Rubicon Technology, Inc. (NASDAQ:RBCN), a provider of sapphire substrates and products to the LED, RFIC, Semiconductor, and Optical industries, Tuesday reported financial results for its third quarter ended September 30, 2009.

The Company’s revenue increased $2.5 million sequentially to $5.7 million in the third quarter driven by increased sales into the LED market. Diluted loss per share for the third quarter was $0.10 compared to $0.15 per share in the previous quarter. The Company cited the continued adoption of LED backlighting for LCD televisions and notebook and netbook computers as drivers for growth in the LED market.

Raja Parvez, President and CEO, noted, "The LED market continued to strengthen in the third quarter and pricing of sapphire substrates stabilized in the quarter as global capacity for sapphire production began to tighten."

The Company also provided commentary on their expansion plans, which includes adding an additional crystal growth facility in the U.S. and building a low cost post crystal growth processing facility in Asia. The Company is currently working to finalize its plans, but it would be expected that both new facilities would be open within twelve months and be fully operational, meaning all equipment installed and operational, within 24 months.

Commenting on the outlook for the fourth quarter, William Weissman, Rubicon`s Chief Financial Officer said "We estimate revenue for the fourth quarter will further improve to approximately $7.0 million...Based on the expected pricing and mix, gross margin should turn positive with a reduction in diluted loss per share to approximately $0.05."