Thanks CatLady.......I'll do one better! Full CSFB report on KOPN:
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Kopin (KOPN-$62.31-Cap $2.1 B- Strong Buy)
Joel Pitt
Kopin 0.07 Q1 EPS on $19.7MM Revenue, Blows Away Projections. Raising 2000 EPS estimate to $0.54, 2001 To $1.00
ú We expected a strong Q1, but results were far stronger. Revenue was more than 25% above our (revised) expectation, and at $0.07 EPS beat consensus by $0.02 well ahead of our $0.03 estimate.
ú HBT revenues were $16.4MM, up 179%. By getting new equipment into production earlier in the quarter, Kopin was able to deliver more product, but demand continues to exceed supply.
ú CyberDisplay revenue was $2.9MM, nearly 30 times last years sales, up nearly 50% sequentially (and almost 20% above our expectations). Here too demand continues to run well ahead of supply.
ú Operating expenses were extremely well controlled given the strong increase in revenue. R&D investment was increased significantly, while SG&A actually decreased.
ú The fourfold expansion of HBT capacity that was initiated last year has gone smoothly, and a second doubling of capacity is in the offing. Kopin is on track in automating CyberDisplay production
ú We're increasing our 2000 EPS estimate to $0.54 from $0.47, 2001 to $1.00 from $0.87, and believe there is some opportunity for modest upside.
We maintain our STRONG BUY rating. |
