EMCORE Turns To Profit In Q4; Names Jeffrey Rittichier CEO

(RTTNews) - EMCORE Corp. (EMKR) reported that its fourth-quarter net income was $15.49 million or $0.50 per share, compared to a loss of $2.25 million or $0.08 per share in the prior year.

Non-GAAP net loss for the latest-quarter was $1.21 million, or $0.04 per share, compared to a loss of $5.79 million or $0.21 per share in the previous year.

Revenue for the quarter was $43.74 million compared to $43.09 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.07 per share and revenues of $44.62 million. Analysts' estimates typically exclude special items.

EMCORE also announced that it has named Jeffrey Rittichier Chief Executive Officer of the Company. In his new role, Rittichier succeeds Hong Hou, who has served as the Company's President and CEO since March 2008. Rittichier has also been appointed to the Company's Board of Directors to fill the vacancy that will be created when Hong Hou steps down as CEO.

As part of the recently completed sale of the Company's Space Photovoltaics division to SolAero Technologies Corp. (f/k/a Photon Acquisition Corporation), an affiliate of private equity firm Veritas Capital, EMCORE's corporate headquarters will now be located in Alhambra, CA.

Rittichier will be based in the Company's new Alhambra headquarters and will formally take on his new position effective January 3, 2015.

Rittichier joins EMCORE from NanoStatics, a developer of solutions for the production of high throughput nanofiber production systems, where he served as Chief Executive Officer.

In conjunction with the closing of the divestiture of the Space Photovoltaics business, and the announced sale of its Telecom business unit, EMCORE is reducing its corporate expenses, due to its smaller scale, to focus on being EBITDA break-even by September 2015.

EMCORE's General Counsel and Corporate Secretary, Alfredo Gomez, is scheduled to leave the Company on or about February 13, 2015.

In addition, EMCORE's Chief Administration Officer, Monica Van Berkel, will be leaving the Company effective January 2, 2015. Monica Van Berkel joined EMCORE in May 2004 and has been responsible for driving the strategic direction of the human resources and information technology functions.

Mark Weinswig, the Company's Chief Financial Officer, will remain with EMCORE Corporation.