TAUNTON – In the quarter ended March 31, Kopin Corp. (Nasdaq: KOPN) saw total revenue decrease 3.2 percent to $18.1 million from $18.7 million in the first quarter of 2006, according to preliminary results released yesterday after the market’s close.
Revenue from the CyberDisplay electronic viewfinder segment amounted to $9.0 million, an increase 54 percent from the first quarter of 2006. The rise was fueled by shipments of military display models for the Army’s Thermal Weapons Sight II (TWSII) program and by increasing camera-maker demand for electronic viewfinders.
“We are seeing increasingly strong demand for our electronic viewfinder solutions in ‘prosumer’ digital still cameras such as Olympus’ new SP-550 UZ, the industry’s first ultra-wide optical zoom digital still camera,” said John C.C. Fan, Kopin’s chairman and CEO. “The feedback we have received indicates that the consumer response to this camera has been exceptional.”
Demand for Kopin’s mobile video eyewear “is gaining momentum worldwide,” he added.
The company’s “III-V” integrated-circuit segment saw revenue of $9.1 million, a decline of 28.9 percent from the year-ago period. “Our integrated circuit customers continued their migration to indium gallium phosphide (InGaP) transistors, the new generation of HBT structures for advanced wireless handsets,” Fan said.
But Kopin’s “transition to InGaP transistors is accelerating,” he said, and “we expect our HBT product revenue to trend positively over the course of 2007 …. We remain on track to increase capacity by 50 percent in the second half of this year.”
The company will file its full financial reports for the third quarter of 2006 and subsequent periods after it completes its review of historical stock-option practices, which it has said will require the restatement of results for certain periods.
The failure to file timely reports has put the company’s stock in danger of being removed from Nasdaq. But the stock market Wednesday agreed to stay its de-listing of Kopin shares until the company’s situation can be reviewed by the Nasdaq Listing and Hearing Review Council.
Kopin Corp. (Nasdaq: KOPN) develops and manufactures telecommunications and digital imaging technologies under the Kopin, CyberDisplay and NanoSemiconductor Co. trademarks. Additional information is available at www.kopin.com.
