6/13/2002 6:02:00 AM
Sequential revenue growth for the second quarter expected to exceed 20%; Company targets strong sequential revenue growth for the third quarter
BOTHELL, Wash., Jun 13, 2002 (BUSINESS WIRE) — Microvision, Inc.
(Nasdaq:MVIS), a leader in light scanning technologies, today announced that
second quarter revenue is expected to be greater than $4.5 million, which
exceeds the Company’s previous revenue guidance and would mark the strongest
quarter in the Company’s history.
Guidance was provided most recently on May 9th in a press release accompanying
its first quarter financial results conference call. Second quarter revenue is
expected to be more than 20% higher than the first quarter and more than 150%
higher than the prior year’s second quarter. Second quarter revenue is being
driven by increased contract development revenue and sales of the Company’s
Nomad personal display. The Company also indicated that it expects its net loss
per share to improve substantially over the first quarter of 2002, and to beat
current analysts’ estimates as reported by First Call.
The Company also said that it continues to target strong sequential revenue
growth for the third quarter that would result in a triple digit gain over the
$2.4 million reported in the third quarter of 2001.
“We are encouraged based on what we have seen in the second quarter and remain
excited about the way the year is shaping up with evidence of growing demand for
both the Nomad display and the Flic personal barcode scanner,” said Rick
Rutkowski, Microvision President and CEO. “We expect to provide more detailed
guidance as the quarter progresses.”
About Microvision
Headquartered in Bothell, Wash., Microvision, Inc. is the developer of the
proprietary 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. Additional
information can be found at the company’s Web site at http://www.mvis.com.
Forward-Looking Statements Disclaimer
Certain statements contained in this release, including projections of revenue,
plans for product development, future operations, as well as statements
containing words like “believe,” “anticipate,” “estimate,” “intend,” “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 our 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
obtain financing; 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 our SEC reports, including in our Annual Report on 10-K for the
year ended December 31, 2001 and our Quarterly Reports on Form 10-Q.
CONTACT:
Microvision, Inc., Bothell
Brian Heagler (investors), brian_heagler@mvis.com
Matt Nichols (media), matt_nichols@mvis.com
425/415-6847
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