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Operating and Financial Results
Recent notable operating achievements include:
Unveiled SHOWWX+, the second-generation of the award-winning laser pico projector which boasts a fifty-percent increase in brightness compared to the SHOWWX Classic and offers connectivity to todays popular mobile devices.
Completed a joint development agreement and memorandum of understanding with Pioneer Corporation.
Integrated early samples of direct green lasers from three leading manufacturers into pico projector prototypes and demonstrated two of these at CES.
Introduced and delivered the PicoP® display engine to multiple OEMs for enabling embedded future device design wins.
Purchased a significant patent portfolio from Motorola, Inc. that enhances the company's existing highly rated intellectual property portfolio.
Showcased the advantages of the PicoP® technology at the Consumer Electronics Show 2011 by demonstrating an innovative mini-tablet prototype with embedded pico projector and the SHOWWX+ laser pico projector paired with iOS4 gaming applications.
2010 Preliminary Financial Results (Unaudited):
The company expects the following financial results for the quarter and year ended December 31, 2010, compared to the same periods one year ago.
Revenue of $683,000, compared to $971,000 for the same quarter and $4.7 million, compared to $3.8 million for the prior year.
Operating loss of between $15.3 million and $15.8 million, compared to $11.3 million for the same quarter and between $48.3 million and $48.8 million, compared to $39.2 million for the prior year. The operating loss for the quarter includes inventory adjustments of approximately $5.7 million. The adjustments are a result of lower prices for the SHOWWX and SHOWWX+ and obsolescence caused by the transition to SHOWWX+.
Net loss of between $15.3 million and $15.8 million, or between $0.16 and $0.17 per share, compared to $8.7 million, or $0.11 per share for the same quarter and $47.4 million and $47.9 million, or between $0.52 and $0.53 per share, compared to $39.5 million, or $0.54 per share for the prior year.
Backlog of $13.7 million as of December 31, 2010, which includes $11.9 million from an OEM for the embedded PicoP display engine.
Cash and cash equivalents of $19.4 million as of year end, which includes $9.9 million in cash raised during the fourth quarter through a previously announced equity financing facility.