MicroVision Reports 2011 Results, 2012 Strategy
REDMOND, Wash., March 9, 2012 — Projection display technology provider MicroVision Inc. announced its 2011 operating and financial results and 2012 business objectives.
The company reported 19 percent growth revenue and a 40 percent reduction in cash used in operations for 2011, and will launch design sample shipments of its next-generation PicoP display engine in early 2012.
“MicroVision heads into 2102 with a focused strategy for delivering the world’s first HD pico display solution,” said president and CEO Alexander Tokman. “With the significant progress we made last year and the expected availability of the direct green lasers, we plan to deliver a robust solution to Pioneer for its targeted mid-year product launch and to supply PicoP Gen2 display engines to other customers later in the year.”
MicroVision reported revenue growth of $5.6 million in 2011, compared to $4.7 million in 2010, and cash used in operations of $27.9 million in 2011, compared to $46.2 million for fiscal year 2010. It reduced its operating loss to $36.0 million for 2011, compared to $48.3 million in 2010, and $9.9 million for the fourth quarter 2011, compared to $15.4 million for the same quarter in 2010. MicroVision credits the decreased operating loss for 2011 to its lower operating cost and lower inventory adjustments compared to the prior year.
It also reduced its net loss to $35.8 million, compared to $47.5 million for the prior year. Backlog was $2.1 million in cash, and cash equivalents were $13.1 million as of Dec. 31, 2011.
MicroVision kicked off 2012 with plans to launch its PicoP Gen2 display engine and to secure OEM commitments to design products using the new technology in the consumer electronics, mobile entertainment, and automotive and industrial markets. The company delivered a display engine sample to Pioneer Corp. last year, which completed the evaluation phase. Pioneer now will develop its HUD products with embedded PicoP Gen2 display engines for commercial launch mid-2012.
Additional samples of the display technology were sent to OEMs for evaluation.
During 2012, the company also plans to transition to its core business model, “Image by PicoP,” which will enable others to create products using its PicoP display engine technology. The strategy is expected to free the company from developing infrastructure necessary to develop and market end user products across multiple vertical markets and allows it to focus on resources solely related to its PicoP technology, MicroVision said.
For more information, visit: www.microvision.com