eMagin has issued preliminary financial results for its first quarter ending March 31, 2007. The results show record revenues with year-over-year revenues improving by 120%.
- Revenue for the three months ending March 31, 2007, of $3.6 million increased 120% from $1.6 million the quarter ending March 31, 2006. Revenue grew for the seventh quarter in a row, up 41% from $2.6 million reported for the fourth quarter of 2006. Increases in microdisplay demand fueled the reported growth.
- Gross margins improved to 14% of revenue from a gross loss of 85% for the quarter ended March 31, 2006. Margin growth resulted from revenue growth of 120% combined with flat cost of goods expense of $3.1 million as compared to $3.0 million in 2006.
- Net loss declined 43% for the three months ending March 31, 2007, to $2.9 million or $(0.27) per share from $5.2 million or $(0.52) per share in 2006.