(NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, today announced preliminary consolidated financial results for the fourth quarter and full year of 2012.
For the fourth quarter of 2012, MicroVision expects to report revenue of approximately $2.7 million, an operating and net loss of between $3.9 million and $4.4 million, or $.15 and $.18 per share. For the same period the previous year, MicroVision reported revenue of $1.5 million, an operating loss of $9.9 million and a net loss of $9.8 million, or $.62 per share.
For the full year of 2012, MicroVision expects to report revenue of approximately $8.4 million, an operating and net loss of between $22.5 million and $23.0 million, or $1.04 and $1.07 per share. For the full year of 2011, MicroVision reported revenue of $5.6 million, an operating loss of $36.0 million and a net loss of $35.8 million, or $2.57 per share.
The company had a cash balance of $6.8 million as of December 31, 2012.
The increase in revenue growth is primarily due to sales to Pioneer pursuant to previously announced orders as well as sales of the remaining inventory of SHOWWX products. Improvement in cash burn is a result of the increased revenue, margin and restructuring around the “Image by PicoP” ingredient brand and licensing model.
“We expect to report improved financial results for 2012 versus the previous year,” said Alexander Tokman, MicroVision president and CEO
The improvement is a direct result of the actions we took in early 2012 to transition to the “Image by PicoP
” ingredient brand and licensing model enabled by the availability of next-generation HD PicoP
display technology based on direct green lasers.”
The company expects to report its 2012 financial results later this month.
MicroVision provides the PicoP® display technology platform designed to enable next-generation display and imaging products for consumer devices vehicle displays and wearable displays. The company’s patented PicoP display technology combines a MEMS scanning mirror with highly efficient laser light sources to create vivid images with high contrast and brightness.