Kim, since your weary... here is the earnings release!
Thursday November 13, 4:00 pm Eastern Time
Company Press Release
SOURCE: Microvision, Inc.
Microvision Announces Results for Third Quarter
SEATTLE, Nov. 13 /PRNewswire/ -- Microvision, Inc. (Nasdaq: MVIS - news and MVISW - news) today
reported results for the third quarter and nine months ended September 30, 1997.
Revenues for the third quarter of 1997 were $750,300 compared to revenues of $50,000 for the same quarter in
1996. For the quarter, the company reported a net loss of $1.2 million, or $0.20 per share, compared to a net loss
of $870,300, or $0.16 per share for the third quarter of 1996.
Revenues for the first nine months of 1997 were $852,500 compared to revenues of $77,200 in the same period in
1996. For the nine-month period, the company reported a net loss of $3.5 million, or $0.61 per share, compared to
a net loss of $2.2 million, or $0.43 per share, for the same period in 1996.
Revenues for the quarter and nine months increased substantially over revenues for the comparable periods of
the prior year as the company continued to recognize revenue from several development contracts entered into
in the second and third quarters of 1997. Operating expenses, in particular research and development expenses,
for the quarter and nine months increased as expected as additional resources were devoted to the continuing
development of the VRD technology and to performing on development contracts.
Quarterly Highlights
During the quarter, the company made the final payment due under its research agreement with the University of
Washington, which resulted in Microvision now having paid in full the $5.1 million license fee due under its
exclusive license for the VRD technology.
Also during the quarter, the company entered into a commercial development contract to incorporate its VRD
technology into advanced helmet-mounted display systems for fixed wing military aircraft.
In addition, the company delivered on schedule to The Boeing Company [NYSE:BA - news] a technology
demonstration system incorporating the VRD for use in demonstrating new kinds of human interfaces for
advanced aircrew systems. The helmet-mounted display is the first full-color VRD system to be delivered by the
company to any customer.
Subsequent to September 30, 1997, the company delivered on schedule a high-resolution helmet-mounted
display demonstration system incorporating the company's VRD technology to Saab and Ericsson Saab
Avionics for use in aircraft simulators.
Mr. Rick Rutkowski, President and CEO of Microvision says ''The deliveries of these VRD demonstrators to
Boeing and Saab mark important steps in the company's strategy for taking the VRD technology to the
marketplace. We have signed development agreements with several of the world's leading companies in the
defense and aerospace industries. We will continue to develop these relationships as we pursue development
agreements with other leading companies in a broad range of markets, including the medical and communications
markets. We believe these demonstrators provide evidence of specific applications for our technology and lay
the foundation for new product development in these and other markets.''
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 mvis.com.
Forward-Looking Statements
The information set forth in this release includes ''forward-looking statements'' within the meaning of 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
September 30, December 31,
1997 1996
ASSETS
Current Assets
Cash and cash
equivalents $10,021,900 $14,265,800
Accounts receivable 263,800 25,000
Other current assets 545,400 86,500
Total current assets 10,831,100 14,377,300
Equipment, net 455,900 157,800
Other assets 13,800 30,200
Total assets $11,300,800 $14,565,300
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable $390,800 $388,600
Accrued liabilities 636,400 667,600
Total liabilities 1,027,200 1,056,200
Shareholders' Equity
Common stock 24,798,800 24,116,200
Deferred compensation (455,600) (43,600)
Accumulated deficit (14,069,600) (10,563,500)
Total shareholders'
equity 10,273,600 13,509,100
Total liabilities and
shareholders' equity $11,300,800 $14,565,300
MICROVISION, INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS
May 1993
(inception)
Three Months Ended Nine Months Ended through
September 30, September 30, September 30,
1997 1996 1997 1996 1997
Contract revenue $750,300 $50,000 $852,500 $77,200 $984,000
Research and
development
expense 1,362,6003 23,300 2,946,000 1,015,400 9,616,900
Marketing,
general and
administrative
expenses 702,900 661,100 2,110,100 1,331,100 6,260,200
Total
expenses 2,065,500 984,400 5,056,100 2,346,500 15,877,100
Loss from
operations (1,315,200) (934,400)(4,203,600) (2,269,300)(14,893,100)
Other income -- -- 222,500 -- 222,500
Interest
income 143,600 74,400 476,700 79,400 839,000
Interest
expense (400) (10,300) (1,700) (12,700) (238,000)
Net loss ($1,172,000) ($870,300)($3,506,100)($2,202,600)($14,069,600)
Net loss per
share ($0.20) ($0.61)
Weighted average
shares
outstanding 5,791,700 5,784,300
Pro forma net loss
per share ($0.16) ($0.43)
Pro forma weighted
average shares and
share equivalents
outstanding 5,600,900 5,089,900
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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