|By PR Newswire||
|August 14, 2014 06:31 PM EDT||
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.
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.
- 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:
Tel: (877) 368-3566
SOURCE Vuzix Corporation
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 24, 2017 02:15 AM EST Reads: 13,178
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, Sandy Ca...
Feb. 24, 2017 01:45 AM EST Reads: 9,520
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Feb. 24, 2017 01:00 AM EST Reads: 1,885
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Feb. 23, 2017 11:30 PM EST Reads: 6,289
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Feb. 23, 2017 11:00 PM EST Reads: 7,006
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
Feb. 23, 2017 10:00 PM EST Reads: 4,599
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Feb. 23, 2017 09:15 PM EST Reads: 1,514
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Feb. 23, 2017 08:45 PM EST Reads: 1,290
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Feb. 23, 2017 08:30 PM EST Reads: 1,449
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Feb. 23, 2017 07:45 PM EST Reads: 3,384
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
Feb. 23, 2017 06:45 PM EST Reads: 1,454
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Feb. 23, 2017 06:30 PM EST Reads: 6,295
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
Feb. 23, 2017 06:30 PM EST Reads: 1,722
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Feb. 23, 2017 06:00 PM EST Reads: 13,055
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Feb. 23, 2017 06:00 PM EST Reads: 1,507
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Feb. 23, 2017 05:45 PM EST Reads: 1,223
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Feb. 23, 2017 05:30 PM EST Reads: 1,975
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Feb. 23, 2017 04:45 PM EST Reads: 2,567
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
Feb. 23, 2017 03:45 PM EST Reads: 1,664
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Feb. 23, 2017 03:00 PM EST Reads: 1,889