-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Flomd+t/bcLUVgLvXUrAn8e4c8yxFoWOcRMYuw9SqzJ59VitSjxegx0ISrGBeeBw G6c7rADorPZSWJi4DGzzQA== 0001013762-10-002673.txt : 20101112 0001013762-10-002673.hdr.sgml : 20101111 20101112163211 ACCESSION NUMBER: 0001013762-10-002673 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20101112 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20101112 DATE AS OF CHANGE: 20101112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMAGIN CORP CENTRAL INDEX KEY: 0001046995 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 880378451 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15751 FILM NUMBER: 101187110 BUSINESS ADDRESS: STREET 1: 3006 NORTHUP WAY STREET 2: SUITE 103 CITY: BELLEVUE STATE: WA ZIP: 98004 BUSINESS PHONE: (425)-284-5200 MAIL ADDRESS: STREET 1: 3006 NORTHUP WAY STREET 2: SUITE 103 CITY: BELLEVUE STATE: WA ZIP: 98004 FORMER COMPANY: FORMER CONFORMED NAME: FASHION DYNAMICS CORP DATE OF NAME CHANGE: 19980805 8-K 1 form8k.htm EMAGIN CORPORATION FORM 8-K form8k.htm
 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  November 12, 2010

eMagin Corporation
(Exact name of registrant as specified in its charter)
 
  Delaware
000-24757
56-1764501
(State or other jurisdiction of incorporation)
  (Commission File Number)
  (IRS Employer Identification No.)
 
3006 Northup Way, Suite 103, Bellevue, WA 98004
(Address of principal executive offices and Zip Code)

Registrant's telephone number, including area code (425) 284-5200

Copies to:
Richard A. Friedman, Esq.
Sichenzia Ross Friedman Ference LLP
61 Broadway
New York, New York 10006
Phone: (212) 930-9700
Fax: (212) 930-9725

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
1

 

Item 2.02. Results of Operations and Financial Condition.

On November 12, 2010, eMagin Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2010 and reiterated its guidance for 2010.   The press release is attached hereto as Exhibit 99.1.

 In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits
 
Exhibit Number
 
Description
     
99.1
 
Press Release of eMagin Corporation dated November 12, 2010

 

 




 


 
2

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
eMagin Corporation
 
       
Date: November 12, 2010
By:
/s/ Paul Campbell  
   
Paul Campbell
 
   
Chief Financial Officer
 
       
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  

 
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EXHIBIT INDEX
 
 
 

Exhibit Number
 
Description
     
99.1
 
Press Release of eMagin Corporation dated November 12, 2010


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
 
EX-99.1 2 ex991.htm EXHIBIT 99.1 ex991.htm
Exhibit 99.1
 
eMagin Corporation Logo
 

eMagin Posts Record Net Income of $2.8 Million in the Third Quarter on Revenue Increase of 35%

-- Ships Record Number of Units in Q310 on Strong Growth in Military Market --
-- Expects to Surpass Midpoint of 2010 Revenue Guidance of $28 to $32 million --

BELLEVUE, Wash.--(BUSINESS WIRE)--November 12, 2010-- eMagin Corporation (NYSE Amex: EMAN), the leader in OLED technology for the design and manufacture of OLED microdisplays for high resolution imaging products, issued financial results for its third quarter ending September 30, 2010.

Andrew Sculley, eMagin’s president and chief executive officer, commented, "I am pleased to report that eMagin posted strong gains in sales and profitability in the third quarter 2010, as demand from military market customers for both our high resolution OLED microdisplays, as well as our proprietary research and design expertise, continued unabated.  The shipment of a record number of the Company’s microdisplays and substantially higher contract revenue drove a 35% increase in revenues to $8.3 million as compared to 3Q’09, and year-to-date revenues of $22.5 million represented a 32% increase as compared to the same period last year.  These results give us confidence that we will succeed in passing the midpoint of our annual revenue guidance for 2010 of $28 to $32 million.  The defense in dustry’s increasing recognition of the advantages of our high contrast, low power consumption and broad temperature range microdisplays has allowed the Company to win additional contracts and increase market share in the military market, where equipping soldiers with reliable, high-performance technology is paramount.

“eMagin continues to improve its overall performance on the strength of R&D initiatives, such as our design of a display under the U.S. Army’s TATRC program, which are developing a pipeline of innovative products that are attracting new customers. Our enhanced financial condition and a stronger organization, as well as investment in technology to improve our manufacturing efficiency, is also contributing to new contract wins.  For instance, eMagin’s supply of components of advanced night-vision goggles to ITT Corp., a leading contender for the U.S. Army’s Spiral Enhanced Night Vision Goggles program, signals that the American military is prepared to qualify eMagin’s active matrix OLED technology for yet another application that contributes to soldier readiness.

“Another positive development for eMagin during the quarter was that the Company began to see a more diverse mix of customers, including some marquee names that contributed significantly to the Company’s total revenues.  We believe that more and more customers are working with us as they recognize the strength of our financial position combined with our superior technology for microdisplays,” added Mr. Sculley.

Quarterly Results
eMagin Corporation generated revenue of $8.3 million for the third quarter of 2010, which represented a 35% increase over the prior year’s third quarter.   Year to date, total revenues are up 32% over 2009 levels, due to significantly higher product sales and an 84% increase in contract revenues.  The Company posted a strong gross margin of 66%, compared to a gross margin of 57% in the Q309. The higher gross margin for the period reflects sales of higher margin custom displays designed for customers’ exclusive use and the Company’s significant operating leverage, as we produced and shipped a record number of microdisplays during the quarter.

Operating expenses in the quarter as a percentage of revenues were 31%, down from the 37% reported in the third quarter of 2009, and a sequential decline from 34% in the second quarter of 2010 excluding the impact of a one-time charge for employee severance. This improvement was mainly due to continued top line growth, which more than offset higher payroll expenses including the recent hiring of additional engineers and a sales professional to support growth.  SG&A increased by 16% over the prior year, far less than the Company’s year-over-year revenue percentage increase of 35%.

Operating income for the period totaled $2.9 million, more than doubling the $1.3 million recorded in the third quarter of 2009. Net income for the third quarter of 2010 was $2.8 million or $0.09 per diluted share versus net income of $1.2 million or $0.04 per diluted share in the same period of last year.
 
 
1

 
 
eMagin continued to see steady improvement in its financial position due to an increase in cash generated by operations and the absence of debt on the balance sheet. Adjusted EBITDA reached a record $3.3 million, more than double the amount posted in the prior year period. The Company’s cash, cash equivalents and certificates of deposit balance of $10.3 million as of September 30, 2010, was significantly higher than the $5.3 million as of December 31, 2009, a result which reflects cash from operations of approximately $6.6 million offset by approximately $2.3 million which was invested in equipment including a payment on a new OLED deposition machine.

Highlights
·  
On August 17th, eMagin announced that it was awarded a subcontract by ITT Corporation for the supply of display beam combiner assemblies (DBCA), including eMagin's OLED-XL microdisplays. The U.S. Army awarded a contract to ITT's Night Vision & Imaging business units for the Spiral Enhanced Night Vision Goggle (SENVG). eMagin's subcontract has a potential value of $15.2 million.

·  
eMagin was awarded additional supply contracts from two major U.S. Military contractors whose products have received contracts from the U.S. Army under the Spiral Enhanced Night Vision Goggle (SENVG) program for the supply of OLED microdisplays.  These subcontract awards have a potential value of $7.6 million and $5.5 million each, and bring the number of companies that are using eMagin’s microdisplay components in their SENVG offerings to three, including ITT Corporation.

·  
eMagin completed the design of a 1920 x 1200 resolution display for the U.S. Army’s Telemedicine and Technology Research Center (TATRC).  The microdisplay is the highest resolution microdisplay developed to date by eMagin, and has higher resolution than an HDTV but is of a size less than 1 inch in diagonal. The HD-resolution display will feature more than 7 million sub-pixels and a contrast ratio of 100,000 to 1, while consuming less than 350 milliwatts of power. eMagin will continue to receive contract revenue from this ongoing R&D project for a total of $6.4 million.

·  
eMagin announced on August 10th that it signed an agreement to build its first production OLED deposition machine, one that will leverage the latest advances in the Company's proprietary manufacturing processes. The new machine is expected to increase OLED deposition capacity by approximately tenfold, to increase yield significantly and to contribute to substantially more automated processes.  Full integration of the OLED deposition machine to the production line is on track and expected by the end of 2011.

·  
eMagin continued to ship microdisplays that serve a variety of military applications under several fielded programs.  Customers included Sagem (FELIN, the French Army’s integrated soldier system), OASYS (U.S. Army's Thermal Weapon Sight Remote Viewer Program), and L-3 Communications (optical/display subsystem for U.S. Army, Javelin Soldier-Mounted Anti-Tank Missile System).

·  
In October, eMagin was recognized by Deloitte LLP as part of its Fast 500 ranking for the fourth year in a row.  This year eMagin ranked 185th among the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America, and 9th among companies located in Washington state.
 
Outlook
Based on current market conditions, as well as expectations for the fourth quarter of the year due to scheduled deliveries under existing contracts, the Company expects to reach at least $30 million in total revenue during 2010.  This represents the midpoint of the previously stated guidance range of $28 million to $32 million in total annual revenue.

Quarterly Report and Conference Call
Full results will be published in the Company's 10Q report for the quarter ending September 30, 2010, to be filed with the Securities & Exchange Commission on Friday, November 12, 2010. They will also be available via the Company’s website, www.emagin.com.
 
 
 
2

 
 
In conjunction with its third quarter 2010 financial results, eMagin will host a teleconference call and webcast for investors and analysts at 11:00 a.m. ET, November 12, 2010. To access the call, investors should call 1-866-730-5771 and enter the passcode 92046519. A replay of the call will be available from today at 2:00 p.m. through December 12, 2010. To access the replay, investors should dial 1-888-286-8010 and enter the passcode 67314830. The call will also be available as an archived audio webcast on the "Investors" section of eMagin's website, www.emagin.com, for four weeks following the call.

About eMagin Corporation

A leader in OLED microdisplay technology and personal display systems, eMagin integrates high-resolution OLED microdisplays 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. The Company's own Z800 3DVisor provides 3D stereovision and headtracking for PC gaming, training and simulation, immersion therapy, and other applications. 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 and Section 21E of the Securities Exchange Act of 1934, 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 SEC. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. The business and operations of the Company are subj ect to substantial risks which increase the uncertainty inherent in forward-looking statements. We undertake 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.

Non-GAAP Financial Measures
 
To supplement the Company's consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information, namely earnings before interest, taxes, depreciation and amortization (EBITDA). The Company's management believes that this non-GAAP measure provides investors with a better understanding of how the results relate to the Company's historical performance. The additional adjusted information is not meant to be considered in isolation or as a substitute for GAAP financials. Management believes that these adjusted measures reflect the essential operating activities of the Company. A reconciliation of non-GAAP financial information appears below:
 




 
3

 

eMAGIN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
 
             
   
September 30, 2010
(unaudited)
   
December 31, 2009
 
             
ASSETS
           
             
Current assets:
           
Cash and cash equivalents
 
$
6,714
   
$
5,295
 
Short-term investments – held to maturity
   
2,600
     
100
 
Accounts receivable, net
   
5,231
     
4,563
 
Inventory
   
1,671
     
2,179
 
Prepaid expenses and other current assets
   
599
     
687
 
Total current assets
   
16,815
     
12,824
 
Long-term investments – held to maturity
   
1,000
     
 
Equipment, furniture and leasehold improvements, net
   
3,232
     
1,021
 
Intangible assets, net
   
41
     
43
 
Other assets
   
92
     
92
 
Total assets
 
$
21,180
   
$
13,980
 
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
                 
Current liabilities:
               
Accounts payable
 
$
988
   
$
1,122
 
Accrued compensation
   
1,807
     
956
 
Other accrued expenses
   
977
     
791
 
Advance payments
   
125
     
211
 
Deferred revenue
   
154
     
238
 
Other current liabilities
   
734
     
891
 
Total current liabilities
   
4,785
     
4,209
 
                 
Commitments and contingencies  (Note 12)
               
                 
Shareholders’ equity:
               
Preferred stock, $.001 par value: authorized 10,000,000 shares:
               
Series B Convertible Preferred stock, (liquidation preference of $5,679,000 at September 30, 2010) stated value $1,000 per share, $.001 par value:  10,000 shares designated and 5,679 issued and outstanding as of September 30, 2010 and 5,739 as of December 31, 2009
   
     
 
Common stock, $.001 par value: authorized 200,000,000 shares, issued and outstanding, 19,938,992 shares as of September 30, 2010 and 16,967,244 as of December 31, 2009
   
20
     
17
 
Additional paid-in capital
   
208,665
     
206,664
 
Accumulated deficit
   
(192,290
   
(196,910
)
Total shareholders’ equity
   
16,395
     
9,771
 
Total liabilities and shareholders’ equity
 
$
21,180
   
$
13,980
 
 
 
4

 
 
eMAGIN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(unaudited)
 

   
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2010
   
2009
   
2010
   
2009
 
Revenue:
                       
                         
Product revenue
 
$
6,936
   
$
5,260
   
$
17,826
   
$
14,560
 
Contract revenue
   
1,320
     
847
     
4,669
     
2,543
 
                                 
    Total revenue, net
   
8,256
     
6,107
     
22,495
     
17,103
 
                                 
Cost of goods sold:
                               
                                 
Product revenue
   
2,105
     
1,996
     
6,590
     
5,817
 
Contract revenue
   
683
     
611
     
2,380
     
1,528
 
                                 
    Total cost of goods sold
   
2,788
     
2,607
     
8,970
     
7,345
 
                                 
Gross profit
   
5,468
     
3,500
     
13,525
     
9,758
 
                                 
Operating expenses:
                               
                                 
Research and development
   
511
     
463
     
1,888
     
1,376
 
Selling, general and administrative
   
2,054
     
1,772
     
6,873
     
5,083
 
    Total operating expenses
   
2,565
     
2,235
     
8,761
     
6,459
 
                                 
Income from operations
   
2,903
     
1,265
     
4,764
     
3,299
 
                                 
Other income (expense):
                               
Interest expense
   
(21
)
   
(76
)
   
(79)
     
(417
)
Other income, net
   
2
     
1
     
             10
     
41
 
    Total other expense, net
   
(19
)
   
(75
)
   
(69)
     
(376
)
Income before provision for income taxes
   
2,884
     
1,190
     
4,695
     
2,923
 
Provision for income taxes
   
56
     
     
75
     
 
                                 
Net income
 
$
2,828
   
$
1,190
   
$
4,620
   
$
2,923
 
                                 
                                 
Income per share, basic
 
$
0.14
   
$
0.07
   
$
0.25
   
$
0.18
 
Income per share, diluted
 
$
0.09
   
$
0.04
   
$
0.15
   
$
0.12
 
                                 
Weighted average number of shares outstanding:
                               
                                 
Basic
   
19,883,029
     
16,513,101
     
18,781,185
     
16,133,646
 
Diluted
   
31,816,477
     
26,592,267
     
30,680,340
     
24,471,486
 
 
 
5

 

Non-GAAP Information

   
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2010
   
2009
   
2010
   
2009
 
                         
                         
Net income
  $ 2,828     $ 1,190     $ 4,620     $ 2,923  
Severance
                969        
  Adjusted net income
    2,828       1,190       5,589       2,923  
Non-cash compensation
    426       381       1,348       926  
Depreciation and amortization expense
    17       19       53       65  
Interest expense
    22       76       80       417  
Income tax expense
    56             75        
  Adjusted EBITDA
  $ 3,349     $ 1,666     $ 7,145     $ 4,331  


Source: eMagin Corporation

Investors: Paul Campbell, 425-284-5220, pcampbell@emagin.com



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