eMagin Corporation (AMEX:EMA), the leader in OLED virtual imaging
technology, announced today financial results for the quarter ended
September 30, 2006. Third quarter selected highlights include the
following. Financial Summary Revenue for the three and nine months
ended September 30, 2006, of $2.3 million and $5.6 million
increased 103% and 127% respectively from $1.1 million and $2.5
million at September 30, 2005. The growth in revenue was directly
attributable to increases in microdisplay demand and output from
our New York production facility. Approximately 8,000 microdisplays
were produced during the third quarter. Manufacturing uptime has
remained consistent since the implementation of new processes in
March 2006, with output consistently in line with target rates
based on expected demand and inventory objectives. Net loss for the
three and nine months ended September 30, 2006, was $3.8 million
and $13.8 million and included $0.9 million and $2.5 million of
non-cash expense associated with the expensing of stock options and
amortization of debt discounts. Excluding these items on a non GAAP
basis, net loss for the three and nine months ended September 30,
2006 was $2.9 million and $11.3 million. This compares to a net
loss of $3.8 million and $11.7 million during the three and nine
months ended September 30, 2005, where stock options were not
expensed and debt discounts were not amortized. Loss per share on a
GAAP basis for the three and nine months ended September 30, 2006,
were $(0.04) and $(0.14) and for the same periods ended September
30, 2005 $(0.05) and $(0.14) per share Recent Highlights eMagin
announced a Cooperative Research and Development Agreement with the
U.S. Army. The company will work with the Night Vision and
Electronic Sensors Directorate (NVESD) to assess the applicability
of active matrix OLED displays in military systems on the basis of
their usable lifetimes. eMagin announced a multi-year contract with
Sagem Defense Securite to provide up to the 35,000 microdisplays
for its FELIN program. FELIN is the French Army's integrated
soldier system. The FY 2007 Department of Defense Appropriations
Bill included two priority projects sought by eMagin Corporation
and the U.S. Army to support projected military needs. The first
aims to improve the power-efficiency of OLED microdisplays for U.S.
Army thermal imaging applications; the second will result in a very
high-resolution, HD-compatible display for U.S. Army medical
applications. eMagin announced that it is taking orders for
pre-production version samples of its SVGA-3DS, its first product
to combine the company�s OLED-XL technology with its new IC design.
The prototype microdisplays will be available in limited quantities
with a custom interface design & reference kit (IDRK) in
December. During the period, year over year revenue increases
continued at over 100% for the third quarter in a row and
sequentially grew 37% from second quarter levels. Commenting on the
results, Gary Jones, eMagin�s CEO and president, said, �As you can
see our financial performance is improving. Costs are down and
third quarter revenue of $2.3 million is a substantial increase
over the same period last year, providing continued proof of
traction in our key markets. The recent placements of our
microdisplays by OEMs in major systems such as Sagem's FELIN system
in European military programs and Nivisys' TAM-14 being deployed by
the U.S. Department of Homeland Security indicate a strong future
for the Company's OLED technology.� The Company reported that it
remains on track with efforts to increase production, yield, and
uptime at its OLED microdisplay fabrication facility in Hopewell
Junction, New York. Jones noted, �Uptime and output increases have
supported a doubling of revenue and the building of modest finished
goods inventory critical for our next phase of growth. Essentially
we have tripled uptime and output and continue to achieve positive
results.� Jones continued, �Clearly, we are in an early stage of
revenue development and, as with any emerging market, delays are
inevitable. In our case, because this business requires expenses
similar to a semiconductor manufacturer�s, any delays along with
the need for growing inventories and accounts receivable create
serious cash flow pressure. In order to address these and our other
cash flow concerns, and in response to inquiries that we have
received, we retained CIBC World Markets Corporation and Larkspur
Capital Corporation to assist us in investigating and evaluating
various strategic alternatives, ranging from investment to
acquisition. Actualizing such financial opportunities and managing
cash flow are critical short-term issues for eMagin, irrespective
of the otherwise improving business situation.� Full results are
available by referencing the Company�s 10Q report for the quarter
ended September 30, 2006, to be filed with the SEC. About eMagin
Corporation A leader in OLED microdisplay technology, eMagin
integrates high-resolution OLED microdisplays with magnifying
optics to deliver virtual images comparable to large-screen
computer and television displays in portable, low-power,
lightweight personal displays. eMagin microdisplays provide
near-eye imagery in a variety of products from military,
industrial, medical and consumer OEMs. The company�s own Z800
3DVisor provides 3D stereovision and headtracking for PC gaming,
training and simulation, immersion therapy, and other applications.
eMagin's microdisplay manufacturing and R&D operations are
co-located with IBM on its campus in East Fishkill, New York.
System design facilities and sales and marketing are located in
Bellevue, Washington. More information about eMagin and its
products is available at www.emagin.com. Note: eMagin is a
trademark of eMagin Corporation. Forward Looking Statements This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, including those
regarding eMagin Corporation and its subsidiaries� expectations,
intentions, strategies and beliefs pertaining to future events or
future financial performance. All statements contained herein are
based upon information available to eMagin�s management as of the
date hereof, and actual results may vary based upon future events,
both within and without eMagin management�s control. In some cases,
you can identify forward-looking statements by terminology such as
"may," "will," "should," "expect," "plan," "anticipate," "believe,"
"estimate," "predict," "potential" or "continue," the negative of
such terms, or other comparable terminology. These statements are
only predictions. Actual events or results may differ materially
from those in the forward-looking statements as a result of various
important factors, including those described in the Company's most
recent filings with the SEC. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, such statements should not be regarded as a
representation by the Company, or any other person, that such
forward-looking statements will be achieved. The business and
operations of the Company are subject to substantial risks which
increase the uncertainty inherent in forward-looking statements. We
undertake no duty to update any of the forward-looking statements,
whether as a result of new information, future events or otherwise.
In light of the foregoing, readers are cautioned not to place undue
reliance on such forward-looking statements. eMAGIN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share
data) � September 30, December 31, 2006� 2005� (unaudited) � ASSETS
� Current assets: Cash and cash equivalents $ 1,407� $ 6,727�
Investments � held to maturity 124� 120� Accounts receivable, net
1,119� 762� Inventory 2,940� 3,839� Prepaid expenses and other
current assets � 1,053� � 1,045� Total current assets 6,643�
12,493� Equipment, furniture and leasehold improvements, net 802�
1,299� Intangible assets, net 56� 57� Other assets 390� 233�
Deferred costs � 549� � �� Total assets $ 8,440� $ 14,082� �
LIABILITIES AND SHAREHOLDERS� EQUITY � Current liabilities:
Accounts payable $ 272� $ 562� Accrued compensation 791� 1,010�
Other accrued expenses 1,361� 1,894� Deferred revenue 116� 96�
Current portion of capitalized lease obligations 10� 16� Current
portion of debt 2,963� �� Other current liabilities � 49� � 47�
Total current liabilities 5,562� 3,625� � Capitalized lease
obligations �� 6� Long-term debt � 1,311� � 50� Total liabilities �
6,873� � 3,681� � Commitments and contingencies � Shareholders�
equity: Preferred stock, $.001 par value: authorized 10,000,000
shares; no shares issued and outstanding �� �� Common stock, $.001
par value: authorized 200,000,000 shares, issued and outstanding,
101,367,835 shares as of September 30, 2006 and 99,972,458 shares
as of December 31, 2005 101� 100� Additional paid-in capital
180,814� 175,860� Accumulated deficit � (179,348) � (165,559) Total
shareholders� equity � 1,567� � 10,401� Total liabilities and
shareholders� equity $ 8,440� $ 14,082� eMAGIN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands,
except share data) (unaudited) � Three Months EndedSeptember 30,
Nine Months EndedSeptember 30, 2006� 2005� 2006� 2005� Revenue: �
Product revenue $ 2,242� $ 1,131� $ 5,487� $ 2,437� Contract
revenue � 50� � �� � 120� � 36� � Total revenue, net � 2,292� �
1,131� � 5,607� � 2,473� � Cost of goods sold � 2,940� � 2,686� �
8,934� � 7,031� � Gross loss � (648) � (1,555) � (3,327) � (4,558)
� Operating expenses: � Research and development 965� 1,022� 3,507�
3,038� Selling, general and administrative � 1,838� � 1,220� �
6,674� � 4,315� Total operating expenses � 2,803� � 2,242� �
10,181� � 7,353� � Loss from operations (3,451) (3,797) (13,508)
(11,911) � Other income (expense): � Interest expense (354) (1)
(354) (3) Other income, net � 14� � 35� � 73� � 184� Total other
income, net � (340) � 34� � (281) � 181� � Net loss $ (3,791) $
(3,763) $ (13.789) $ (11,730) � � Loss per share, basic and diluted
$ (0.04) $ (0.05) $ (0.14) $ (0.14) � Weighted average number of
shares outstanding: � Basic and diluted � 100,772,566� �
83,036,471� � 100,309,851� � 82,320,101� eMagin Corporation
(AMEX:EMA), the leader in OLED virtual imaging technology,
announced today financial results for the quarter ended September
30, 2006. Third quarter selected highlights include the following.
Financial Summary -- Revenue for the three and nine months ended
September 30, 2006, of $2.3 million and $5.6 million increased 103%
and 127% respectively from $1.1 million and $2.5 million at
September 30, 2005. The growth in revenue was directly attributable
to increases in microdisplay demand and output from our New York
production facility. -- Approximately 8,000 microdisplays were
produced during the third quarter. Manufacturing uptime has
remained consistent since the implementation of new processes in
March 2006, with output consistently in line with target rates
based on expected demand and inventory objectives. -- Net loss for
the three and nine months ended September 30, 2006, was $3.8
million and $13.8 million and included $0.9 million and $2.5
million of non-cash expense associated with the expensing of stock
options and amortization of debt discounts. Excluding these items
on a non GAAP basis, net loss for the three and nine months ended
September 30, 2006 was $2.9 million and $11.3 million. This
compares to a net loss of $3.8 million and $11.7 million during the
three and nine months ended September 30, 2005, where stock options
were not expensed and debt discounts were not amortized. Loss per
share on a GAAP basis for the three and nine months ended September
30, 2006, were $(0.04) and $(0.14) and for the same periods ended
September 30, 2005 $(0.05) and $(0.14) per share Recent Highlights
-- eMagin announced a Cooperative Research and Development
Agreement with the U.S. Army. The company will work with the Night
Vision and Electronic Sensors Directorate (NVESD) to assess the
applicability of active matrix OLED displays in military systems on
the basis of their usable lifetimes. -- eMagin announced a
multi-year contract with Sagem Defense Securite to provide up to
the 35,000 microdisplays for its FELIN program. FELIN is the French
Army's integrated soldier system. -- The FY 2007 Department of
Defense Appropriations Bill included two priority projects sought
by eMagin Corporation and the U.S. Army to support projected
military needs. The first aims to improve the power-efficiency of
OLED microdisplays for U.S. Army thermal imaging applications; the
second will result in a very high-resolution, HD-compatible display
for U.S. Army medical applications. -- eMagin announced that it is
taking orders for pre-production version samples of its SVGA-3DS,
its first product to combine the company's OLED-XL technology with
its new IC design. The prototype microdisplays will be available in
limited quantities with a custom interface design & reference
kit (IDRK) in December. During the period, year over year revenue
increases continued at over 100% for the third quarter in a row and
sequentially grew 37% from second quarter levels. Commenting on the
results, Gary Jones, eMagin's CEO and president, said, "As you can
see our financial performance is improving. Costs are down and
third quarter revenue of $2.3 million is a substantial increase
over the same period last year, providing continued proof of
traction in our key markets. The recent placements of our
microdisplays by OEMs in major systems such as Sagem's FELIN system
in European military programs and Nivisys' TAM-14 being deployed by
the U.S. Department of Homeland Security indicate a strong future
for the Company's OLED technology." The Company reported that it
remains on track with efforts to increase production, yield, and
uptime at its OLED microdisplay fabrication facility in Hopewell
Junction, New York. Jones noted, "Uptime and output increases have
supported a doubling of revenue and the building of modest finished
goods inventory critical for our next phase of growth. Essentially
we have tripled uptime and output and continue to achieve positive
results." Jones continued, "Clearly, we are in an early stage of
revenue development and, as with any emerging market, delays are
inevitable. In our case, because this business requires expenses
similar to a semiconductor manufacturer's, any delays along with
the need for growing inventories and accounts receivable create
serious cash flow pressure. In order to address these and our other
cash flow concerns, and in response to inquiries that we have
received, we retained CIBC World Markets Corporation and Larkspur
Capital Corporation to assist us in investigating and evaluating
various strategic alternatives, ranging from investment to
acquisition. Actualizing such financial opportunities and managing
cash flow are critical short-term issues for eMagin, irrespective
of the otherwise improving business situation." Full results are
available by referencing the Company's 10Q report for the quarter
ended September 30, 2006, to be filed with the SEC. About eMagin
Corporation A leader in OLED microdisplay technology, eMagin
integrates high-resolution OLED microdisplays with magnifying
optics to deliver virtual images comparable to large-screen
computer and television displays in portable, low-power,
lightweight personal displays. eMagin microdisplays provide
near-eye imagery in a variety of products from military,
industrial, medical and consumer OEMs. The company's own Z800
3DVisor provides 3D stereovision and headtracking for PC gaming,
training and simulation, immersion therapy, and other applications.
eMagin's microdisplay manufacturing and R&D operations are
co-located with IBM on its campus in East Fishkill, New York.
System design facilities and sales and marketing are located in
Bellevue, Washington. More information about eMagin and its
products is available at www.emagin.com. Note: eMagin is a
trademark of eMagin Corporation. Forward Looking Statements This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, including those
regarding eMagin Corporation and its subsidiaries' expectations,
intentions, strategies and beliefs pertaining to future events or
future financial performance. All statements contained herein are
based upon information available to eMagin's management as of the
date hereof, and actual results may vary based upon future events,
both within and without eMagin management's control. In some cases,
you can identify forward-looking statements by terminology such as
"may," "will," "should," "expect," "plan," "anticipate," "believe,"
"estimate," "predict," "potential" or "continue," the negative of
such terms, or other comparable terminology. These statements are
only predictions. Actual events or results may differ materially
from those in the forward-looking statements as a result of various
important factors, including those described in the Company's most
recent filings with the SEC. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, such statements should not be regarded as a
representation by the Company, or any other person, that such
forward-looking statements will be achieved. The business and
operations of the Company are subject to substantial risks which
increase the uncertainty inherent in forward-looking statements. We
undertake no duty to update any of the forward-looking statements,
whether as a result of new information, future events or otherwise.
In light of the foregoing, readers are cautioned not to place undue
reliance on such forward-looking statements. -0- *T eMAGIN
CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands,
except share data) September 30, December 31, 2006 2005 (unaudited)
------------- ------------ ASSETS Current assets: Cash and cash
equivalents $ 1,407 $ 6,727 Investments - held to maturity 124 120
Accounts receivable, net 1,119 762 Inventory 2,940 3,839 Prepaid
expenses and other current assets 1,053 1,045 -------------
------------ Total current assets 6,643 12,493 Equipment, furniture
and leasehold improvements, net 802 1,299 Intangible assets, net 56
57 Other assets 390 233 Deferred costs 549 -- -------------
------------ Total assets $ 8,440 $ 14,082 =============
============ LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Accounts payable $ 272 $ 562 Accrued compensation 791
1,010 Other accrued expenses 1,361 1,894 Deferred revenue 116 96
Current portion of capitalized lease obligations 10 16 Current
portion of debt 2,963 -- Other current liabilities 49 47
------------- ------------ Total current liabilities 5,562 3,625
Capitalized lease obligations -- 6 Long-term debt 1,311 50
------------- ------------ Total liabilities 6,873 3,681
------------- ------------ Commitments and contingencies
Shareholders' equity: Preferred stock, $.001 par value: authorized
10,000,000 shares; no shares issued and outstanding -- -- Common
stock, $.001 par value: authorized 200,000,000 shares, issued and
outstanding, 101,367,835 shares as of September 30, 2006 and
99,972,458 shares as of December 31, 2005 101 100 Additional
paid-in capital 180,814 175,860 Accumulated deficit (179,348)
(165,559) ------------- ------------ Total shareholders' equity
1,567 10,401 ------------- ------------ Total liabilities and
shareholders' equity $ 8,440 $ 14,082 ============= ============ *T
-0- *T eMAGIN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except share data) (unaudited) Three
Months Ended Nine Months Ended September 30, September 30,
-------------------------- -------------------------- 2006 2005
2006 2005 ------------- ------------ ------------- ------------
Revenue: Product revenue $ 2,242 $ 1,131 $ 5,487 $ 2,437 Contract
revenue 50 -- 120 36 ------------- ------------ -------------
------------ Total revenue, net 2,292 1,131 5,607 2,473
------------- ------------ ------------- ------------ Cost of goods
sold 2,940 2,686 8,934 7,031 ------------- ------------
------------- ------------ Gross loss (648) (1,555) (3,327) (4,558)
------------- ------------ ------------- ------------ Operating
expenses: Research and development 965 1,022 3,507 3,038 Selling,
general and administrative 1,838 1,220 6,674 4,315 -------------
------------ ------------- ------------ Total operating expenses
2,803 2,242 10,181 7,353 ------------- ------------ -------------
------------ Loss from operations (3,451) (3,797) (13,508) (11,911)
Other income (expense): Interest expense (354) (1) (354) (3) Other
income, net 14 35 73 184 ------------- ------------ -------------
------------ Total other income, net (340) 34 (281) 181
------------- ------------ ------------- ------------ Net loss $
(3,791) $ (3,763) $ (13.789) $ (11,730) ============= ============
============= ============ Loss per share, basic and diluted $
(0.04) $ (0.05) $ (0.14) $ (0.14) ============= ============
============= ============ Weighted average number of shares
outstanding: Basic and diluted 100,772,566 83,036,471 100,309,851
82,320,101 ============= ============ ============= ============ *T
Emagin (AMEX:EMA)
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Emagin (AMEX:EMA)
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