Corporation (WWAT.OB). The Company recently sold 1,446,428 shares of WorldWater Series D Convertible Preferred Stock and 152,522 Warrants to purchase shares of Series D Convertible Preferred Stock to The Quercus Trust for approximately $5.7 million and expects to complete the second closing, for an additional $5.7 million, within the next 90 days.

In November 2006, EMCORE purchased 4,892,857 shares of WorldWater Series D Preferred Stock and 505,044 Warrants. Upon completion of the second closing with The Quercus Trust, EMCORE will realize a 75% return on its WorldWater investment.

December 11, 2008

Emcore posts wider-than-expected Q4 loss, shares tank

Filed under: EMKR — Tags: , , , — Jason @ 12:55 pm

Thu Dec 11, 2008 12:55pm EST

* Q4 loss $0.12 wider than est loss $0.01

* Rev rises 29 pct to $60.6 mln

* Sees 2009 rev up by 10 pct compared to 2008

* Shares slump 41 pct

Dec 11 (Reuters) – Emcore Corp (EMKR), a maker of compound semiconductor-based components and subsystems, posted a wider-than-expected quarterly loss on lower gross margins related to expenses on inventory write-downs and product warranty accruals, knocking its shares down as much as 41 percent.

The company said it expects first-quarter revenue to be relatively flat on a sequential basis with a significantly improved bottom line and forecast fiscal 2009 revenue to increase by 10 percent compared to fiscal 2008.

In a conference call with analysts, the company said it had already cut about 100 jobs, reduced 2008 employee bonus payouts, eliminated 2009 employee bonus and merit increases, and lowered capital expenditures as measures to reduce its cost structure.

For the fourth quarter, Emcore reported a loss of $19.4 million, or 25 cents a share, compared with a loss of $17.5 million, or 34 cents share, a year earlier. Excluding items, net loss was 12 cents a share.

Gross margins for the quarter ended Sept. 30 decreased from 17.4 percent to a negative 0.8 percent.

The company said its fiber optics and photovoltaics segments incurred about $5.4 million and $6.9 million respectively, in expenses related to inventory write-downs and product warranty accruals.

Shares of the Albuquerque, New Mexico-based company slumped to a low of 91 cents, before paring some losses to trade down more than 34 percent at $1.01 Thursday afternoon on Nasdaq.

EMCORE Corporation Announces Preliminary Unaudited Results for Its Fourth Quarter and Fiscal Year Ended September 30, 2008

Filed under: EMKR — Tags: , , , , — Jason @ 3:02 am

Thursday December 11, 3:02 am ET

ALBUQUERQUE, N.M., Dec. 11 /PRNewswire-FirstCall/ — EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and terrestrial solar power markets, today announced preliminary unaudited financial results for its fourth quarter and fiscal year ended September 30, 2008.

Fiscal Year 2008:

For the fiscal year ended September 30, 2008, consolidated revenue increased by $69.7 million, or 41%, to $239.3 million from $169.6 million as reported in the prior year. International revenue increased by $48.8 million, or 107%, to $94.4 million from $45.6 million when compared to the prior year. Both of the Company’s reporting segments experienced an increase in annual revenue when compared to the prior year.

Annual revenue for the Fiber Optics segment increased by $60.9 million, or 55%, to $171.3 million from $110.4 million as reported in the prior year. The increase in Fiber Optics annual revenue was primarily due to incremental revenues associated with the growth of the Company’s parallel optical transceiver business and acquisitions completed during the year, which added approximately $41.6 million of revenue in fiscal 2008. In February and April 2008, EMCORE acquired the telecom, datacom, and optical cable interconnects-related assets of Intel Corporation’s Optical Platform Division (the “Intel Acquisitions”). On an annual basis, Fiber Optics revenue represented 72% and 65% of the Company’s total consolidated revenue for fiscal 2008 and 2007, respectively.

Annual revenue for the Photovoltaics segment increased by $8.8 million, or 15%, to $68.0 million from $59.2 million as reported in the prior year. The increase in Photovoltaics annual revenue was primarily due to EMCORE’s recently launched concentrating photovoltaic (CPV) terrestrial-based components (solar cells and receivers) and solar power systems products. U.S. government contract revenue decreased by $8.8 million, or 43%, to $11.6 million from $20.4 million, as reported in the prior year, due to the termination of engineering and manufacturing contracts. On an annual basis, Photovoltaics revenue represented 28% and 35% of the Company’s total consolidated revenue for fiscal 2008 and 2007, respectively.

For the fiscal year ended September 30, 2008, consolidated gross profit decreased by $0.5 million, or 2%, to $29.9 million from $30.4 million as reported in the prior year. Consolidated gross margins decreased from 17.9% in fiscal 2007 to 12.5% in fiscal 2008. On a segment basis, annual Fiber Optics gross margins increased from 18.4% to 20.7% which was primarily due to increased revenue which provided a greater base on which to allocate certain fixed costs, benefits associated from the use of contract manufacturers and better utilization of our China manufacturing facility. Gross margins also increased due to the implementation of certain cost reduction initiatives and improved efficiencies driven by facility consolidations. Our Fiber Optics segment also incurred approximately $5.4 million in expenses related to inventory write-downs and product warranty accruals in fiscal 2008. Annual Photovoltaics gross margins decreased from 17.0% in fiscal 2007 to a negative 8.3% in fiscal 2008 due to significant project losses on several initial CPV solar power systems installation projects, which was primarily the result of higher than expected material, freight and installation costs. Our Photovoltaics segment also incurred approximately $13.5 million in expenses related to inventory write-downs, contract losses, and product warranty accruals associated with our CPV-related business in fiscal 2008.

(more…)

November 21, 2008

EMCORE Deploys First Concentrator Solar Photovoltaic System in China with the XinAo Group

Filed under: EMKR — Tags: , , — Jason @ 10:08 am

Friday November 21, 10:08 am ET

ALBUQUERQUE, N.M., Nov. 21 /PRNewswire-FirstCall/ — EMCORE Corporation (EMKR) a leading provider of semiconductor-based components and subsystems for the broadband, fiber-optic, satellite and terrestrial solar power markets, announced today its first deployment of a concentrator photovolataics (CPV) system in China with the XinAo Group, one of China’s largest energy companies. As part of an earlier agreement, the 50 kilowatt (kW) test and evaluation system is fully installed and operational, and is producing power in accordance with specifications. EMCORE and XinAo continue to have discussions regarding the possible construction of a joint-owned plant in China, to manufacture CPV systems designed and certified by EMCORE for its innovative coal gasification project and the Chinese market.

Dr. John Iannelli, Corporate Chief Technology Officer and General Manager of EMCORE’s Solar Power Division stated, “We are pleased to introduce the first CPV terrestrial power system in China in partnership with the XinAo Group and look forward to pursuing other solar power opportunities in China’s emerging renewable energy market.”

In early October, EMCORE was also granted access permits for its 850-kW commercial solar park installation in the Extremedora region of Spain. In addition to these two deployments, EMCORE expects several other pilot sites to be deployed by the end of the year.

EMCORE’s deployed CPV systems are powered by our industry leading high-efficiency compound semiconductor-based multi-junction solar cells that operate with 500x concentration. EMCORE continues its investment to develop a next-generation system design with enhanced performance (including a module efficiency of approximately 30%) and much improved cost structure. The new design (Generation III) is scheduled to be in volume production by the second half of calendar 2009. EMCORE has recently responded to several RFPs from public utility companies using Gen-III products as its baseline and expects to receive positive feedback on these proposals before the end of 2008.

About the XinAo Group

XinAo Group, headquartered in Langfang, China, is a leading company in clean energy integration solutions led by technology innovation, focusing on energy business, coal chemical and biochemical. It has more than 100 subsidiaries and offices in over 60 cities in China and in other countries including Australia, UK and the USA.

November 5, 2008

Emcore Shares Tumble As Merriman Downgrades

Filed under: EMKR — Tags: , , , — Jason @ 1:01 pm

Posted by Eric Savitz

Emcore (EMKR) shares are trading lower today after Merriman Curhan Ford analyst Brion Tanous cut his rating on the stock to Neutral from Buy.

Tanous says demand for the company’s products in the cable components market should pick up in the 2009 second half, but that “weakness” is likely for now. He contends that “estimates for the fiber optics business unit at Emcore are far too aggressive,” and that estimates for its space photovoltaics unit likewise are “exceedingly optimistic.”

He’s more constructive on the company’s terrestrial solar business, asserting that “a major investment in Emcore by a significant and well-funded organization in the United Arab Emirates is progressing well,” as is “a strategic alliance with a major international conglomerate based in Asia.”

Nonetheless, he downgraded the shares, waiting for “major” near-term developments in the solar business.

EMKR today is down 43 cents, or $11.20, to $3.41.

October 10, 2008

Final Position Stops Out (portfolio beats S&P 500 by over 35%)

Filed under: AKNS, AMAT, ASTI, CSIQ, CSUN, DSTI, EMKR, ENER, ENSL, ESLR, FSLR, HOKU, ICPR, JASO, LDK, RSOL, SOL, SOLF, SPIR, SPWR, STP, TSL, WFR, YGE — Tags: , , — Jason @ 4:20 pm

We’re not done here by any means.  Just protecting capital.  For those who took profits earlier, you are in great shape.  For the long term holders, book your losses and prepare for a re-entry once the wash sales are clear.

The fundamentals here are still strong in most cases and the growth going forward is outstanding.  We will follow the strength when we buy back in.  What we’ve seen so far is only the beginning.

Symbol Company Name Entry Date Entry Price Exit Date Exit Price P/L $ Days P/L %
AKNS AKNS – Akeena Solar, Inc. 6/13/2007 $     3.62 9/9/2008 $     3.50 $   (0.12) 454 -3%
AMAT AMAT – Applied Materials, Inc. 6/13/2007 $    18.94 9/17/2008 $    16.00 $   (2.64) 462 -14%
ASTI ASTI – Ascent Solar Technologies, Inc. 6/13/2007 $     7.30 9/8/2008 $     7.00 $   (0.30) 453 -4%
CSIQ CSIQ – Canadian Solar Inc. 6/13/2007 $     9.71 10/3/2008 $    16.00 $    6.29 478 65%
CSUN CSUN – China Sunergy Co. Ltd. 6/13/2007 $    11.02 8/6/2007 $     8.00 $   (3.02) 54 -27%
DSTI DSTI – DayStar Technologies, Inc. 6/13/2007 $     5.13 7/25/2008 $     3.00 $   (2.13) 408 -42%
EMKR EMKR – EMCORE Corp. 1/18/2008 $    10.49 3/18/2008 $     7.00 $   (3.49) 60 -33%
ENER ENER – Energy Conversion Devices, Inc. 6/13/2007 $    30.30 10/10/2008 $    30.00 $   (0.30) 485 -1%
ESLR ESLR – Evergreen Solar, Inc. 6/13/2007 $     8.82 9/9/2008 $     7.00 $   (1.82) 454 -21%
FSLR FSLR – First Solar Inc. 6/13/2007 $    73.75 10/3/2008 $  160.00 $  86.25 478 117%
HOKU HOKU – Hoku Scientific Inc. 6/13/2007 $     4.50 10/9/2008 $     4.00 $   (0.50) 484 -11%
ICPR ICPR – ICP Solar Technologies, Inc. 6/13/2007 $     3.05 12/28/2007 $     1.00 $   (2.05) 198 -67%
JASO JASO – JA Solar Holdings, Co., Ltd. 6/13/2007 $     8.34 9/10/2008 $    12.00 $    3.66 455 44%
LDK LDK – LDK Solar Co., Ltd. 6/13/2007 $    23.43 10/6/2008 $    25.00 $    1.57 481 7%
RSOL RSOL – Real Goods Solar, Inc. 7/8/2008 $     6.00 9/9/2008 $     5.50 $   (0.76) 63 -13%
SOL SOL – ReneSola Ltd. 7/10/2008 $    13.45 9/11/2008 $    12.00 $   (1.45) 63 -11%
SOLF SOLF – Solarfun Power Holdings Co., Ltd. 6/13/2007 $     8.46 9/29/2008 $    10.00 $    1.54 474 18%
SPIR SPIR – Spire Corp. 9/13/2007 $    10.00 7/14/2008 $    10.00 $       – 305 0%
SPWR SPWR – SunPower Corp. 6/13/2007 $    53.75 10/8/2008 $    50.00 $   (3.75) 483 -7%
STP STP – Suntech Power Holdings Co. Ltd. 6/13/2007 $    32.00 10/2/2008 $    30.00 $   (2.00) 477 -6%
TSL TSL – Trina Solar Ltd. 6/13/2007 $    39.94 9/9/2008 $    25.00 $ (14.94) 454 -37%
WFR WFR – MEMC Electronic Materials 6/13/2007 $    57.28 7/10/2008 $    50.00 $   (7.28) 393 -13%
WWAT WWAT – WorldWater & Solar Technologies 3/19/2008 $     1.00 6/2/2008 $     0.70 $   (0.30) 75 -30%
YGE YGE – Yingli Green Energy Holding Co. Ltd. 11/29/2007 $    27.26 2/20/2008 $    18.00 $   (9.26) 83 -34%
Average $    1.80 345 -5%

October 3, 2008

EMCORE Corporation Secures $25 Million Credit Facility with Bank of America

Filed under: EMKR — Tags: , — Jason @ 10:16 am

Friday October 3, 10:16 am ET

ALBUQUERQUE, N.M., Oct. 3 /PRNewswire-FirstCall/ — EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and terrestrial solar power markets, today announced the closing of a $25 million revolving credit facility with Bank of America. The asset-backed credit facility provides for borrowings up to $25 million and can be used for working capital, letters of credit and other general corporate purposes.

The credit facility, which incorporates both LIBOR and Prime-based borrowing alternatives, is subject to certain financial covenants and a borrowing base formula. The agreement matures in September 2011 and is secured by certain assets of the company.

“Given the current state of the credit markets, we are very pleased to enter into this agreement with Bank of America and appreciate the bank’s confidence in our future. This facility will serve to further strengthen our financial flexibility as we continue to pursue the company’s growth strategy,” said John M. Markovich, Chief Financial Officer of EMCORE Corporation.

Additional information can be found in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.

August 7, 2008

EMCORE Corporation Announces Preliminary Unaudited Results for its Third Quarter Ended June 30, 2008

Filed under: EMKR — Tags: , , , — Jason @ 9:03 pm

Thursday August 7, 9:03 pm ET

– 3rd quarter revenue increased 70% year-over-year and 34% over prior quarter to $75.5 million
– Fiber Optics segment business achieved positive earnings net of non-recurring acquisition-related expenses
– 3rd quarter pro forma EPS, net of non-recurring charges and stock-based compensation expense, was ($0.04) per share

ALBUQUERQUE, N.M., Aug. 7 /PRNewswire-FirstCall/ — EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and terrestrial solar power markets, today announced preliminary unaudited financial results for its third quarter ended June 30, 2008.

Consolidated revenue for the quarter ended June 30, 2008 totaled $75.5 million. This represents an increase in revenue of approximately 70% when compared $44.4 million of revenue as reported in the same period last year. Quarterly revenue increased 34% sequentially when to compared to the immediate prior quarter. Consolidated revenue for the nine months ended June 30, 2008 totaled $178.7 million, which represents an increase of 46% when compared to $122.6 million of revenue as reported in the same period last year. Both of the Company’s operating segments experienced increases in quarterly revenue when compared to the prior year and the prior quarter.

For the three months ended June 30, 2008, revenue from the Company’s Fiber Optics segment increased by $26.0 million, or 94%, to $53.6 million from $27.6 million, as reported in the same period last year. For the nine months ended June 30, 2008, Fiber Optics revenue increased by $46.0 million, or 58%, to $125.2 million from $79.2 million, as reported in the same period last year. Compared to the immediate prior quarter, Fiber Optics revenue increased by $16.0 million, or 43%. The increase in Fiber Optics revenue was primarily due to increased demand for the Company’s parallel optical transceivers and our recent acquisition of Intel’s Optical Platform Division. Demand for the Company’s legacy datacom products continued to strengthen throughout the quarter increasing 144% and 46% on a year-over-year and sequential quarterly basis, respectively.

Photovoltaics revenue for the three months ended June 30, 2008 increased $5.1 million, or 30%, to $21.9 million from $16.8 million as reported in the same period last year. For the nine months ended June 30, 2008, Photovoltaics revenue increased by $10.0 million, or 23%, to $53.5 million from $43.5 million, as reported in the same period last year. Compared to the immediate prior quarter, Photovoltaics revenue increased by $3.3 million, or 18%. The increase in sequential quarterly revenue was due primarily to the Company’s introduction of new concentrator photovoltaics (CPV) products for commercial and utility scale applications. Satellite-related revenues declined on a sequential quarterly basis as previously forecast.

(more…)

August 5, 2008

EMCORE Continues to Diversify Its Terrestrial Backlog with Signing of Two Purchase Agreements for Concentrator Solar Cells and Receivers

Filed under: EMKR — Tags: , , — Jason @ 6:54 pm

Tuesday August 5, 6:54 pm ET

Product Delivered Will Be Deployed in Commercial Rooftop and Utility Scale Installations in the United States

ALBUQUERQUE, N.M., Aug. 5 /PRNewswire-FirstCall/ — EMCORE Corporation (EMKR), a leading provider of semiconductor-based components and subsystems for the broadband, fiber-optic, satellite and terrestrial solar power markets, announced today that it entered into two new supply agreements for solar cells and receivers with a total value of over $40 million. The larger of the two purchase contracts is a multi-year supply agreement for solar cells, to be delivered over four years. The product to be delivered will be incorporated into concentrating photovoltaics (CPV) systems developed for commercial rooftop installations as well as utility-scale solar farms. The customers placing these orders are targeting CPV deployments in the United States with a particular focus on the California market. Production for these orders has commenced and approximately $1 million of product is expected to be shipped in the present quarter.

The award of these purchase agreements affirms EMCORE’s position as the leading supplier of the enabling CPV engine, and further diversifies our terrestrial CPV component backlog.

EMCORE has introduced a line of integrated CPV solar cell products optimized for operation from 500X to 1000X concentration with a minimum average efficiency of 37%, which provide terrestrial systems integrators with a complete photovoltaic solution for their CPV systems. EMCORE’s CPV receiver is easily integrated into existing CPV systems and has emerged as the most desirable form in the industry. EMCORE is the first company to provide its customers with a 20-year performance warranty. By choosing EMCORE’s complete and highly reliable receiver solution, CPV system developers are able to focus their efforts on advancing their optical design and optimizing the balance of their system, significantly reducing their time to market.

July 25, 2008

EMCORE’s Wins 2008 R&D 100 Award For Inverted Metamorphic Multi-Junction Solar Cell Technology

Filed under: EMKR — Tags: , , — Jason @ 1:31 pm

Friday July 25, 1:31 pm ET

ALBUQUERQUE, N.M., July 25 /PRNewswire-FirstCall/ — EMCORE Corporation (EMKR) a leading provider of Semi-conductor-based components and subsystems for the broadband, fiber-optic, satellite and terrestrial solar power markets, announced today that its world record Inverted Metamorphic (IMM) solar cell technology has been chosen by R&D Magazine for an R&D 100 award. This prestigious award recognizes the IMM solar cell as one of the most innovative technologies of 2008.

This revolutionary solar cell technology provides a platform for EMCORE’s next generation photovoltaic products for space and terrestrial solar power applications. Solar cells built using IMM technology recently achieved world record conversion efficiency of 33% used in space, and it is anticipated that efficiency levels in the 42%-45% range will be achieved when adapted for use under the 500-1500X concentrated illumination, typical in terrestrial concentrator photovoltaic (CPV) systems. Once commercialized, the CPV systems that are powered with EMCORE’s IMM based products will see a reduction in the cost of power generated by approximately 10% to 20%. EMCORE expects to commercialize this technology for both space and terrestrial applications in 2009.

Developed in conjunction with the National Renewable Energy Laboratory (NREL) and the Vehicle Systems Directorate of the US Air Force Research Laboratory (AFRL), the IMM design is comprised of a novel combination of compound semiconductors that enables a superior response to the solar spectrum as compared to conventional multi-junction architecture. Due to its unique design, the IMM cell is approximately one fifteenth the thickness of the conventional multi-junction solar cell and will enable a new class of extremely lightweight, high-efficiency, and flexible solar arrays for space applications. Furthermore, this technology can be readily integrated into EMCORE’s complete line of CPV receiver products and the increased conversion efficiency will enable the most cost effective CPV systems. EMCORE has developed a strong intellectual property position for this innovative technology, with over 10 patents pending in the area of solar cell design and manufacturing techniques.

David Danzilio, Vice President and General Manager of EMCORE’s Photovoltaics Division stated, “We are pleased that the IMM solar cell platform has been chosen as one of the top technical innovations of 2008. In collaboration with NREL and AFRL, our industry leading scientists and engineers continue to refine and optimize multi-junction solar cell technology to reach higher and higher efficiency performance. This continual investment in our fundamental solar cell technology and production capabilities will support our customer’s needs and enable the next generation of space and terrestrial solar power systems in performance and cost.”

July 9, 2008

EMCORE Strengthens its Leadership Position With $29 Million New Purchase Orders for Concentrator Solar Cell Receivers

Filed under: EMKR — Tags: , , — Jason @ 8:00 am

Wednesday July 9, 8:00 am ET

ALBUQUERQUE, N.M., July 9 /PRNewswire-FirstCall/ — EMCORE Corporation (EMKR) a leading provider of semiconductor-based components and subsystems for the broadband, fiber-optic, satellite and terrestrial solar power markets, announced today that it entered into two definitive supply agreements for solar cell receivers in June 2008 with a total value of approximately $29 million. These supply agreements incorporate advance deposits to ensure production priority for these customers. The end applications for the product to be delivered range from solar farm to commercial rooftop installations employing Concentrating Photovoltaic (CPV) technology. Production for these orders has commenced and shipments are scheduled to occur over the next 24 months.

The awards of these purchase orders further strengthen EMCORE’s position as the leading supplier in CPV technologies and products, and diversify our growing terrestrial component backlog.

EMCORE has introduced a line of integrated CPV solar cell products optimized for operation from 500X to 1000X concentration with a minimum average efficiency of 37%, which provide terrestrial systems integrators with a complete photovoltaic solution for their CPV systems. EMCORE’s CPV receiver is easily integrated into existing CPV systems and has emerged as the most desirable form in the industry. EMCORE is the first company to provide its customers with 20 years of performance warranty. By choosing EMCORE’s complete and highly reliable receiver solution, CPV system developers are able to focus their efforts on advancing their optical design and optimizing the balance of the system, significantly reducing their time to market.

July 2, 2008

Stop Loss Limits Moved Higher

Filed under: AKNS, AMAT, ASTI, CSIQ, CSUN, DSTI, EMKR, ENER, ENSL, ESLR, FSLR, HOKU, ICPR, JASO, LDK, SOLF, SPIR, SPWR, STP, TSL, WFR, YGE — Tags: , , , — Jason @ 9:20 am

We won’t let a horrible market sink this great portfolio. Stay with strength as the industry sorts itself out.

Symbol Company Name Entry Date Entry Price Stop Loss Last Price P/L $ Days P/L %
AKNS AKNS – Akeena Solar, Inc. 6/13/2007 $     3.62 $    3.50 $     5.23 $    1.61 385 44%
AMAT AMAT – Applied Materials, Inc. 6/13/2007 $    18.94 $   16.00 $    19.28 $    0.34 385 2%
ASTI ASTI – Ascent Solar Technologies, Inc. 6/13/2007 $     7.30 $    7.00 $     9.98 $    2.68 385 37%
CSIQ CSIQ – Canadian Solar Inc. 6/13/2007 $     9.71 $   16.00 $    36.36 $  26.65 385 274%
CSUN CSUN – China Sunergy Co. Ltd. 6/13/2007 $    11.02 $    8.00 $     7.64 $   (3.02) 385 -27%
DSTI DSTI – DayStar Technologies, Inc. 6/13/2007 $     5.13 $    3.00 $     4.29 $   (0.84) 385 -16%
EMKR EMKR – EMCORE Corp. 1/18/2008 $    10.49 $    7.00 $     5.58 $   (3.49) 166 -33%
ENER ENER – Energy Conversion Devices, Inc. 6/13/2007 $    30.30 $   30.00 $    68.20 $  37.90 385 125%
ESLR ESLR – Evergreen Solar, Inc. 6/13/2007 $     8.82 $    7.00 $     9.47 $    0.65 385 7%
FSLR FSLR – First Solar Inc. 6/13/2007 $    73.75 $ 160.00 $  270.68 $ 196.93 385 267%
HOKU HOKU – Hoku Scientific Inc. 6/13/2007 $     4.50 $    4.00 $     4.75 $    0.25 385 6%
ICPR ICPR – ICP Solar Technologies, Inc. 6/13/2007 $     3.05 $    1.00 $     0.60 $   (2.05) 385 -67%
JASO JASO – JA Solar Holdings, Co., Ltd. 6/13/2007 $     8.34 $   12.00 $    15.79 $    7.45 385 89%
LDK LDK – LDK Solar Co., Ltd. 6/13/2007 $    23.43 $   25.00 $    34.99 $  11.56 385 49%
SOLF SOLF – Solarfun Power Holdings Co., Ltd. 6/13/2007 $     8.46 $   10.00 $    16.14 $    7.68 385 91%
SPIR SPIR – Spire Corp. 9/13/2007 $    10.00 $   10.00 $    12.14 $    2.14 293 21%
SPWR SPWR – SunPower Corp. 6/13/2007 $    53.75 $   50.00 $    66.65 $  12.90 385 24%
STP STP – Suntech Power Holdings Co. Ltd. 6/13/2007 $    32.00 $   30.00 $    34.41 $    2.41 385 8%
TSL TSL – Trina Solar Ltd. 6/13/2007 $    39.94 $   25.00 $    29.28 $ (10.66) 385 -27%
WFR WFR – MEMC Electronic Materials 6/13/2007 $    57.28 $   50.00 $    59.64 $    2.36 385 4%
WWAT WWAT – WorldWater & Solar Technologies 3/19/2008 $     1.00 $    0.70 $     0.67 $   (0.30) 105 -30%
YGE YGE – Yingli Green Energy Holding Co. Ltd. 11/29/2007 $    27.26 $   18.00 $    14.92 $   (9.26) 216 -34%
Average $  12.90 350 37%

June 30, 2008

EMCORE Corporation Sells a Portion of its WorldWater Preferred Stock Investment

Filed under: EMKR, ENSL — Tags: , — Jason @ 4:03 pm

Monday June 30, 4:03 pm ET

ALBUQUERQUE, N.M., June 30 /PRNewswire-FirstCall/ — EMCORE Corporation (EMKR), a leading provider of semiconductor-based components and subsystems for the broadband, fiber-optic, satellite and terrestrial solar power markets, announced today that it had agreed to sell 2,000,000 shares of Series D Preferred Stock of WorldWater & Solar Technologies Corporation (WWAT.OB), together with 200,000 Warrants, to The Quercus Trust, a major shareholder of both EMCORE and WorldWater, at a price equal to $6.54 per share of the Series D Preferred Stock. The Series D Preferred Stock is convertible into WorldWater Common Stock at a ratio of 10 to 1, and each of the Warrants entitles the holder to purchase a share of Series D Preferred Stock for a price of $3.17 per share. The sale will take place through two closings, one for 1,000,000 shares and 100,000 warrants, which closed on Friday, June 27, 2008, and one for an equal number of shares and warrants which should close before July 31, 2008. Total proceeds from the sale approximates $13.1 million.

EMCORE purchased 4,892,857 shares of Series D Preferred Stock, together with 505,044 Warrants, in November 2006, and has a contractual right to purchase additional shares and warrants. In summary, EMCORE sold 2.2 million of its 5.4 million shares and warrants of WorldWater, which represents a 130% return on investment.

Emcore shares fall sharply on downgrade; Counterpoint by Second Analyst

Filed under: EMKR — Tags: , , — Jason @ 3:39 pm

Monday June 30, 3:39 pm ET

Emcore shares decline after Canaccord Adams cuts shares to ‘Hold,’ saying demand is overstated; Jefferies & Co. analyst disagrees

NEW YORK (AP) — Shares of Emcore Corp. tumbled on Monday after a Canaccord Adams analyst downgraded the maker of fiber optic and photovoltaic components, saying he is skeptical about demand from a major Korean customer.

Jonathan Dorsheimer said a recent trip to ES Systems’ headquarters in Korea led him to believe that demand expectations from the company for Emcore’s photovoltaic components is overstated.

Actual demand for Emcore’s products at ES Systems was about two thirds of what Emcore seems to believe, he said, and downgraded shares of Emcore to “Hold” from “Buy.”

Dorsheimer also cut his price target to $7 from $9 and lowered his full-year earnings estimates for the next two years to account for more conservative demand in Emcore’s solar division.

(more…)

Older Posts »

Blog at WordPress.com.