Welcome!

Symbian Authors: Jack Newton, Kevin Benedict, Matthew Lobas, Shelly Palmer, RealWire News Distribution

News Feed Item

Kopin Corporation Reports Third-Quarter 2012 Financial Results

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.”

Business Outlook

“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™

Forward-Looking Statements

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.

 
Kopin Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
 

 

     
Three Months Ended Nine Months Ended

September 29, 2012

September 24, 2011

September 29, 2012

September 24, 2011

Revenues:
Product revenues $ 21,013,668 $ 28,512,486 $ 67,449,979 $ 91,031,145
Research and development revenues   926,690       1,053,964       2,585,900       4,900,754  
21,940,358 29,566,450 70,035,879 95,931,899
Expenses:
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

  -       -       1,704,770       -  
  27,700,133       30,485,419       83,530,059       94,214,328  
(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:
Basic $ (0.11 ) $ 0.00   $ (0.23 ) $ 0.05  
Diluted $ (0.11 ) $ 0.00   $ (0.23 ) $ 0.05  
 
Weighted average number of common shares outstanding:
Basic   63,415,345     64,292,212     63,573,104     64,519,225  
Diluted   63,415,345     65,441,378     63,573,104     65,623,807  
 

 
Kopin Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
   
September 29, 2012   December 31, 2011
ASSETS
Current assets:
Cash and marketable securities $ 94,537,235 $ 105,418,550
Accounts receivable, net 14,953,739 17,887,754
Inventory 19,684,989 20,468,512
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
Other assets   15,729,861     15,765,831
 
Total assets $ 180,459,203   $ 193,872,215
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 9,415,742 $ 12,384,869
Accrued expenses 8,977,015 $ 7,627,459
Billings in excess of revenue earned   2,214,889     2,467,461
 
Total current liabilities 20,607,646 22,479,789
 
Lease commitments 1,144,773 1,295,670
 
Total Kopin Corporation stockholders' equity 152,045,416 164,961,333
Noncontrolling interest   6,661,368     5,135,423
Total stockholders' equity   158,706,784     170,096,756
Total liabilities and stockholders' equity $ 180,459,203   $ 193,872,215

 
Kopin Corporation
Supplemental Information
(Unaudited)
       
Three Months Ended   Nine Months Ended
 

September 29, 2012

September 24, 2011

September 29, 2012

September 24, 2011

Display Revenues by Category (in millions)
Military Application $ 4.3 $ 7.3 $ 15.0 $ 27.5
Consumer Electronics Applications 3.0 5.8 8.8 14.7
Research and Development   0.9   1.0   2.2   4.6
Total $ 8.2 $ 14.1 $ 26.0 $ 46.8
 
 
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
Total $ 1,549,000 $ 706,000 $ 3,773,000 $ 2,177,000
 
Other Financial Information
Depreciation and amortization $ 2,501,000 $ 2,184,000 $ 7,634,000 $ 5,997,000
Capital expenditures $ 2,635,000 $ 1,866,000 $ 8,464,000 $ 5,731,000
Treasury stock purchases $ - $ 1,153,000 $ 3,456,000 $ 3,060,000
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) have entered into a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately $4.83 billion in cash, subject to customary closing adjustments. Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** -- including 600 million monthly active mobile users*** through its search, communications and digital content products. Yahoo also co...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...