Posted May. 7, 2008
TAUNTON – Kopin Corp. (NASDAQ: KOPN), the designer and manufacturer of electronic communication components for consumer, commercial and military applications, said its first-quarter revenue grew 60.87-percent to $29.17 million on the strength of double-digit growth in its CyberDisplay product line, among others, according to company President and CEO John C.C. Fan.
Net income for the period ended March 29 totaled $950,235 (1 cent per diluted share), compared with a loss of $3.3 million loss (5 cents per diluted share) in the 2007 first quarter. (READ MORE)
“We delivered another quarter of robust top-line growth, powered by momentum from both our III-V and CyberDisplay product lines,” said Fan. “In our III-V business, our strategy to improve efficiency, quality and cost by significantly expanding our 6-inch HBT[heterojunction bipolar transistor] wafer capacity drove strong year-over-year performance in the quarter. In our CyberDisplay product line, demand across our customer end-markets drove year-over-year growth in all three product categories, as revenue from consumer electronics, military and eyewear display applications each posted double-digit percentage growth in revenue during the quarter.”
Specifically, he said that military application revenue increased to $7.3 million from $4.2 million in 2007, as the company continued to participate in the U.S. Army’s weapon sight programs. Kopin’s success and anticipation of more work from the military led it to finish construction this month of a 2,800-square-foot clean room in Taunton for assembly of eyepieces for the military.
At the same time, revenue from consumer electronics displays increased to $5.7 million from $3.8 million in the period, while sales of video eyewear applications grew to $2.1 million from $1 million.
Fan noted that the company’s bottom line improved as a result of more sales of higher-margin products. In addition, he said, “the first quarter was favorably impacted by lower bad debt expense of approximately $270,000 and foreign exchange gains of approximately $400,000, which were partially offset by higher expenses of approximately $225,000 associated with our 2006 and 2007 SEC filings.”
Despite recognizing a slowing of sales of consumer electronics, Fan said that the company is “on track to achieve our revenue guidance of $105 million to $115 million” on the year, which would represent an increase of 7 to 17 percent for the year.
Kopin Corp. is a maker of lightweight, power-efficient, ultra-small liquid crystal displays (LCDs) and heterojunction bipolar transistors (HBTs) for a variety of applications, under trademarks including CyberDisplay and The NanoSemiconductor Co. Its technologies are protected by more than 200 global patents and patents pending. For additional information, visit www.kopin.com.
