Earnings, revenue sink for Kopin in Q4
Courtesy of Business Wire
A woman wearing Kopin's smart eyewear
Despite beating analysts’ expectations, fourth-quarter revenue and earnings fell sharply at Westborough-based Kopin Corp.
The “wearable technology” company reported a year-over-year drop in revenue from $8.6 million to $5.5 million due to slumping sales for its traditional military application display products. Wall Street was expecting revenue of just $3.6 million, though.
The company lost $9.7 million, or 16 cents per share, in the most recent quarter, much worse than a loss of $3.9 million, or 6 cents per share, in 2012. Analysts had projected losses of 19 cents per share in the final quarter of 2013.
Kopin began a transition in 2012 to focus on wearable technology and expects to be able to introduce wearable headsets onto the market later this year. Revenue growth from the company’s microdisplay modules operated by voice commands is expected in 2015, the company said.
“We believe technology break throughs…will drive the adoption of wearable headset technologies much sooner than we originally thought,” John Fan, president and CEO, said in a statement. “And with a strong cash position and debt-free balance sheet, we have the means to execute our strategy and maintain our level of investment in the growing wearable systems market.”
The financial challenges, though, are projected to persist for another year.
Kopin expects full-year 2014 revenue to come in between $18 million and $22 million, with net losses between $32 million and $40 million. The company had $22.9 million in revenue for all of 2013, with net loss from continuing operations of $24.9 million.
WBJ Web Partners
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