Kopin Corp. 2Q profit declines

KOPIN CORP. ON FRIDAY said that its profit declined in the second quarter to $801,824 from $1.86 million in the same 2010 period.
Posted 7/29/11

TAUNTON – Kopin Corp. saw its second-quarter profit decline to $801,824 from $1.86 million in the same period a year earlier.

The supplier of advanced semiconductor products and microdisplays for mobile applications – including smartphones, tablets, and military thermal weapons sights and wearable computers - said earnings per diluted share were 1 cent, as compared with 3 cents a year earlier.

The second-quarter results included a net gain of $400,000 from the sales of investments and a net loss of $300,000 from foreign currency fluctuations, the company said Friday.

“Our second-quarter operating results reflect a continuation of the strategy we set forth at the beginning of the year – balancing short-term financial performance with a focus on long-term growth,” said Kopin President and CEO John C.C. Fan, who noted the “excellent progress” the company is making on bringing its Golden-i hands-free mobile computing solution to market.

Fan also noted the company was on course to achieve the full-year revenue guidance of $130 million to $140 million.

“Robust smartphone demand should continue to fuel our III-V business, just as the TWS-IIB [the U.S. Army’s Thermal Weapon Sight Bridge] and a number of military R&D programs are expected to generate momentum for our display unit,” he said. The III-V business is a product line composed of Gallium Arsenide circuits used in mobile devices, as well as display products.

For the six months ended June 25, Kopin’s profit declined to $2.87 million from $2.90 million as seen in the same 2010 period. Earnings per diluted share were 4 cents for the six months, the same as they were in the first half of last year.

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