Kopin Corp. sees 3Q profit, revenue decline

KOPIN Corp. saw its third-quarter profit decline to $797,055 from $1.36 million in the same period a year earlier.
Posted 10/27/11

TAUNTON – Kopin Corp. saw its third-quarter profit decline to $797,055 from $1.36 million in the same period a year earlier.

The supplier of advanced semiconductor products and microdisplays for mobile applications – including smartphones, tablets, and military thermal weapons sights and wearable computers - said earnings per diluted share were 1 cent, as compared with 2 cents a year earlier.

Revenue was $29.57 million in the three months ended Sept. 24, down from $31.6 million a year earlier. The company reported a loss for income from operations of $212,081, compared to a profit of $1.84 million a year earlier.

The III-V business - a product line composed of Gallium Arsenide circuits used in mobile devices, as well as display products – saw its revenue drop in the third quarter to $15.5 million, from $16.6 million in the year earlier quarter.

“We believe our III-V revenues were affected by a shift in wireless handset sales as various OEMs [Original Equipment Manufacturer] 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 tables,” said President and CEO John C.C. Fan.

“Despite the uncertain economic environment, our performance through the first nine months of 2011 has been quite strong,” Fan added.

Revenue for the nine months was $95.93 million, up from $87.24 million; net income, however, was $3.66 million, down from $4.26 million.

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