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MicroVision Announces First Quarter 2015 Financial and Operating Results

April 30, 2015 By JSMT Media

MicroVision Announces First Quarter 2015 Financial and Operating Results
4/30/2015 7:45:26 AM
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Company starts 2015 with strong momentum

REDMOND, Wash.–(BUSINESS WIRE)–Apr. 30, 2015–
MicroVision,
Inc.
(NASDAQ: MVIS), a leader in innovative ultra-miniature
projection display and imaging technology, today announced its financial
and operating results for the first quarter of 2015.

MicroVision started the year with strong momentum from several
significant business events. In March, MicroVision announced that it has
licensed its technology to a Fortune Global 100 electronics company. The
multi-year non-exclusive license agreement included an $8 million
upfront payment that was received in March. MicroVision will also be
entitled to royalties on display modules sold by its customer. In
addition, MicroVision announced that it received $14.5 million in new
component orders from this customer to be fulfilled starting in the
second half of 2015, continuing into 2016. The components are expected
to be incorporated into display modules developed by the Fortune Global
100 customer.

Earlier in the quarter, Korean OEM Celluon introduced two new pico
projector products at the 2015 International Consumer Electronics Show
that incorporate MicroVision’s proprietary PicoP® display
technology. The first product began selling in February and the second
in early April. Both products have been garnering positive reviews
across the market.

Financial Update

In the first quarter 2015, approximately 98 percent of revenue was
attributable to the sale of key components and royalties compared to the
previous year when the majority of revenue was from development
activity. Product revenue in the first quarter is from orders received
in the second half of 2014. Revenue from the previously announced $8
million upfront payment will be recognized over the expected life of the
agreement, and a pro-rated amount is reported this quarter as royalty
revenue.

The following financial results are for the three months ended March 31,
2015, compared to the three months ended March 31, 2014.

  • Revenue was $0.9 million, primarily from fulfillment of component
    orders, compared to $1.2 million a year ago, which was primarily
    development revenue.
  • Operating loss was $4.0 million, compared to $3.1 million for the same
    quarter a year ago.
  • Net loss was $4.0 million, or $0.09 per share, compared to $8.0
    million, or $0.23 per share for the same quarter a year ago. The first
    quarter 2014 net loss included a $5.0 million non-cash loss on the
    exchange of warrants.
  • In the first quarter, positive cash flow from operations was $5.1
    million and includes the $8 million upfront payment. In the first
    quarter 2014, cash used in operations was $2.9 million.

As of March 31, 2015, backlog was $18.7 million and cash and cash
equivalents were $16.7 million. The cash balance includes funds received
during the quarter of approximately $2.3 million from the exercise of
previously issued warrants and $1.0 million from the sale of stock
through an At-the-Market (ATM) equity facility MicroVision established
last June, which is now completed.

Conference Call

The company will host a conference call today to discuss its first
quarter 2015 results and current business operations at 8:30 a.m. ET /
5:30 a.m. PT. Participants may join the conference call by dialing
1-800-446-1671 (for U.S. participants) or +1-847-413-3362 (for
international participants) ten minutes prior to the start of the call.
The conference call pass code number is 39527274. A live webcast of the
call can be accessed from the company’s web site in the Investor
Events Calendar
section on the Investor’s page. A replay of this
call will be available after 8:00 a.m. PT the day of the conference call
through the same link or by calling 888-843-7419 (U.S.) or
(International) +1-630-652-3042, pass code 3952 7274#. The phone-in
replay will be available until May 7, 2015.

About MicroVision

MicroVision is the creator of PicoP® display technology, an
ultra-miniature laser projection solution for mobile consumer
electronics, automotive head-up displays and other applications.
MicroVision’s patented display technology helps OEMs break down display
boundaries and offer enhanced visibility to mobile experiences.
MicroVision’s laser beam scanning technology platform is also well
suited to imaging and sensing applications. Extensive research has led
MicroVision to become an independently recognized leader in the
development of intellectual property. MicroVision’s IP portfolio has
been recognized by the Patent Board as a top 50 IP portfolio among
global industrial companies and has been included in the Ocean Tomo 300
Patent Index. The company is based in Redmond, Wash.

For more information, visit the company’s website at www.microvision.com,
on Facebook at www.facebook.com/MicroVisionInc
or follow MicroVision on Twitter at @MicroVision.

MicroVision and PicoP are trademarks of MicroVision, Inc. in the
United States and other countries. All other trademarks are the
properties of their respective owners.

Forward-Looking Statements

Certain statements contained in this release, including those relating
to future operating results, royalty payments and product deliveries,
potential applications and features of MicroVision technology, and those
containing words such as “expects” 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: our ability
to raise additional capital when needed; products incorporating our
PicoP display engine may not achieve market acceptance, commercial
partners may not perform under agreements as anticipated, we may be
unsuccessful in identifying parties interested in paying any amounts or
amounts we deem desirable for the purchase or license of IP assets, our
or our customers’ failure to perform under open purchase orders; 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 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; potential product
liability claims; and other risk factors identified from time to time in
the company’s SEC reports, including the company’s Annual Report on Form
10-K filed with the SEC. Except as expressly required by 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.

 
MicroVision, Inc.
 
Balance Sheet
(In thousands)
(Unaudited)
 
      March 31,     December 31,

2015

2014

 
Assets
Current Assets
Cash and cash equivalents $ 16,685 $ 8,349
Accounts receivable, net 478 669
Inventory 432 116
Other current assets   541     491  
Total current assets 18,136 9,625
 
Property and equipment, net 1,025 894
Restricted cash 435 435
Intangible assets, net 941 973
Other assets   18     18  
Total assets $ 20,555   $ 11,945  
 
 
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable $ 2,152 $ 1,626
Accrued liabilities 2,948 2,729
Deferred revenue 1,224 –
Billings on uncompleted contracts in excess of related costs   409     230  
Total current liabilities 6,733 4,585
 
Deferred revenue, net of current portion 6,902 –
Deferred rent, net of current portion   453     488  
  14,088     5,073  
 
Commitments and contingencies
 
Shareholders’ Equity
Common stock at par value 46 45
Additional paid-in capital 479,212 475,656
Accumulated deficit   (472,791 )   (468,829 )
Total shareholders’ equity   6,467     6,872  
Total liabilities and shareholders’ equity $ 20,555   $ 11,945  
 
 
MicroVision, Inc.
 
Statement of Operations
(In thousands, except earnings per share data)
(Unaudited)
         

Three months ended March 31,

2015

2014

 
 
Product revenue $ 741 $ 1
Royalty revenue 144 8
Contract revenue 16 17
Development revenue   –     1,193  
Total revenue   901     1,219  
 
Cost of product revenue 1,037 (10 )
Cost of contract revenue   7     9  
Total cost of revenue   1,044     (1 )
 
Gross margin   (143 )   1,220  
 
Research and development expense 1,898 2,543
Sales, marketing, general and administrative expense 1,921 1,959
Gain on sale of previously reserved inventory   –     (227 )
Total operating expenses   3,819     4,275  
 
Loss from operations (3,962 ) (3,055 )
 
Loss on warrant exchange – (4,967 )
Other income (expense)   –     4  
 
Net loss $ (3,962 ) $ (8,018 )
 
Net loss per share – basic and diluted $ (0.09 ) $ (0.23 )
 
Weighted-average shares outstanding – basic and diluted   44,963     34,842  

Source: MicroVision, Inc.

MicroVision, Inc.
Investors:
Dawn Goetter, 425-882-6629
ir@microvision.com
or
Media:
Nicole
Cobuzio, 732-212-0823 ext. 102
nicolec@lotus823.com

Filed Under: Uncategorized

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About MicroVision

MicroVision is the creator of PicoP® scanning technology, an ultra-miniature sensing and laser projection solution based on the laser beam scanning methodology pioneered by the company. MicroVision’s platform approach for this advanced sensing and display solution means that it can be adapted to a wide array of applications and form factors. It is an advanced solution for a rapidly evolving, always-on world.

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