Welcome!

Mobile IoT Authors: Sematext Blog, Elizabeth White, Scott Allen, Liz McMillan, LeanTaaS Blog

News Feed Item

Vuzix Announces Second Quarter 2014 Financial Results

Company Reports 19% Year-Over-Year Growth in Product Sales with Continued Growth in Sales from its Award Winning M100 Smart Glasses

ROCHESTER, N.Y., Aug. 14, 2014 /PRNewswire/ -- Vuzix® Corporation (OTC:QB: VUZI) ("Vuzix" or, the "Company"), a leading supplier of video eyewear and smart glasses products in the consumer, commercial and entertainment markets, today reported financial results for the second quarter of 2014 ended June 30, 2014.

Vuzix Logo.

Second Quarter 2014 Financial Highlights:

  • Revenues increased to $723,258 for the second quarter ended June 30, 2014 from $700,195 for the same period in 2013, due to new product introductions primarily the M100 Smart Glasses.
  • Loss from Operations for the second quarter of 2014 was $925,300 compared to loss of $1,107,871 in the same period 2013, reflecting expense reductions in R&D and General and Administrative expenses for 2014 as compared to 2013.
  • The Company reported a $1,248,556 gain on the mark-to-market revaluation of derivative liability related to outstanding warrants and convertible debt as compared to a revaluation loss of $280,261 for the same period in 2013.
  • Total other income and expense, which includes the mark-to-market revaluations net of interest and debt discount amortization expenses was an income of $1,164,410 for the second quarter of 2014 as compared to a net expense of $548,865 in the same period in 2013.
  • Net income of $239,110 or $0.02 per share for the quarter ended June 30, 2014 as compared to a net loss of $1,656,736, or $0.47 per share for the same period in 2013.
  • Cash and cash equivalents were $1,971,311 as of June 30, 2014, an increase of $1,661,171 from $310,140 as of December 31, 2013.

Operational Highlights:

  • Signed and announced an exclusive strategic sales and marketing partnership with Lenovo, the world's largest PC manufacturer, to co-brand and launch the Vuzix M100 Smart Glasses "Powered by Lenovo NBD" throughout China.
  • Completed a $3 million private placement with institutional investors for 5% senior secured convertible notes; proceeds will be used to ramp up production and marketing of M100 Smart Glasses and facilitate new waveguide manufacturing process equipment for Vuzix' next generation smart glasses products.
  • Showcased M100 Smart Glasses at a series of AT&T Developer conferences in the US and at NTT docomo events in Japan to foster developer relations and raise the visibility of Vuzix products.

"As we continue the shift from low resolution products to Smart Glasses and HD wearable display products we are encouraged by the growing adoption of our new products by leading companies.  This shift in product strategy is proving to be successful as we report an eventful second quarter with modest but growing product sales and year-over-year revenue growth," says Vuzix CEO and President Paul J. Travers. "We have added to our sales channels with Value Added Resellers and leading partner relationships in many of the markets we sell our products into; with 'game changing' solutions expected to be released from these partners into their prospective markets.  Our proven leadership in the wearable device space for both product design and technological advancement began with the introduction of the M100, the world's first commercially available Smart Glasses, and was followed by the M2000AR waveguide based HMD, also a world's first.

"On the marketing side, we have been able to direct more eyeballs to our products by hosting Vuzix Developer Conferences and co-sponsoring a series of AT&T and NTT docomo Developer conferences to world-class developers who are able to integrate our product with the latest tools and technologies creating cutting edge innovative solutions.  The last 6 months have been transitional for us as we are building momentum in our business and seeing traction from some exciting and newsworthy events. We are pleased that most recently, we announced a strategic partnership with Lenovo, the world's largest PC manufacturer, to bring our M100 Smart Glasses into China. Co-branded with Lenovo, Vuzix M100 Smart Glasses 'Powered by Lenovo NBD' should see immediate revenue generation for Vuzix and at the same time we expect to grow Vuzix brand recognition and a developing eco system around our products in China." 

Six Months ended June 30, 2014

  • For the six months ended June 30, 2014, Vuzix reported revenues of $1,521,676, a 6% increase compared to $1,439,378 to the same period in 2013. The increase was attributable to growing sales of the Company's M100 Smart Glass products.
  • For the six months ended June 30, 2014 we incurred a Loss from Operations of $1,918,449 versus $1,813,547 for the same period in 2013.
  • For the six month period ended June 30, 2014 we reported a mark-to-market derivative liability revaluation gain of $3,823,818 versus a revaluation loss of $294,548 for the same period in 2013.
  • Total other income and expense for the six months ended June 30, 2014, which includes the mark-to-market revaluations net of interest and debt discount amortization expenses was an income of $3,669,465 as compared to a net expense of $779,487 in the same period in 2013.
  • Net income for the first six months of 2014 was $1,751,016 or $0.17 per share versus a net loss of $2,593,034 or $0.73 loss per share for the same period in 2013.

About Vuzix Corporation

Vuzix is a leading supplier of Video Eyewear and Smart Glasses products in the consumer, commercial and entertainment markets.

The Company's products include personal display and wearable computing devices that offer users a portable high quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality. Vuzix holds 39 patents and 10 additional patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2014 and several wireless technology innovation awards, among others. Founded in 1997, Vuzix is a public company (VUZI.QB) with offices in Rochester, NY, Oxford, UK and Tokyo, Japan.

Forward-Looking Statements Disclaimer

Certain statements contained in this news release are "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward-looking statements contained in this release relate to potential outcome of product sales around the M100 Smart Glasses, waveguide development and new products utilizing the technology, success of development partner programs, the impact and success of the Lenovo agreement and the new features and capabilities of the M100 for the Chinese marketplace, the impact of the convertible debt private placement financing, future business, and the value of the IP portfolio, among other things, and the Company's leadership in the Video Eyewear and AR display industry. They are generally identified by words such as "believes," "may," "expects," "anticipates," "should" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items described in more detail in the "Risk Factors" section of the Company's Annual Reports and MD&A filed with the United States Securities and Exchange Commission and applicable Canadian securities regulators (copies of which may be obtained at www.sedar.com or www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.

For further investor information contact:                                            

Investor Relations Contact:

Andrew Haag
Managing Partner
IRTH Communications
[email protected]
Tel: (877) 368-3566

Vuzix Corporation
2166 Brighton Henrietta Townline Road
Rochester, NY 14623 USA
Investor Information – Grant Russell
[email protected]
Tel: (585) 359-7562
www.vuzix.com  

Logo - http://photos.prnewswire.com/prnh/20130516/NY15123LOGO

SOURCE Vuzix Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
SYS-CON Events announced today that CDS Global Cloud, an Infrastructure as a Service provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CDS Global Cloud is an IaaS (Infrastructure as a Service) provider specializing in solutions for e-commerce, internet gaming, online education and other internet applications. With a growing number of data centers and network points around the world, ...