news digest ♦ Equipment and Materials
Kopin Q3 results slide 6% to $29.6 million
III-V revenues were affected by a shift in wireless handset sales as various OEMs are adjusting their product offering dates from a pattern which focused on the U.S. holiday season to more year- round introductions of handsets and tablets.
Kopin Corporation a supplier of advanced semiconductor products has announced financial results for the third quarter and nine months ended September 24, 2011.
Total revenues for the third quarter were down 6 percent to $29.6 million compared with $31.6 million for the same quarter of 2010. Through the nine months ended September 24, 2011, revenues increased to $95.9 million from $87.2 million for the comparable period of 2010.
“Despite the uncertain economic environment, our performance through the first nine months of 2011 has been quite strong,” said John C.C. Fan, Kopin’s President and Chief Executive Officer. “Revenues are 10 percent ahead of the same period in 2010, and we have generated $10.6 million in cash from operating activities.”
“This has enabled us to maintain a strong balance sheet – $103 million in cash and marketable securities and no debt – while at the same time aggressively investing to grow our business organically and through acquisitions. Income from operations has more than doubled to $2.4 million for the first nine months of 2011, even as we have invested $6.0 million more in research and development this year over last year,” he continued.
III-V revenues for the third quarter were $15.5 million compared with $16.6 million for the year-ago quarter. For the nine-month period of 2011, III-V revenues were $49.1 million, up 4 percent from $47.1 million through the same period of last year. Display revenues were $14.1 million for the third quarter of 2011 versus $15.0 million for the same period a year ago. Through the nine months ended September 24, 2011 display revenues increased 17 percent to $46.8 million from $40.1 million in the year-ago period.
“III-V third-quarter revenues were down 242
www.compoundsemiconductor.net November/December 2011
sequentially, but our current forecast indicates that the fourth-quarter revenues will be up over the third quarter,” Fan said. “We believe our III-V revenues were affected by a shift in wireless handset sales as various OEMs are adjusting their product offering dates from a pattern which focused on the U.S. holiday season to more year- round introductions of handsets and tablets.”
Gross margin for the third quarter of 2011 was $9.5 million, or 33.2 percent of product revenues, compared with $10.1 million, or 32.3 percent of product revenues, for the comparable period of 2010. Through the first nine months of 2011, gross margin was $30.9 million, or 34.0 percent of product revenues compared with $23.7 million, or 28.1 percent of product revenues, for the same period of 2010.
Research and development (R&D) expenses were $6.4 million, or 22 percent of revenues, compared with $4.8 million, or 15 percent of revenues, in the third quarter of 2010, reflecting Kopin’s investments in its Golden-i technology, III-V smartphone products and capacity expansion, military display products and the addition of Forth Dimension Displays (FDD), which the Company acquired in January 2011. R&D expenses totaled $19.9 million through the first nine months of 2011 compared with $13.9 million for the same period of 2010.
Selling, general and administrative (SG&A) expenses were $4.4 million in the third quarter of 2011 compared with $3.9 million for the same period of last year. SG&A expenses were $13.5 million for the nine months ended September 24, 2011 compared with $11.7 million for the same period in 2010. The increase in SG&A expenses for 2011 as compared to 2010 is a result of the inclusion of FDD.
Net income was $0.8 million, or $0.01 per diluted share, for the third quarter of 2011 compared with $1.4 million, or $0.02 per diluted share, for the third quarter of 2010. Results for the 2011 and 2010 three-month periods included a $1.0 million gain and a $0.6 million loss, respectively, related to foreign currency fluctuations.
Net income through the first nine months of 2011 was $3.7 million, or $0.06 per diluted share, compared with $4.3 million, or $0.06 per diluted share, in 2010. Results for the 2011 nine-month
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