Mr.
Paul Travers reports
VUZIX REPORTS 40% GROWTH IN REVENUES FOR ITS FOURTH QUARTER AND RELEASES 2010 ANNUAL OPERATING RESULTS
Vuzix Corp. has released its fourth quarter and year-end results for the period ending Dec. 31, 2010. All figures are presented in United States dollars.
Fourth quarter revenues of $5,552,356 compared with revenues of $3,965,550 for the same period last year, an increase of 40 per cent. The net loss for the fourth quarter of 2010 was $476,085 or 0.18 cent per share versus a net loss of $894,413 or 0.35 cent per share for the same quarterly period in 2009.
For the 12-month period ending Dec. 31, 2010, revenues were $12,255,414 versus $11,886,098 in 2009, a rise of 3.1 per cent. The net loss for the 12-month period was $4,572,072 or 1.73 cents per share versus a net loss of $3,250,424 or 1.51 cents per share for 2009.
Paul Travers, president, commented: "Certainly, the fourth quarter is our strongest quarter seasonally, and our company achieved revenue growth for the fourth quarter while operating under considerable working-capital constraints. Our recent capital-raising activities, including $4-million raised just prior to the close of the 2010 fiscal year and our recently announced $2-million revolving credit facility, position the company on a firmer basis for the 2011 year."
The company ended the 2010 year with an order backlog of primarily defense-related products and expects revenues for the first quarter to be up approximately 90 per cent over the same period of 2010. However, the company is not offering any outlook for the rest of the year.
KEY HIGHLIGHTS
Year ended Dec. 31,
(In U.S. dollars) 2010 2009
Consumer video eyewear $ 6,244,786 $ 4,940,815
Defense products 4,799,271 6,020,420
Engineering services 1,211,357 924,863
Total sales 12,255,414 11,866,098
Net (loss) $ (4,557,133) $ (3,250,424)
(Loss) per share $ (0.0173) $ (0.0151)
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