By Kimberley Donoghue PBN Web Editor Twitter: @kdonog
TAUNTON – Kopin Corp. said Wednesday that its full-year net income dropped to $3.6 million in 2011 from $8.9 million in 2010.
Earnings per diluted share were 6 cents last year and 13 cents in 2010. Revenue increased to $125.5 million, compared with $116.6 million, the supplier of advanced semiconductor products and microdisplays for mobile applications said.
“We expect Defense Department budget cuts to negatively affect our military display revenue and as a result, for full-year 2012 we expect to generate total revenues in the range of $110 million to $120 million,” said John C.C. Fan, Kopin president and CEO.
“The Defense Department budget cuts were not unexpected, and we have been planning for this situation for some time. For example, by the end of this month we anticipate the completion of a plant consolidation project we started more than a year ago,” he said.
Kopin also reported results for the three months ended Dec. 31. Revenue increased to $34.4 million in the fourth quarter from $32.4 million in the same 2010 quarter.
The company reported a net loss for the period of $66,658, however, compared with a profit of $4.7 million, or 7 cents per diluted share, a year earlier.