eMagin's founder, Gary Jones, is leaving his roles of CEO and president, which he has held with the Company for over 15 years, but will continue to serve the Company as a consultant focused on current strategic partnerships and M&A opportunities. Dr. K.C. Park, executive vice president, has been appointed as interim CEO and president.
"We believe that the timing for this transition is good," Jones commented. "We've just delivered our highest revenue quarter and year. Preliminary results for the fourth quarter of 2006 show revenues of $2.6 million, up over 100% from $1.3 million in 2005. Preliminary full-year revenue for 2006 of $8.2 million reflects growth of 118% from $3.7 million in 2005. In addition, we anticipate this growth to continue through the first quarter of 2007 with early projections calling for over $3.5 million in revenue." He went on to note that eMagin's cash position has improved during the past quarter owing to customer prepayments, increased sales and short-term investments with $1.7 million in cash on December 31, 2006, but cash remains a significant risk factor for the company and shareholders.
