eMagin has issued financial results for its fiscal year and fourth quarter ending December 31, 2006. The results show record revenues with year-over-year revenues improving by 118%.

Financial Summary:

  • Revenue for the three and twelve months ending December 31, 2006, of $2.6 million and $8.2 million increased 101% and 118% respectively from 1.3 million and $3.7 million for the quarter and year ending December 31, 2005. The growth in revenue was directly attributable to increases in microdisplay demand with military OEM growth of 239% driving results.
  • Cost of goods declined 24% to $2.4 million for the quarter ended December 31, 2006 from $3.2 in 2005. For the full year cost of goods were $11.4 million in 2006 as compared to $10.2 million in 2005. Gross margins turned positive in the fourth quarter at $138,000 compared to a gross loss of $1.9 million in the fourth quarter of 2005. For the full year ended December 31, 2006 gross loss was $3.2 million compared to a gross loss of $6.5 million in 2005.
  • Net loss declined 69% for the three months ending December 31, 2006, to $1.5 million from $4.8 million in 2005. For the full year 2006’s net loss was $15.3 million compared to a net loss of $16.5 million during 2005. 2006 included approximately $2.9 million of expenses associated with expensing of stock options. Options were not expensed in 2005. Loss per share for the three and 12 months ending December 31, 2006, were $(0.15) and $(1.52) compared to the same periods ending December 30, 2005, of $(0.51) and $(1.94) per share
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