Kopin Corporation (NASDAQ: KOPN), today announced financial results for the third quarter ended September 29, 2012.
Revenues for the three months ended September 29, 2012 were $21.9 million, compared with $29.6 million in the third quarter of 2011. III-V product revenues were $13.7 million, compared with $15.5 million for the third quarter of 2011, reflecting slower growth in mobile phone demand in the 2012 period. Display product revenues decreased to $8.2 million from $14.1 million for the same period of last year due to lower revenue from the Company’s military display products in the 2012 period.
The net loss for the third quarter of 2012 was $6.7 million, or $0.11 per share, compared with net income of $0.2 million, or $0.00 per share, for the third quarter of 2011. Results for the three-month periods of 2012 and 2011 included a $0.5 million loss and a $1.0 million gain, respectively, related to foreign currency fluctuations. Non-cash stock compensation expense increased $0.8 million to $1.5 million in the third quarter of 2012, compared with $0.7 million in the third quarter of 2011. Additionally, during the third quarter of 2012 Kopin increased its investment in Ikanos Consulting, Ltd. to 51% of outstanding common stock and recorded a non-cash loss of $0.6 million related to its stepped-up investment. Ikanos is now consolidated within Kopin’s consolidated financial results and incurred approximately $0.4 million in losses.
First Golden-i ® Equipped Headset Computer for Industrial MarketKopin achieved a key milestone in October, as Motorola Solutions introduced the HC1, the first commercially available headset computer powered by the Company’s Golden-i platform. Voice recognition, hands-free operation and gesture control are integrated into the Golden-i operating system. An instructional video about the HC1 is available at: http://www.engadget.com/2012/10/22/motorola-solutions-outs-hc1-head-mounted-computer/. A video demonstrating Golden-i technology’s capabilities is available at: http://www.youtube.com/watch?v=HzUwvW6zcNY&list=HL1351753027&feature=mh_lolz. “Golden-i technology’s value proposition is the ability to improve the productivity of enterprise users through an easier access to a wider knowledge base, whether that knowledge is stored in a database or in the enterprise’s collective experience,” said Dr. John C.C. Fan, Kopin’s president and chief executive officer. “Device manufacturers can develop Golden-i enabled mobile systems that seamlessly command and control multiple independent devices and networks – all with voice recognition or gesture control – that can access data over the cloud and allow problem solving with fellow colleagues.”