Three
Months Ended
March
31,
|
Six
Months Ended
March
31,
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
|
|||||||||||||
Revenue
|
$
|
41,162
|
$
|
30,430
|
$
|
81,053
|
$
|
57,394
|
|||||
Cost
of revenue
|
32,473
|
24,901
|
65,528
|
49,790
|
|||||||||
Gross
profit
|
8,689
|
5,529
|
15,525
|
7,604
|
|||||||||
|
|||||||||||||
Operating
expenses:
|
|||||||||||||
Selling,
general and administrative
|
11,001
|
5,127
|
18,264
|
10,687
|
|||||||||
Research
and development
|
4,964
|
4,069
|
9,398
|
9,128
|
|||||||||
Total
operating expenses
|
15,965
|
9,196
|
27,662
|
19,815
|
|||||||||
Operating
loss
|
(7,276
|
)
|
(3,667
|
)
|
(12,137
|
)
|
(12,211
|
)
|
|||||
|
|||||||||||||
Other
(income) expenses:
|
|||||||||||||
Interest
income
|
(246
|
)
|
(249
|
)
|
(576
|
)
|
(482
|
)
|
|||||
Interest
expense
|
1,359
|
1,202
|
2,656
|
2,404
|
|||||||||
Loss
from convertible subordinated notes exchange
offer
|
-
|
-
|
1,078
|
-
|
|||||||||
Equity
in net loss of Velox investment
|
150
|
-
|
332
|
-
|
|||||||||
Equity
in net loss (income) of GELcore investment
|
397
|
297
|
(150
|
)
|
(75
|
)
|
|||||||
Total
other expenses
|
1,660
|
1,250
|
3,340
|
1,847
|
|||||||||
Loss
from continuing operations
|
(8,936
|
)
|
(4,917
|
)
|
(15,477
|
)
|
(14,058
|
)
|
|||||
|
|||||||||||||
Discontinued
operations:
|
|||||||||||||
Gain
on disposal of discontinued operations
|
2,012
|
12,476
|
2,012
|
12,476
|
|||||||||
Income
from discontinued operations
|
2,012
|
12,476
|
2,012
|
12,476
|
|||||||||
|
|||||||||||||
Net
(loss) income
|
$
|
(6,924
|
)
|
$
|
7,559
|
$
|
(13,465
|
)
|
$
|
(1,582
|
)
|
||
|
|||||||||||||
Per
share data:
|
|||||||||||||
Basic
and diluted per share data:
|
|||||||||||||
Loss
from continuing operations
|
$
|
(0.18
|
)
|
$
|
(0.10
|
)
|
$
|
(0.32
|
)
|
$
|
(0.30
|
)
|
|
Income
from discontinued operations
|
0.04
|
0.26
|
0.04
|
0.27
|
|||||||||
|
|||||||||||||
Net
(loss) income
|
$
|
(0.14
|
)
|
$
|
0.16
|
$
|
(0.28
|
)
|
$
|
(0.03
|
)
|
||
|
|||||||||||||
Weighted
average number of shares outstanding
used
in basic and diluted per share calculations
|
49,410
|
47,265
|
48,789
|
47,128
|
|||||||||
|
As
of
March
31,
2006
|
As
of
September
30,
2005
|
|||||
ASSETS
|
|||||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
23,048
|
$
|
19,525
|
|||
Restricted
cash
|
698
|
547
|
|||||
Marketable
securities
|
10,150
|
20,650
|
|||||
Accounts
receivable, net
|
24,707
|
22,633
|
|||||
Receivables,
related parties
|
276
|
4,197
|
|||||
Inventory,
net
|
22,166
|
18,348
|
|||||
Prepaid
expenses and other current assets
|
3,145
|
3,638
|
|||||
Total
current assets
|
84,190
|
89,538
|
|||||
|
|||||||
Property,
plant and equipment, net
|
57,378
|
56,957
|
|||||
Goodwill
|
40,424
|
34,643
|
|||||
Intangible
assets, net
|
7,741
|
5,347
|
|||||
Investments
in unconsolidated affiliates
|
12,517
|
12,698
|
|||||
Receivables,
related parties
|
169
|
169
|
|||||
Other
assets, net
|
5,364
|
6,935
|
|||||
|
|||||||
Total
assets
|
$
|
207,783
|
$
|
206,287
|
|||
|
|||||||
LIABILITIES
and SHAREHOLDERS’ EQUITY
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable
|
$
|
16,492
|
$
|
15,587
|
|||
Accrued
expenses and other current liabilities
|
17,333
|
19,078
|
|||||
Notes
payable, current portion
|
407
|
-
|
|||||
Convertible
subordinated notes, current portion
|
1,350
|
1,350
|
|||||
Total
current liabilities
|
35,582
|
36,015
|
|||||
|
|||||||
Notes
payable, long-term
|
394
|
-
|
|||||
Convertible
subordinated notes, long-term
|
95,846
|
94,709
|
|||||
Total
liabilities
|
131,822
|
130,724
|
|||||
|
|||||||
Commitments
and contingencies
|
|||||||
|
|||||||
Shareholders’
equity:
|
|||||||
Preferred
stock, $0.0001 par, 5,882 shares authorized, no shares
outstanding
|
-
|
-
|
|||||
Common
stock, no par value, 100,000 shares authorized,
50,453
shares issued and 50,294 shares outstanding at March 31,
2006;
48,023
shares issued and 48,003 shares outstanding at September 30,
2005
|
407,480
|
392,466
|
|||||
Accumulated
deficit
|
(329,436
|
)
|
(315,971
|
)
|
|||
Treasury
stock, at cost
159
shares at March 31, 2006; 20 shares at September 30, 2005
|
(2,083
|
)
|
(932
|
)
|
|||
Total
shareholders’ equity
|
75,961
|
75,563
|
|||||
|
|||||||
Total
liabilities and shareholders’ equity
|
$
|
207,783
|
$
|
206,287
|
|||
|
Six
Months Ended March 31,
|
||||||
|
2006
|
2005
|
|||||
Cash
flows from operating activities:
|
|||||||
Net
loss
|
$
|
(13,465
|
)
|
$
|
(1,582
|
)
|
|
Adjustments
to reconcile net loss to net cash used for
operating activities:
|
|||||||
Gain
on disposal of discontinued operations
|
(2,012
|
)
|
(12,476
|
)
|
|||
Stock-based
compensation expense
|
2,063
|
-
|
|||||
Depreciation
and amortization expense
|
6,810
|
7,275
|
|||||
Accretion
of loss from convertible subordinated notes exchange
offer
|
67
|
-
|
|||||
Loss
on convertible subordinated notes exchange offer
|
1,078
|
-
|
|||||
Provision
for doubtful accounts
|
3
|
(170
|
)
|
||||
Equity
in net loss (income) of equity method
investments
|
182
|
(75
|
)
|
||||
Compensatory
stock issuances
|
369
|
361
|
|||||
Forgiveness
of shareholders’ notes receivable
|
2,613
|
34
|
|||||
Reduction
of note receivable due for services received
|
260
|
260
|
|||||
Total
non-cash adjustments
|
11,433
|
(4,791
|
)
|
||||
Changes
in operating assets and liabilities:
|
|||||||
Accounts
receivable
|
(1,401
|
)
|
(3,961
|
)
|
|||
Receivables,
related parties
|
157
|
(67
|
)
|
||||
Inventory
|
(3,157
|
)
|
(1,560
|
)
|
|||
Prepaid
expenses and other current assets
|
532
|
135
|
|||||
Other
assets
|
(461
|
)
|
(204
|
)
|
|||
Accounts
payable
|
(210
|
)
|
(2,406
|
)
|
|||
Accrued
expenses and other current liabilities
|
(4,177
|
)
|
(1,711
|
)
|
|||
Total
change in operating assets and liabilities
|
(8,717
|
)
|
(9,774
|
)
|
|||
Net
cash used for operating activities
|
(10,749
|
)
|
(16,147
|
)
|
|||
|
|||||||
Cash
flows from investing activities:
|
|||||||
Purchase
of plant and equipment
|
(2,755
|
)
|
(2,442
|
)
|
|||
Proceeds
from (investment in) K2 Optronics
|
500
|
(1,000
|
)
|
||||
Cash
purchase of businesses, net of cash acquired
|
610
|
(1,283
|
)
|
||||
Purchase
of marketable securities
|
(350
|
)
|
(8,325
|
)
|
|||
Funding
of restricted cash
|
(98
|
)
|
-
|
||||
Sale
of marketable securities
|
10,850
|
20,025
|
|||||
Net
cash provided by investing activities
|
8,757
|
20,172
|
|||||
|
|||||||
Cash
flows from financing activities:
|
|||||||
Payments
on debt obligations
|
(82
|
)
|
(25
|
)
|
|||
Proceeds
from exercise of stock options
|
5,385
|
133
|
|||||
Proceeds
from employee stock purchase plan
|
326
|
494
|
|||||
Convertible
debt/equity issuance costs
|
(114
|
)
|
-
|
||||
Net
cash provided by financing activities
|
5,515
|
602
|
|||||
|
|||||||
Net
increase in cash and cash equivalents
|
3,523
|
4,627
|
|||||
Cash
and cash equivalents, beginning of period
|
19,525
|
19,422
|
|||||
Cash
and cash equivalents, end of period
|
$
|
23,048
|
$
|
24,049
|
|||
|
|||||||
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW
INFORMATION
|
|||||||
Cash
paid during the period for interest
|
$
|
2,580
|
$
|
2,404
|
|||
Issuance
of common stock in conjunction with
acquisitions
|
$
|
6,460
|
$
|
-
|
|||
|
|||||||
NON-CASH
INVESTING AND FINANCING
ACTIVITIES
|
|||||||
Acquisition
of property and equipment under capital
leases
|
$
|
126
|
$
|
-
|
|||
Manufacturing
equipment received in lieu of earn-out proceeds from
disposition of
discontinued operations
|
$ | 2,012 | $ | - | |||
|
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual Life
(in
years)
|
|
Aggregate
Intrinsic Value
(in
thousands)
|
|
|||||||
Outstanding
as of September 30, 2005
|
6,166,226
|
$
|
4.16
|
||||||||||
Granted
|
1,528,957
|
7.68
|
|||||||||||
Exercised
|
(1,319,597
|
)
|
4.08
|
||||||||||
Cancelled
|
(113,024
|
)
|
3.20
|
||||||||||
|
|||||||||||||
Outstanding
as of March 31, 2006
|
6,262,562
|
$
|
5.05
|
7.58
|
$
|
34,921
|
|||||||
Exercisable
as of March 31, 2006
|
2,198,568
|
$
|
5.80
|
5.09
|
$
|
12,371
|
|||||||
Non-vested
as of March 31, 2006
|
4,063,994
|
$
|
4.65
|
8.92
|
$
|
22,550
|
Exercise
Price
|
|
|
Options
Outstanding
|
|
|
Weighted
Average Remaining
Contractual
Life (in years)
|
|
|
Weighted
Average
Exercise
Price
|
|
|
|
|
|
|
|
|
|
|||
<$1
|
|
|
1,920
|
|
|
1.68
|
|
$
|
0.23
|
|
>$1
to <$5
|
|
|
3,827,889
|
|
|
7.60
|
|
|
2.69
|
|
>$5
to <$10
|
|
|
2,204,413
|
|
|
7.92
|
|
|
7.41
|
|
>$10
|
|
|
228,340
|
|
|
4.09
|
|
|
21.97
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
6,262,562
|
|
|
7.58
|
|
$
|
5.05
|
|
Exercise
Price
|
|
|
Options
Exercisable
|
|
|
Weighted
Average Remaining
Contractual
Life (in years)
|
|
|
Weighted
Average
Exercise
Price
|
|
|
|
|
|
|
|
|
|
|||
<$1
|
|
|
1,920
|
1.68
|
|
$
|
0.23
|
|
||
>$1
to <$5
|
|
|
1,246,815
|
5.95
|
|
|
2.16
|
|
||
>$5
to <$10
|
|
|
723,493
|
3.95
|
|
|
6.98
|
|
||
>$10
|
|
|
226,340
|
4.04
|
|
|
22.07
|
|
||
|
|
|
|
|
|
|||||
|
|
|
2,198,568
|
5.09
|
|
$
|
5.80
|
|
|
Number
of Shares
|
|||
|
||||
Amount
of shares reserved for the ESPP
|
2,000,000
|
|||
|
||||
Number
of shares issued in December 2000 for calendar year 2000
|
(16,534
|
)
|
||
Number
of shares issued in December 2001 for calendar year 2001
|
(48,279
|
)
|
||
Number
of shares issued in December 2002 for calendar year 2002
|
(89,180
|
)
|
||
Number
of shares issued in December 2003 for calendar year 2003
|
(244,166
|
)
|
||
Number
of shares issued in June 2004 for first half of calendar
year
2004
|
(166,507
|
)
|
||
Number
of shares issued in December 2004 for second half of calendar
year
2004
|
(167,546
|
)
|
||
Number
of shares issued in June 2005 for first half of calendar
year
2005
|
(174,169
|
)
|
||
Number
of shares issued in December 2005 for second half of calendar
year
2005
|
(93,619
|
)
|
||
|
||||
Remaining
shares reserved for the ESPP as of March 31, 2006
|
1,000,000
|
|
Number
of Shares
|
|||
|
||||
For
exercise of outstanding warrants to purchase common stock
|
31,535
|
|||
For
exercise of outstanding common stock options
|
6,262,562
|
|||
For
conversion of subordinated notes
|
12,340,436
|
|||
For
future issuances to employees under the ESPP plan
|
1,000,000
|
|||
For
future common stock option awards
|
1,536,239
|
|||
|
||||
Total
reserved
|
21,170,772
|
|||
(in thousands,
except per share amounts)
|
Three
Months Ended
March
31, 2005
|
Six
Months
Ended
March
31, 2005
|
|||||
|
|||||||
Reported
net income (loss)
|
$
|
7,559
|
$
|
(1,582
|
)
|
||
Less:
|
|||||||
Pro
forma stock-based compensation expense determined under
the fair value
based method, net of tax
|
(721
|
)
|
(1,344
|
)
|
|||
|
|||||||
Pro
forma net income (loss)
|
$
|
6,838
|
$
|
(2,926
|
)
|
||
Reported
net income (loss) per basic and diluted share
|
$
|
0.16
|
$
|
(0.03
|
)
|
||
Pro
forma net income (loss) loss per basic and diluted share
|
$
|
0.14
|
$
|
(0.06
|
)
|
||
(in thousands,
except per share amounts)
|
Three
Months Ended
March
31, 2006
|
Six
Months
Ended
March
31, 2006
|
|||||
|
|||||||
Stock-based
compensation expense by award type:
|
|||||||
Employee
stock options
|
$
|
(645
|
)
|
$
|
(1,653
|
)
|
|
Employee
stock purchase plan
|
(288
|
)
|
(410
|
)
|
|||
Total
stock-based compensation expense
|
$
|
(933
|
)
|
$
|
(2,063
|
)
|
|
Net
effect on net loss per basic and diluted share
|
$
|
(0.02
|
)
|
$
|
(0.04
|
)
|
|
Stock-Based
Compensation Expense by Segment
For
the three months ended March 31, 2006
(in
thousands)
|
COGS
|
SG&A
|
R&D
|
Total
|
|||||||||
|
|||||||||||||
Fiber
Optics
|
$
|
86
|
$
|
431
|
$
|
177
|
$
|
694
|
|||||
Photovoltaics
|
9
|
167
|
17
|
193
|
|||||||||
Electronic
Materials and Devices
|
(24
|
)
|
54
|
16
|
46
|
||||||||
Total
stock-based compensation expense
|
$
|
71
|
$
|
652
|
$
|
210
|
$
|
933
|
Stock-Based
Compensation Expense by Segment
For
the six months ended March 31, 2006
(in
thousands)
|
COGS
|
SG&A
|
R&D
|
Total
|
|||||||||
|
|||||||||||||
Fiber
Optics
|
$
|
292
|
$
|
757
|
$
|
422
|
$
|
1,471
|
|||||
Photovoltaics
|
73
|
292
|
45
|
410
|
|||||||||
Electronic
Materials and Devices
|
51
|
87
|
44
|
182
|
|||||||||
Total
stock-based compensation expense
|
$
|
416
|
$
|
1,136
|
$
|
511
|
$
|
2,063
|
Three
Months Ended
March
31,
|
Six
Months Ended
March
31,
|
||||||||||||
Stock
Option Plans
|
2006
|
2005
|
2006
|
2005
|
|||||||||
|
|||||||||||||
Expected
dividend yield
|
0
|
%
|
0
|
%
|
0
|
%
|
0
|
%
|
|||||
Expected
stock price volatility
|
97-98
|
%
|
107
|
%
|
97-99
|
%
|
107
|
%
|
|||||
Risk-free
interest rate
|
4.74
|
%
|
3.89
|
%
|
4.67
|
%
|
3.69
|
%
|
|||||
Expected
term (in years)
|
5
|
5
|
5
|
5
|
Accounts
Receivable, net
(in
thousands)
|
As
of
March
31,
2006
|
As
of
September
30,
2005
|
|||||
|
|||||||
Accounts
receivable
|
$
|
23,003
|
$
|
21,721
|
|||
Accounts
receivable - unbilled
|
2,042
|
1,240
|
|||||
Subtotal
|
25,045
|
22,961
|
|||||
Allowance
for doubtful accounts
|
(338
|
)
|
(328
|
)
|
|||
|
|||||||
Total
|
$
|
24,707
|
$
|
22,633
|
Receivables,
Related Parties
(in
thousands)
|
As
of
March
31,
2006
|
As
of
September
30,
2005
|
|||||
|
|||||||
Current
assets:
|
|||||||
GELcore-related
|
$
|
190
|
$
|
185
|
|||
Velox-related
|
86
|
249
|
|||||
Employee
loans
|
-
|
3,000
|
|||||
Employee
loans - interest portion
|
-
|
763
|
|||||
Subtotal
|
276
|
4,197
|
|||||
|
|||||||
Long-term
assets:
|
|||||||
Employee
loans
|
169
|
169
|
|||||
Total
|
$
|
445
|
$
|
4,366
|
|||
Inventory,
net
(in
thousands)
|
As
of
March
31,
2006
|
As
of
September
30,
2005
|
|||||
|
|||||||
Raw
materials
|
$
|
16,732
|
$
|
15,482
|
|||
Work-in-process
|
4,069
|
5,101
|
|||||
Finished
goods
|
7,928
|
5,911
|
|||||
Subtotal
|
28,729
|
26,494
|
|||||
|
|||||||
Less:
reserves
|
(6,563
|
)
|
(8,146
|
)
|
|||
Total
|
$
|
22,166
|
$
|
18,348
|
Property,
Plant and Equipment, net
(in
thousands)
|
As
of
March
31,
2006
|
As
of
September
30,
2005
|
|||||
|
|||||||
Land
|
$
|
1,502
|
$
|
1,502
|
|||
Building
and improvements
|
39,977
|
37,944
|
|||||
Equipment
|
70,153
|
71,854
|
|||||
Furniture
and fixtures
|
5,481
|
5,002
|
|||||
Leasehold
improvements
|
2,756
|
2,935
|
|||||
Construction
in progress
|
7,745
|
3,390
|
|||||
Property
and equipment under capital lease
|
932
|
466
|
|||||
Subtotal
|
128,546
|
123,093
|
|||||
Less:
accumulated depreciation and amortization
|
(71,168
|
)
|
(66,136
|
)
|
|||
Total
|
$
|
57,378
|
$
|
56,957
|
(in
thousands)
|
Fiber
Optics
|
Photovoltaics
|
Total
|
|||||||
|
||||||||||
Balance
as of September 30, 2005
|
$
|
14,259
|
$
|
20,384
|
$
|
34,643
|
||||
Acquisition
- Force Inc.
|
800
|
-
|
800
|
|||||||
Acquisition
- K2 Optronics
|
4,750
|
-
|
4,750
|
|||||||
Acquisition
- Earn out payments
|
231
|
-
|
231
|
|||||||
Balance
as of March 31, 2006
|
$
|
20,040
|
$
|
20,384
|
$
|
40,424
|
(in
thousands)
|
As
of March 31, 2006
|
As
of September 30, 2005
|
|||||||||||||||||
|
Gross
Assets
|
Accumulated
Amortization
|
Net
Assets
|
Gross
Assets
|
Accumulated
Amortization
|
Net
Assets
|
|||||||||||||
|
|||||||||||||||||||
Fiber
Optics:
|
|||||||||||||||||||
Patents
|
$
|
456
|
$
|
(168
|
)
|
$
|
288
|
$
|
368
|
$
|
(136
|
)
|
$
|
232
|
|||||
Ortel
acquired IP
|
3,274
|
(2,070
|
)
|
1,204
|
3,274
|
(1,746
|
)
|
1,528
|
|||||||||||
JDSU
acquired IP
|
1,650
|
(275
|
)
|
1,375
|
1,650
|
(110
|
)
|
1,540
|
|||||||||||
Alvesta
acquired IP
|
193
|
(129
|
)
|
64
|
193
|
(107
|
)
|
86
|
|||||||||||
Molex
acquired IP
|
558
|
(279
|
)
|
279
|
558
|
(223
|
)
|
335
|
|||||||||||
Corona
acquired IP
|
1000
|
(367
|
)
|
633
|
1,000
|
(267
|
)
|
733
|
|||||||||||
Phasebridge
acquired IP
|
700
|
(65
|
)
|
635
|
-
|
-
|
-
|
||||||||||||
Force
acquired IP
|
1,200
|
(86
|
)
|
1,114
|
-
|
-
|
-
|
||||||||||||
K2
Optronics acquired IP
|
1,500
|
(66
|
)
|
1,434
|
-
|
-
|
-
|
||||||||||||
Subtotal
|
10,531
|
(3,505
|
)
|
7,026
|
7,043
|
(2,589
|
)
|
4,454
|
|||||||||||
|
|||||||||||||||||||
Photovoltaics:
|
|||||||||||||||||||
Patents
|
326
|
(127
|
)
|
199
|
271
|
(101
|
)
|
170
|
|||||||||||
Tecstar
acquired IP
|
1,900
|
(1,566
|
)
|
334
|
1,900
|
(1,350
|
)
|
550
|
|||||||||||
Subtotal
|
2,226
|
(1,693
|
)
|
533
|
2,171
|
(1,451
|
)
|
720
|
|||||||||||
|
|||||||||||||||||||
Electronic
Materials & Devices:
|
|||||||||||||||||||
Patents
|
424
|
(242
|
)
|
182
|
390
|
(217
|
)
|
173
|
|||||||||||
Total
|
$
|
13,181
|
$
|
(5,440
|
)
|
$
|
7,741
|
$
|
9,604
|
$
|
(4,257
|
)
|
$
|
5,347
|
Amortization
Expense
(in
thousands)
|
||||
|
||||
Period
ending:
|
||||
6-month
period ended September 30, 2006
|
$
|
1,343
|
||
Year
ended September 30, 2007
|
2,288
|
|||
Year
ended September 30, 2008
|
1,620
|
|||
Year
ended September 30, 2009
|
1,219
|
|||
Year
ended September 30, 2010
|
1,010
|
|||
Thereafter
|
261
|
|||
Total
future amortization expense
|
$
|
7,741
|
Accrued
Expenses and Other Current Liabilities
(in
thousands)
|
As
of
March
31,
2006
|
As
of
September
30,
2005
|
|||||
|
|||||||
Compensation-related
|
$
|
5,490
|
$
|
4,974
|
|||
Interest
|
1,865
|
1,814
|
|||||
Warranty
|
1,441
|
1,268
|
|||||
Deferred
revenue and customer deposits
|
2,286
|
1,539
|
|||||
Professional
fees
|
616
|
1,082
|
|||||
Royalty
|
408
|
551
|
|||||
Acquisition-related
|
3,465
|
5,006
|
|||||
Self
insurance
|
825
|
646
|
|||||
Other
|
937
|
2,198
|
|||||
Total
|
$
|
17,333
|
$
|
19,078
|
Warranty
Reserve
(in
thousands)
|
||||
|
||||
Balance
as of October 1, 2005
|
$
|
1,268
|
||
Accruals
for warranty expense
|
369
|
|||
Reversals
due to use or expiration of liability
|
(196
|
)
|
||
Balance
as of March 31, 2006
|
$
|
1,441
|
Revenues
by Segment
(in
thousands)
|
Three
months ended
March
31, 2006
|
Three
months ended
March
31, 2005
|
|||||||||||
|
Revenue
|
%
of Revenue
|
Revenue
|
%
of Revenue
|
|||||||||
|
|||||||||||||
Fiber
Optics
|
$
|
25,852
|
62.8
|
%
|
$
|
19,030
|
62.6
|
%
|
|||||
Photovoltaics
|
10,263
|
24.9
|
7,829
|
25.7
|
|||||||||
Electronic
Materials and Devices
|
5,047
|
12.3
|
3,571
|
11.7
|
|||||||||
Total
revenues
|
$
|
41,162
|
100.0
|
%
|
$
|
30,430
|
100.0
|
%
|
Revenues
by Segment
(in
thousands)
|
Six
months ended
March
31, 2006
|
Six
months ended
March
31, 2005
|
|||||||||||
|
Revenue
|
%
of Revenue
|
Revenue
|
%
of Revenue
|
|||||||||
|
|||||||||||||
Fiber
Optics
|
$
|
50,858
|
62.7
|
%
|
$
|
36,719
|
64.0
|
%
|
|||||
Photovoltaics
|
20,987
|
25.9
|
15,277
|
26.6
|
|||||||||
Electronic
Materials and Devices
|
9,208
|
11.4
|
5,398
|
9.4
|
|||||||||
Total
revenues
|
$
|
81,053
|
100.0
|
%
|
$
|
57,394
|
100.0
|
%
|
Geographic
Revenues
(in
thousands)
|
Three
months ended
March
31, 2006
|
Three
months ended
March
31, 2005
|
|||||||||||
|
Revenue
|
%
of Revenue
|
Revenue
|
%
of Revenue
|
|||||||||
|
|||||||||||||
North
America
|
$
|
34,133
|
82.9
|
%
|
$
|
25,013
|
82.2
|
%
|
|||||
South
America and Asia
|
5,570
|
13.5
|
3,696
|
12.1
|
|||||||||
Europe
|
1,459
|
3.6
|
1,721
|
5.7
|
|||||||||
Total
revenues
|
$
|
41,162
|
100.0
|
%
|
$
|
30,430
|
100.0
|
%
|
Geographic
Revenues
(in
thousands)
|
Six
months ended
March
31, 2006
|
Six
months ended
March
31, 2005
|
|||||||||||
|
Revenue
|
%
of Revenue
|
Revenue
|
%
of Revenue
|
|||||||||
|
|||||||||||||
North
America
|
$
|
68,071
|
84.0
|
%
|
$
|
45,712
|
79.6
|
%
|
|||||
South
America and Asia
|
10,938
|
13.5
|
8,022
|
14.0
|
|||||||||
Europe
|
2,044
|
2.5
|
3,660
|
6.4
|
|||||||||
Total
revenues
|
$
|
81,053
|
100.0
|
%
|
$
|
57,394
|
100.0
|
%
|
Operating
Loss by Segment
(in thousands)
|
|
Three
Months Ended
March
31,
|
|
Six Months
Ended
March
31,
|
|||||||||
|
2006
|
2005
|
2006
|
2005
|
|||||||||
|
|||||||||||||
Operating
loss (income) by segment:
|
|||||||||||||
Fiber
Optics
|
$
|
4,728
|
$
|
3,282
|
$
|
7,434
|
$
|
8,518
|
|||||
Photovoltaics
|
1,837
|
(6
|
)
|
3,448
|
1,052
|
||||||||
Electronic
Materials and Devices
|
711
|
391
|
1,255
|
2,641
|
|||||||||
Operating
loss
|
7,276
|
3,667
|
12,137
|
12,211
|
|||||||||
Other
(income) expenses:
|
|||||||||||||
Interest
expense
|
1,113
|
953
|
2,080
|
1,922
|
|||||||||
Loss
from convertible subordinated notes
exchange
offer
|
-
|
-
|
1,078
|
-
|
|||||||||
Equity
in net loss of Velox investment
|
150
|
-
|
332
|
-
|
|||||||||
Equity
in net loss (income) of GELcore investment
|
397
|
297
|
(150
|
)
|
(75
|
)
|
|||||||
Total
other expenses
|
1,660
|
1,250
|
3,340
|
1,847
|
|||||||||
|
|||||||||||||
Loss
from continuing operations
|
$
|
8,936
|
$
|
4,917
|
$
|
15,477
|
$
|
14,058
|
Long-Lived
Assets
(in
thousands)
|
As
of
March
31,
2006
|
As
of
September
30,
2005
|
|||||
|
|||||||
Fiber
Optics
|
$
|
62,525
|
$
|
56,261
|
|||
Photovoltaics
|
39,001
|
37,861
|
|||||
Electronic
Materials and Devices
|
4,017
|
2,825
|
|||||
Total
|
$
|
105,543
|
$
|
96,947
|
Revenues
by Segment
(in
thousands)
|
Three
months ended
March
31, 2006
|
Three
months ended
March
31, 2005
|
|||||||||||
|
Revenue
|
%
of Revenue
|
Revenue
|
%
of Revenue
|
|||||||||
|
|||||||||||||
Fiber
Optics
|
$
|
25,852
|
62.8
|
%
|
$
|
19,030
|
62.6
|
%
|
|||||
Photovoltaics
|
10,263
|
24.9
|
7,829
|
25.7
|
|||||||||
Electronic
Materials and Devices
|
5,047
|
12.3
|
3,571
|
11.7
|
|||||||||
Total
revenues
|
$
|
41,162
|
100.0
|
%
|
$
|
30,430
|
100.0
|
%
|
Revenues
by Segment
(in
thousands)
|
Six
months ended
March
31, 2006
|
Six
months ended
March
31, 2005
|
|||||||||||
|
Revenue
|
%
of Revenue
|
Revenue
|
%
of Revenue
|
|||||||||
|
|||||||||||||
Fiber
Optics
|
$
|