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Friday, 17 Nov 2017

eMagin announces third quarter 2015 financial results

Financial performance did not meet expectations, but eMagin will further the company’s technological advantages in microdisplays to a view to generate profitable growth

13 Nov 2014 | Editor

eMagin Corp. has announced financial results and corporate highlights for the third quarter ended September 30, 2015.

Revenues for third quarter 2015 were approximately $5.4 million, a decrease of $1.6 million from the second quarter 2015 and a $0.3 million decrease from the third quarter last year. Product revenues (primarily display sales) totaled $4.6 million, approximately $0.8 million less than the second quarter 2015 and approximately $0.5 million less than the third quarter last year. The lower revenues reflected fewer units shipped and a modestly lower average selling price due to product and customer mix.

Operating expenses, comprised of R&D expenses and selling, general and administrative ("SG&A") expenses, increased by approximately US$0.6 million to US$3.3 million from US$2.7 million in the third quarter last year.

Operating loss for the third quarter increased by US$1.2 million to a loss of US$2.2 million from a loss of US$1.0 million in the third quarter of last year. Net loss for the third quarter was US$2.2 million, or $0.09 per basic and diluted share, versus a net loss of US$1.0 million, or US$0.04 per basic and diluted share, in the third quarter last year.

At September 30, 2015, the Company had approximately US$5.1 million of cash and cash equivalents compared to US$6.0 million of cash, cash equivalents and investments in certificates of deposit at December 31, 2014.

eMagin reports financial results
for Q3 2015 (US$ ,000)
2015
Q3
2014
Q3
2015
9 months
2014
9 months
Revenue - Products 4,633 5,170 15,163 18,385
Revenue - Contract 772 529 3,265 609
Revenue - Total 5,405 5,699 18,428 18,994
Gross profit 1,1069 1,745 6,074 5,845
Operating expenses 3,334 2,776 8,033 9,534
Net (loss) Income (2,234) (1,036) (1,908) (3,701)
Net result per share - basic($) (0.09) (0.04) (0.08) (0.15)

Guidance

Based on current and forecasted market conditions, current backlog, expected orders and production capacity, eMagin has lowered its revenue guidance for 2015 and anticipates annual revenues above US$24 million.

Andrew G. Sculley, President and CEO, said

  • Our financial performance this quarter did not meet our expectations
  • We accomplished much that will further eMagin's technological advantages in microdisplays and position the Company for profitable growth
  • During the quarter, we implemented a capacity enhancement initiative to increase our display production while continuing the important research we are doing on several key development programs
  • We qualified an important new display which possesses the resolution and brightness requirements for several new programs
  • Our ability to directly pattern microdisplay pixels is in our view unmatched in the industry and has led to great interest in our technology for consumer augmented and virtual reality (VR) applications
  • In particular, our work on ultra-high brightness displays is going well and has captured the interest of the sponsors of our ManTech research and development program and a prominent aviation customer
  • This effort is anticipated to result in a manufacturable, full-colour direct patterned, ultra-high brightness display that is 20 times brighter than a smart phone
  • These displays will be used in head-mounted displays (HMD) for aviation, both military and commercial, and in consumer applications
  • In addition, our HMD system has attracted the interest of several major companies
  • The HMD's features, including 2,000 by 2,000 pixel resolution for each eye, superior form factor and wide field of view, provide the cutting edge performance that these companies demand

www.emagin.com   


About eMagin

A leader in OLED microdisplay technology, OLED microdisplay manufacturing know-how and mobile display systems, eMagin manufactures high-resolution OLED microdisplays and integrates them with magnifying optics to deliver virtual images comparable to large-screen computer and television displays in portable, low-power, lightweight personal displays. eMagin microdisplays provide near-eye imagery in a variety of products from military, industrial, medical and consumer OEMs.

Source: eMagin


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