In Lee’s opinion, architects have been loath to design LED lighting fixtures into their works all because of the inconsistent interface specifications among LED light engines, which make interchange between the engines out of the question.Zhaga standards, he noted, make the engines from different companies compatible one another, eliminating the hindrance to replacing engines from one company with engines from another.
The Company reported revenue of $10.2 million and a loss of $0.15 per share for the first quarter. While the Led high bay light is beginning to rebound, demand for sapphire substrates from that market remained weak in the quarter, resulting in a sequential decrease in revenue. Rubicon reported a sequential increase in revenue from the Silicon-on- Sapphire (“SoS”) market as SoS technology appears to be gaining market share.
Gross profit in the first quarter was negative, at $3.4 million, primarily as a result of the previously disclosed scrap expense of $1.8 million and underutilization of the Company’s fabrication and polishing operations. The Company’s operating loss was partially offset by a tax benefit, resulting in a first-quarter after-tax loss of $0.15 per share.
Raja Parvez, President and CEO of Rubicon Technology, commented, “As expected, market conditions remained challenging in the first quarter. Orders for two- through four-inch diameter products improved during the quarter but pricing remained low. For six-inch wafers, the SoS business was strong but Led linear high bay light, shipments to the LED market were limited due to excess inventory at a key customer. As we previously disclosed, shipments to this customer are scheduled to resume at the end of the second quarter.”
The Company ended the first quarter with $55.0 million in cash and short-term investments and no debt, unchanged from the prior quarter end, due to strong accounts receivable collections and limited capital expenditures.
The Company reported revenue of $10.2 million and a loss of $0.15 per share for the first quarter. While the Led high bay light is beginning to rebound, demand for sapphire substrates from that market remained weak in the quarter, resulting in a sequential decrease in revenue. Rubicon reported a sequential increase in revenue from the Silicon-on- Sapphire (“SoS”) market as SoS technology appears to be gaining market share.
Gross profit in the first quarter was negative, at $3.4 million, primarily as a result of the previously disclosed scrap expense of $1.8 million and underutilization of the Company’s fabrication and polishing operations. The Company’s operating loss was partially offset by a tax benefit, resulting in a first-quarter after-tax loss of $0.15 per share.
Raja Parvez, President and CEO of Rubicon Technology, commented, “As expected, market conditions remained challenging in the first quarter. Orders for two- through four-inch diameter products improved during the quarter but pricing remained low. For six-inch wafers, the SoS business was strong but Led linear high bay light, shipments to the LED market were limited due to excess inventory at a key customer. As we previously disclosed, shipments to this customer are scheduled to resume at the end of the second quarter.”
The Company ended the first quarter with $55.0 million in cash and short-term investments and no debt, unchanged from the prior quarter end, due to strong accounts receivable collections and limited capital expenditures.
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