eMagin corporation - Page 16

eMagin is showing their microdisplays at this year's SPIE Defense, Security and Sensing conference. eMagin is showing two kinds of OLED microdisplays:

• SXGA OLED-XL™ microdisplay (1280 x 1024 triad pixels) offers digital signal processing in a compact package (0.77-inch diagonal active area) requiring less than 200 mW of total power under typical operating conditions of 100 cd/m2 in full-color.
• SVGA+ Rev3 display offers the most power efficient OLED solution for near-eye personal viewer applications such as thermal imaging, using less than 115 mW power in monochrome and lower than 175 mW at 100 cd/m2 for full color video. The SVGA+ Rev3 microdisplay allows for a simpler calibration over temperature and is ideal for demanding binocular luminance and color matching.

More than a dozen new systems on show are using eMagin's OLED displays, from companies such as Intevac, Elbit systems, Liteye, Oasis and Thales.

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eMagin, makers of OLED microdisplays, reported financial results for 2008 Q4.Revenus were 5.3M$ - a record for eMagin. They also retired all of its long term debt in December, 2008.

eMagin is improving their yield, and have achieved positive EBITDA.

eMagin has received notification of funding for more than $8 million for contract R&D programs to be executed through 2010. The programs assist in the development of power efficient microdisplays for night vision and for greater than HDTV resolution displays for training and simulation.

At the Interservice/Industry Training, Simulation and Education Conference (I/ITSEC), several companies show products that use eMagin's OLED microdisplays.

Intevac Vision Systems (IVS) shows a near eye displays, bonicoluars with microdisplays, and a monocular product. NVIS are showing a hand-held display, while Rockwell are showing a transparent microviewer designed for remote viewing. 

Sensics are also showing new head-mounted displays. The xSight is using 12 of eMagin's 3D OLED-XL displays, and delivers a 123 panormaic field of view, with 1680x1050 pixels per eye. There's also an OEM version.

All in all there are 9 products that use eMagin's OLEDs.

eMagin announced today that the OASIS system has been selected by the US Army to provide 20,000 units of the Remote Eyepiece Display-Imager (RED-I) head mounted display system for the Thermal Weapon Sight (TWS) Remote Viewer program. The RED-I system is equipped with eMagin's OLED-XL microdisplays.

The IDIQ contract awarded to OASYS exceeds $26 million with multi-year production rate deliveries scheduled to begin in the second quarter of 2009. The new RED-I product features instant-on startup at temperatures down to -40C, extended battery life, and is compatible with both new and legacy Thermal Weapon Sight (TWS) systems. The HMD attaches directly to standard-issue military helmets or protective eyewear, is thin enough to fit behind the blast visor of the cupola protective ensemble, and is backwards compatible with previous versions of the system.

eMagin Corporation issued financial results for its second quarter ending June 30, 2008.

Financial Summary

• Revenue for the three and six months ending June 30, 2008, of approximately $5.6 million and $8.3 million, represent increases of 33% and 6% from $4.2 million and $7.8 million for the same periods in 2007.
• Gross margins in 2008 grew to 47% of revenue or $2.6 million for the quarter and 36% or $3 million for the six-month period as compared to 30% of revenue or $1.3 million for the quarter and 23% or $1.8 million for the six-month period in 2007. These results were due to higher volume and better yield.
• Operating expenses declined 4% and 13% from $2.3 million and $4.8 million for the three and six month periods ending June 30, 2008, as compared to $2.4 million and $5.5 million in 2007.
• Operating income for the three months ending June 30, 2008 totaled $0.3 million compared to an operating loss of $1.1 million in 2007. For the six-month period, losses were $1.8 million in 2008, down 49% or $1.9 million from $3.7 million in 2007.

"I am pleased to announce that the Company has achieved positive operating income the second quarter of 2008, and we initiated a path forward that we believe will result in increased profitability with a lower cost structure and improved yields, said Andrew G. Sculley, chief executive officer and president, eMagin Corporation.

Selected Business Highlights

• At the Society for Information Display Conference, eMagin demonstrated its enhanced SVGA+ microdisplay, which the Company believes to be the most power efficient OLED solution for near-eye applications. Better power efficiency results in lighter and/or longer lasting mobile display products.
• eMagin is now shipping first samples of its new higher resolution microdisplay. Besides great contrast and a SXGA or 1280x1024 format at 0.77-inch diagonal, this display has outstanding power efficiency. The company’s measurements show that it is at least 4 times more power efficient than competitive products.

There's a new OLED group that has just been formed - the OLED Association (OLED-A). The group is managed by Barry Young (Former senior VP, Display Search).

There are ten members in the group - Cambridge Display/Sumitomo, Corning, DuPont, Kodak, eMagin, Ignis, MicroEmissive Displays, Novaled, OLED-T, Samsung SDI, and Universal Display, and OLED-A are working to add more members.

eMagin Corporation is showcasing the latest innovations in power-efficient OLED microdisplays at this year's Society for Information Display Conference. eMagin is also showcasing its microdisplay portfolio and subsystems in rugged commercial products and modules which meet the needs of near-eye applications ranging from PC gaming to night-vision headsets and scopes to mobile command and control communications and training and simulation.

"Our growing portfolio of OLED microdisplays deliver high resolution, flicker-free images which work effectively in adverse conditions such as extreme temperatures and high-vibration conditions with extremely high power efficiency," noted Susan Jones, executive vice president and chief business/strategy officer, eMagin Corporation. "Our new cell architecture and OLED-XL technology provide the cornerstone for even more advanced microdisplay products."

Products featured at eMagin’s booth include:

SVGA+ Rev3 OLED-XL microdisplay, the most power efficient OLED solution for near-eye personal viewer applications. The SVGA+ Rev3 display uses less than 115 mW power in monochrome, such as for thermal imaging applications, and lower than 175 mW at 400 cd/m2 for full color video. This new microdisplay has simpler calibration over temperature and is ideal for demanding binocular luminance and color matching. It also shares all the functional and design characteristics of eMagin’s original SVGA OLEDs, already proven in military and first-responder systems, responding instantly at temperatures as low as -40 degrees C.

SXGA OLED microdisplay, the best combination of high resolution and low power requirement. eMagin is previewing features of its SXGA (1280 x 1020 pixels) microdisplay. The next generation SXGA OLED microdisplay, targeted for introduction next quarter, offers both analog and digital signal processing in a compact package (0.77-inch diagonal active area) requiring less than 200 mW under typical operating conditions of 400 cd/m2, full-color. Design enhancements include increased pixel uniformity, improved color gamut, on-chip temperature sensor and compensation, and compatibility with both analog RGB and digital video signals. This high-density OLED-on-silicon microdisplay promises an affordable, easy-to-integrate solution for many virtual imaging systems.

Revenue for the three months ending March 31, 2008, of $2.7 million represent a decrease of 26% compared to the same period of 2007. Revenue for the first quarter was affected by a temporary production issue that occurred at the end of 2007 and certain government billings that were expected in the first quarter were not invoiced until the second quarter. Revenue for the second quarter is expected to approximate $4 to $5 million.

• eMagin now has over 100 customers who have commercialized eMagin-equipped products, and more than 100 additional customers who are at various stages of evaluation, product development or conducting field trials prior to commercialization across a diverse variety of industrial, medical, military and consumer applications.
• eMagin has booked or has commitments for over $8 million for government R&D contracts over the next 2 years which are developing technology and display products important to the Department of Defense.

eMagin Corporation has issued financial results for its fiscal year and fourth quarter ending December 31, 2007. The results show record revenues with year-over-year results improving by 115% for the full year of 2007.

Financial Summary:

• Revenue for the three and twelve months ending December 31, 2007, of $ 4.6 million and $17.6 million increased 81% and 115%, respectively, from $2.6 million and $8.2 million for the quarter and year ending December 31, 2006. The growth in revenue was directly attributable to increased sales of our microdisplays to military, industrial, and dual-use OEMs, with military OEM growth of 100% driving results.
• Net loss for the three months ending December 31, 2007 was ($1.2 million) compared to ($1.5 million) in 2006. For the full year 2007 net loss was ($18.5 million) compared to a net loss of ($15.3 million) during 2006. Approximately $10.7 million of the loss in 2007 was related to the exchange of the 8% senior secured convertible notes and related warrants for the 6% senior secured convertible notes and warrants.