Delaware
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000-24757
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56-1764501
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(a)
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Financial statements of business acquired.
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(b)
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Pro forma financial information.
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Shell company transactions.
Not applicable.
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(d)
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Exhibits. | ||
Exhibit Number
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Description
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99.1
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Press Release of eMagin Corporation dated May 12, 2011
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eMagin Corporation
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Date: May 12, 2011
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By:
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/s/ Paul Campbell | |
Paul Campbell
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Chief Financial Officer
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Exhibit Number
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Description
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99.1
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Press Release of eMagin Corporation dated May 12, 2011
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Exhibit 99.1 |
§
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Jerome T. Carollo joined eMagin as Senior Vice President, Business Development. Prior to joining eMagin, Mr. Carollo served as President/General Manager as well as Vice President of Strategic Planning and Business Development at Intevac Vision Systems where he was responsible for developing the domestic and international business strategy for the Company's digital night vision systems, sensors, and helmet mounted and eyeware displays.
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§
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eMagin has completed the first prototypes of its latest color High-Definition OLED Microdisplay. It is the industry's highest resolution Microdisplay ever produced. It will be shown to select customers at this year's Society of Information Display (SID) Conference in Los Angeles, California, from May 15-20.
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§
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eMagin’s bookings for the first quarter of 2011 were solid, contributing to an increase in the sales backlog for OLED microdisplays.
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§
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The Company received $1.3 million of new contract awards for microdisplay product development and commercialization projects to be completed in 2011.
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§
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eMagin shipped the first display beam combiner assemblies (DBCA), which include the Company's OLED-XL microdisplays, under the subcontract received from ITT Corporation in the summer of 2010. The U.S. Army awarded a contract to ITT's Night Vision & Imaging business units for the Enhanced Night Vision Goggle (ENVG). The first few hundred units are for program evaluation. eMagin's subcontract has a potential value of $15.2 million.
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§
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The Company shipped the first OLED microdisplays in support of additional subcontracts from two major U.S. Military contractors whose products have received contracts from the U.S. Army under the Enhanced Night Vision Goggle (ENVG) program.
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§
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eMagin formed a design team consisting of outstanding design engineers each of whom has extensive experience working on the silicon backplane for eMagin's newest and most sophisticated OLED microdisplay designs, including the SXGA (1280 x 1024 resolution) and the TATRC WUXGA (1920 x 1200 resolution), as well as the two customer products designed in 2009 for 2010 manufacturing. It is expected that the in-house design team will enable the Company to develop more designs at lower cost.
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§
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The Company demonstrated its new, lowest power/high contrast VGA OLED-XL microdisplay at the SPIE Defense, Security and Sensing Conference and Exposition in Orlando, Florida. The new 15-micron pixel VGA OLED microdisplay combines a voltage drive pixel approach with eMagin's True Black(TM) technology to provide a 0.5 inch diagonal monochrome display that uses less than 60mW (less than half of the requirement for eMagin’s successful SVGA+ OLED-XL microdisplay) and produces sharp images at contrast ratios of approximately 100,000:1.
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March 31, 2011
(unaudited)
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December 31, 2010
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ASSETS
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||||||||
Current assets:
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||||||||
Cash and cash equivalents
|
$
|
7,763
|
$
|
7,796
|
||||
Short-term investments – held to maturity
|
3,100
|
|||||||
Accounts receivable, net
|
4,698
|
5,150
|
||||||
Inventory
|
2,149
|
1,905
|
||||||
Prepaid expenses and other current assets
|
704
|
777
|
||||||
Total current assets
|
18,814
|
18,728
|
||||||
Long-term investments – held to maturity
|
1,750
|
1,500
|
||||||
Equipment, furniture and leasehold improvements, net
|
3,538
|
3,287
|
||||||
Intangible assets, net
|
38
|
39
|
||||||
Other assets
|
92
|
92
|
||||||
Deferred tax asset
|
9,206
|
9,056
|
||||||
Total assets
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$
|
33,438
|
$
|
32,702
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
1,324
|
$
|
1,100
|
||||
Accrued compensation
|
1,811
|
1,975
|
||||||
Other accrued expenses
|
1,638
|
1,781
|
||||||
Advance payments
|
239
|
101
|
||||||
Deferred revenue
|
24
|
26
|
||||||
Other current liabilities
|
175
|
170
|
||||||
Total current liabilities
|
5,211
|
5,153
|
||||||
Commitments and contingencies (Note 12)
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||||||||
Shareholders’ equity:
|
||||||||
Preferred stock, $.001 par value: authorized 10,000,000 shares:
|
||||||||
Series B Convertible Preferred stock, (liquidation preference of $5,679,000) stated value $1,000 per share, $.001 par value: 10,000 shares designated and 5,679 issued and outstanding as of March 31, 2011 and December 31, 2010
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—
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—
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||||||
Common stock, $.001 par value: authorized 200,000,000 shares, issued and outstanding, 21,616,708 shares as of March 31, 2011 and 21,210,445 as of December 31, 2010
|
22
|
21
|
||||||
Additional paid-in capital
|
210,550
|
209,591
|
||||||
Accumulated deficit
|
(182,345
|
)
|
(182,063
|
)
|
||||
Total shareholders’ equity
|
28,227
|
27,549
|
||||||
Total liabilities and shareholders’ equity
|
$
|
33,438
|
$
|
32,702
|
Three Months Ended
March 31,
|
||||||||
2011
|
2010
|
|||||||
Revenue:
|
||||||||
Product
|
$
|
4,310
|
$
|
4,486
|
||||
Contract
|
1,131
|
1,441
|
||||||
Total revenue, net
|
5,441
|
5,927
|
||||||
Cost of goods sold:
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||||||||
Product
|
2,609
|
1,845
|
||||||
Contract
|
586
|
764
|
||||||
Total cost of goods sold
|
3,195
|
2,609
|
||||||
Gross profit
|
2,246
|
3,318
|
||||||
Operating expenses:
|
||||||||
Research and development
|
532
|
734
|
||||||
Selling, general and administrative
|
2,141
|
1,682
|
||||||
Total operating expenses
|
2,673
|
2,416
|
||||||
(Loss) income from operations
|
(427)
|
902
|
||||||
Other income (expense):
|
||||||||
Interest expense, net
|
(29
|
)
|
(28
|
)
|
||||
Other income, net
|
16
|
7
|
||||||
Total other expense, net
|
(13
|
)
|
(21
|
)
|
||||
(Loss) income before (benefit from) provision for income taxes
|
(440
|
)
|
881
|
|||||
(Benefit from) provision for income taxes
|
(158
|
)
|
1
|
|||||
Net (loss) income
|
$
|
(282
|
)
|
$
|
880
|
|||
(Loss) income per common share, basic
|
$
|
(0.01
|
)
|
$
|
0.05
|
|||
(Loss) income per common share, diluted
|
$
|
(0.01
|
)
|
$
|
0.03
|
|||
Weighted average number of common shares outstanding:
|
||||||||
Basic
|
21,522,716
|
17,109,706
|
||||||
Diluted
|
21,522,716
|
29,553,301
|
Three Months Ended
March 31,
|
||||||||
2011
|
2010 | |||||||
Net (loss) income
|
$ | (282 | ) | $ | 880 | |||
Severance
|
10 | — | ||||||
Adjusted net (loss) income
|
(272 | ) | 880 | |||||
Non-cash compensation
|
856 | 434 | ||||||
Depreciation and amortization expense
|
34 | 16 | ||||||
Interest expense
|
29 | 28 | ||||||
(Benefit from) provision for income taxes
|
(158 | ) | 1 | |||||
Adjusted EBITDA
|
$ | 489 | $ | 1,359 |