eMagin Corporation Provides Update On Positive Fourth Quarter 2019 Financial Trends and Announces Management Changes
January 22 2020 - 4:20PM
Business Wire
eMagin Corporation, or the “Company,” (NYSE American:
EMAN) a leader in the development, design and manufacture of
high resolution micro OLED displays for virtual and augmented
reality solutions, today announced preliminary revenues for the
fourth quarter of 2019 and 2019 year-end backlog.
The Company currently estimates revenues in the fourth quarter
are to be in a range between $7.1 million and $7.3 million,
representing a 31% to 34% increase compared to the fourth quarter
of 2018. The revenue growth reflects increased demand in military
end markets and the continued benefits of operating improvements in
manufacturing yields and production throughput.
At December 31, 2019, the Company’s backlog of open orders
scheduled for delivery through December 31, 2020 was $11.7 million,
an increase of over 10% from the backlog of $10.6 million at the
end of 2018 and an increase of over 75% from the $6.6 million
backlog at the end of the third quarter of 2019. As of December 31,
2019, the Company had cash of $3.5 million compared to cash of $3.3
million at December 31, 2018, and $2.6 million at September 30,
2019. The Company’s revolving credit loan balance was $2.9 million
at December 31, 2019, compared to $2.0 million at September 30,
2019, and no borrowings on the Company’s credit loan facility at
December 31, 2018.
“We ended the year on a strong note with our fourth quarter
bookings exceeding $15 million, a record for the Company, and
positioning us well as we enter 2020,” said Chief Executive Officer
Andrew Sculley. “Our core military business is benefitting from the
ramp-up in volume of the Company’s existing programs as well as new
programs. In addition, we continue to have productive discussions
with consumer companies interested in the high brightness and
superior resolution of our displays for potential AR/VR
applications. We look forward to sharing additional details
regarding our fourth quarter results on our year-end conference
call in March.”
Separately, the Company announced today the resignation of Mr.
Jeffrey Lucas as President and CFO effective February 1st to pursue
another opportunity. Mr. Mark Koch, eMagin’s Vice President of
Finance, will become the Acting Chief Financial Officer. Mr. Koch,
a CPA, has been with the Company for almost four years in positions
of increasing financial responsibility and has prior experience as
Corporate Controller of several publicly-traded companies. Mr.
Lucas will be available to the Company in a consulting
capacity.
Dr. Amal Ghosh, Chief Technology Officer, will assume the role
of Chief Operating Officer. Dr. Ghosh, has over twenty-five years
of industry experience and has received significant recognition for
his contributions to display technology including the Company’s
direct patterning dPd™ technology. He has been with eMagin
Corporation for almost 22 years and has held positions with IBM
Corporation and Eastman Kodak Company. “Given his technological and
management expertise, we anticipate that Dr. Ghosh will drive
profitable growth in operations, continue technological
improvements in R&D and bring exciting new products to market,”
continued Mr. Sculley.
“Finally, I want to thank Jeff for his contributions helping our
team drive financial and operational improvements. I am excited to
work with Amal and Mark in their new roles as we build on our
leading military presence and cutting-edge technology to capitalize
on the opportunities in the consumer and enterprise markets,”
concluded Mr. Sculley.
About eMagin Corporation
A leader in OLED microdisplay technology, OLED microdisplay
manufacturing know-how and mobile display systems, eMagin
manufactures high-resolution micro OLED displays and integrates
them with magnifying optics to deliver virtual and augmented
reality on tiny digital displays that are comparable to
large-screen computer and television displays in portable,
low-power, lightweight personal devices. eMagin’s microdisplays
provide near-eye imagery in a variety of products for military,
industrial, medical and consumer OEMs. More information about
eMagin is available at www.emagin.com.
Forward-Looking Statements and Statement on Preliminary
Results
The foregoing information reflects our estimate with respect
to total revenues based on currently available information which is
preliminary and unaudited, is not a comprehensive statement of our
financial results and is subject to completion of our financial
closing procedures. Our final results that will be issued upon
completion of our closing procedures may vary from these
preliminary estimates.
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, 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.
For a more complete description of the risks that could cause our
actual results to differ from our current expectations, please see
the section entitled “Risk Factors” in eMagin’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2018 and Quarterly
Report on Form 10-Q for the fiscal quarter ended September 30,
2019.
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version on businesswire.com: https://www.businesswire.com/news/home/20200122005795/en/
eMagin Corporation Jeffrey Lucas, 845-838-7931 President &
Chief Financial Officer jlucas@emagin.com or Affinity Growth
Partners Betsy Brod, 212-661-2231 Betsy.brod@affinitygrowth.com
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