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MicroVision Announces Second Quarter 2012 Results

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 2012 and the advancement of its 2012 business objectives.

During the second quarter, MicroVision received purchase orders totaling $4.4 million from Pioneer Corporation in support of its Cyber Navi car navigation system, which began shipping in July 2012. MicroVision began deliveries in the second quarter and expects to increase volume and revenue in the second half of 2012. In July, the company received $1.4 million in additional purchase orders for PicoP Gen 2 components from Pioneer Corporation scheduled for delivery in 2013, bringing the total orders to $5.8 million.

During the quarter the company raised $14.6 million net of issuance cost through equity offerings. With the anticipated reduction in cash used in operations resulting from the company’s previously announced reorganization, the company expects to have cash to fund operations for at least twelve months from now.

The company has continued to execute its business plan to transition to an ingredient brand “Image by PicoP®” model whereby it licenses its patented PicoP® display technology, sells components and receives royalties from future product sales. This year MicroVision has shipped design samples of its patented PicoP® Gen2 display engine to over a dozen companies in the automotive and consumer electronics vertical markets and is engaging in discussions with original equipment manufacturers (OEMs) and original design manufacturers (ODMs) with the goal of securing commitments to design products based on the company’s industry-leading HD pico projector solution. At the company’s annual shareholders meeting in June, multiple sample units were on display showing off the clear, bright image the 25 lumen, HD PicoP Gen2 display engine creates with direct green lasers.

Financial Results

The following financial results are for three and six months ended June 30, 2012, compared to the same periods one year earlier.

  • Revenue was $1.3 million for the second quarter of 2012, compared to $1.2 million for the second quarter of 2011, and $3.0 million for the first half of 2012, compared to $2.3 million for the first half one year ago. Backlog was $5.4 million as of June 30, 2012.
  • Operating loss was $5.0 million for the second quarter, compared to $9.3 million for the same quarter a year ago, and $14.8 million for the first half of 2012, compared to $18.3 million for the first half of 2011. The loss for the second quarter of 2012 includes a $1.4 million reduction in cost of product revenue as a result of renegotiated component pricing with a supplier for items reflected in cost of product revenue in previous periods.
  • Net loss was $5.0 million, or $0.26 per share, for the quarter, compared to $9.2 million, or $0.69 per share, for the same quarter a year ago. Net loss was $14.8, or $0.82 per share, for the first half of 2012, compared to $18.2 million, or $1.39 per share, for the first half of 2011. The per share numbers have been adjusted for the reverse stock split which became effective February 17, 2012.

For the six months ended June 30, 2012, cash used in operations was $13.0 million, compared to $15.5 million for the same period in 2011. For the second quarter of 2012, cash used in operations was $6.8 million, compared to $7.4 million for the same period in 2011. During the second quarter, the company took additional steps designed to reduce its operating cash needs. The cash used in operations for the first six months of 2012 includes approximately $350,000 in reorganization and related costs.

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