7/19/2005 9:36:00 AM
BOTHELL, Wash.–(BUSINESS WIRE)–July 19, 2005–Microvision
(Nasdaq:MVIS), the leader in light scanning technologies for display
and imaging, announced today that it expects to report second quarter
2005 revenue of approximately $4.8 million, a sequential increase of
20% over the prior quarter and an increase of 100% as compared to the
second quarter of 2004.
“We expect our second quarter revenue results to be the strongest
ever reported by the company,” stated Microvision CEO Rick Rutkowski.
“We’re looking forward to reporting a strong showing in both product
revenue and contract revenue. We are in the process of finalizing our
estimates of costs to complete several ongoing development projects.
Since we recognize contract revenue on a “percentage-of-completion”
basis, at the conclusion of this analysis, our current expected level
of contract revenue could increase or decrease slightly. We recently
completed the delivery of 165 Nomad ND2500s to the U.S. Army, and
continue to progress on a number of commercial and defense-related
development efforts, including those sponsored by Ethicon Endo-Surgery
and VW/Audi as well as the laser print engine and others. We have a
number of exciting developments underway and I look forward to
reporting more detail when we release our second quarter financial
results sometime in the next several weeks.”
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.
Forward-Looking Statements
Certain statements contained in this release, including those
relating to performance and product applications and those which use
words such as “believe,” “expect,” “could” and similar words 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: 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
Matt Nichols (media), 425-415-6657
Brian Heagler (investors), 425-415-6794
SOURCE: Microvision