|By Business Wire||
|November 6, 2012 07:30 AM EST||
Kopin Corporation (NASDAQ: KOPN), today announced financial results for the third quarter ended September 29, 2012.
Revenues for the three months ended September 29, 2012 were $21.9 million, compared with $29.6 million in the third quarter of 2011. III-V product revenues were $13.7 million, compared with $15.5 million for the third quarter of 2011, reflecting slower growth in mobile phone demand in the 2012 period. Display product revenues decreased to $8.2 million from $14.1 million for the same period of last year due to lower revenue from the Company’s military display products in the 2012 period.
The net loss for the third quarter of 2012 was $6.7 million, or $0.11 per share, compared with net income of $0.2 million, or $0.00 per share, for the third quarter of 2011. Results for the three-month periods of 2012 and 2011 included a $0.5 million loss and a $1.0 million gain, respectively, related to foreign currency fluctuations. Non-cash stock compensation expense increased $0.8 million to $1.5 million in the third quarter of 2012, compared with $0.7 million in the third quarter of 2011. Additionally, during the third quarter of 2012 Kopin increased its investment in Ikanos Consulting, Ltd. to 51% of outstanding common stock and recorded a non-cash loss of $0.6 million related to its stepped-up investment. Ikanos is now consolidated within Kopin’s consolidated financial results and incurred approximately $0.4 million in losses.
First Golden-i® Equipped Headset Computer for Industrial Market
Kopin achieved a key milestone in October, as Motorola Solutions introduced the HC1, the first commercially available headset computer powered by the Company’s Golden-i platform. Voice recognition, hands-free operation and gesture control are integrated into the Golden-i operating system. An instructional video about the HC1 is available at: http://www.engadget.com/2012/10/22/motorola-solutions-outs-hc1-head-mounted-computer/.
A video demonstrating Golden-i technology’s capabilities is available at: http://www.youtube.com/watch?v=HzUwvW6zcNY&list=HL1351753027&feature=mh_lolz.
“Golden-i technology’s value proposition is the ability to improve the productivity of enterprise users through an easier access to a wider knowledge base, whether that knowledge is stored in a database or in the enterprise’s collective experience,” said Dr. John C.C. Fan, Kopin’s president and chief executive officer. “Device manufacturers can develop Golden-i enabled mobile systems that seamlessly command and control multiple independent devices and networks – all with voice recognition or gesture control – that can access data over the cloud and allow problem solving with fellow colleagues.”
“The launch of the first headset powered by our Golden-i technology is significant not only for Kopin but for the many business partners that have worked closely with us to contribute their technological and product expertise to enhance the Golden-i user experience,” said Dr. Fan. “In addition to Motorola Solutions, companies such as Microsoft, Texas Instruments, Nuance Communications, Ikanos, Ask-Ziggy and a number of other companies have played critical roles in the development process.”
“Ikanos is a U.K. software consulting company that was instrumental in developing the Golden-i operating system and will provide application development support for customers of Golden-i enabled products,” Dr. Fan said. “The acquisition of a controlling interest in Ikanos is part of our larger strategy to be able to offer complete hardware reference designs and software solutions. Ask-Ziggy is a voice recognition company whose expertise is in contextual natural speech recognition. Ask-Ziggy, a company that we made a small investment in, is working with Kopin to change speech recognition from command and control to a more natural discussion.”
“Through the first nine months of this year, we remain on plan to achieve our revenue guidance of $90 million to $95 million for full year 2012,” Dr. Fan said. “Our focus is on investing in the businesses and technologies that we believe will enable us to enhance the commercial opportunities for Golden-i across a broad spectrum of applications. Based on discussions with prospective customers, we believe that there is a significant market for Golden-i enabled products and that we have an opportunity to take a leading role in developing the market. Our balance sheet, which has more than $94 million in cash and marketable securities and no debt, provides us with the financial resources and flexibility to pursue the strategic growth objectives for Golden-i that ultimately will drive value for our shareholders.”
Financial Results Conference Call
In conjunction with its third-quarter 2012 financial results, Kopin will host a teleconference call for investors and analysts at 9:00 a.m. ET today. To participate, please dial (877) 407-5790 (U.S. and Canada) or (201) 689-8328 (International). The call also will be available as a live and archived audio webcast on the “Investors” section of the Kopin website, www.kopin.com.
About Kopin Corporation
Kopin Corporation is developing Golden-i®, a proprietary voice-activated, cloud computing, wireless, hands-free technology with microdisplay capabilities for use in headset computers. Kopin’s unique HBTs (heterojunction bipolar transistors), which help to enhance battery life, talk time and signal clarity, have been integrated into billions of wireless handsets as well as into WiFi, VoIP and high-speed Internet data transmission systems. Kopin's proprietary technologies are protected by more than 200 global patents and patents pending. For more information, please visit Kopin's website at www.kopin.com and www.mygoldeni.com.
Kopin, CyberDisplay, Golden-i and The NanoSemiconductor Company are trademarks of Kopin Corporation.
Kopin – The NanoSemiconductor Company™
Statements in this news release may be considered “forward-looking” statements under the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements relating to: the ability of device manufacturers to develop mobile systems that enable seamless command and control of multiple independent devices and networks; Kopin’s strategy to offer complete hardware reference designs and software solutions for Golden-i; the Company’s revenue outlook for full-year 2012; Kopin’s focus on investing in the businesses and technologies that it believes will enhance the commercial opportunities for Golden-i across a broad spectrum of applications; Kopin’s belief that there is a significant market for Golden-i enabled products and that the Company has an opportunity to take a leading role in developing the market; and the Company’s ability to use its financial resources and flexibility to pursue the strategic growth objectives for Golden-i that ultimately will drive value for shareholders. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the Company’s 2012 revenue expectations may turn out to be wrong; there may be issues that prevent the adoption or further development of the Golden-i platform or Golden-i enabled devices; manufacturing, marketing or other issues may prevent either the adoption or rapid acceptance of products; the Company might be adversely affected by competitive products and pricing; new product initiatives and other research and development efforts may be unsuccessful; the Company could experience the loss of significant customers; costs to produce the Company’s microdisplay and III-V products might increase significantly, or yields could decline; military programs or funding for military programs involving Kopin’s products might be delayed or cancelled; the Company’s military and commercial customers might be unable to ramp production volumes of its products, or the Company’s product forecasts could turn out to be wrong; manufacturing delays, technical issues, economic conditions or external factors may prevent the Company from achieving its financial guidance; potential claims or liability could arise as a result of the Company’s restatement of its financial statements; the Company could have additional write-downs of its equity investment or charges related to its investments in other companies, including FDD, KTC and Kowon; and other risk factors and cautionary statements listed in the Company’s periodic reports and registration statements filed with the Securities and Exchange Commission, including the Quarterly Report on Form 10-Q for the third quarter and the Annual Report on Form 10-K for the 12 months ended December 31, 2011, and the Company’s subsequent filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no responsibility to update any of these forward-looking statements to reflect events or circumstances occurring after the date of this report.
|Condensed Consolidated Statements of Operations|
|Three Months Ended||Nine Months Ended|
September 29, 2012
September 24, 2011
September 29, 2012
September 24, 2011
|Research and development revenues||926,690||1,053,964||2,585,900||4,900,754|
|Cost of product revenues||15,834,791||19,752,536||49,714,995||60,814,341|
|Research and development||6,399,053||6,381,089||16,519,193||19,905,398|
|Selling, general and administrative||5,466,289||4,351,794||15,591,101||13,494,589|
Impairment of intangible assets and goodwill
|(Loss) income from operations||(5,759,775||)||(918,969||)||(13,494,180||)||1,717,571|
|Other (expense) income, net||(633,733||)||1,409,945||761,384||1,925,274|
|(Loss) income before provision for income taxes, equity losses in||(6,393,508||)||490,976||(12,732,796||)||3,642,845|
|unconsolidated affiliates and net loss (income) from noncontrolling interest|
|Provision for income taxes||(470,500||)||(97,500||)||(1,335,500||)||(293,000||)|
|(Loss) income before equity losses in unconsolidated affiliates and net||(6,864,008||)||393,476||(14,068,296||)||3,349,845|
|loss (income) from noncontrolling interest|
|Equity losses in unconsolidated affiliates||(202,278||)||(49,596||)||(592,480||)||(203,834||)|
|(Loss) income before net loss (income) from noncontrolling interest||(7,066,286||)||343,880||(14,660,776||)||3,146,011|
|Net loss (income) attributable to noncontrolling interest||344,274||(184,261||)||160,300||(118,861||)|
|Net (loss) income||$||(6,722,012||)||$||159,619||$||(14,500,476||)||$||3,027,150|
|Net (loss) income per share:|
|Weighted average number of common shares outstanding:|
|Condensed Consolidated Balance Sheets|
|September 29, 2012||December 31, 2011|
|Cash and marketable securities||$||94,537,235||$||105,418,550|
|Accounts receivable, net||14,953,739||17,887,754|
|Prepaid and other current assets||1,843,171||1,962,127|
|Total current assets||131,019,134||145,736,943|
|Equipment and improvements, net||33,710,208||32,369,441|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Billings in excess of revenue earned||2,214,889||2,467,461|
|Total current liabilities||20,607,646||22,479,789|
|Total Kopin Corporation stockholders' equity||152,045,416||164,961,333|
|Total stockholders' equity||158,706,784||170,096,756|
|Total liabilities and stockholders' equity||$||180,459,203||$||193,872,215|
|Three Months Ended||Nine Months Ended|
September 29, 2012
September 24, 2011
September 29, 2012
September 24, 2011
|Display Revenues by Category (in millions)|
|Consumer Electronics Applications||3.0||5.8||8.8||14.7|
|Research and Development||0.9||1.0||2.2||4.6|
|Stock-Based Compensation Expense|
|Cost of product revenues||$||125,000||$||136,000||$||391,000||$||433,000|
|Research and development||97,000||129,000||271,000||418,000|
|Selling, general and administrative||1,327,000||441,000||3,111,000||1,326,000|
|Other Financial Information|
|Depreciation and amortization||$||2,501,000||$||2,184,000||$||7,634,000||$||5,997,000|
|Treasury stock purchases||$||-||$||1,153,000||$||3,456,000||$||3,060,000|
WebRTC is an up-and-coming standard that enables real-time voice and video to be directly embedded into browsers making the browser a primary user interface for communications and collaboration. WebRTC runs in a number of browsers today and is currently supported in over a billion installed browsers globally, across a range of platform OS and devices. Today, organizations that choose to deploy WebRTC applications and use a host machine that supports audio through USB or Bluetooth can use Plantronics products to connect and transit or receive the audio associated with the WebRTC session.
Apr. 27, 2015 04:00 PM EDT Reads: 1,913
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provides a high level technical overview of many cloud services available to mobile app developers, includi...
Apr. 27, 2015 04:00 PM EDT Reads: 1,429
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Apr. 27, 2015 04:00 PM EDT Reads: 2,515
There are lots of challenges in IoT around secure, scalable and business friendly infrastructure for enterprises. For large corporations, IoT implementations are one of the top priorities of the decade. All industries are seeing a competitive need to sustain by investing in IoT initiatives. The value addition comes from improved customer service, innovative product and additional revenue streams. The data from these IP-connected devices can be leveraged for a variety of business applications as well as responsive action controls. The various architectural building blocks of an IoT ...
Apr. 27, 2015 04:00 PM EDT
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will meet your customers' needs of tomorrow - today! Ciqada. Let your products take flight. For more inform...
Apr. 27, 2015 04:00 PM EDT Reads: 1,934
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable older adults to live independent lives while staying connected to loved ones. M2M will continue to gr...
Apr. 27, 2015 03:00 PM EDT Reads: 1,535
Chuck Piluso will present a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Speaker Bio: Prior to Data Storage Corporation (DSC), Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Telecommunications Corporation, a facilities-based international carrier licensed by t...
Apr. 27, 2015 03:00 PM EDT
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) application providers dating back to 2004. Cybozu's kintone.com is a leading global BYOA (Build Your O...
Apr. 27, 2015 02:00 PM EDT Reads: 1,579
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications Unified Communications Suite gives CSPs the capability to do just that. In addition, its integration ...
Apr. 27, 2015 01:30 PM EDT Reads: 4,429
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
Apr. 27, 2015 12:00 PM EDT Reads: 2,329
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of Cloud and Mobile Strategy at GENBAND, will explore what is needed to take a real time communications ...
Apr. 27, 2015 12:00 PM EDT Reads: 1,801
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
Apr. 27, 2015 12:00 PM EDT Reads: 1,678
SYS-CON Events announced today that Litmus Automation will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Litmus Automation’s vision is to provide a solution for companies that are in a rush to embrace the disruptive Internet of Things technology and leverage it for real business challenges. Litmus Automation simplifies the complexity of connected devices applications with Loop, a secure and scalable cloud platform.
Apr. 27, 2015 11:00 AM EDT Reads: 1,758
In 2015, 4.9 billion connected "things" will be in use. By 2020, Gartner forecasts this amount to be 25 billion, a 410 percent increase in just five years. How will businesses handle this rapid growth of data? Hadoop will continue to improve its technology to meet business demands, by enabling businesses to access/analyze data in real time, when and where they need it. Cloudera's Chief Technologist, Eli Collins, will discuss how Big Data is keeping up with today's data demands and how in the future, data and analytics will be pervasive, embedded into every workflow, application and infra...
Apr. 27, 2015 11:00 AM EDT Reads: 1,478
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
Apr. 27, 2015 11:00 AM EDT Reads: 5,181
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, will provide some practical insights on what, how and why when implementing "software-defined" in the datacenter.
Apr. 27, 2015 11:00 AM EDT Reads: 1,633
How is unified communications transforming the way businesses operate? In his session at WebRTC Summit, Arvind Rangarajan, Director of Product Marketing at BroadSoft, will discuss how to extend unified communications experience outside the enterprise through WebRTC. He will also review use cases across different industry verticals. Arvind Rangarajan is Director, Product Marketing at BroadSoft. He has over 19 years of experience in the telecommunications industry in various roles such as Software Development, Product Management and Product Marketing, applied across Wireless, Unified Communic...
Apr. 27, 2015 11:00 AM EDT Reads: 1,729
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner...
Apr. 27, 2015 11:00 AM EDT Reads: 3,591
SYS-CON Media announced today that @ThingsExpo Blog launched with 7,788 original stories. @ThingsExpo Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @ThingsExpo Blog can be bookmarked. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago.
Apr. 27, 2015 11:00 AM EDT Reads: 2,573
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
Apr. 27, 2015 11:00 AM EDT Reads: 2,117