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eMagin Corporation (NYSE Amex: EMAN), the leader in OLED technology for the design and manufacture of OLED microdisplays for high resolution imaging products, announced today that it has filed its financial results on Form 10-Q for the second quarter ended June 30, 2011, as required to regain compliance with the NYSE/Amex’s continued listing requirements. The Company will have regained compliance once Amex has issued it a letter indicating this. The full 10-Q is expected to be available for viewing on the SEC website on Tuesday, October 11, 2011.
Revenues for the second quarter of 2011 were $7.4 million and operating income was $623,375. Net income for the period was $3.0 million, or $0.01 per diluted share. The gross margin for the second quarter increased to 49%, a significant improvement from the 41% reported in the first quarter of 2011, as revenues increased and production improved.
On August 11, 2011, eMagin announced that due to a change in auditors, it would delay its 10-Q filing in order to address a change in the accounting treatment of certain warrants as well as a change in the method of calculating earnings per share. With respect to the warrants, the Company has only one remaining warrant currently outstanding (which is for one million shares). All other warrants have been exercised or have expired. Regarding the remaining warrant, the Company has, as of September 30, 2011, restructured it through an agreement with the holder in order to ensure that there will be no net income impact beyond the third quarter of 2011. As previously stated in our 8-K filing, the new accounting treatment of warrants resulted in non-cash accounting charges in the form of non-cash, fair market value gain or loss and had no impact on eMagin’s operations, operating income, or cash flow. The Company has submitted for filing its amended 2009, 2010 and 2011 10-Ks and 10-Qs with the revised warrant treatment and earnings per share calculations.