4/30/2002 8:54:00 AM
BOTHELL, Wash., Apr 30, 2002 (BUSINESS WIRE) —
Revenue increase of 63% over Q1 2001 is fueled by higher contract revenue and the introduction of Nomad Display
(Nasdaq:MVIS), the leader in light scanning technologies, today announced that
it will host its first quarter 2002 financial results conference call on
Thursday May 9, 2002 at 8:00 a.m. PT.
Participants may join the conference call by dialing 800/309-9175 (for U.S.
participants) ten minutes prior to the start of the call. International
participants can dial 706/634-1445. Additionally, the call will be broadcast
over the Internet and can be accessed from the company’s web site at
www.mvis.com. A telephone replay of the call will be available through 11:00
p.m. ET May 16, 2002 and can be accessed by dialing 800/642-1687 (for U.S.
participants) or 706/645-9291 (for international participants). The confirmation
identification code is 3948390.
The company indicated that it will report first quarter 2002 revenue of $3.8
million, representing an increase of 63% over the same period in 2001, and
exceeding its previously announced revenue guidance. Revenue for the quarter was
derived primarily from ongoing work on development contracts with the U.S.
military, with initial sales of the Nomad personal display system, development
contracts with commercial partners, and development work at its Lumera
subsidiary also contributing to the strong first quarter results.
The company also affirmed that it expects revenue for the second quarter of 2002
to be in the range of $4.5 million, which would represent an increase of more
than 150% over the second quarter of 2001 and a record quarter for the company.
With record revenue for both the first and second quarters of 2002, the company
is experiencing the best start in its history and continues to target revenue
growth of 125 to 150 percent for the full year versus 2001.
The company will also report a consolidated net loss of $.63 per share,
including a loss of $.02 per share attributable to its subsidiary Lumera
Corporation. The loss per share for the first quarter of 2001 was $.86 per
share, including $.19 per share attributable to Lumera Corporation.
“We are pleased that revenue for the first quarter will exceed our previous
expectations,” said Microvision CEO Rick Rutkowski. “We also met a number of
important technical and business milestones during the quarter including putting
in place a number of qualified channel partners for the Nomad Personal Display.
To date we have announced 11 reseller agreements and we are on target to meet
goal of signing 50 resellers by year-end. We expect sales of the Nomad display
to increase in the second quarter and product sales, including the Flic personal
barcode scanner, to accelerate further in the second half of the year. I look
forward to discussing our results and outlook in greater detail in our upcoming
About Microvision: www.mvis.com
Headquartered in Bothell, WA, Microvision Inc. is the developer of the patented
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. Nomad is a trademark of
About Lumera: www.mvis.com
As a subsidiary of Microvision, Inc., Lumera is a world 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.
Forward-Looking Statements Disclaimer
Certain statements contained in this release, including projections of revenues,
plans for product development, and future operations, as well as statements
containing words like “believe,” “anticipate,” “estimate,” “intend,” “seek,”
“indicated,” “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; 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, 2001 and
its Quarterly Reports on Form 10-Q.
Brian Heagler, 425/415-6847
Matt Nichols, 425/415-6847
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