MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, today announced its operating and financial results for the third quarter of 2012 and the advancement of its 2012 business objectives.
During the third quarter, MicroVision reported revenue of $2.6 million resulting primarily from fulfillment of orders to Pioneer Corporation in support of its
Cyber Navi car navigation system
. Revenue for the third quarter represents an increase of over 40 percent from the same period one year ago. Cash used in operations was reduced to $3.9 million, nearly a 40 percent decrease from a year ago and more than 40 percent from the previous quarter.
Also in the quarter, MicroVision and Intersil Corporation announced an agreement to partner on the development of advanced integrated chipsets (ASICS) for MicroVision’s patented high definition (HD) PicoP
display technology. Through this cooperation with Intersil, the company expects to offer PicoP display technology with much higher brightness while simultaneously lowering power usage without increasing the size of the display engine. This combination should enhance the mobility value proposition of PicoP display technology by allowing consumers to use their devices for a longer period of time in brighter conditions.
Recently Osram Opto Semiconductor announced commercial availability of direct green lasers, a key component for PicoP display technology. Osram is the second commercial source of direct green lasers introduced in 2012. As MicroVision licenses its technology to Original Equipment Manufacturers and Original Design Manufacturers, commercial availability of direct green lasers is an important milestone in bringing PicoP display technology to market.
The following financial results are for three and nine months ended September 30, 2012, compared to the same periods one year earlier.
- Revenue was $2.6 million for the third quarter of 2012, compared to $1.8 million for the third quarter of 2011, and $5.6 million for the first nine months of 2012, compared to $4.1 million for the first nine months one year ago. Backlog was $4.5 million as of September 30, 2012.
- Operating loss was $4.0 million for the third quarter, compared to $7.8 million for the same quarter a year ago, and $18.8 million for the first nine months of 2012, compared to $26.1 million for the first nine months of 2011.
- Net loss was $3.8 million, or $0.15 per share, for the quarter, compared to $7.8 million, or $0.57 per share, for the same quarter a year ago. Net loss was $18.6 million, or $0.91 per share, for the first nine months of 2012, compared to $26.0 million, or $1.96 per share, for the first nine months of 2011. The per share numbers have been adjusted for the reverse stock split which became effective February 17, 2012.
For the nine months ended September 30, 2012, cash used in operations was $17.0 million, compared to $21.8 million for the same period in 2011. For the third quarter of 2012, cash used in operations was $3.9 million, compared to $6.3 million for the same period in 2011. The reduction in cash used in operations is consistent with the steps the company has taken to align to its ingredient brand business model.