Welcome!

Mobile IoT Authors: LeanTaaS Blog, Liz McMillan, Pat Romanski, John Katrick, Elizabeth White

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
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
"Digital transformation - what we knew about it in the past has been redefined. Automation is going to play such a huge role in that because the culture, the technology, and the business operations are being shifted now," stated Brian Boeggeman, VP of Alliances & Partnerships at Ayehu, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
DevOps at Cloud Expo – being held June 5-7, 2018, at the Javits Center in New York, NY – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits,...
@DevOpsSummit at Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, is co-located with 22nd Cloud Expo | 1st DXWorld Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
SYS-CON Events announced today that T-Mobile exhibited 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. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on qua...
SYS-CON Events announced today that Cedexis will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness. For more information, please visit https://www.cedexis.com.