|[February 07, 2013]
MicroVision Announces Preliminary 2012 Financial Results
REDMOND, Wash. --(Business Wire)--
Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature
projection display technology, today announced preliminary consolidated
financial results for the fourth quarter and full year of 2012.
For the fourth quarter of 2012, MicroVision expects to report revenue of
approximately $2.7 million, an operating and net loss�of between $3.9
million and $4.4 million, or $.15 and $.18 per share. For the same
period the previous year, MicroVision reported revenue of $1.5 million,
an operating loss of $9.9 million and a net loss of $9.8 million, or
$.62 per share.
For the full year of 2012, MicroVision expects to report revenue of
approximately $8.4 million, an operating and net loss of between $22.5
million and $23.0 million, or $1.04 and $1.07 per share. For the full
year of 2011, MicroVision reported revenue of $5.6 million, an operating
loss of $36.0 million and a net loss of $35.8 million, or $2.57 per
The company had a cash balance of $6.8 million as of�December�31, 2012.
The increase in revenue growth is primarily due to sales to Pioneer
pursuant to previously announced orders as well as sales of the
remaining inventory of SHOWWX products. Improvement in cash burn is a
result of the increased revenue, margin and restructuring around the
"Image by PicoP" ingredient brand and licensing model.
"We expect to report improved financial results for 2012 versus the
previous year," said Alexander Tokman, MicroVision president and�CEO.
"The improvement is a direct result of the actions we took in early
2012 to transition to the "Image by PicoP®" ingredient brand
and licensing model enabled by the availability of next-generation HD
PicoP® display technology based on direct green lasers."
The company expects to report its 2012 financial results later this
MicroVision provides the PicoP® display technology platform designed to
enable next-generation display and imaging products for consumer devices
vehicle displays and wearable dsplays. The company's patented PicoP
display technology combines a MEMS scanning mirror with highly efficient
laser light sources to create vivid images with high contrast and
MicroVision is an independently recognized leader in the development of
intellectual property. MicroVision has been recognized by IEEE (News - Alert) as a top
20 IP portfolio among all global electronics companies, and the top U.S.
Company in the rankings. MicroVision's intellectual property portfolio
has also been recognized by the Patent Board, in association with the
Wall Street Journal, as a top 50 IP portfolio among all global
industrial companies. The Patent Board has developed more than 50
indicators that track global patent activity relating to companies'
innovation, technology, and science strengths. MicroVision's
intellectual property portfolio is further recognized by having been
added to the Ocean Tomo 300 Patent Index. The Index is priced and
published by the NYSE Euronext (NYSE:OTPAT). The Index is objectively
based on the value of corporate intellectual property.
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The preliminary estimates above and other statements contained in this
release, including those relating to future product development and
those using words such as "expects" and "designed to," are
forward-looking statements that involve a number of risks and
uncertainties. The estimates above are preliminary and may not be
indicative of our actual reported results following, among other things,
the finalization of our quarter and year-end closing processes and
normal adjustments. 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; products incorporating our PicoP display engine may
not achieve market acceptance, commercial partners may not perform under
agreements as anticipated, we may be unsuccessful in identifying parties
interested in paying any amounts or amounts we deem desirable for the
purchase or license of IP assets, our or our customers' failure to
perform under open purchase orders; 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; the timing of commercial product launches
and delays in product development; the ability to achieve key technical
milestones in key products; 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 (News - Alert) reports, including the company's Annual Report on Form
10-K filed with the SEC. Except as expressly required by 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.
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