Management at EMCORE Corp

2012-08-18 16:27:47

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New Zealand UFB roll out ahead of schedule but take rates lag
The deployment of New Zealand’s fiber-based Ultra-fast Broadband (UFB) fiber-to-the-home (FTTH) network is ahead of schedule. Getting customers to sign up is not.New Zealand Government Minister for Communications and Information Technology Amy Adams announced August 2 that the UFB network has passed 76,000 homes, businesses, and anchor institutions, 6000 more than its one-year target. Network deployment has begun in 24 cities and towns; service is available in 17 of these, Minister Adams said. UFB partners have deployed approximately 17,000 km of fiber, she added.The companion Rural Broadband Initiative program (RBI), which will use copper-based and wireless technologies to bring broadband services to areas of low population density, has almost kept pace, pacing 69,000 premises.Minister Adams predicted that UFB fiber will have passed 235,000 premises by July 2013, while the RBI will have a potential service footprint of 100,000 by that date.However, rolling out services is one thing, and getting people to sign up for them is clearly something else. Only 1200 customers have signed up to receive services so far, Minister Adams admitted. Nevertheless she seemed unconcerned.“It has always been our belief, based on overseas experience, that uptake will build gradually over the period of the network build,” Minister Adams explained. “We are starting to see some exciting product offerings from retail service providers, but it takes time for products to be developed for the market and for people to recognize the value of UFB.
Richards steps down as EMCORE executive chairman as part of company refocus
Management at EMCORE Corp. (NASDAQ:EMKR) says that the completion of a pair of asset transactions has enabled the company to focus on areas in which it can maintain differentiation. In light of this realignment, the company has restructured – including eliminating the position of executive chairman held by Ruben Richards, Jr.The asset transaction included the May 2012, sale of EMCORE’s enterprise product lines to Sumitomo Electric Device Innovations USA (see “EMCORE sells VCSEL-based product lines to Sumitomo”). The company just announced that it also has signed a definitive agreement to consolidate EMCORE's terrestrial concentrator photovoltaics (CPV) business into its joint venture, Suncore Photovoltaics. The company said it had lost approximately $15 million over the past four quarters from these two business units. With these units off the table, the company is now free to focus on more lucrative opportunities, including those its optical module and components activities provide."In this complex market environment, it is vital to focus our business scope on those areas with the highest potential for growth and profitability. I am very excited about our current business portfolio: a combination of solid sustaining businesses and the high growth areas with the most-sought-after technology in our industries," stated Richards. "EMCORE is determined to drive its business to achieve profitability."Along with the streamlining of assets, Richards apparently proposed to EMCORE's board of directors that they streamline EMCORE’s management structuring by eliminating the position of executive chairman. The board agreed, and Richards will retire from the position effective September 30, 2012. However, Richards will remain with the company as chairman of the board, a position he has held (along with the executive chairman role) since 2008.The company indicates that further realignment of management responsibilities will follow.
Primus Telecom buys Globility Communications to expand Canadian presence
Primus Telecommunications Group, Inc. (NYSE: PTGI), a provider of communications services in the U.S. and Canada, says it has acquired the 54.4% of Canadian service provider Globility Communications Corp. that it did not already own, giving PTGI complete ownership of the company. Globility Communications is a registered Canadian competitive local exchange carrier that provides DSL, Ethernet, and local calling services and facilities in most of Canada’s major urban markets.A recent change to Canada's Telecommunications Act that lifted limits on how much foreign companies could invest in domestic carriers paved the way for the deal, according to PTGI. In turn, the transaction will provide the funding necessary for Globility to expand its infrastructure."The recent changes to the legislation have made this acquisition possible, giving Globility much greater latitude to expand its telecom infrastructure across Canada, including the construction of high capacity, state-of-the-art metro fiber," says Peter D. Aquino, president and CEO of PTGI. "This will enable PTGI with its Globility brand to launch its owned fiber transport initiative, commencing construction of a central business district ring in Ottawa immediately."PTGI says it has obtained permits for the first fiber infrastructure build in Ottawa and construction has begun. This first phase is expected to be completed by the end of Q3 2012, and will target medium-to-large-enterprise customers."With this acquisition, Globility will continue to foster greater competition, investment and purchasing choice to the Canadian market," says Andrew Day, CEO of Primus North America. "This will enable Primus Canada, through Globility, to grow its footprint for on-net local, DSL, and Ethernet services and to pursue expansion projects into the enterprise and government sectors that require low-latency, high-bandwidth routes on an all-fiber network."
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