PROVIDENCE – Local technological companies Kopin Corp. and Towerstream Corp. both last week reported higher third-quarter sales compared with a year earlier, which led to improved earnings at Kopin and a narrower loss at Towerstream.
Taunton-based Kopin posted net income of $8.52 million, or 13 cents a share, in the three months ended Sept. 26, up from a profit of $1.5 million, or 2 cents a share, in the same period a year earlier. Revenue rose 4 percent to $31.98 million.
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John C.C. Fan, Kopin’s president and CEO, said the company was “delighted” by the results. “Strong demand for our proprietary military displays and III-V products were key catalysts that drove our outstanding performance in the third quarter,” he said.
Display revenue fell compared with a year earlier, but III-V revenue rose 21 percent on increased demand from smart-phone makers. Fan also noted that Kopin has reported five consecutive profitable quarters despite the deep recession.
Although the fourth quarter is usually Kopin’s weakest for revenue, Fan said the company is optimistic after discussions with customers and expects sales to come in at the high end of its April forecast of $90 million to $110 million.
“We are well positioned for a bright future,” he added.
Separately, Middletown-based Towerstream posted a net loss of $2.14 million, or 6 cents a share, in the three months ended Sept. 30, compared with a net loss of $3.22 million, or 9 cents a share, in the same period a year earlier. Revenue rose 32 percent to $3.78 million.
The company said it carried out 257 customer installations from July through September, setting a new quarterly record for the company. Customer churn, a key measure for telecommunications companies, fell to 1.71 percent from 1.9 percent a year earlier.
Jeff Thompson, Towerstream’s president and CEO, said the company increased its customer base by nearly 13 percent in the quarter. “We believe this is a direct result of improved methods for capturing customer demand at a lower cost,” he said.
Joseph Hernon, Towerstream’s chief financial officer, also noted that the company reduced operating expenses for the fifth consecutive quarter.
Additional information is available at kopin.com and towerstream.com.
