8/2/2012 8:01:37 AM
Company receives orders for $4.4 million for PicoP® Gen2 components and
raises $14.6 million
REDMOND, Wash.–(BUSINESS WIRE)–Aug. 2, 2012–
MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature
projection display technology, today announced its operating and
financial results for the second quarter of 2012 and the advancement of
its 2012 business objectives.
During the second quarter, MicroVision received purchase orders totaling
$4.4 million from Pioneer Corporation in support of its Cyber
Navi car navigation system, which began shipping in July 2012.
MicroVision began deliveries in the second quarter and expects to
increase volume and revenue in the second half of 2012. In July, the
company received $1.4 million in additional purchase orders for PicoP
Gen 2 components from Pioneer Corporation scheduled for delivery in
2013, bringing the total orders to $5.8 million.
During the quarter the company raised $14.6 million net of issuance cost
through equity offerings. With the anticipated reduction in cash used in
operations resulting from the company’s previously announced
reorganization, the company expects to have cash to fund operations for
at least twelve months from now.
The company has continued to execute its business plan to transition to
an ingredient brand “Image by PicoP®” model whereby it licenses its
patented PicoP® display technology, sells components and receives
royalties from future product sales. This year MicroVision has shipped
design samples of its patented PicoP® Gen2 display engine to over a
dozen companies in the automotive and consumer electronics vertical
markets and is engaging in discussions with original equipment
manufacturers (OEMs) and original design manufacturers (ODMs) with the
goal of securing commitments to design products based on the company’s
industry-leading HD pico projector solution. At the company’s annual
shareholders meeting in June, multiple sample units were on display
showing off the clear, bright image the 25 lumen, HD PicoP Gen2 display
engine creates with direct green lasers.
The following financial results are for three and six months ended June
30, 2012, compared to the same periods one year earlier.
Revenue was $1.3 million for the second quarter of 2012, compared to
$1.2 million for the second quarter of 2011, and $3.0 million for the
first half of 2012, compared to $2.3 million for the first half one
year ago. Backlog was $5.4 million as of June 30, 2012.
Operating loss was $5.0 million for the second quarter, compared to
$9.3 million for the same quarter a year ago, and $14.8 million for
the first half of 2012, compared to $18.3 million for the first half
of 2011. The loss for the second quarter of 2012 includes a $1.4
million reduction in cost of product revenue as a result of
renegotiated component pricing with a supplier for items reflected in
cost of product revenue in previous periods.
Net loss was $5.0 million, or $0.26 per share, for the quarter,
compared to $9.2 million, or $0.69 per share, for the same quarter a
year ago. Net loss was $14.8, or $0.82 per share, for the first half
of 2012, compared to $18.2 million, or $1.39 per share, for the first
half of 2011. The per share numbers have been adjusted for the reverse
stock split which became effective February 17, 2012.
For the six months ended June 30, 2012, cash used in operations was
$13.0 million, compared to $15.5 million for the same period in 2011.
For the second quarter of 2012, cash used in operations was $6.8
million, compared to $7.4 million for the same period in 2011. During
the second quarter, the company took additional steps designed to reduce
its operating cash needs. The cash used in operations for the first six
months of 2012 includes approximately $350,000 in reorganization and
As of June 30, 2012, cash and cash equivalents were $14.8 million.
The company will host a conference call today to discuss its second
quarter 2012 results and current business operations at 8:30 a.m. ET /
5:30 a.m. PT. Participants may join the conference call by dialing
888-771-4371 (for U.S. participants) or 847-585-4405 (for international
participants) ten minutes prior to the start of the call. The conference
call pass code number is 32984023. The call will also be broadcast over
the Internet and can be accessed from the company’s web site at www.microvision.com/investors.
The webcast 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® display technology platform designed to
enable next-generation display and imaging products for consumer
devices, vehicle displays and wearable displays. The company’s patented
PicoP display technology combines a MEMS scanning mirror with highly
efficient laser light sources to create vivid images with high contrast
MicroVision is an independently recognized leader in the development of
intellectual property. MicroVision has been recognized by IEEE as a top
20 IP portfolio among all global electronics companies, and the top U.S.
Company in the rankings. MicroVision’s intellectual property portfolio
has also been recognized by the Patent Board, in association with the
Wall Street Journal as a top 50 IP portfolio among all global industrial
companies. The Patent Board has developed more than 50 indicators that
track global patent activity relating to companies’ innovation,
technology, and science strengths. MicroVision’s intellectual property
portfolio is further recognized by having been added to the Ocean Tomo
300 Patent Index. The Index is priced and published by the NYSE Euronext
(NYSE:OTPAT). The index is objectively based on the value of
intellectual property compared to competitors.
For more information, visit us on:
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.
Certain statements contained in this release, including those relating
to future product development and operating results and those using
words such as “anticipate,” “expected,” “would,” “designed,” “target”
and “plan” 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; 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, 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.
|June 30,||December 31,|
|Cash and cash equivalents||$||14,764||$||13,075|
|Accounts receivable, net of allowances||558||463|
Costs and estimated earnings in excess of billings on uncompleted
|Other current assets||501||793|
|Total current assets||16,701||18,655|
|Property and equipment, net||1,650||2,347|
|Liabilities and Shareholders’ Equity|
Billings in excess of costs and estimated earnings on uncompleted
|Current portion of capital lease obligations||44||39|
|Current portion of long-term debt||97||93|
|Total current liabilities||9,114||12,742|
|Capital lease obligations, net of current portion||47||72|
|Long-term debt, net of current portion||17||67|
|Deferred rent, net of current portion||48||187|
|Commitments and contingencies|
|Common stock at par value||25||17|
|Additional paid-in capital||441,126||425,658|
|Accumulated other comprehensive loss||–||(35||)|
|Total shareholders’ equity||11,539||10,802|
|Total liabilities and shareholders’ equity||$||20,765||$||23,870|
|Statement of Operations|
|(In thousands, except earnings per share data)|
|Three months ended June 30,||Six months ended June 30,|
|Cost of product revenue||(281||)||2,985||3,894||5,225|
|Cost of contract revenue||248||395||403||694|
|Total cost of revenue||(33||)||3,380||4,297||5,919|
|Research and development expense||3,227||3,478||7,167||7,805|
|Sales, marketing, general and administrative expense||3,064||3,577||6,352||6,876|
|Gain on disposal of fixed assets||(1||)||–||(1||)||(7||)|
|Total operating expenses||6,290||7,055||13,518||14,674|
|Loss from operations||(4,962||)||(9,280||)||(14,790||)||(18,319||)|
|Other income (expense)||(9||)||105||16||107|
|Net loss per share – basic and diluted||$||(0.26||)||$||(0.69||)||$||(0.82||)||$||(1.39||)|
|Weighted-average shares outstanding – basic and diluted||19,167||13,272||18,097||13,056|
Source: MicroVision, Inc.
Jeff Wilson, 425-882-6629 (investors)
Snyder, 503-471-6816 (media/PR)