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Microvision Reports Third Quarter 2009 Results

October 22, 2009 By JSMT Media

Microvision Reports Third Quarter 2009 Results
10/22/2009 4:03:00 PM
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Commercial Product Launch and Beginning of Shipments of SHOWWX,
World’s First Laser Pico Projector, Highlight Quarter

REDMOND, Wash.–(BUSINESS WIRE)–Oct. 22, 2009–
Microvision, Inc. (NASDAQ:MVIS), a global leader in innovative
ultra-miniature projection display and image capture products for
mobility applications, today reported operating and financial results
for the third quarter of 2009.

Operating Results

“The third quarter of 2009 was a very rewarding and in many ways
historical quarter for Microvision as we reached three important
corporate milestones for commercialization of our PicoP® technology”
said Alexander Tokman, Microvision’s President and CEO. “We launched our
first PicoP technology based product, SHOWWXTM the world’s
first laser pico projector; received our first purchase order to
distribute the SHOWWX; and secured our first global OEM to private label
the accessory product. We began shipping SHOWWX laser pico projectors in
September and our plan is to increase volume each month to meet customer
demand.”

Microvision’s Asian distribution partner, Mint Technology, through its
parent company Mint Wireless Limited (ASX: MNW), issued a press release
on October 22 (see
Mint press release
) revealing that the global OEM that will private
label Microvision’s laser pico projector is Uniden Corporation of Japan.
Microvision had previously announced on a no-name basis the purchase
order from Mint Technology (see
September 30 Microvision press release
) and the purchase order for
Uniden to private label Microvision’s PicoP display engine-based
accessory laser pico projector (see
October 8 Microvision press release
).

Other notable results and acknowledgements for the third quarter
included:

  • Certifying the SHOWWX Laser Pico Projector as a Made for iPod® product
  • Signing a long-term agreement with OSRAM Opto Semiconductors GmbH for
    supply of green and blue lasers to further strengthen supply chain
    capabilities.
  • Receiving $1.0 million subcontract award from Lockheed Martin to
    support DARPA’s Urban Leader Tactical Response, Awareness &
    Visualization (ULTRA-Vis) program, an advanced technology development
    initiative to build a soldier worn system. This contract is important
    to Microvision’s long-term strategic roadmap, as it provides the
    opportunity to advance the company’s technology for a variety of
    military and commercial full-color eyewear applications. Under the
    subcontract Microvision is developing a daylight-readable,
    see-through, low-profile, ergonomic eyewear display based on its
    ultra-miniature PicoP display engine and proprietary thin, clear
    Substrate Guided Relay (SGR) Optics.
  • Identified for the first time by the Patent Board™ as one of the “Top
    50 Movers” in the Electronics and Instruments industry. The Patent
    Board is a leading business-based patent advisor to Fortune 500
    companies, emerging technology companies, law firms, investment banks,
    governments and universities. The Patent Board utilizes proprietary
    data, tools, analytics and technology to leverage patent-based
    Intellectual Property as an asset class.
  • Identified by a Pacific Northwest business publication as one of
    “Washington’s Top 100 Companies to Work For in 2009”

Financial Results

For the nine months ended September 30, 2009, the company reported
revenue of $2.9 million compared to $5.1 million for the same period in
2008 and for the three months ended September 30, 2009, the company
reported revenue of $ 924,000 compared to $894,000 for the same period
2008. As of September 30, 2009, the backlog totaled $2.0 million
compared to $647,000 at September 30, 2008. The decrease in revenue is
primarily attributed to lower backlog at the beginning of 2009, which is
a result of the company’s strategy to focus most of its resources on
commercializing PicoP products.

The company reported an operating loss for the nine months ended
September 30, 2009 of $27.9 million compared to $25.3 million for the
same period in 2008 and $9.3 million, for the quarter ended September
30, 2009 compared to $9.0 million for the same period in 2008.

The company reported a net loss of $30.8 million, or $0.43 per share,
for the nine months ended September 30, 2009 compared to $22.7 million,
or $0.38 per share for the same period in 2008 and $11.5 million, or
$0.15 per share, for the quarter ended September 30, 2009 compared to
$8.4 million, or $0.13 per share for the quarter ended September 30,
2008. The net loss for the three and nine months ended September 30,
2009 included a non cash loss on derivative instruments of $2.2 million
and $3.0 million, respectively, compared to a gain of $585,000 and $2.0
million for the same periods in 2008. The loss on derivative instruments
is due to the change in the value of the warrants to purchase the
company’s common stock that were issued in connection with the company’s
financing transactions.

Net cash used in operating activities was $23.4 million for the nine
months ended September 30, 2009 compared to $22.3 million for the same
period in 2008. Net cash used in operating activities was $7.1 million
for the quarter ended September 30, 2009 compared to $7.6 million for
the second quarter of 2009. The reduction in the quarterly cash burn was
primarily a result of cost reduction efforts the company implemented in
the first quarter of 2009. The net cash burn for the third quarter was
partially offset by the receipt of $1.5 million for the exercise of
investor warrants, and $300,000 for other investing and financing
activities resulting in a net cash usage of $5.9 million for the third
quarter of 2009. The company ended the quarter with $20.5 million in
cash, cash equivalents, and investment securities.

Conference Call

Microvision will host a conference call to discuss its third quarter
2009 results and current business operations at 4:30 p.m. ET on October
22, 2009. Participants may join the conference call by dialing (800)
299-0148 (for U.S. participants) or (617) 801-9711 (for International
participants) ten minutes prior to the start of the conference. The
conference pass-code number is 46236246. Additionally, the call will be
broadcast over the Internet and can be accessed from the company’s web
site at www.microvision.com/investors.
The web cast and information needed to access the telephone replay will
be available through the same link following the conference call.

About Microvision

Microvision provides the PicoP display technology platform designed to
enable next-generation display and imaging products for pico projectors,
vehicle displays, and wearable displays that interface with mobile
devices. The company’s projection display engine uses highly efficient
laser light sources which can create vivid images with high contrast and
brightness. For more information, visit our website (www.microvision.com)
and corporate blog (www.microvision.com/displayground).

Forward Looking Statement

Certain statements contained in this release, including those relating
to availability and supply of key components, including green lasers,
ramp of production, applications, business partnering expectations,
sales, growth, business prospects and impact of cost reductions, as well
as statements containing words like “expect,” “plan,” 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 the Company’s forward-looking
statements include the following: our ability to raise additional
capital when needed; the risk of market acceptance of our technology and
products, our financial and technical resources relative to those of our
competitors; our planned future products dependence on advances in
technology by other companies, our ability to keep up with rapid
technological change; our ability to enforce our intellectual property
rights and protect our proprietary technologies; the timing of
commercial product launches and delays in product development; the
ability to achieve key technical milestones in key products; our ability
to secure needed third party manufacturing and sales resources,
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 the 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)
September 30, December 31,

2009

2008

 
Assets
Current Assets
Cash and cash equivalents $ 17,759 $ 25,533
Investment securities, available-for-sale 2,716 2,705
Accounts receivable, net of allowances 545 537
Costs and estimated earnings in excess of billings on uncompleted
contracts
242 695
Inventory 642 1,525
Other current assets   568     889  
Total current assets 22,472 31,884
 
Property and equipment, net 3,895 3,701
Restricted investments 1,332 1,332
Other assets   53     47  
Total assets $ 27,752   $ 36,964  
 
 
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable $ 3,390 $ 3,487
Accrued liabilities 3,289 3,545
Billings in excess of costs and estimated earnings on uncompleted
contracts
47 62
Liability associated with common stock warrants 3,379 331
Current portion of capital lease obligations 71 41
Current portion of long-term debt   76     71  
Total current liabilities 10,252 7,537
 
Capital lease obligations, net of current portion 165 45
Long-term debt, net of current portion 264 322
Deferred rent, net of current portion   1,156     1,409  
Total liabilities   11,837     9,313  
 
Commitments and contingencies – –
 
Shareholders’ Equity
Common stock at par value 77 68
Additional paid-in capital 338,690 319,662
Accumulated other comprehensive loss (27 ) (38 )
Accumulated deficit   (322,825 )   (292,041 )
Total shareholders’ equity   15,915     27,651  
Total liabilities and shareholders’ equity $ 27,752   $ 36,964  
 
Microvision, Inc.
       
Statement of Operations
(In thousands, except earnings per share data)
(Unaudited)
 
 

Three months ended September 30,

Nine months ended September 30,

2009

2008

2009

2008

 
 
Contract revenue $ 817 $ 480 $ 2,342 $ 3,767
Product revenue   107     414     520     1,319  
Total revenue   924     894     2,862     5,086  
 
Cost of contract revenue 379 253 1,289 1,389
Cost of product revenue   720     356     1,504     1,224  
Total cost of revenue   1,099     609     2,793     2,613  
 
Gross margin   (175 )   285     69     2,473  
 
 
Research and development expense 5,839 5,804 17,165 16,111
Sales, marketing, general and administrative expense   3,283     3,456     10,764     11,694  
Total operating expenses   9,122     9,260     27,929     27,805  
 
Loss from operations (9,297 ) (8,975 ) (27,860 ) (25,332 )
 
Interest income 45 271 188 962
Interest expense (19 ) (11 ) (50 ) (36 )
Impairment of investment securities, available-for-sale – (300 ) – (300 )
Gain (loss) on derivative instruments, net (2,246 ) 585 (3,048 ) 2,004
Other expense   (8 )   (13 )   (14 )   (45 )
 
Net loss $ (11,525 ) $ (8,443 ) $ (30,784 ) $ (22,747 )
 
Net loss per share – basic and diluted $ (0.15 ) $ (0.13 ) $ (0.43 ) $ (0.38 )
 
Weighted-average shares outstanding – basic and diluted   76,265     64,879     71,105     59,483  

Source: Microvision, Inc.

Microvision, Inc.
Matt Nichols (media), 425-882-6657
Jeff
Wilson (investors), 425-936-6847

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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