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Neonode Reports Fourth Quarter And Year Ended December 31, 2011 Financial Results

In the table CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS the line item "Operating loss" should read: “Operating income (loss)”

The corrected release reads:

NEONODE REPORTS FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2011 FINANCIAL RESULTS

Total revenues increased 1,279% to $6.1 million in 2011

Operating profit of $1.0 million in the fourth quarter of 2011

Neonode Inc (OTC Bulletin Board: NEON), the optical touchscreen technology company, today reported financial results for the fourth quarter and year ended December 31, 2011.

Recent Highlights:

  • Total revenues increased 1,279% to $6.1 million in 2011;
  • $1.0 million net operating profit in fourth quarter of 2011;
  • Raised $11.2 million in primary offering, which is net of commissions but before other direct offering costs, that closed on December 13, 2011;
  • Signed a technology license agreement in the fourth quarter of 2012 with Sonim Technologies for touch-enabled mobile phones;
  • 16 total license agreements as of March 13, 2012 with OEMs producing products such as e-Readers, mobile phones, tablets, office equipment and GPS devices;
  • Five of the Company’s customers are currently shipping products and Neonode anticipates several others will initiate product shipments in 2012;
  • Neonode and Texas Instruments unveiled the world’s first ultra-low power single-chip optical touch controller; and
  • Granted U.S. Patent that includes activating a function in response to a touch-and-glide operation on a touch sensitive surface.

“Our results for the fourth quarter and year ended December 31, 2011 reflect the traction that our patented zForce touchscreen technology is gaining in the marketplace. zForce is currently utilized around the world in products produced by Amazon, Barnes & Noble, KOBO, Onyx and Sony. In addition, we have license agreements with 11 other OEMs who are planning to use our technology in various products that use LCD, Reflective and OLED screens, including mobile phones, printers, GPS devices, e-Readers and Tablet PCs. We are currently working with OEMs who are in the process of qualifying our technology for use in products such as touch panels for automobiles, household appliances, tablet PCs, mobile phones and games and toys,” said CEO Thomas Eriksson.

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