Microvision Ups Revenue 41% in Q3, Still Loses Nearly $8M
REDMOND, Wash., Nov. 4, 2011 — MicroVision Inc., a specialist in ultraminiature projection display technology, announced its operating and financial results for the third quarter of 2011. The company highlighted a $3.5 million engine order, revenue growth of 41% and a third consecutive quarter of lower cash used in operations. It still lost nearly $8 million.
The following financial results are for three and nine months ending Sept. 30, 2011, compared with the same periods one year earlier.
Revenue grew by 41 percent to $1.8 million for the third quarter of 2011, compared with $1.3 million for the third quarter of 2010, and was $4.1 million for the first nine months of 2011, which was approximately equal to the first nine months of 2010.
Net loss was $7.8 million, or 7 cents per share for the third quarter of 2011, compared with $11.9 million, or 13 cents per share for the same quarter a year ago. Net loss was $26.0 million, or 25 cents per share for the first nine months of 2011, compared with $32.0 million, or 36 cents per share for the first nine months of 2010.
The company said that it reduced cash used in operations to $6.3 million in the third quarter of 2011, a 51 percent reduction from the same quarter a year ago and a 15 percent reduction from the second quarter of 2011. It reduced cash requirements each quarter this year and is on target to reduce cash used in operations for the year by approximately 40 percent compared with 2010.
MicroVision said that it is on track to meet its three primary objectives for 2011. It has been developing its next-generation high-definition (HD)PicoP display engine and says it is on target to moderately increase revenue and reduce cash used in operations by approximately 40% from last year.
The third quarter was characterized by continued progress in the development of the next-generation HD PicoP display engine, including activities with Pioneer Corp. on the new light source module based on direct green, blue and red laser diodes as well as other key engine subsystems.
The new HD PicoP display engine platform is expected to have high performance, even smaller size, lower power and an attractive price to accommodate high-volume consumer and automotive product requirements, the company said. The engine is planned for release in the first half of 2012 to original equipment manufacturers.
The company fulfilled several customer orders, including initial orders of PicoP display engines to ESPlus Company Ltd. The Korean consumer electronics manufacturer integrated these engines into its PicoP-enabled media player.
It received a $3.5 million follow-on order from ESPlus for current PicoP engines, targeted for delivery during the fourth quarter of 2011.
The company added Intel as a partner to distribute its products to Intel’s broad base of premier channel partners, focusing on the benefits of the SHOWWX+ laser pico projectors for small- to mid-size business and education applications.
It demonstrated a 3-D PicoP prototype projector that uses a mixed-polarization approach to create a focus-free immersive 3-D experience using less expensive passive 3-D glasses.
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 that create vivid images with high contrast and brightness.
For more information, visit: www.microvision.com