3/21/2002 6:02:00 AM
BOTHELL, Wash., Mar 21, 2002 (BUSINESS WIRE) —
Company Expects Unprecedented Second Quarter Results Fueled by Sales of Nomad Display, and New Contract Awards
(Nasdaq:MVIS), a leader in light scanning technologies, today affirmed that
first quarter revenue is expected to be in the range of $3.5 million, the
strongest first quarter in the Company’s history and approximately 50% higher
than the prior year’s first quarter.
The Company also indicated that it expects strong sequential growth following
the first quarter, with second quarter revenue reaching record levels and
showing a gain of 150% or more versus the $1.8 million reported in the same
period for 2001. Microvision also affirmed that it continues to target triple
digit revenue growth for the full year as well.
“After completing the most successful year in Microvision’s history, we are
beginning 2002 with our strongest first quarter ever,” said Microvision CEO Rick
Rutkowski. “We are also expecting record revenue for the second quarter, based
on growing sales of the Nomad display and increased revenue from both government
and commercial development contracts. We are very encouraged by what we see so
far, for the second quarter. As we gain additional visibility into the quarter,
we will provide more specific guidance.”
Headquartered in Bothell, Wash., Microvision, Inc. is the developer of the
proprietary Retinal Scanning Display technology and a world leader in micro
miniature optical scanning technology for display and imaging applications. The
company’s technology has applications in a broad range of military, medical,
industrial, professional and consumer information products. Additional
information can be found at the company’s Web site at http://www.mvis.com.
As a subsidiary of Microvision, Inc., Lumera is a leader in the development of
electro-optic devices based on proprietary optical polymers. The company plans
to deliver superior and unique component solutions to optical systems suppliers.
Lumera plans to supply standard and custom components to systems providers in
multiple high-growth product categories. Additional information can be found at
Lumera’s Web site at http://www.lumera.com.
Forward-Looking Statements Disclaimer
Certain statements contained in this release, including projections of revenue,
plans for product development, future operations, as well as statements
containing words like “believe,” “anticipate,” “estimate,” “intend,” “expect,”
and other similar expressions, are forward-looking statements that involve a
number of risks and uncertainties. Factors that could cause actual results to
differ materially from those projected in the company’s forward-looking
statements include the following: market acceptance of our technologies and
products; our financial and technical resources relative to those of our
competitors; our ability to keep up with rapid technological change; government
regulation of our technologies; our ability to enforce our intellectual property
rights and protect our proprietary technologies; the ability to obtain
additional contract awards and to develop partnership opportunities; the timing
of commercial product launches; the ability to achieve key technical milestones
in key products; and other risk factors identified from time to time in the
company’s SEC reports, including in its Annual Report on 10-K for the year ended
December 31, 2000 and its Quarterly Reports on Form 10-Q.
Brian Heagler, 425/415-6794
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