MicroVision Announces Second Quarter 2011 Results
Highlights include signing agreement for in-vehicle PicoP head-up display with major car maker and expanding SHOWWX™
distribution in Apple channels
REDMOND, Wash.--(BUSINESS WIRE)--MicroVision, Inc. (NASDAQ: MVIS),a leader in innovative ultra-miniature projection display technology, today announced its operating and financial results for the second quarter of 2011.
“While we continue to reduce cash used in operations, the team is actively engaged in expanding our distribution network for the SHOWWX product line and closing important business development opportunities.” During the quarter the company continued to execute on its three key initiatives for 2011: progressing the development of the next-generation high-definition (HD) PicoP® display engine with Pioneer Corporation, adding new distribution partners for the SHOWWX family of pico projectors, and significantly reducing its cash used in operations compared to last year. The company also signed a first-of-its-kind agreement with a major automobile manufacturer, offering a clear initial path toward commercialization of its PicoP head-up display technology (PicoHUD™) inside a mass-production car model targeted for introduction in 2014.
“We are realizing the results from the business plan we announced and implemented in late 2010 and early 2011,” stated Alexander Tokman, president and CEO of MicroVision. “While we continue to reduce cash used in operations, the team is actively engaged in expanding our distribution network for the SHOWWX product line and closing important business development opportunities.”
Signed an agreement with a major automotive manufacturer to incorporate MicroVision’s PicoHUD technology into its test vehicles. MicroVision, the manufacturer and its Tier 1 integrator have agreed to develop an advanced HUD prototype that includes the next-generation PicoP display engine based on direct green lasers. These prototypes are intended for installation in early test vehicles for specific models already identified on the manufacturer’s production roadmap. It is anticipated that the first phase will be followed by a series of milestones that may result in introduction of the HUD into a production vehicle. Expanded support of the Apple ecosystem by adding Softline UK Ltd. (EMEA) and Synnex K.K. (Japan) to distribute the SHOWWX™ line of pico projector products to Apple customers in Europe, Middle East, Africa and Japan. The SHOWWX+ is the first laser pico projector to be sold in Japan.
Announced the new SHOWWX+HDMI laser pico projector, offering pure digital connectivity to a breadth of new tablets, smartphones and devices offering HDMI video-out. The SHOWWX+HDMI expands compatibility with more of today’s popular devices featuring HDMI video-out capabilities. In addition to being certified for use with Apple iPhone, iPad, iPad 2 and iPod touch, SHOWWX+HDMI works with RIM’s BlackBerry Playbook and Windows 7 tablets, a range of compatible Android and Symbian smartphones, as well as Windows and Apple notebooks, netbooks and ultra portable HDMI-enabled devices.
Delivered initial order of first-generation PicoP display engines to Walsin Lihwa. Walsin has integrated these engines into its new Pico Panda product planned for commercial release in China in the second half of 2011. Continued advancement with Pioneer of the light source module based on direct blue, green, and red laser diodes and engine subsystems for the next-generation HD PicoP display engine. The HD PicoP display engine is expected to have the high performance, small size and attractive price required for high-volume automotive and consumer applications. It is expected to serve as the foundation for Pioneer’s aftermarket HUD product planned for introduction in 2012. Financial Results
The following financial results are for three and six months ended June 30, 2011, compared to the same periods one year earlier.
Revenue was $1.2 million for the second quarter of 2011, compared to $2.1 million for the second quarter of 2010, and $2.3 million for the first half of 2011, compared to $2.8 million for the first half one year ago. Backlog was $1.7 million as of June 30, 2011.
Operating loss was $9.3 million for the second quarter of 2011, compared to $11.1 million for the same quarter a year ago, and $18.3 million for the first half of 2011, compared to $20.6 million for the first of 2010. Net loss was $9.2 million, or $0.09 per share for the second quarter of 2011, compared to $11.1 million, or $0.12 per share for the same quarter a year ago. Net loss was $18.2 million, or $0.17 per share for the first half of 2011, compared to $20.2 million, or $0.23 per share for the first half of 2010. For the six months ended June 30, 2011, cash used in operations was $15.5 million compared to $22.3 million for the same period in 2010, reflecting a 30% decrease from one year ago. For the second quarter of 2011, cash used in operations was $7.4 million compared to $12.7 million for the same period in 2010, reflecting a 42% decrease from one year ago. The company is aggressively managing its costs and is on target to reduce cash used in operations for the year by approximately 40% compared to 2010.
As of June 30, 2011, cash and cash equivalents were $9.3 million, which includes $2.4 million raised during the second quarter of 2011 through the company’s 2010 equity financing facility.
During the quarter the company secured a new equity financing facility under which it may sell up to $40 million dollars or approximately 21 million shares of its common stock over two years.
The company will host a conference call today to discuss its second quarter 2011 results and current business operations at 8:30 a.m. ET / 5:30 a.m. PT. Participants may join the conference call by dialing 800-561-2601 (for U.S. participants) or 617-614-3518 (for international participants) ten minutes prior to the start of the call. The conference call pass code number is 56894455. A live webcast can be accessed from the company's web site at www.microvision.com/investors. The webcast and information needed to access the telephone replay will be available through the same link approximately one hour after the conference call concludes.
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 us on: Company website: microvision.com