eMagin Reports Fourth Quarter and Fiscal Year 2005 Results
28 3์ 2006 - 8:01AM
Business Wire
eMagin Corporation (AMEX:EMA), the leader in OLED virtual imaging
technology, announced today financial results for the quarter and
year ended December 31, 2005. Fourth quarter and fiscal year
selected highlights include the following: Financial Summary: --
Revenue for the three months ended December 31, 2005 of $1.3
million increased 146% from $518,000 at December 31, 2004. Full
year revenue of $3.7 million increased 4% from $3.6 million in
2004. Backlog remains consistent at approximately $28 million. --
Net loss and loss per share applicable to common stock for the
three and twelve months ended December 31, 2005 was $4.8 million,
or $0.05 per share and $16.5 million, or $0.19 per share as
compared to a net loss of $3.0 million or $0.04 per share and $12.7
million, or $0.20 per share during the three and twelve month
periods ended December 31, 2004. -- Balance sheet showed $6.8
million in cash at December 31, 2005 and inventory of $3.8 million.
2005 Highlights: "In 2005 we made major advances in design wins,
channel development, and customer awareness. We also strengthened
our management, engineering, and marketing teams. Our primary
challenge in 2005 was manufacturing and we attacked it
aggressively," said Gary Jones, chief executive officer of eMagin.
"After much hard work, we believe that we've now addressed the most
critical yield and throughput issues. We believe that we have
identified our major manufacturing issues, put the right fixes in
place and have a good plan for further improvement. We believe that
the Fishkill NY fab should later this year be able to ramp to 10-20
times the display production rate achieved in 2005, assuming the
remaining contemplated improvements are made. We very recently
began running at a much higher rate than ever before, setting a new
internal OLED throughput record just last week. We are placing the
highest emphasis on quality - in fact we have recently passed three
very extensive quality audits for major military OEM programs this
quarter alone." "Military wins are finally starting to shift to
larger contracts after long qualifications and procurement cycles.
We have recently been notified of or are in final negotiations on
major new design wins with the United States and international
OEMs. This enhances our potential revenue stream, if all options
are exercised, to over $65M million over the next 5-6 years, and we
see this opportunity growing in size as thermal imaging,
situational awareness, simulation and training and many other
applications benefiting from the OLED's low system level power
consumption, high speed, and rugged temperature characteristics
expand these markets." "The military systems growth is paralleled
to a lesser extent by growth in the medical and industrial markets,
pushing the demand for higher end display products. The consumer
OEM backlog of $28 million has remained in place in spite of both
our display manufacturing issues and customer design launch push
outs. Deliveries to each of the three major backlog customers have
recently resumed so they can finalize their products." "In 2005, we
entered the emerging consumer market category in personal display
systems with the Z800 3DVisor personal display system. This first
of class product provides professional quality simulation
capability at the price of a low end notebook, with high
portability. The Z800 3DVisor not only won a 2006 CES Innovations
award for Gaming Peripherals but also the prestigious 2006 CES Best
of Innovations award for the entire display category, competing
against wide screen plasma projectors and LCD screens. The Z800
3DVisor was also recognized with the Digital Life's Innovators
Class of 2005 designation. As production increases, we are working
to expand awareness about the value-add proposition of the Z800 VR
headset and increase the number of select distribution arrangements
and co-promotions. We recently announced some of the first
distributors, and the product is now available via Amazon and
PCMall, with others being added." "One of the most important
milestones we've made for the gaming market is last week's
introduction of an all new professional level Software Developers
Kit (SDK) that allows game developers to build in intrinsic support
for the Z800 3DVisor so that almost any computer or video card will
be able to achieve startlingly realistic full-3D virtual reality
results, further expanding the market. We will soon be announcing
partnering with one of the world's largest game publishers." "Our
SVGA-3D-shrink chip development continues to move forward and is
still expected to begin sampling next quarter. The SVGA-3DS is a
major pixel cell and interface concept revision, with many embedded
features. Our SXGA will employ the same cell structure and we
expect to move to push the SXGA design to completion after the
SVGA-3DS launch." "As we mentioned last quarter, we anticipate our
large military pipeline, the success of our systems products and
our new displays should support significant revenue growth in 2006.
For the first quarter ended March 31, 2006 we expect that revenue
will increase between 218% - 165% over the first quarter of 2005 to
$1.8 million - $1.5 million. These results are in line with our
target for full year revenue of approximately $20 million." Full
results are available by referencing the Company's 10K for the year
ended December 31, 2005 to be filed with the SEC. About eMagin
Corporation A leader in OLED microdisplay and virtual imaging
technologies, eMagin integrates high-resolution OLED microdisplays,
magnifying optics, and systems technologies to create a virtual
image that appears comparable to that of a computer monitor or a
large-screen television. eMagin's OLED displays have broad market
reach and are incorporated into a variety of near-to-eye imaging
products by military, industrial, medical and consumer OEMs who
choose eMagin's award-winning technology as a core component for
their solutions. eMagin has recently introduced its first
direct-to-consumer system, the Z800 3DVisor, which provides superb
3D stereovision and headtracking for PC gaming, training and
simulation, and business applications. eMagin's microdisplay
manufacturing and R&D operations are co-located with IBM on its
campus in East Fishkill, New York. System design facilities and
sales and marketing are located in Bellevue, Washington. A sales
office is located in Tokyo, Japan. For additional information,
please visit www.emagin.com and www.3dvisor.com. Note: eMagin is a
trademark of eMagin Corporation. Forward Looking Statements This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, including those
regarding eMagin Corporation and its subsidiaries' expectations,
intentions, strategies and beliefs pertaining to future events or
future financial performance. All statements contained herein are
based upon information available to eMagin's management as of the
date hereof, and actual results may vary based upon future events,
both within and without eMagin management's control. In some cases,
you can identify forward-looking statements by terminology such as
"may," "will," "should," "expect," "plan," "anticipate," "believe,"
"estimate," "predict," "potential" or "continue," the negative of
such terms, or other comparable terminology. These statements are
only predictions. Actual events or results may differ materially
from those in the forward-looking statements as a result of various
important factors, including those described in the Company's most
recent filings with the SEC. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, such statements should not be regarded as a
representation by the Company, or any other person, that such
forward-looking statements will be achieved. The business and
operations of the Company are subject to substantial risks which
increase the uncertainty inherent in forward-looking statements. We
undertake no duty to update any of the forward-looking statements,
whether as a result of new information, future events or otherwise.
In light of the foregoing, readers are cautioned not to place undue
reliance on such forward-looking statements. -0- *T eMAGIN
CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited (In
thousands, except share data) Three Months Ended Year Ended
December 31, December 31, ------------------- 2005 2004 2005 2004
-------- -------- --------- --------- Revenue: Product revenue, net
of returns $ 1,272 $ 518 $ 3,745 $ 3,593 Cost of goods sold 3,188
1,458 10,219 5,966 -------- -------- --------- --------- Gross loss
(1,916) (940) (6,474) (2,373) -------- -------- --------- ---------
Operating expenses: Research and development 981 454 4,020 898
Selling, general and administrative 1,997 1,587 6,316 4,340 Stock
based compensations 4 ---- ---- 88 -------- -------- ---------
--------- Total operating expenses 2,982 2,041 10,336 5,326
-------- -------- --------- --------- Loss from operations (4,898)
(2,981) (16,810) (7,699) Other income (expense) 100 30 282 (5,012)
-------- -------- --------- --------- Net loss $(4,798) $(2,951)
$(16,528) $(12,711) ======== ======== ========= ========= Loss per
share, basic and diluted $ (0.05) $ (0.04) $ (0.19) $ (0.20)
Weighted average number of common shares outstanding: Basic and
diluted 94,756 76,193 85,407 64,278 *T
Emagin (AMEX:EMA)
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