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Vuzix Provides Business Update and Reports First Quarter 2017 Financial ResultsRevenue up 233% Year-Over-Year and Company Signs $1.14 Million Contract with Toshiba ROCHESTER, N.Y., May 10, 2017 /CNW/ -- Vuzix® Corporation (NASDAQ: VUZI), a leading supplier of Smart Glasses, Augmented Reality (AR) and Virtual Reality (VR) technologies and products for the consumer and enterprise markets, today reported its first quarter financial results for the period ended March 31, 2017. First Quarter 2017 and recent highlights included:
The following table compares the Company's summarized statement of operations data for the first quarter ended March 31, 2017:
First Quarter 2017 Financial Results For the three months ended March 31, 2017 revenues were $1.21 million, an increase of 233% compared to $0.36 million for the three months ended March 31, 2016. The increase of revenue for the quarter ended March 31, 2017 compared to the same period in 2016 was primarily the result of the volume production release and commencement of sales of the M300 Smart Glasses and the sales of engineering services for a specialized version of our smart glasses for Toshiba. Total Gross Profit for the three months ended March 31, 2017 was $0.15 million as compared to a gross loss of $0.24 million for the three months ended March 31, 2016, an improvement of 162%. The increase of cost of sales for the quarter ended March 31, 2017 compared to the same period in 2016 was primarily the increased revenues in the 2017 period. Research and Development expense was $1.67 million for the three months ended March 31, 2017 compared to $1.27 million for the three months ended March 31, 2016. The increase of research and development expense for the quarter ended March 31, 2017 compared to the same period in 2016 was primarily the result of increased R&D staff versus the same period in 2016 and transitioning the M300 smart glasses into volume production with our outside contractor which assisted in the development work. General and administrative expense was $1.24 million for the three months ended March 31, 2017 compared to $0.89 million for the three months ended March 31, 2016. The increase of general and administrative expense for the quarter ended March 31, 2017 compared to the same period in 2016 was primarily the result of Sarbanes-Oxley consultant expense and the hiring of new accounting and internal IR personnel. The net loss for the 3 months ending March 31, 2017 was $4.18 million or $0.23 cents per share versus a net loss of $3.78 million or $0.26 for the same period in 2016. As of March 31, 2017, the Company maintained cash and cash equivalents of $10.4 million, and an overall working capital of $11.0 million. The cash loss from operations was $3.8 million for the three months ending March 31, 2017 as compared to $3.2 million for the prior 2016 quarterly period. "2017 is off to strong start at Vuzix after achieving $1.2 million in sales for the first quarter, which easily exceeded any of our previous quarters since we sold our military division in 2012," said Paul Travers, President and Chief Executive Officer of Vuzix. "We continue to prioritize improving our gross margins and full product commercialization of our waveguide technologies for our products and potential OEMs. The recent addition of Paul Boris, as our Chief Operating Officer (COO) will have an immediate positive impact on our sales and manufacturing efforts at Vuzix as we scale our business for immediate and future growth. With over $10.4 million in cash and equivalents as of March 2017, the strong interest in our smart glasses and their growing adoption puts the Company on a path towards significant growth in 2017." Conference Call Information Date: Wednesday, May 10, 2017 Participating on the call will be Vuzix' Chief Executive Officer and President Paul Travers and Chief Financial Officer Grant Russell, who will discuss operational and financial highlights for the first quarter ended March 31, 2017. To join the live conference call, please dial into the above referenced telephone numbers five to ten minutes prior to the scheduled conference call time. A replay will be available for 30 days, starting on May 10, 2017, at approximately 6:00 p.m. (ET). To access the replay, please dial 877-660-6853 within the U.S. or Canada, or 201-612-7415 for international callers. The conference ID# is 13651730. About Vuzix Corporation Forward-Looking Statements Disclaimer Media and Investor Relations Contact: Matt Margolis, Director of Corporate Communications and Investor Relations, Vuzix Corporation [email protected] Tel: (585) 359-5952 Andrew Haag, Managing Partner, IRTH Communications Vuzix Corporation, 25 Hendrix Road, Suite A, West Henrietta, NY 14586 USA, To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vuzix-provides-business-update-and-reports-first-quarter-2017-financial-results-300455608.html SOURCE Vuzix Corporation |