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EMagin Announces Third Quarter 2012 Results

Stocks in this article: EMAN

eMagin Corporation (NYSE MKT: EMAN), the leader in OLED technology for the design and manufacture of OLED microdisplays for high resolution imaging products, today announced results for the third quarter of 2012, ended September 30, 2012.

“Important items completed during the third quarter include work on two next-generation OLED microdisplays, hiring a new head of manufacturing and achieving full automation of our new OLED deposition tool,” said. Andrew G. Sculley, president and chief executive officer. “Samples of our new XGA display have been shipped, paving the way for our entry into the large and growing market for electronic camera viewfinders. In addition, our new digital SVGA display, a next-generation version of our best-selling product, the SVGA, is nearly complete. These new displays further broaden our industry leading product line of OLED microdisplays, with resolutions from VGA to WUXGA, and soon up to 2,000 by 2,000 pixels.”

Mr. Sculley continued, “We made great strides in optimizing our new OLED deposition machine. We are now running SVGA displays and will qualify other displays going forward. As we continue to enhance our manufacturing operations, we recognized the need to have a highly experienced head of manufacturing on board. To that end, I am pleased to announce that John R. Coleman has joined eMagin as director of manufacturing. John brings more than 25 years of engineering, manufacturing and operations experience at leading high tech companies including ON Semiconductor, UltraSource, Inc., STMicroelectronics and Atmel. John’s depth of knowledge and experience will be invaluable as we continue to optimize our new OLED deposition machine, make other enhancements to our processes and prepare for anticipated higher production volumes.”

Third Quarter 2012 Results

Total revenues for the third quarter were $7.5 million versus $8.3 million for the third quarter of 2011. The decrease in total revenues is attributable to lower R&D contract revenue. Product revenue equaled the comparable year-ago quarter. eMagin had additional display purchase orders that were not shipped and will be pushed into the fourth quarter.

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