This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

EMagin Reports $8.3M Revenue, $1.6M Operating Income For Third Quarter 2011

eMagin Corporation (NYSE Amex: EMAN), the leader in OLED technology for the design and manufacture of OLED microdisplays for high resolution imaging products, today announced financial results for the third quarter of 2011 ended September 30, 2011.

“The competitive strength of our technology and products continues to drive progress at eMagin. We matched our best quarter ever in terms of revenues, at $8.3 million, and saw sequential improvement in our performance,” stated Andrew Sculley, President and CEO. “Our new OLED deposition machine has arrived at our production facility in Hopewell Junction, New York, and we have begun installing the new equipment. We expect the new OLED deposition machine to be operating in first quarter of 2012. When fully operational, we expect a 10-fold increase in deposition capacity and improvements in yield.”

Mr. Sculley added, “We continue to anticipate that we will meet our 2011 revenue guidance of between $29.0 and $33.0 million based on several factors including current market conditions, production capacity, the Company’s backlog under existing contracts, shipments to a significant new customer in the high-end camera business, and other potential new business.”

Quarterly Results

Revenues for the third quarter were $8.3 million, essentially the same as for the comparable period in 2010. On a sequential basis, third quarter revenue was up 10.9% over second quarter revenue of $7.4 million. Gross margin for the third quarter was 53% of revenues for gross profit of $4.4 million, compared to a gross margin of 66% for gross profit of $5.5 million in the same quarter last year. Gross margin for the third quarter improved over the second quarter gross margin of 49% due to semi-fixed production expenses being spread over a higher revenue base.

Operating expenses for the third quarter of 2011 were $2.8 million, or 33% of revenues, versus operating expenses of $2.6 million, or 31% of revenues, for the prior year period. On a sequential basis, operating expenses declined approximately $250,000 from the second quarter of 2011. For the third quarter of 2011, selling, general and administrative (SG&A) expenses were lower at $2.0 million, compared to $2.1 million for the prior year period, and $2.2 million for the second quarter of 2011.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.36 -0.84%
TSLA $232.32 -3.92%
YHOO $36.01 -1.42%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs