eMagin Corporation has issued preliminary financial results for its second quarter ending June 30, 2007. The results show record revenues with year-over-year revenues improving by 153% for the quarter and 137% for the first six months of 2007.
Financial Summary
- Revenue for the three and six months ending June 30, 2007, of $4.2 million and $7.8 million represent increases of 153% and 137% from $1.7 million and $3.3 million in 2006. Once again, increases in microdisplay demand fueled the reported growth and eMagin’s eighth consecutive quarter of revenue increases.
- Gross margins in 2007 grew to 30% of revenue or $1.3 million for the quarter and 23% or $1.8 million for the six-month period as compared to gross losses of $1.3 million (77%) of revenue and $2.7 million (81%) of revenue in 2006. These results reflect improvements of $2.6 million and $4.5 million for the three and six month periods ended June 30, 2007 as compared to 2006.
- Operating expenses declined 32% and 25% from $2.4 million and $5.5 million for the three and six month periods ending June 30, 2007, as compared to $3.6 million and $7.4 million in 2006.
- Operating loss declined 76% for the three months ending June 30, 2007, to $1.1 million from $4.8 million in 2006. Excluding $384,000 of non-cash expenses, the operating losses for the quarter totaled $760,000. For the six-month period, losses were $3.7 million in 2007 down 63% or $6.3 million from $10.1 million in 2006.
- Net losses for the three and six month periods ending June 2007 were $1.7 million or $0.15 per share and $4.7 million or $0.42 per share as compared to a net loss of $4.8 million or $0.48 per share and $10.0 million or $1.00 per share for the periods in 2006.
eMagin anticipates revenues to exceed $16 million for the full year, ending December 31, 2007. Built on our pioneering work in OLED microdisplay technology and on-going customer development and support, our combination of manufacturing and financial discipline with marketing focus has enabled us to improve the business substantially during the first half of 2007, said K.C. Park, interim CEO and president, eMagin Corporation. With this solid footing established we’re excited about our opportunities and look forward to continuing our growth.
