5/10/2010 4:01:00 PM
Company Reports Record $16.7 Million Backlog for PicoP Based Products
REDMOND, Wash., May 10, 2010 (BUSINESS WIRE) –Microvision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, today reported operating and financial results for the first quarter of 2010.
“I’m pleased to report we have received purchase orders of over $16.7 million for PicoP(R) based products, both the accessory pico projector and PicoP display engine, through our distribution channels in Asia, Europe and North America,” stated Alexander Tokman, President and CEO. “We continue to focus on improving our production and supply chain capabilities to meet this strong demand and with the recent addition of a second qualified green laser supplier, we are confident that we can fulfill product deliveries in increased volumes to our distribution partners and continue to accept additional purchase orders.”
Key business and technical milestones achieved during the first quarter:
Also in the first quarter, Microvision’s SHOWWX laser pico projector won several top industry awards for its notable design and performance at the annual Consumer Electronics Show (CES) and Macworld, including:
Microvision’s innovation and strong patent portfolio were recognized by two prestigious global IP organizations:
The following financial results are for the three months ended March 31, 2010, compared to the same period one year earlier.
The company will discuss its operating and financial results and current business operations during its conference call at 4:30 p.m. ET / 1:30 p.m. PT today.
Microvision will host a conference call today at 4:30 p.m. ET / 1:30 p.m. PT. Participants may join the conference call by dialing 866-362-4666 (for U.S. participants) or 617-597-5313 (for International participants) ten minutes prior to the start of the conference. The conference pass-code number is 51645099. Additionally, the call will be broadcast over the Internet and can be accessed from the company’s web site at http://www.microvision.com/investors. The web cast and information needed to access the telephone replay will be available through the same link approximately one hour after the conference call concludes.
Microvision provides the PicoP(R) display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company’s projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit the company’s website (http://www.microvision.com) and corporate blog (http://www.microvision.com/displayground).
Forward Looking Statement
Certain statements contained in this release, including those relating to operating results, product development, future distribution and growth and potential product benefits 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: capital market risks, our ability to raise additional capital when needed; 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; our dependence on the defense industry and a limited number of government development contracts; 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 and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; our customers’ or our failure to perform under open purchase orders; potential product liability claims, and other risk factors identified from time to time in the company’s SEC reports and other filings, including the company’s Annual Report on Form 10-K filed with the SEC. Except as expressly required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
|March 31,||December 31,|
|Cash and cash equivalents||$||33,027||$||43,025|
|Investment securities, available-for-sale||2,617||2,710|
|Accounts receivable, net of allowances||555||913|
|Costs and estimated earnings in excess of billings on uncompleted contracts||30||70|
|Other current assets||793||751|
|Total current assets||40,629||48,395|
|Property and equipment, net||4,467||3,904|
|Liabilities and Shareholders’ Equity|
|Billings in excess of costs and estimated earnings on uncompleted contracts||47||55|
|Liability associated with common stock warrants||447||840|
|Current portion of capital lease obligations||62||62|
|Current portion of long-term debt||81||78|
|Total current liabilities||11,531||10,174|
|Capital lease obligations, net of current portion||139||157|
|Long-term debt, net of current portion||222||244|
|Deferred rent, net of current portion||981||1,070|
|Commitments and contingencies||–||–|
|Common stock at par value||89||89|
|Additional paid-in capital||374,083||373,405|
|Accumulated other comprehensive loss||(25||)||(33||)|
|Total shareholders’ equity||33,460||41,891|
|Total liabilities and shareholders’ equity||$||46,333||$||53,536|
|Statement of Operations|
|(In thousands, except earnings per share data)|
|Three months ended March 31,|
|Cost of contract revenue||128||383|
|Cost of product revenue||1,159||241|
|Total cost of revenue||1,287||624|
|Research and development expense||4,998||5,610|
|Sales, marketing, general and administrative expense||3,888||3,814|
|Total operating expenses||8,886||9,424|
|Loss from operations||(9,505||)||(9,097||)|
|Gain on derivative instruments, net||395||180|
|Net loss per share – basic and diluted||$||(0.10||)||$||(0.13||)|
|Weighted-average shares outstanding – basic and diluted||88,693||68,080|
SOURCE: Microvision, Inc.
Tiffany Bradford, 425-936-6847 (investors)
Matt Nichols, 425-882-6657 (media)