News release:
SEATTLE, Aug. 14 /PRNewswire/ -- Microvision, Inc. (Nasdaq:MVIS) today reported results for the second quarter and six months ended June 30, 1997.
For the quarter, the company reported revenues of $102,200 and a net loss of $1,175,400 compared to negligible revenues and a net loss of $714,600 for the second quarter of 1996. Net loss per share of $0.20 for the quarter compares to a net loss per share of $0.15 for the second quarter of 1996.
For the six-month period, the company reported revenues of $102,200 and a net loss of $2,334,100 compared to revenues of $27,200 and a net loss of $1,332,300 for the same period in 1996. Net loss per share for the six-month period was $0.40 compared to a net loss of $0.28 per share for the same period in 1996.
Rick Rutkowski, Microvision's President and CEO said, ``Results continue to be in line with our expectations for the year. The company's increased contract revenue validates the market potential of our Virtual Retinal Display(TM) (VRD(TM)) technology. As part of our long-term growth strategy, we will continue to work with our customers and partners, utilizing our joint expertise, to further the development of VRD technology for specific product applications notably in the defense and aerospace sector. Our strong cash position provides us with the resources to pursue this strategy. We will continue to invest in research and development and to pursue additional market opportunities in such diverse markets as medical, industrial, and personal communications where VRD technology could provide substantial benefits to the end-user.''
Quarterly Highlights
During the second quarter of 1997, the company announced that it had entered into several contracts with customers in the defense and aerospace industries to develop its proprietary VRD technology for specific applications. In April and May of 1997, the company received two Small Business Innovation Research (SBIR) contracts with the United States Air Force. The first SBIR is to initiate the development of a full-color, high definition, head mounted display for pilot training applications. The second is to explore the development of very wide field of view immersive display systems for command, control, communications and computer information systems. These contracts will allow the company to demonstrate some of the unique features that VRD technology can deliver in interactive simulation and other applications that require very high resolution and a panoramic field of view.
In May of 1997, the company entered into an agreement with Saab AB and Ericsson Saab Avionics Company of Sweden to work together on advanced visual display systems incorporating Microvision's VRD technology. In June of 1997, the company entered into its second commercial agreement during the quarter as the Boeing Company contracted with Microvision to build a technology demonstration system incorporating Microvision's VRD. The technology demonstrator will be delivered to the Boeing Defense and Space Group later this month.
Subsequent to the end of the quarter, the company announced that it had accepted a third commercial development contract to incorporate its VRD technology into advanced helmet mounted display systems for fixed wing military aircraft. The name of the contracting company was not disclosed.
About the Company
Microvision, based in Seattle, Washington, is developing and commercializing its VRD technology, which allows electronically generated images and information to be projected onto the retina of the viewer's eye. The VRD scans a low power beam of light to ``paint'' rows of pixels onto the eye, creating a high resolution, full-motion image without the use of electronic screens of any kind. The company's objective is to be a leading provider of personal display products and imaging technology in a broad range of professional and consumer applications. For additional information, find the company's website at www.mvis.com.
Forward-Looking Statements
The information set forth in this release includes ``forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. Certain factors that realistically could cause results to differ materially from those projected in the company's forward-looking statements are set forth in the company's Annual Report on Form 10-KSB and Quarterly Reports on Form 10-QSB, as filed with the Securities and Exchange Commission.
MICROVISION, INC.
(A Development Stage Company)
BALANCE SHEETS
June 30, Dec. 31,
1997 1996
ASSETS
Current Assets
Cash and cash equivalents $11,463,400 $14,265,800
Accounts receivable 74,300 25,000
Other assets 135,200 86,500
Total current assets 11,672,900 14,377,300
Equipment, net 346,300 157,800
Other assets 12,200 30,200
Total assets $12,031,400 $14,565,300
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 400,600 $ 388,600
Accrued liabilities 379,600 667,600
Total liabilities 780,200 1,056,200
Shareholders' Equity
Common stock 24,154,300 24,116,200
Deferred compensation (5,500) (43,600)
Accumulated deficit (12,897,600) (10,563,500)
Total shareholders' equity 11,251,200 13,509,100
Total liabilities and shareholders' equity $12,031,400 $14,565,300
MICROVISION, INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
Contract revenue $ 102,200 -- $ 102,200 $ 27,200
Research and
development expense 933,700 342,100 1,583,400 692,100
Marketing, general and
administrative expenses 726,900 371,800 1,407,200 670,000
Total expenses 1,660,600 713,900 2,990,600 1,362,100
Loss from operations (1,558,400) (713,900) (2,888,400) (1,334,900)
Other income 222,500 -- 222,500 --
Interest income 161,100 1,700 333,100 5,000
Interest expense (600) (2,400) (1,300) (2,400)
Net loss $(1,175,400) $(714,600) $(2,334,100) $(1,332,300)
Net loss per share $ (0.20) -- $ (0.40) --
Weighted average
shares outstanding 5,782,200 -- 5,780,600 --
Pro forma net loss
per share -- $ (0.15) -- $ (0.28)
Pro forma weighted
average shares and
share equivalents
outstanding -- 4,766,700 -- 4,766,700
May 1993
(inception)
through
June 30,
1997
Contract revenue $ 233,700
Research and
development expense 8,254,300
Marketing, general and
administrative expenses 5,557,300
Total expenses 13,811,600
Loss from operations (13,577,900)
Other income 222,500
Interest income 695,400
Interest expense (237,600)
Net loss $(12,897,600)
Net loss per share --
Weighted average
shares outstanding --
Pro forma net loss
per share --
Pro forma weighted
average shares and
share equivalents
outstanding --
For more information on Microvision via fax, dial 800-PRO-INFO (908-544-2850 outside the U.S.) code MVIS.
SOURCE: Microvision Inc.
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More news for referenced ticker symbols: MVIS, MVISW, and related industries: aerospace, computer.
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