MicroVision Inc., a leading provider of innovative ultra-miniature projection display technology, today announced its operating and financial results for the second quarter of 2011.
For the three months ended June 30, 2011, MicroVision reported revenue of $1.2 million compared to $2.1 million reported for the second quarter of 2010. As of June 30, 2011, the company’s backlog was $1.7 million.
The company reported an operating loss of $9.3 million, or $(0.09) per share, for the second quarter of 2011 compared to a loss of $11.1 million, or $(0.12) per share, for the comparable quarter last year.
As of June 30, 2011, MicroVision’s cash and cash equivalents were $9.3 million, which includes $2.4 million raised during the second quarter of 2011 through the company’s 2010 equity financing facility.
“We are realizing the results from the business plan we announced and implemented in late 2010 and early 2011,” Alexander Tokman, president and CEO of MicroVision stated in the press release. “While we continue to reduce cash used in operations, the team is actively engaged in expanding our distribution network for the SHOWWX product line and closing important business development opportunities.”
The company also highlighted second-quarter achievements, including the securitization of new equity financing facility under which the company may sell up to $40 million of its common stock over two years.
MicroVision also continued to execute on its three key initiatives for 2011: progressing the development of the next-generation high-definition (HD) PicoP® display engine with Pioneer Corp.; adding new distribution partners for the SHOWWX family of pico projectors; and significantly reducing its cash used in operations compared to 2010.
The company also signed a first-of-its-kind agreement with a major automobile manufacturer, which enables the company to move toward commercialization of its PicoP head-up display technology (PicoHUD™) inside a mass-production car model slated for market introduction in 2014.
For more information visit microvision.com
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