2/6/2006 4:06:00 PM
BOTHELL, Wash.–(BUSINESS WIRE)–Feb. 6, 2006–Microvision, Inc.
(Nasdaq:MVIS), a leader in light scanning technologies, today
announced preliminary consolidated financial results for the fourth
quarter and full year of 2005. In a separate press release issued
today, the company announced key aspects of its 2006 business strategy
and an organizational realignment and restructuring.
For the fourth quarter of 2005, Microvision expects to report
revenue of approximately $2.7 million, an operating loss of between
$8.7 million and $9.2 million and a net loss of between $5.1 million
and $5.6 million, or $.21 and $.23 per share. For the same period last
year, Microvision reported revenue of $3.3 million, an operating loss
of $7.0 million and a net loss of $8.2 million, or $.38 per share.
For the full year of 2005, Microvision expects to report revenue
of approximately $14.7 million, an operating loss of between $27.0
million and $27.5 million and a net loss of between $30.0 million and
$30.5 million, or $1.33 and $1.36 per share. For the full year 2004,
Microvision reported revenue of $11.4 million, an operating loss of
$34.0 million and a net loss of $33.5 million, or $1.56 per share.
The company had cash of $6.9 million as of December 31, 2005. On
February 2, the company announced that it had raised $10.3 million
through private placements of 2,550,000 shares of its Lumera common
“We expect to report financial results for 2005 that show
improvement over 2004 in revenue growth, lower operating and net
losses and lower cash burn,” said Alexander Tokman, Microvision new
President and CEO. “We had some significant wins in 2005; however, the
company identified improvements needed in a number of areas. Our 2006
business strategy and organizational realignment and restructuring is
expected to build the foundation for sustainable revenue growth and
profitability in future years. Key financial goals for 2006 will be,
growing product revenue and substantially cutting the company’s cash
burn and reducing its net operating loss by 30%. We have already taken
important steps toward these goals as outlined a separate press
release issued today. Further detail will be provided on our
conference call tomorrow.”
The company expects to report its 2005 financial results within
the next 30 days.
Microvision will host a conference call to discuss its preliminary
financial results, 2006 business strategy and an organizational
realignment and restructuring on February 7, 2006, at 12:00 p.m. ET.
Participants may join the call by dialing 866-510-0707 (for U.S.
participants) ten minutes prior to the start of the conference.
International participants can dial 617-597-5376. The passcode is
91241103. Additionally, the call will be broadcast over the Internet
and can be accessed from the company’s web site at
www.microvision.com. A telephone replay of the call will be available
to February 14, 2006, and can be accessed by dialing 888-286-8010 (for
U.S. participants) or 617-801-6888 (for international participants).
The passcode for the replay is 12273773. Also, a replay of the call
will be available on the company’s web site.
About Microvision: www.microvision.com.
Headquartered in Bothell, Wash., Microvision, Inc. is the world
leader in the development of high-resolution displays and imaging
systems based on the company’s proprietary silicon micro-mirror
technology. The company’s technology has applications in a broad range
of military, medical, industrial, professional and consumer products.
Certain statements contained in this release relating to expected
financial results, product applications, expense reductions and
operating results, and benefits of ongoing reorganization 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 execute on our
operating plan; market acceptance of our technologies and products;
our ability to obtain financing; 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, 2004, and its Quarterly
Reports on Form 10-Q.
CONTACT: Microvision, Inc.
Brian Heagler 425-415-6794
SOURCE: Microvision, Inc.