For the year ending December 31, 2000 revenues increased 17% to $8.1 million compared with $6.9 million during 1999. The company had a backlog of $4.5 million under contract as of December 31, 2000.
For the fourth quarter 2000, the Company reported a consolidated net loss
available for common shareholders of $6.9 million or $.58 per share compared
to a net loss available for common shareholders of $4.4 million or $.45 per
share for the fourth quarter 1999. Consolidated results include
Microvision, Inc. and the Company’s subsidiary, Lumera Corp. During the fourth
quarter 2000, Microvision’s loss per share attributable to Lumera was $1.3
million or $0.11 per share.
For the full year, the Company reported a consolidated net loss available
for common shareholders of $26.6 million or $2.33 per share compared to net
loss available for common shareholders of $16.7 million or $2.04 per share for
the same period in 1999. For the full year 2000, the loss attributable to
Lumera Corp. was $2.4 million or $0.21 per share.
We continue to consolidate our role as an innovator and technology leader
in the electro-optics and photonics industry, stated Rick Rutkowski,
Microvision’s President and CEO. During the past year we’ve made remarkable
progress towards turning technology into products and have positioned
ourselves to deliver several products to the market in rapid succession
beginning this year and through 2002. The introduction of the Nomad wearable
display later this year will be followed by commercial launch of Microvision’s
unique barcode products and Lumera’s electro-optic modulators during 2002. We
are encouraged by strong prospects for growth in each of these product
categories, and by continued and growing sponsorship of our technology through
U.S. Government programs.
During the fourth quarter the Company announced the formation of Lumera,
a subsidiary company focused on the development and commercialization of
optical component devices based on proprietary electro-optic polymer
materials.
During 2000, Microvision provided financing to Lumera in the form of
loans to the subsidiary convertible into equity in Lumera. The company
previously announced plans to complete a private placement financing of
approximately $25 million to fund further development. We have been actively
engaged in discussions with potential investors and have substantially
completed the financing arrangements. We expect to announce completion of the
financing shortly.
Based on our contact with prospective customers for Lumera’s products, we
anticipate strong demand for both 10- gigabit and 40-gigabit solutions, and we
are currently targeting volume commercial production during 2002 with delivery
of prototype devices to customers during the second half of this year.
Working with potential customers and channel partners to develop
applications and markets for wearable displays continues to be a central part
of our strategic focus.
During the quarter, the Cleveland Clinic Foundation joined the ranks of
Microvision’s clinical partners to develop a series of applications that will
advance the surgical use of RSD technology. The Cleveland Clinic will conduct
studies focused primarily on image-guided surgery and minimally invasive
procedures over the next year using both the Nomad display and a prototype
full color, head-up system called Spectrum.
We continue to work with Carl Zeiss and other medical partners to develop
compelling applications for wearable displays in diagnostic and surgical
applications.
We announced a cooperative agreement with R RAMJET Inc., a leading
aviation-consulting group. We will jointly pursue and develop head-worn
displays for flight crews during emergency smoke-in-cockpit situations. Our
RSD technology delivers bright, daylight readable, high-resolution images that
will not be affected by smoke.
EUROCONTROL, The European Agency for the Safety of Air Navigation,
purchased a prototype Nomad for test and evaluation. With the ‘see-through’
display, air traffic controllers will be able to view computer-generated
advisories while maintaining visual contact with the terrain and airspace
surrounding the airfield. This in turn will lead to reduced stress and
workload on the controllers. We believe that improved visualization will be
the key in reducing the risk of runway incursion and near collisions.
Microvision’s Imaging Solutions Group, formed early during 2000,
successfully demonstrated a highly innovative hand-held laser scanning device
for reading bar-codes that features very low-power operation, small size and
very low cost. We continue to be encouraged by the pace of development and
innovation with this product as well as indications of interest from the
market place. We will target the product to meet needs in both the existing
bar-code scanner market as well as in the emerging market for mobile Internet
and m-commerce solutions with commercial production scheduled to begin next
year.
The Imaging Solutions Group also announced that they would utilize the
Company’s proprietary silicon micro-mirror technology to develop an ultra-high
resolution light-scanning camera. The development effort seeks to produce a
microminiature confocal camera that can be inserted into very small spaces to
transmit high-resolution, real time, three-dimensional images of objects at
extremely high magnification. The development of the confocal microprobe is
consistent with our strategy of leveraging Microvision’s core microscanning
technology and our core competencies in the design and development of
high-quality optical imaging systems.
With additional growth expected in defense and aerospace, plus the
introduction of product by the end of the year, revenues in 2001 should
increase by at least 50 percent over revenues in 2000. The majority of the
growth will occur late in the year as products are scheduled for shipment.
As we move rapidly into prototyping and prepare for production in 2002,
we expect our investment to continue to grow. The continued growth will have
an impact on Microvision, Inc. earnings of approximately a net loss of
$1.00 per share, concluded Rutkowski.
SOURCE: COMPANY PRESS RELEASE
