[February 05, 2014]

eMagin Announces Preliminary 2013 Revenue Results

eMagin (News - Alert) Corporation (NYSE MKT: EMAN), the leader in the technology, development, design and manufacture of Active Matrix OLED microdisplays for high resolution imaging products, today announced that preliminary revenue for the fourth quarter ended December 31, 2013, was approximately $6.1 million.

While demand for eMagin's microdisplays remains strong, there was a shortfall in anticipated product revenue for the fourth quarter of 2013 resulting from previously announced equipment downtime, low yield, and lower average sales prices. As well, contract revenue in the period continued to be impacted by fewer government R&D contracts as a result of the U.S. government sequestration.

Andrew G. Sculley, President and CEO, commented, "2013 was a very challenging year for us. While we have advanced our technology leadership position and continue to make investments to improve our processes, display production and yield, we have yet to meet our goals, as certain of our defense customers have imposed more exacting standards than we have experienced in the past. We are working diligently to meet their requirements and achieve our yield improvement objectives. In the fourth quarter, we changed our manufacturing leadership and strengthened our team to help us further improve. In addition, we have stepped up our efforts to increase yield with the purchase of new equipment and increasing the resources for our yield enhancement team. Going forward, we will continue to strengthen our manufacturing processes until we reach acceptable yield levels. As a result of these actions, we anticipate a return to rvenue growth in 2014."

The Company is scheduled to report full fourth quarter results and give 2014 revenue guidance on March 11, 2014.

About eMagin Corporation

A leader in OLED microdisplay technology, OLED microdisplay manufacturing know-how and mobile display systems, eMagin manufactures high-resolution OLED microdisplays and integrates them with magnifying optics to deliver virtual images comparable to large-screen computer and television displays in portable, low-power, lightweight personal displays. eMagin microdisplays provide near-eye imagery in a variety of products from military, industrial, medical and consumer OEMs. More information about eMagin is available at www.emagin.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including those regarding eMagin Corporation's expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. Actual events or results may differ materially from those in the forward-looking statements as a result of various important factors, including those described in the Company's most recent filings with the Securities and Exchange Commission, including the Company's reports on Form 10-K, Form 10-Q and Form 8-K. For example, factors that could cause actual results to vary materially from future results include, but are not limited to: our ability to successfully develop and market our products to customers; our ability to generate customer demand for our products in our target markets; the development of our target markets and market opportunities; our ability to manufacture suitable products at competitive cost; our ability to successfully launch new equipment on our manufacturing line; market pricing for our products and for competing products; the extent of increasing competition; technological developments in our target markets and the development of alternate, competing technologies in them; and sales of shares by existing shareholders. Although management believes that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, the directors or officers of the Company, or any other person, that such forward-looking statements will be achieved. The business and operations of the Company are subject to substantial risks and changes in facts and circumstances which increase the uncertainty inherent in forward-looking statements. The Company undertakes no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.

[ Back To TMCnet.com's Homepage ]