Revenue for the three months ended March 31, 2005 of $0.7 million increased 28 percent from $0.5 million in the first quarter of 2004. As anticipated the results reflect limited production output as eMagin accommodates reconfiguration of its plant and processes toward monthly output of 15,000 to 20,000 microdisplays in 2005. This compares to a typical average output of 1,000 - 2,000 units per month in 2004.
Net loss applicable to common stock for the quarter was $3.5 million, or $0.04 per share as compared to a net loss of $6.6 million or $0.13 per share during the three months ended March 31, 2004. The 2004 loss was higher as a result of non-cash charges associated with debt conversion and expensing of unamortized interest discounts associated with the debt.
"With production resuming in May we've initially restarted the line to accommodate moderate throughput. We anticipate that we will generate between $1.0 million and $2 million of revenue during Q2, ramping production output upward throughout the remainder of the year. Our first shipments of microdisplays from our consumer OEM backlog are now occurring and we are projecting initial shipping availability of our first commercial Z800 3D Visor units to begin by the end of the quarter."
