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More dilution. >sigh< There was such promise ...
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-SECText&TEXT=aHR0cDovL2lyLmludC53ZXN0bGF3YnVzaW5lc3MuY29tL2RvY3VtZW50L3YxLzAwMDExOTMxMjUtMTEtMTgwNzc1L3htbA%3d%3d
ShowWX is now selling in Euro and APAC Apple stores.
Can't hold gains because of our financiers selling into news :-/
More dilution? Delayed product release? We need good news.
MicroVision Schedules First Quarter 2011 Conference Call
REDMOND, Wash., May 02, 2011 (BUSINESS WIRE) --
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-newsArticle&ID=1558242&highlight=
MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, today announced it will host a conference call to discuss its first quarter 2011 financial and operating results on Thursday, May 5, 2011 at 8:30 a.m. ET / 5:30 a.m. PT.
Participants may join the conference call by dialing 866-362-4829 (for U.S. participants) or 617-597-5346 (for international participants) ten minutes prior to the start of the call. The conference call pass code number is 76869564. A live webcast of the call can be accessed from the company's web site at www.microvision.com/investors. A replay of this call will be available approximately one hour after the conference call concludes through the same link or by calling 888-286-8010 (U.S.) or 617-801-6888 (International), pass code 55678568.
About MicroVision
MicroVision provides the PicoP(R) display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit us on:
Our company website: www.microvision.com
Our corporate blog: www.microvision.com/displayground
Twitter: www.twitter.com/microvision
Facebook: www.facebook.com/MicrovisionInc
YouTube: www.youtube.com/mvisvideo
MicroVision, SHOWWX, SHOWWX+ and PicoP are trademarks of MicroVision Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including those relating to future products and product applications, are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; our customers failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
SOURCE: MicroVision, Inc.
MicroVision, Inc.
Tiffany Bradford, 425-936-6847 (investors)
or
Edelman
Callie Snyder, 503-471-6816 (media/PR)
I wish I knew in advance of the days when that stoopid Apple rumour would whizz around like a tornado. Fools the chickens every time ...
Well, yeah. But what happened today? Did I miss a party invite?
MicroVision Establishes First Global Research and Development Center at Nanyang Technological University in Singapore
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-newsArticle&ID=1550290&highlight=
New R&D Center to Develop Breakthrough Innovations in Laser Display and Imaging for Mobile, Automotive, and Medical Applications
REDMOND, Wash. & SINGAPORE, Apr 14, 2011 (BUSINESS WIRE) --
MicroVision (Nasdaq: MVIS), a leader in innovative ultra-miniature display technology, today announced the opening of a research and development center at Nanyang Technological University (NTU), Singapore. The research facility, located on NTU's sprawling 200-hectare green campus, will focus on developing innovative breakthrough products using MicroVision's PicoP(R) Display technology.
MicroVision plans to staff the new R&D facility with up to 25 engineers by 2012 to work on advanced research and development projects, perform operational support functions, and build upon the company's current industry leading portfolio of over 500 patents issued and pending. By collaborating with NTU, MicroVision aims to leverage the university's strength and expertise in Engineering, Microelectronics and Materials Science to conduct joint research and development with faculty and students. The alliance is also expected to facilitate the exchange of ideas between NTU staff and students and MicroVision personnel, as well as provide possible internship opportunities for NTU students.
The Memorandum of Understanding between NTU and MicroVision was signed today by Professor Bertil Andersson, NTU's President-Designate and Provost and Alexander Tokman, CEO and President, MicroVision.
"We chose Singapore and NTU to establish our first global R&D facility for several reasons," said Alexander Tokman, MicroVision president and CEO. "First, Singapore is a hub for exceptional technical talent and productivity, the students at NTU are first-class and we are confident they will bring a wealth of new ideas and fresh thinking to our research and development efforts. Second, Singapore is centrally located and positions us closer many of MicroVision's manufacturers and customers."
"This is MicroVision's first R&D center outside the United States and they were originally interested in setting it up in Taiwan. They decided on NTU because of our expertise in engineering and computing and our excellent research infrastructure," said Professor Andersson. "This collaboration means MicroVision engineers will work side by side with NTU faculty and students to perform joint research into innovative imaging and display solutions. We look forward to seeing the next-generation products invented at NTU and commercially launched in Singapore and beyond."
MicroVision's dedicated R&D center includes a customized laboratory at NTU's Innovation Centre. The company will work directly with NTU's School of Electrical and Electronic Engineering and the Division of Physics and Applied Physics.
MicroVision has a history of collaborating with leading universities and research institutes across the globe, including Stanford, MIT (USA) and Fraunhofer Institute (Germany). The company's strong focus on research and development is evidenced by the strength of its patent portfolio, which has been ranked in the top 20 among global electronics companies for the past three years by the Institute of Electrical and Electronics Engineers (IEEE).
NTU has been rapidly ramping its research capabilities in the last few years and has established strong industry partners including Rolls-Royce, Robert Bosch, Thales, and Toray. Like MicroVision, these leading companies chose to set up research facilities at NTU, where they collaboratively work with NTU faculty and students to pursue their respective research interests.
About MicroVision
MicroVision provides the PicoP(R) display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources that create vivid images with high contrast and brightness. For more information, visit the company's website (microvision.com) and corporate blog (microvision.com/displayground).
MicroVision, SHOWWX, SHOWWX+ and PicoP are trademarks of MicroVision Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
About Nanyang Technological University
A research-intensive public university, Nanyang Technological University (NTU) has 33,500 undergraduate and postgraduate students in the colleges of Engineering, Business, Science, and Humanities, Arts, & Social Sciences. In 2013, NTU will enroll the first batch of students at its new medical school, the Lee Kong Chian School of Medicine, which is set up jointly with Imperial College London.
NTU is also home to four world-class autonomous institutes - the National Institute of Education, S Rajaratnam School of International Studies, Earth Observatory of Singapore, and Singapore Centre on Environmental Life Sciences Engineering - and various leading research centers such as the Nanyang Environment & Water Research Institute (NEWRI) and Energy Research Institute @ NTU (ERI@N).
A fast-growing university with an international outlook, NTU is putting its global stamp on Five Peaks of Excellence: Sustainable Earth, Future Healthcare, New Media, New Silk Road, and Innovation Asia.
NTU has a satellite campus in Singapore's science and tech hub, one-north, and is setting up a campus in Novena, Singapore's medical district. It will also have its first campus in China, the NTU Tianjin College, in 2013.
For more information, visit www.ntu.edu.sg
Forward-Looking Statements
Certain statements contained in this release, including those relating to future collaboration and results of the collaboration such as additional patents and commercial products and those using words such as "plans" and "will," are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; our customers failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
SOURCE: MicroVision
Nanyang Technological University
Nasrath Hassan
Tel: +65 6790-6179
Mobile: +65 9001-0050
nasrath@ntu.edu.sg
or
MicroVision, Inc. USA
Tiffany Bradford (investors)
+1 425-882-6629
or
Callie Snyder, Edelman (media/PR)
+1 503-997-3440
Pre-market, down .47
No surprise there.
Guess the shorts are getting all giggly again.
MicroVision Outlines 2011 Strategy and Announces Preliminary 2010 Results
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-newsArticle&ID=1528965&highlight=
MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display technology, today announced key elements of its 2011 business strategy and preliminary 2010 operating and financial results.
2011 Strategy
"A revolution in mobile display is coming: a PicoP(R) display technology based on a direct green laser that should address the critical needs of both the mobility and automotive markets," stated Alexander Tokman, president and CEO. "Recent progress by global suppliers in the development of native or `direct' green lasers and our engagement with Pioneer Corporation put us on an accelerated path to commercialize a next-generation PicoP display solution in 2012. These developments have allowed us to simplify operations and devote key personnel to advance this important goal."
The highlights of MicroVision's 2011 strategy include:
Concentrating resources and working with industry-leading partners to advance the commercialization of the direct green laser PicoP(R) display engine. The company has already engaged Pioneer Corporation and is in advanced discussions with other development partners to facilitate its go-to-market plan for a direct green PicoP engine.
Sell existing innovative products based on the synthetic green laser to (a) continue to build market awareness, (b) drive new use models for the PicoP display technology, and (c) increase OEMs and mobile operators experience with PicoP embedded solutions.
Simplify operations and reduce 2011 cash requirements by 40%.
The green laser is a key component of the company's PicoP display technology. The current PicoP engine uses an expensive synthetic green laser which has limited the adoption of the PicoP engine for high volume applications. Several companies have recently announced their plans to commercialize direct green lasers between late-2011 and mid-2012. Direct green lasers are simpler components and are expected to offer significant advantages in price, size, power, and performance making them superior to synthetic green lasers for MicroVision's mobile display solutions.
Commercialize Direct Green PicoP Display Engine
Built on the direct green laser technology, the next generation PicoP display engine is expected to provide a high performance, low cost embedded solution for OEM partners serving the mobile consumer and automotive markets. The company plans to work with industry-leading development partners, including Pioneer, to facilitate commercialization of the direct green PicoP engine. Business and development alliances are expected to allow the company to concentrate more of its resources on technology and applications innovation. Pioneer has been working with MicroVision under one such arrangement to develop and manufacture display engine subsystems for consumer and in-vehicle head-up displays (HUDs). Pioneer has announced plans to introduce an aftermarket HUD product based on the direct green PicoP engine in the first half of 2012.
Sell innovative products
In 2011 the company will continue selling the award-winning SHOWWX+(TM) laser pico projector introduced in November 2010. As more devices and applications are designed with video-out capabilities, pico projection display products become a natural part of the mobile ecosystem. MicroVision has continued to evolve its sales and marketing strategy in response to a dynamic market landscape. The company plans to augment the SHOWWX(TM) product line with additional connectivity features, accessories and applications to address a larger serviceable market and enhance the end-user experience.
Simplify Operations
MicroVision anticipates lowering its cash used in operations for 2011 by approximately 40% on an expected moderate increase in revenue through a combination of:
Sharing development and commercialization costs of the direct green PicoP engine with its development partners.
Limiting investment in the synthetic green PicoP platform.
Moving future product development, beyond SHOWWX+, to original design manufacturers.
Restructuring of inventory cycles with major suppliers.
Reducing additional operating costs through a recently completed workforce reduction and other measures.
Operating and Financial Results
Recent notable operating achievements include:
Unveiled SHOWWX+(TM), the second-generation of the award-winning laser pico projector which boasts a fifty-percent increase in brightness compared to the SHOWWX(TM) Classic and offers connectivity to today's popular mobile devices.
Completed a joint development agreement and memorandum of understanding with Pioneer Corporation.
Integrated early samples of direct green lasers from three leading manufacturers into pico projector prototypes and demonstrated two of these at CES.
Introduced and delivered the PicoP(R) display engine to multiple OEMs for enabling embedded future device design wins.
Purchased a significant patent portfolio from Motorola, Inc. that enhances the company's existing highly rated intellectual property portfolio.
Showcased the advantages of the PicoP(R) technology at the Consumer Electronics Show 2011 by demonstrating an innovative mini-tablet prototype with embedded pico projector and the SHOWWX+ laser pico projector paired with iOS4 gaming applications.
2010 Preliminary Financial Results (Unaudited):
The company expects the following financial results for the quarter and year ended December 31, 2010, compared to the same periods one year ago.
Revenue of $683,000, compared to $971,000 for the same quarter and $4.7 million, compared to $3.8 million for the prior year.
Operating loss of between $15.3 million and $15.8 million, compared to $11.3 million for the same quarter and between $48.3 million and $48.8 million, compared to $39.2 million for the prior year. The operating loss for the quarter includes inventory adjustments of approximately $5.7 million. The adjustments are a result of lower prices for the SHOWWX and SHOWWX+ and obsolescence caused by the transition to SHOWWX+.
Net loss of between $15.3 million and $15.8 million, or between $0.16 and $0.17 per share, compared to $8.7 million, or $0.11 per share for the same quarter and $47.4 million and $47.9 million, or between $0.52 and $0.53 per share, compared to $39.5 million, or $0.54 per share for the prior year.
Backlog of $13.7 million as of December 31, 2010, which includes $11.9 million from an OEM for the embedded PicoP display engine.
Cash and cash equivalents of $19.4 million as of year end, which includes $9.9 million in cash raised during the fourth quarter through a previously announced equity financing facility.
Conference Call
The company will host a conference call today to discuss its 2011 business strategy, preliminary results for 2010, and current business operations at 8:30 a.m. ET / 5:30 a.m. PT. Participants may join the conference call by dialing (866) 730-5769 (for U.S. participants) or (857) 350-1593 (for international participants) ten minutes prior to the start of the call. The conference call pass code number is 88376065. The call will also be broadcast over the Internet and can be accessed from the company's web site at www.microvision.com/investors. The webcast and information needed to access the telephone replay will be available through the same link approximately one hour after the conference call concludes.
About MicroVision
MicroVision provides the PicoP(R) display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit us on:
Our company website: www.microvision.com
Our corporate blog: www.microvision.com/displayground
Twitter: www.twitter.com/microvision
Facebook: www.facebook.com/MicrovisionInc
YouTube: www.youtube.com/mvisvideo
MicroVision, SHOWWX, SHOWWX+ and PicoP are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including those relating to future product development and commercial contracting, operating results, and product commercialization, which includes the risk that no definitive agreements result from the memorandum of understanding, and those using words such as "expects", "intends", "plans", "should", "would", "will" and "believe" are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; our or our customers failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
SOURCE: MicroVision, Inc.
MicroVision, Inc.
Tiffany Bradford, 425-882-6629 (investors)
Callie Snyder (Edelman), 503-997-3440 (media/PR)
What's the significance of having the call before the bell instead of after? Signaling good news? No significance at all?
MicroVision Schedules Conference Call to Discuss 2011 Strategy and Preliminary 2010 Results
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-newsArticle&ID=1528036&highlight=
MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display technology, today announced it will host a conference call to discuss its 2011 business strategy and preliminary financial and operating results for the fourth quarter and full year of 2010 on Tuesday, February 15, 2011 at 8:30 a.m. ET / 5:30 a.m. PT.
Participants may join the conference call by dialing (866) 730-5769 (for U.S. participants) or (857) 350-1593 (for international participants) ten minutes prior to the start of the call. The conference call pass code number is 88376065. The call will also be broadcast over the Internet and can be accessed from the company's web site at www.microvision.com/investors. The replay of this call will be available approximately one hour after the conference call concludes through the same link or by calling (888) 286-8010 (U.S.) or (617) 801-6888 (International), pass code 24439714.
About MicroVision
MicroVision provides the PicoP(R) display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit us on:
Our company website: www.microvision.com
Our corporate blog: www.microvision.com/displayground
Twitter: www.twitter.com/microvision
Facebook: www.facebook.com/MicrovisionInc
YouTube: www.youtube.com/mvisvideo
MicroVision, SHOWWX, SHOWWX+ and PicoP are trademarks of MicroVision Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including those relating to future products and applications, are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; our customers failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
SOURCE: MicroVision, Inc.
MicroVision, Inc.
Tiffany Bradford, 425-882-6629 (investors)
or
Edelman
Callie Snyder, 503-997-3440 (media/PR)
SC 13G A statement of beneficial ownership of common stock by certain persons
http://services.corporate-ir.net/SEC/Document.Service?id=P3VybD1odHRwOi8vaXIuaW50Lndlc3RsYXdidXNpbmVzcy5jb20vZG9jdW1lbnQvdjEvMDAwMTA4NjM2NC0xMS0wMDMzNjMvZG9jL01pY3JvdmlzaW9uSW5jLnBkZiZ0eXBlPTImZm49TWljcm92aXNpb25JbmMucGRm
"(9) Aggregate amount beneficially owned by each reporting person
5396226
(10) Check if the aggregate amount in Row (9) excludes certain shares
(11) Percent of class represented by amount in Row 9
5.66%
(12) Type of reporting person
HC
Item 1.
Item 1(a) Name of issuer:
-----------------------------------------------------------------------
MICROVISION INC
Item 1(b) Address of issuer's principal executive offices:
-----------------------------------------------------------------------
6222 185th Ave NE
Redmond WA 98052
Item 2.
2(a) Name of person filing:
----------------------------------------------------------------------
BlackRock, Inc.
2(b) Address or principal business office or, if none, residence:
-----------------------------------------------------------------------
BlackRock Inc.
40 East 52nd Street
New York, NY 10022"
if that's not what you understand from what I said, then it is what I intended with "exercises options".
VP Joseph Patrick O'Sullivan exercises options - buys 100,000 shares
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-sec
http://services.corporate-ir.net/SEC/Document.Service?id=P3VybD1odHRwOi8vaXIuaW50Lndlc3RsYXdidXNpbmVzcy5jb20vZG9jdW1lbnQvdjEvMDAwMTMwMjkzNy0xMS0wMDAwMDMvZG9jL01pY3JvdmlzaW9uSW5jLnBkZiZ0eXBlPTImZm49TWljcm92aXNpb25JbmMucGRm
I'd buy it if it included phone.
NionCom Announces the Introduction of the MemoryKickâ„¢ Visionâ„¢ Tablet with an Embedded Projector
http://microvision.blogspot.com/2011/01/nioncom-announces-introduction-of.html
Today, NionCom announces the official introduction of the MemoryKickâ„¢ Visionâ„¢ tablet, a device for media management, business productivity, and gaming applications. The Visionâ„¢ tablet is an extension of the MicroVision Arrowâ„¢ mini-tablet shown at the Consumer Electronics Show in Las Vegas in early-January. They both share many components and features.
The MemoryKickâ„¢ Visionâ„¢ is designed to be the ultimate productivity tool. A user can load all their business documents (PDF, Word, Excel, PowerPoint, ImageAMMOâ„¢), photos, and videos on one device for use anywhere. Files can be rapidly transferred between several storage locations. The Visionâ„¢ has the capacity to store hundreds of hours of video due to the fact that it has a 500GB to 1TB hard drive, depending on the configuration. In either case, this is remarkably more storage than can be found on devices such as the iPad and the like. These competing devices use very costly flash memory, limiting them to about 64GB of storage or less - barely enough to store a couple HD-quality movies.
A generous 4.3" capacitive touch screen allows for easy management of files, browsing the internet, gaming, and access to many unique applications. The Visionâ„¢ tablet also includes applications for streaming live television content through Wi-Fi connectivity. Even VOIP-based phone calls can be made on the device. In addition, an embedded laser projector provides the flexibility for viewing content anywhere - with no need to focus. Whatever is being displayed on the screen can be projected for a large, immersive experience. The Visionâ„¢ tablet packs all the functionality of a laptop - and more - into a small, ultra-portable device.
The MemoryKickâ„¢ Visionâ„¢ tablet is expected to be available in Q2 2011, priced in the mid-$500 range, available worldwide and at prominent retailers in the United States. The Visionâ„¢ tablet offers a multitude of unique features that we will describe in follow-up artilces. So, stay tuned for more details and photos of the device, coming soon!
The market is totally neurotic !!! It will gain whatever is lost on some other news in a day or so.
http://www.engadget.com/photos/microvision-prototype-android-mini-tablet-with-built-in-projector/#3747349
If it was a phone, I'd buy it in a blink. It has everything I want aside from cell connectivity.
A phone with embedded PicoP can't be far away!!
Up to 2.28 in after hours. CES bringing interest as usual?
MicroVision Frees Mobile Gaming from the Small Screen
Company's laser projection technology uniquely suited for new iOS4 games with immersive six-axis movement and video-out
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-newsArticle&ID=1513076&highlight=
LAS VEGAS, Jan 05, 2011 (BUSINESS WIRE) --
MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature laser display technology, today at the 2011 Consumer Electronics Show demonstrated how its new SHOWWX+(TM) laser pico projector can be used with iOS4 games offering video-out to project game play on any surface from 12 inches to 100 inches depending on ambient lighting. By eliminating the limitations of the small fixed screen, and combining it with a large display and immersive movement that gyroscopes and accelerometers offer in new mobile devices, gamers get a much more exhilarating experience.
On January 6 and 7, CES attendees are invited to try iOS4 gaming on SHOWWX+ at locations throughout CES to be tweeted daily. The five players with the highest RAGE HD scores at the end of each day will win a SHOWWX+ laser pico projector. Follow MicroVision on Facebook or Twitter, or track the conversation with #mvisCES for daily updates on the competition.
"In applications like this, lasers have inherent advantages over all other forms of display technology, as the image is always in focus even under constant motion," said Sid Madhavan, vice president of research and product development, MicroVision. Lasers also instantly create colors, avoiding color breakup other technologies experience when the projector or the viewer's head moves."
Also on display and available for demo in MicroVision's private technology suite at the MGM Grand Hotel is the latest generation of its Project Tuatara prototype gun, created to explore the market opportunity for gaming applications enabled by the PicoP(R) laser display engine. The prototype gun is a battery-operated, wireless HD video projection display and wireless controller that projects high-definition displays on any surface, enabling gamers to experience first-person shooter or third-person perspective video games all around them. Dubbed "Infinite Reality," this new gaming experience, made possible by MicroVision's laser-scanning technology, makes the walls, ceiling and floor part of the action as gamers point the gun up to see the sky, and spin around to see what's behind them.
Now in its fifth generation, the Project Tuatara gun incorporates a 720p, 15 lumen version of the PicoP display engine embedded below the rifle's sights, as well as an improved motion tracker that is twice as fast and responsive as the Project Tuatara demonstration at New York Comic Con in October. Higher resolution and the improved tracker offer a smoother sense of motion in the 3D gaming environment, and audio improvements with headphones add to the sensory experience, enabling gamers to hear sounds behind them and spin around to deal with the threat.
"Even with the immersive movement offered by today's consoles, gamers are still staring straight ahead at a fixed point," said Alexander Tokman, president and CEO, MicroVision. "By using lasers to eliminate the fixed screen and combining it with immersive movement, whether through your iPhone or something like our Project Tuatara prototype, gamers get an entirely new and extremely engaging experience."
About MicroVision
MicroVision provides the PicoP display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit us on:
Our company website: www.microvision.com
Our corporate blog: www.microvision.com/displayground
Twitter: www.twitter.com/microvision
Facebook: www.facebook.com/MicrovisionInc
YouTube: www.youtube.com/mvisvideo
PicoP is a registered trademarks of MicroVision Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including those relating to future development, products and product applications are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; our customers' failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
SOURCE: MicroVision, Inc.
MicroVision, Inc.
Tiffany Bradford, 425-882-6629 (investors)
or
Edelman
Callie Snyder, 503-997-3440 (media/PR)
MicroVision Demonstrates Mini-Tablet with Embedded Projector
Created with the PicoP Development Kit, the prototype combines best attributes of smartphones and tablets with embedded laser projector for exciting new mobile user experiences
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-newsArticle&ID=1513073&highlight=
LAS VEGAS, Jan 05, 2011 (BUSINESS WIRE) --
MicroVision, Inc. (NASDAQ:MVIS) unveiled the future of mobile devices with a mini-tablet design featuring the PicoP(R) laser display engine today at the 2011 Consumer Electronics Show. The prototype device demonstrates what is possible in the next generation of mobile devices that offer large viewing experiences in an ultra-compact size. Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) can leverage the PicoP Development Kit for all the tools necessary to design fully functional devices incorporating the PicoP display engine.
The mini-tablet device will be demonstrated at MicroVision's booth #MP25828 and at its technology suite at the MGM Grand Hotel, as well as at the Showstoppers and Digital Experience press briefing events.
Developed using the PicoP Development Kit, the MicroVision design offers the functionality of a tablet PC and a big-screen viewing experience from the embedded pico projector in a pocket-sized package--just a little thicker than today's smartphones. The embedded pico projector displays vivid, widescreen images as large as 100 diagonal inches depending on lighting conditions, offering dramatically enhanced mobile gaming, social networking and content sharing experiences. While the architecture can support a variety of mobile operating systems, the current functional design uses the Android 2.2 operating system. The device includes a 3.5-inch capacitive touch screen, 720p camcorder module, motion sensor, HDMI in and out and display support for web content, user generated content and apps on popular mobile operating systems.
"More functionality in a smaller package has always been the trend in consumer electronics until tablets came along," said Alexander Tokman, president and CEO, MicroVision. "This mobile multimedia device is just one example of how we plan to help the industry achieve big-screen viewing experiences while still offering pocket-size portability."
Embedded Advantages of Lasers
MicroVision's laser-scanning technology is ideally suited for embedded mobile applications as its images are always in focus even under constant motion and colors are created instantaneously, avoiding color breakup other technologies experience when the projector or the viewer's head moves. With a highly modular and flexible architecture, the PicoP display engine offers additional unique benefits including high optical efficiency, small form factor and low power requirements. It does not require projection lenses, focus wheels or complex optics and it dissipates less heat, yielding an extremely small form factor.
The Mini-Tablet Prototype
The mini-tablet prototype offers a technical foundation for OEM and ODM partners to introduce exciting new mobility use-cases to businesses and consumers.
For other embedded projection applications, OEMs and ODMs can leverage the PicoP Evaluation Kit or PicoP Development Kit to explore applications and design fully functional devices using MicroVision's laser-scanning technology. These kits are available for purchase now by qualified organizations. More information is available at MicroVision's website.
The mini-tablet prototype is available for evaluation through local MicroVision sales representatives. For more information or technical specifications, please visit www.microvision.com.
About MicroVision
MicroVision provides the PicoP display engine technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit us on:
Our company website: www.microvision.com
Our corporate blog: www.microvision.com/displayground
Twitter: www.twitter.com/microvision
Facebook: www.facebook.com/MicrovisionInc
YouTube: www.youtube.com/mvisvideo
PicoP is registered trademarks of MicroVision Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including those relating to potential future products, and those using words such as "can" and "plan" are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; our customers' failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
SOURCE: MicroVision, Inc.
MicroVision, Inc.
Tiffany Bradford, 425-882-6629 (investors)
or
Edelman
Callie Snyder, 503-997-3440 (media/PR)
Nice healthy-looking interest ...
Hmmm - ShowWX NOW $299.
MicroVision Unveils Second-Generation Laser Pico Projector, SHOWWX+
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-newsArticle&ID=1499401&highlight=
Mobile Device Users Break Free from the Screen with 50 Percent Brighter Display and Simple Connection to Apple Devices
REDMOND, Wash., Nov 22, 2010 (BUSINESS WIRE) --
MicroVision, Inc. (NASDAQ:MVIS), the leader in innovative ultra-miniature laser display technology, today unveiled SHOWWX+(R), the second-generation of its award-winning laser pico projector. With a 50 percent brighter display within the same slim size, SHOWWX+ enables mobile device users to break free from the small screen and project large, clear 16:9 widescreen content wherever they are, on any surface.
"We're on a mission to eliminate the squinting and huddling that occurs when mobile device users share content," said Alexander Tokman, president and CEO of MicroVision. "SHOWWX+ is designed to simply and quickly connect to today's hottest new portable devices so users can display and share large vibrant images and video with ease."
Taking the Mobile Experience Beyond the Small Screen
SHOWWX+ is the first laser pico projector to offer a big-screen, movie-length experience that easily slips into a shirt pocket. Boasting two hours of battery life, 15 laser lumens, a contrast ratio up to five times higher than competing products, and the shortest throw ratio of any pico projector on the market, the SHOWWX+ is the perfect accessory for expanding viewing experiences beyond a palm or pad-sized screen. Its category-leading 5,000:1 native contrast ratio ensures the SHOWWX+ produces the deepest blacks and most brilliant whites.
Touting a super short throw ratio, the SHOWWX+ displays large, bright images even in close or cramped environments, such as on the back of an airplane seat, a hallway or even an elevator. The shorter "throw" of SHOWWX+ allows users to project images that are twice as big as images from competing products from the same projection distance.
SHOWWX+ is a "Made for iPod, iPhone, and iPad" product that easily connects using the included high-quality video component cable. Users simply play media from their own device and it instantly projects. Combine an iPhone with an application such as Netflix and SHOWWX+ to get a big-screen movie experience virtually anywhere. SHOWWX+ works with many other devices as well, including mobile phones, notebooks, cameras and camcorders--anything with Video-Out or VGA functionality-casting a 12-inch to 100-inch diagonal image depending on lighting conditions, at resolutions up to WVGA (848 X 480).
Laser Displays Enable New Experiences
The SHOWWX+ is powered by MicroVision's PicoP(R) display engine, which uses patented laser-scanning technology to create large, vivid, uniform images that are always in focus, in the highest contrast, within the widest field of view. Unlike other pico projectors, SHOWWX+ does not require complex lenses, color wheels, lamps or LEDs. The architecture of the PicoP display engine not only contributes to the slim size of MicroVision's SHOWWX+--about the same size as an iPhone--it also allows for efficient power consumption enabling a longer battery life. The SHOWWX+ laser images are always in focus, regardless of variations in projection distance or display surface--a critical requirement for emerging ultra-mobile applications like iPhone games that use accelerometers and gyroscopes or augmented reality.
With MicroVision's laser-scanning technology, every pixel is the same intensity, creating vivid, saturated colors and brightness that are uniform from the center of the display to the edges. Lasers also produce all colors simultaneously, in a hundred-millionth of a second, avoiding color break-up or rainbow artifacts that are commonly experienced with other technologies in fast-moving video scenes, or when the projector or the viewer's head moves.
For a video overview of SHOWWX+, please visit the MicroVision SHOWWX+ micro-site.
Availability
SHOWWX+ is available now at an MSRP of $449. A full suite of optional accessories, including tripods, spare batteries, VGA connectors, car chargers and carrying cases are available on the MicroVision online store.
About MicroVision
MicroVision provides the PicoP(R) display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit the company's website (www.microvision.com) and corporate blog (www.microvision.com/displayground).
MicroVision, SHOWWX, SHOWWX+ and PicoP are registered trademarks of MicroVision Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including those using words such as "plans", are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; our customers failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
SOURCE: MicroVision, Inc.
MicroVision, Inc.
Corey Gault, 503-471-6836, corey.gault@edelman.com (media)
Jackie Dansak, 425-882-6640, jackie_dansak@microvision.com (marketing)
Tiffany Bradford, 425-936-6847, tiffany_bradford@microvision.com (investors)
Microvision Enhances Patent Position Through Purchase of Motorola Portfolio
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-newsArticle&ID=1492575&highlight=
The Company Adds Over 190 Patents Addressing Pico Projection and DisplayTechnologies
REDMOND, Wash., Nov 05, 2010 (BUSINESS WIRE) --
Microvision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, today announced it has purchased a significant patent portfolio from Motorola, Inc. that will extend the company's intellectual property leadership in pico projection and display technology.
The portfolio purchased from Motorola's subsidiary, Symbol Technologies, Inc., is the largest, broadest and earliest filed laser pico projection and display portfolio outside of Microvision's. Motorola's Symbol portfolio includes applications such as automotive head up display, 3D projection, range finding, portable media devices, image capture and laptop applications. The portfolio complements Microvision's already extensive and highly-rated patent assets and brings Microvision's total patent count to more than 500 patents, patents pending and licensed patents worldwide.
"Our fundamental mission as a company is to continuously innovate and anticipate the market's needs before others do," said Alexander Tokman, President and CEO. "We firmly believe in the significant market opportunity for pico projectors, automotive displays, gaming devices and eyewear and the Motorola/Symbol patent portfolio presents a unique opportunity to enhance our key asset and substantially extend our leadership position in this space."
Microvision has been recognized for the innovation, impact and breadth of its intellectual property by two prestigious industry organizations. In 2010, the company's IP portfolio was ranked thirteenth among all global electronics companies by the Institute of Electrical and Electronics Engineers (IEEE), achieving the highest ranking of a U.S. company. The company has ranked in IEEE's top 20 for the last three years, each year showing an improved rating. In 2009, Microvision was recognized by the Patent Board, in association with the Wall Street Journal, for the second year in a row as a top 50 IP portfolio holder with its ranking of thirty-eighth among all global industrial companies.
About Microvision
Microvision provides the PicoP(R) display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit the company's website (www.microvision.com) and corporate blog (www.microvision.com/displayground).
Forward-Looking Statement
Certain statements contained in this release, including those relating to future market opportunities and applications, are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; our customers' failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
SOURCE: Microvision, Inc.
Media, PR for Microvision:
Callie Snyder, 503-471-6816
callie.snyder@edelman.com
or
Investors:
Tiffany Bradford, 425-936-6847
tiffany_bradford@microvision.com
Yeah. When I read that this morning, I though, gee whizz, that means 2012 at least ...
Microvision Announces Third-Quarter 2010 Results
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-newsArticle&ID=1489935&highlight=
Company Achieves Product and Technology Advancements to Drive Near- and Long-Term Growth
REDMOND, Wash., Nov 01, 2010 (BUSINESS WIRE) --
Microvision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, today reported its operating and financial results for the third quarter of 2010. Microvision made significant progress on two strategic milestones--the planned introduction of an exciting new pico projection product in time for this holiday season and the successful lab integration of early "direct green" lasers.
The new higher-performance product, an extension of the company's SHOWWX(TM) product line, strengthens Microvision's position as a premier provider of vibrant, focus-free, plug-and-play, ultra-miniature display solutions.
This morning, the company announced that it had integrated early samples of direct green lasers from two leading manufacturers into pico projector benchtop prototypes. Once commercialized, direct green lasers are expected to provide significant advantages in price, power and size over synthetic green lasers, attributes that are necessary for high-volume consumer and automotive applications.
"We are energized about the imminent launch of our new product and recent developments in our core technology platform," stated Alexander Tokman, president and CEO of Microvision. "These advancements, which are integral to our 2011 and long-term growth strategies, keep us optimistic for the future despite recent challenges that negatively impacted revenue for the quarter."
Other notable achievements included:
Increased the company's global distribution points and began executing several new marketing and public relations campaigns to drive awareness and sell-through of its products.
Further refined production and supply chain capabilities for PicoP(R)-based products, which has increased the company's confidence that it will be in a position to deliver higher production volumes in 2011.
Demonstrated ongoing momentum with government customers, including new contract awards totaling $1 million from the U.S. Army and U.S. Air Force for development of advanced see-through eyewear and an enhanced laser projection display system.
Delivered head-up display demonstrators to two automakers, and provided the PicoP display engine to a third customer to incorporate into its head-up display, reflecting increased interest in customer development of automotive applications.
Collaborated with Intel and Capcom to introduce a new gaming experience--"Infinite Reality"--which is one of many applications that leverage the unique competitive advantages of Microvision's focus-free display technology.
Recognized as a finalist for the CEATEC 2010 Innovation Awards in the Components category for SHOWWX.
Raised $12.4 million in cash through its previously announced equity financing facility, strengthening the company's balance sheet.
Financial Results
Revenue and inventory for the quarter were negatively impacted by changing customer requirements which postponed embedded and accessory product deliveries previously scheduled for the third quarter. During the quarter, the company's previously announced embedded engine OEM customer revised the expected launch date of its high-end media player to the first half of 2011 to accommodate a longer-than-expected product development cycle. Additionally, a second customer changed its device compatibility requirements for its private-label product, impacting order fulfillment during the third quarter.
The following financial results are for the three-month and nine-month periods ended September 30, 2010, respectively, compared to the same periods a year earlier.
Revenue was $1.3 million compared to $924,000 for the quarter, and $4.1 million compared to $2.9 million for the first nine months.
Backlog was $18.0 million at September 30, 2010, compared to $2.0 million at September 30, 2009. The backlog was composed almost exclusively of orders for PicoP products.
Operating loss was $12.3 million compared to $9.3 million for the quarter, and $32.9 million compared to $27.9 million for the first nine months. The increase in the operating loss was due to a higher cost of goods sold and higher operating expenses associated with the commercialization of PicoP products. The higher cost of goods sold included inventory reserves of $2.0 million for the quarter and $3.4 million for the first nine months.
Net loss was $11.9 million, or $0.13 per share, compared to $11.5 million, or $0.15 per share for the quarter, and $32.0 million, or $0.36 per share, compared to $30.8 million, or $0.43 per share for the first nine months.
Net cash used in operating activities for the first nine months of 2010 was $35.0 million compared to $23.4 million in the year-ago period. The increase was primarily attributable to the build-up in inventory of PicoP products to support scheduled deliveries in the second half of 2010, which subsequently were extended into the first half of 2011.
The company ended the quarter with $21.3 million in cash, cash equivalents and investment securities.
The company will discuss its operating and financial results and current business operations during its conference call at 4:30 p.m. ET / 1:30 p.m. PT today.
Conference Call
Microvision will host a conference call today at 4:30 p.m. ET / 1:30 p.m. PT. Participants may join the conference call by dialing 866-356-3093 (for U.S. participants) or 617-597-5381 (for international participants) ten minutes prior to the start of the call. The conference call pass code number is 60813937. Additionally, the call will be broadcast over the Internet and can be accessed from the company's web site www.microvision.com/investors. The webcast and information needed to access the telephone replay will be available through the same link approximately one hour after the conference call concludes.
About Microvision
Microvision provides the PicoP(R) display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit the company's website (www.microvision.com) and corporate blog (www.microvision.com/displayground).
Forward-Looking Statements
Certain statements contained in this release, including those relating to future delivery, order fulfillment, business success, operating results, company and third party product development, and potential product benefits, in addition to statements containing "expect" and similar words, are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; our customers' failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
Microvision, Inc.
Balance Sheet
(In thousands)
(Unaudited)
September 30, December 31,
2010
2009
Assets
Current Assets
Cash and cash equivalents $ 18,658 $ 43,025
Investment securities, available-for-sale 2,612 2,710
Accounts receivable, net of allowances 1,801 913
Costs and estimated earnings in excess of billings on uncompleted contracts 7 70
Inventory 7,713 926
Current restricted investments 305 -
Other current assets 973 751
Total current assets 32,069 48,395
Property and equipment, net 4,624 3,904
Restricted investments 1,189 1,189
Other assets 47 48
Total assets $ 37,929 $ 53,536
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $ 7,693 $ 4,949
Accrued liabilities 3,823 4,190
Billings in excess of costs and estimated earnings on uncompleted contracts 57 55
Liability associated with common stock warrants 11 840
Current portion of capital lease obligations 44 62
Current portion of long-term debt 83 78
Total current liabilities 11,711 10,174
Capital lease obligations, net of current portion 124 157
Long-term debt, net of current portion 181 244
Deferred rent, net of current portion 792 1,070
Total liabilities 12,808 11,645
Commitments and contingencies - -
Shareholders' Equity
Common stock at par value 95 89
Additional paid-in capital 388,667 373,405
Accumulated other comprehensive loss (31 ) (33 )
Accumulated deficit (363,610 ) (331,570 )
Total shareholders' equity 25,121 41,891
Total liabilities and shareholders' equity $ 37,929 $ 53,536
Microvision, Inc.
Statement of Operations
(In thousands, except earnings per share data)
(Unaudited)
Three months ended September 30, Nine months ended September 30,
2010
2009
2010
2009
Contract revenue $ 221 $ 817 $ 592 $ 2,342
Product revenue 1,080 107 3,465 520
Total revenue 1,301 924 4,057 2,862
Cost of contract revenue 53 379 202 1,289
Cost of product revenue 4,059 720 8,555 1,504
Total cost of revenue 4,112 1,099 8,757 2,793
Gross margin (2,811 ) (175 ) (4,700 ) 69
Research and development expense 5,920 5,839 16,961 17,165
Sales, marketing, general and administrative expense 3,555 3,283 11,260 10,764
Total operating expenses 9,475 9,122 28,221 27,929
Loss from operations (12,286 ) (9,297 ) (32,921 ) (27,860 )
Interest income 15 45 94 188
Interest expense (15 ) (19 ) (48 ) (50 )
Gain (loss) on derivative instruments, net 446 (2,246 ) 875 (3,048 )
Other expense (10 ) (8 ) (40 ) (14 )
Net loss $ (11,850 ) $ (11,525 ) $ (32,040 ) $ (30,784 )
Net loss per share - basic and diluted $ (0.13 ) $ (0.15 ) $ (0.36 ) $ (0.43 )
Weighted-average shares outstanding - basic and diluted 89,376 76,265 88,948 71,105
SOURCE: Microvision, Inc.
Microvision, Inc.
Tiffany Bradford, 425-936-6847 (investors)
or
Edelman
Callie Snyder, 503-471-6816 (media/PR)
NEWS Microvision Integrates First Direct Green Lasers into Pico Projector Prototypes
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-newsArticle&ID=1489525&highlight=
Critical Milestone Reached on the Company's Technology Roadmap to Support High Volume Product Requirements
REDMOND, Wash., Nov 01, 2010 (BUSINESS WIRE) --
Microvision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display technology, today announced it has successfully integrated the first "direct green" laser samples from two leading manufacturers into pico projector benchtop prototypes. This achievement represents an important first step toward the commercialization of PicoP(R) display engines using direct green lasers. The PicoP display engine utilizing a direct green laser is expected to offer significant commercial advantages in price, size, power, and performance.
"We are very pleased with the performance of these early direct green laser prototypes," commented Sid Madhavan, Microvision vice president, R&D and Applications. "These encouraging results give us confidence that direct green laser diodes will be capable of meeting the performance requirements for integration into our PicoP display platform."
Simplicity leads to lower costs
Microvision's current pico projection engine uses red and blue laser diodes and a frequency-doubled "synthetic" green laser to create a full color image. Synthetic green lasers are infrared lasers that are manipulated to reduce their wavelength to produce a green light. This conversion process creates a complex system of multiple components held to tight tolerances making manufacturing more challenging.
Direct green lasers are capable of producing green light natively, greatly simplifying laser design and manufacturing processes. Direct green lasers are expected to be manufactured in a manner similar to red and blue lasers available today, facilitating lower cost and rapid scalability to commercial quantities. The combination of smaller size, lower power, and lower cost make direct green lasers an attractive alternative to synthetic green lasers for Microvision's mobile display solutions.
Historically, availability of synthetic green lasers has been constrained due to their complexity and the existence of only two manufacturers. Today, there are at least five companies worldwide that have announced they are developing direct green lasers for late 2011 to mid 2012 commercial introduction. Industry researcher Yole Development forecasts that the direct green laser market size will reach about $500 million by 2016 and should represent more than 45 million devices.
About Microvision
Microvision provides the PicoP(R) display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit the company's website (www.microvision.com) and corporate blog (www.microvision.com/displayground).
Forward-Looking Statements
Certain statements contained in this release, relating to future delivery, business success, operating results, company and third party product development, and potential product benefits, in addition to statements containing words such as "step toward," "will," "plans", are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
SOURCE: Microvision, Inc.
Microvision, Inc.
Tiffany Bradford, 425-936-6847 (investors)
or
Callie Snyder, 503-471-6816 (media/PR)
Microvision to Host Third-Quarter 2010 Financial and Operating Results Conference Call
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-newsArticle&ID=1488197&highlight=
REDMOND, Wash., Oct 27, 2010 (BUSINESS WIRE) --
Microvision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display technology, announced today that it plans to host a conference call on Monday, November 1, 2010 at 4:30 p.m. ET / 1:30 p.m. PT to discuss its third-quarter 2010 financial and operating results and current business operations.
Participants may join the conference call by dialing (866) 356-3093 (for U.S. participants) or (617) 597-5381 (for international participants) ten minutes prior to the start of the call. The conference call's pass code number is 60813937. A replay of the conference call will be available for approximately 30 days following the call and may be accessed by dialing (888) 286-8010 (for U.S. participants) or (617) 801-6888 (for international participants). The replay pass code is 21661706.
The conference call will also be broadcast over the Internet and may be accessed from the company's web site at www.microvision.com/investors. A replay of this webcast will be available through the company's web site shortly after the live conference call concludes.
About Microvision
Microvision provides the PicoP(R) display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit the company's website (www.microvision.com) and corporate blog (www.microvision.com/displayground).
Forward-Looking Statements
Certain statements contained in this release, including those using words such as "plans," are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
SOURCE: Microvision, Inc.
Microvision, Inc.
Investors:
Tiffany Bradford, 425-936-6847
or
Media:
Jackie Dansak, 425-882-6640
Microvision Collaborates with Capcom and Intel to Introduce New Gaming Experience, Infinite Reality
http://phx.corporate-ir.net/phoenix.zhtml?c=114723&p=irol-newsArticle&ID=1480602&highlight=
Microvision's Project Tuatara Frees Gamers from the Screen, Bringing Unparalleled Movement and Immersion
NEW YORK, Oct 08, 2010 (BUSINESS WIRE) --
This week at New York Comic Con, Microvision Inc. (NASDAQ:MVIS) and its Project Tuatara collaborators Capcom and Intel Corporation are showing off infinite reality gaming, an entirely new gaming experience that helps eliminate the barrier of fixed screens. Project Tuatara enables high-definition projected displays on any surface imaginable--no monitor or TV screen required--and delivers immersive movement to the PC gaming experience far beyond what consoles offer today. The technology will be demonstrated using one of the highest-scaling games Intel has tested on the Intel(R) Core(TM) i7 Processor Extreme Edition this year--Capcom's "Lost Planet 2" for PCs, slated for release next week.
As a first step towards infinite reality gaming, Project Tuatara unlocks game play from the screen, enabling gamers to experience first-person shooter or third-person perspective video games all around them. The walls, ceiling and floor are now part of the action as gamers point the gun up to see the sky, and spin around to see what's behind them. Project Tuatara will be available to experience at the Intel Extreme Masters booth (#726) on the show floor, as well as at an invitation-only party the evening of October 9 hosted by Capcom, Intel and Microvision.
"While the major gaming platforms are focused on 3D and controller-free gaming, Microvision is leveraging the unique characteristics of its ultra-miniature PicoP display technology to show how game play can also break free from the screen," said Michael Fritts, vice president of sales, marketing and business development, Microvision. "Infinite reality gaming is much more realistic and exciting as gamers are free to roam and physically experience fantastic environments as if they were in them."
Project Tuatara Explores Gaming's Future
The Project Tuatara prototype gun is a battery operated, wireless HD video projection display and wireless controller, created to explore the market opportunity for Microvision's gaming platform enabled by the PicoP(R) display engine. The latest design is based on a bullpup rifle that is lighter and easier to operate, and includes more programmable buttons. Microvision's PicoP display engine, now embedded below the rifle's sights, uses lasers and a single scanning mirror to cast a large, vivid, high-definition image that is always in focus with none of the rainbow artifact effects of other ultra-miniature projection technologies.
Combined with an Intel Core i7 Processor Extreme Edition-based PC and one of the most visually arresting games in the world--"Lost Planet 2" for the PC--gamers get an immersive and intense experience without compromising frame rates or system performance.
"Microvision and Intel are excited to demonstrate the next-generation of game play and show new levels of reality," said Jeff Abbate, director of marketing, Intel Software and Services Group. "Microvision's Project Tuatara takes advantage of the power of a system based on the Intel Core i7 Extreme Edition to deliver a realistic and intense gaming experience, giving users 360-degrees of freedom, without added lag or delays."
"We've updated the massive enemies and epic settings of our console game to become one of the highest-performing PC games Intel has tested this year," said Christian Svensson, vice president of strategic planning & business development, Capcom. "With innovations like Project Tuatara, the immersive game play of 'Lost Planet 2' becomes an even more compelling experience. It highlights a possible future for gaming that's more real, more intense and more engaging than ever before."
Check Out Project Tuatara Live at New York Comic Con
Executives from Capcom, Intel and Microvision will be discussing the future of PC gaming and introducing Project Tuatara at a joint press conference on October 9 at 4 p.m., at the Intel Extreme Masters booth. Attendees will also experience Project Tuatara's intense "infinite reality" while playing Capcom's "Lost Planet 2" running on PC's powered by Intel(R) Core(TM)i7 Extreme Edition processors.
About Microvision
Microvision provides the PicoP display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit the company's website (http://www.microvision.com) and corporate blog (http://www.microvision.com/displayground).
Forward-Looking Statements Disclaimer
Certain statements contained in this release, including those relating to future demonstrations, product introductions, applications and business prospects, as well as statements containing words like "plans," "will" and other similar expressions, are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the Company's forward-looking statements include the following: our ability to raise additional capital when needed; the risk of market acceptance of our technology and products, our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; our ability to enforce our intellectual property rights and protect our proprietary technologies; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; our ability to secure needed third party manufacturing and sales resources, dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims and other risk factors identified from time to time in the Company's SEC reports, including the Company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
SOURCE: Microvision Inc.
Microvision Inc.Callie Snyder, 503-471-6816 (PR)callie.snyder@edelman.comorTiffany Bradford, 425-936-6847 (investors)tiffany_bradford@microvision.com
It's always quiet round here ...
Looking to pick up some cheapies in the next few weeks, once vacation and some business trips are out of the way.
Hold on a few weeks more for me MVIS
Microvision Raises $12.375 Million Through Equity Financing Facility
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REDMOND, Wash., Sep 28, 2010 (BUSINESS WIRE) --
Microvision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, announced today that it has raised $12.375 million pursuant to a previously announced equity financing facility with Azimuth Opportunity, Ltd.
Microvision issued 6,277,275 shares of its common stock to Azimuth for an aggregate purchase price of $12,500,000. Microvision received proceeds from the sale of these shares of approximately $12,375,000 after deducting a placement agent fee of $125,000 paid to Reedland Capital Partners, an Institutional Division of Financial West Group, member FINRA/SIPC, in connection with this issuance. Microvision intends to use the net proceeds of the offering for general corporate purposes, including, but not limited to, working capital and capital expenditures.
On August 17, 2010, Microvision had announced that it had secured a committed equity financing facility under which it may sell up to $60 million of its shares of common stock to Azimuth over a 24-month period.
About Microvision
Microvision provides the PicoP(R) display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit the company's website (www.microvision.com) and corporate blog (www.microvision.com/displayground).
Forward-Looking Statements
Certain statements contained in this release, including those using words such as "intends", are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
SOURCE: Microvision, Inc.
Microvision, Inc.
Tiffany Bradford, 425-936-6847 (investors)
So I figure it's crap. Nothing I've seen or heard suggests that MVIS has managed to get enough volume production to be ready for such a mainstream release.
Plus I've grown to be very cynical of MVIS of late - nothing ever seems to match the hype.
That said, I'll be very happy if the rumours are true.
OK what was that for?
Back to Campus with a Projector in Your Pocket
Aug 19, 2010 (BUSINESS WIRE) --
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Will pico projectors be the next "must-have" gadget that students take to college this September, along with their notebook computers, cell phones and music players?
Pico projectors - compact, handheld devices that can beam video, movies, photos and presentations onto nearly any surface - will likely make their way into university dorm rooms and classrooms in 2010-11, says Robin Raskin, former tech journalist and founder of the HigherEd Tech Summit held in January at the Consumer Electronics Show. "College students, while avid users of digital devices, have serious space and budget constraints. They're always on the lookout for a single solution for all their viewing needs. Pico projectors fit the bill."
Pocket-sized pico projectors can connect to - and pull images and video from - cell phones, laptops, digital cameras and other mobile devices so users can more easily share media with one another. Pico projectors usually consist of a miniature projection "engine" that includes a light source, optics and electronics.
Indeed, pico projectors have gone from futuristic prototypes to available products seemingly overnight. According to a recent report from analyst firm DisplaySearch, pico projector shipment revenue totaled $117 million in 2009 and is expected to reach $13.9 billion in 2018.
Among college students, these little projectors may be particularly convenient and compelling as learning tools, as video in the form of YouTube, podcasts, webcams, conferencing, webinars, Flipcam and iPhone clips, web chat, and telepresence become commonplace in higher education.
"The introduction of video into almost every aspect of our learning and work tasks is profound and 'disrupting,'" the educational futurist and researcher Elliott Masie wrote recently. "...Rising bandwidth, lowered equipment costs, ease of editing and growing expectations of learners will make video a profound component of our learning efforts going forward."
Video certainly adds a new dimension to education, especially for students who are visual learners. But big-screen TVs and accessory monitors take up much precious space in cramped dorm rooms or student apartments, and typically cost upwards of $1,000. By comparison, pico projectors are tiny and relatively affordable.
Take, for example, the SHOWWX(TM) laser pico projector, from Microvision of Redmond, Washington. Only the size of a deck of cards, the SHOWWX (pronounced "SHOW," "W," "X") easily plugs into any device with video out such as an iPod, iPhone, iPad or notebook computer. In a dark environment, the SHOWWX can project a large WVGA, 16:9, high-quality image at up to 100" diagonal.
By design, SHOWWX is not as bright as a big traditional stationary projector but it's completely mobile, and when room lights are low, the SHOWWX is positively brilliant. SHOWWX works well on nearly any projection surface: a wall, a bed sheet, a piece of poster board, or even the ceiling of a dimly lit dorm room.
Having trouble with Shakespeare's masterwork Othello? It's a lot easier to remember after watching the Reduced Shakespeare Company abridged and humorous version, while sharing it with a few classmates on a study room wall. What about projecting historical maps on a white-board or flip chart and drawing over the image with a standard marker? Watching virtual reality tours of Egyptian burial cities, animated complex mathematical surfaces, and surveys of art history? The vivid, laser-driven color and large image size of the SHOWWX adds to the richness of shared video learning.
When it's time for a study break, the SHOWWX plus a Netflix movie playing on your laptop, or downloaded videos on your iPod or iPhone, can make a dorm room feel more like a home theater. And no matter where you shine the SHOWWX laser pico projector, the image is always in focus.
At least one college student has gone beyond the expected with Microvision's enabling technology: a pico projector laser display engine. Natan Linder, a master's degree candidate at the Massachusetts Institute of Technology (M.I.T.) Media Laboratory, is getting $15,000 in development funds from Audi for his LuminAR invention, an Internet-accessing digital light bulb and desk lamp combo that uses Microvision's display engine to project web content as it follows hand gestures toward a table, floor, wall or ceiling.
Inventors notwithstanding, most students who bring a pico projector to campus this Fall will be taking advantage of a cool, new gadget that lets them play a movie or make a presentation anywhere.
For her part, HigherEd Tech Summit's Raskin enthusiastically recommends Microvision's SHOWWX, one of 10 products chosen to represent the top trends at her CES 2010 showcase earlier this year. "We've all seen portable projectors," she wrote recently, "but this one takes the cake."
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SOURCE: Microvision, Inc.
Microvision, Inc.
Director of Communications
Matt Nichols, 425-882-6657
matt_nichols@microvision.com
or
Marketing Communications
Jami Nielsen, 425-882-6668
jami_nielsen@microvision.com
Wonder how this will affect out price? Now we have the funds available to make it through another year of slow ramping ...
Microvision Secures $60 Million Committed Equity Financing Facility
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REDMOND, Wash., Aug 17, 2010 (BUSINESS WIRE) --
Microvision, Inc. (Nasdaq:MVIS) today announced that it has secured a committed equity financing facility under which it may sell up to $60 million of its shares of common stock to Azimuth Opportunity, Ltd. over a 24-month period. Microvision is not obligated to use the facility and remains free to enter into and consummate other equity and debt financing transactions.
"Our ability to choose if, and when, to access funds under this facility, provides us with flexibility and the potential to minimize dilution for our stockholders. Together with our existing capital reserves, this financing vehicle gives us an additional financial resource to accomplish our commercialization and growth strategies for our patented PicoP(R) pico projection technology," commented Jeff Wilson, Chief Financial Officer of Microvision.
Microvision will determine, at its sole discretion, the timing, dollar amount and floor price per share for any draw under this facility, subject to certain limitations. When and if Microvision elects to use the facility, the number and price of shares sold in each draw will be determined by a contractual formula and the investor will purchase shares at a pre-negotiated discount to the volume-weighted-average price of Microvision's common stock over a multi-day pricing period. The actual amount of funds that can be raised under this facility will depend on the number of shares actually sold under the agreement and the market value of Microvision's stock during the pricing period of each sale.
Microvision may not issue more than 17,771,901 shares in connection with the facility (including the shares issuable to the investor as partial consideration for its commitment to enter into the purchase agreement), which is less than 20% of Microvision's outstanding shares of common stock on August 17, 2010, the closing date of the facility.
In consideration for Azimuth's execution and delivery of the purchase agreement, Microvision issued Azimuth 64,377 shares of its common stock and paid Azimuth a cash fee of $150,000. The issuance of these securities is exempt from registration under the Securities Act of 1933, as amended, pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(2) and Regulation D of the Securities Act.
Reedland Capital Partners, an Institutional Division of Financial West Group, member FINRA/SIPC, will act as placement agent and receive a fee for its services at the time of any draw under the facility. The offer and sale of the shares of Microvision's common stock issuable under the facility have not been registered under the Securities Act.
Accordingly, these securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Microvision has agreed to file within 60 days a registration statement on Form S-1, covering the resale of the common stock issued and issuable in accordance with the terms of the facility.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
About Microvision
Microvision provides the PicoP display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays, and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit the company's website (www.microvision.com).
Forward-looking Statements
Certain statements contained in this release, including those relating to Microvision's expectations regarding the use of the facility, the anticipated filing of a registration statement on Form S-1 to cover the resale of shares issued to the investor, and our commercialization and growth strategies are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that Microvision may not meet the conditions for sales under the facility; the possible adverse impact on the market price of our shares of common stock due to the dilutive effect of the securities to be sold pursuant to the use of the facility; the performance by the investor under the facility; capital market risks, our ability to raise additional capital when needed; market acceptance of our technologies and products; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; our dependence on the defense industry and a limited number of government development contracts; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; our customers' or our failure to perform under open purchase orders; potential product liability claims; as well as other risk factors identified from time to time in the company's SEC reports and other filings, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
Additional Information
Additional information relating to Microvision can be found on EDGAR at www.sec.gov.
SOURCE: Microvision, Inc.
Microvision, Inc.
Matt Nichols (media), 425-882-6657
Email: matt_nichols@microvision.com
or
Tiffany Bradford (investors), 425-882-6629
Email: tiffany_bradford@microvision.com
Microvision Announces Second Quarter 2010 Results
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Quarterly Revenue Grows to $2.1 Million and Backlog to $20.1 Million
REDMOND, Wash., Aug 05, 2010 (BUSINESS WIRE) -- Microvision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display technology, today reported its operating and financial results for the second quarter of 2010.
Operating Results
"I'm pleased to report that our ongoing investment to improve our production and supply chain capabilities resulted in a more stable and predictable flow of finished product in the second quarter," stated Alexander Tokman, President and CEO. "We continue to see an increase in our green laser supply and smooth conversion of raw materials into finished goods. This strengthening of capacity will become increasingly important in the second half of 2010 as we plan to deliver larger volumes of PicoP(R)-based products to our customers to meet their strong demand.
"Our backlog grew to a record $20.1 million and includes a $3.4 million follow-on order from our initial OEM display engine customer. The demand for our PicoP-based products remains strong from both existing and new customers who are excited about the unique capabilities of our PicoP projection solution. In connection with our capacity increase during the second quarter, we have increased our global distribution points and continue to qualify additional distribution partners. Customer response to the SHOWWX(TM) laser pico projector has been very positive.
"Our future success will depend on our ability to anticipate consumer needs and rapidly innovate to bring new products to market leveraging the unique capabilities of our PicoP technology. With this in mind, we recently unveiled a 15-lumen, 720p HD-ready pico projector prototype. We have received a very enthusiastic response to the high resolution, brighter images from this prototype and believe that advancing our PicoP technology platform will continue to position us as a premier provider of customer-focused projection solutions," concluded Mr. Tokman.
Financial Results
The following financial results are for the three and six months ended June 30, 2010, respectively, compared to the same period one year earlier.
Revenue was $2.1 million compared to $987,000 for the second quarter and $2.8 million, compared to $1.9 million for the first half. The company's quarterly revenue grew from the first quarter of 2010 and year-over-year as higher volumes of PicoP-based products were shipped to customers.
Backlog was $20.1 million at June 30, 2010 compared to $854,000 at June 30, 2009. The backlog is composed almost exclusively of orders for the company's PicoP embedded engine and its SHOWWX laser pico projector.
Operating loss was $11.1 million compared to $9.5 million for the quarter, and $20.6 million compared to $18.6 million for the first half. The increased operating loss was due to higher operating costs attributable to commercialization of the SHOWWX product.
Net loss for the quarter was $11.1 million, or $0.12 per share compared to $10.4 million, or $0.15 per share. Net loss for the six months was $20.2 million, or $0.23 per share compared to $19.3 million, or $0.28 per share.
Net cash used in operating activities for the six months was $22.3 million, compared to $16.3 million. The increase was attributable to a higher net loss and an increase in working capital requirements. The increase in working capital requirements reflected a combination of increased inventory of raw materials and subassemblies with long lead times as the company prepares to ship higher product volumes in the second half of the year to meet customer delivery requirements, and a higher accounts receivable balance due to the timing of product shipments during the quarter.
The company ended the quarter with $22.2 million in cash, cash equivalents and investment securities.
Management will discuss the company's operating and financial results and current business operations in more detail during its conference call at 4:30 p.m. ET / 1:30 p.m. PT today.
Conference Call
Microvision will host a conference call today at 4:30 p.m. ET / 1:30 p.m. PT. Participants may join the conference call by dialing 1-866-788-0545 (for U.S. participants) or 1-857-350-1683 (for international participants) ten minutes prior to the start of the call. The conference call pass-code number is 27717076. Additionally, the call will be broadcast over the Internet and can be accessed from the company's web site at http://www.microvision.com/investors. The webcast and information needed to access the telephone replay will be available through the same link approximately one hour after the conference call concludes.
About Microvision
Microvision provides the PicoP(R) display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit the company's website (http://www.microvision.com) and corporate blog (http://www.microvision.com/displayground).
Forward-Looking Statements
Certain statements contained in this release, including those relating to future delivery, business success, operating results, product development, and potential product benefits, in addition to statements containing "plan, "believe" and similar words, are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: capital market risks, our ability to raise additional capital when needed; market acceptance of our technologies and products; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; our dependence on the defense industry and a limited number of government development contracts; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; our customers' or our failure to perform under open purchase orders; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports and other filings, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
Microvision, Inc.
Balance Sheet
(In thousands)
(Unaudited)
June 30, December 31,
2010
2009
Assets
Current Assets
Cash and cash equivalents $ 19,636 $ 43,025
Investment securities, available-for-sale 2,613 2,710
Accounts receivable, net of allowances 1,505 913
Costs and estimated earnings in excess of billings on uncompleted contracts 7 70
Inventory 6,600 926
Current restricted investments 305 -
Other current assets 736 751
Total current assets 31,402 48,395
Property and equipment, net 4,912 3,904
Restricted investments 1,189 1,189
Other assets 47 48
Total assets $ 37,550 $ 53,536
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $ 7,878 $ 4,949
Accrued liabilities 3,813 4,190
Billings in excess of costs and estimated earnings on uncompleted contracts 47 55
Liability associated with common stock warrants 349 840
Current portion of capital lease obligations 51 62
Current portion of long-term debt 81 78
Total current liabilities 12,219 10,174
Capital lease obligations, net of current portion 132 157
Long-term debt, net of current portion 203 244
Deferred rent, net of current portion 887 1,070
Total liabilities 13,441 11,645
Commitments and contingencies - -
Shareholders' Equity
Common stock at par value 89 89
Additional paid-in capital 375,810 373,405
Accumulated other comprehensive loss (30 ) (33 )
Accumulated deficit (351,760 ) (331,570 )
Total shareholders' equity 24,109 41,891
Total liabilities and shareholders' equity $ 37,550 $ 53,536
Microvision, Inc.
Statement of Operations
(In thousands, except earnings per share data)
(Unaudited)
Three months ended June 30, Six months ended June 30,
2010
2009
2010
2009
Contract revenue $ 73 $ 813 $ 371 $ 1,525
Product revenue 2,015 174 2,385 413
Total revenue 2,088 987 2,756 1,938
Cost of contract revenue 21 527 149 910
Cost of product revenue 3,337 543 4,496 784
Total cost of revenue 3,358 1,070 4,645 1,694
Gross margin
(1,270 ) (83 ) (1,889 ) 244
Research and development expense 6,043 5,716 11,041 11,326
Sales, marketing, general and administrative expense 3,817 3,667 7,705 7,481
Total operating expenses 9,860 9,383 18,746 18,807
Loss from operations (11,130 ) (9,466 ) (20,635 ) (18,563 )
Interest income 50 79 79 143
Interest expense (16 ) (20 ) (33 ) (31 )
Gain (loss) on derivative instruments, net 34 (982 ) 429 (802 )
Other expense (11 ) (5 ) (30 ) (6 )
Net loss $ (11,073 ) $ (10,394 ) $ (20,190 ) $ (19,259 )
Net loss per share - basic and diluted $ (0.12 ) $ (0.15 ) $ (0.23 ) $ (0.28 )
Weighted-average shares outstanding - basic and diluted 88,767 68,881 88,730 68,482
SOURCE: Microvision, Inc.
Microvision, Inc.
Tiffany Bradford, 425-936-6847 (investors)
Matt Nichols, 425-882-6657 (media)