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Microvision Reports First Quarter Results (PR Newswire)...Nomad`s capability for displaying images overlaid onto the patient will be tested to determine if augmented vision capability would aid the surgeon and attendants who require an enhanced `inside the body` view during such procedures as catheter stent placement, radiation treatment of prostate tumors, brain surgery and anesthesiology monitoring....- May 09 6:30 AM ET


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Posted on: 05/09/2001

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Wednesday May 9, 6:30 am Eastern Time

Press Release

SOURCE: Microvision, Inc.

Microvision Reports First Quarter Results

Company Expands Field Trials and Secures Product Sales of Nomad(TM) Display System, Wins Government Contract and Completes First Financing and Strategic Partnering for Lumera

BOTHELL, Wash., May 9 /PRNewswire/ -- Microvision(TM), Inc. (Nasdaq: MVIS - news) today reported results for the first quarter of 2001.

Quarterly results

For the three months ended March 31, 2001, Microvision reported a consolidated net loss of $10.2 million or $0.86 per share compared to a net loss of $5.1 million or $.48 per share for the same period in 2000. Consolidated results include Microvision, Inc. and the company's subsidiary, Lumera Corporation. During the first quarter 2001, the loss attributable to Lumera was $2.3 million or $0.19 per share. Results for the quarter also include a charge of $1.1 million or $0.09 per share, of which $1.0 million was non-cash, attributable to payment to the University of Washington of a fully-paid license fee for the Halo display technology. Consolidated revenues increased to $2.3 million from $2.1 million in the same period in 2000.

The company ended the quarter with $54.1 million in cash and investment securities and a revenue backlog of $9.6 million.

The company indicated that there is a high probability that the release of its Nomad display would be delayed by 10 to 12 weeks (into the fourth quarter) as a result of a need to further optimize the scanner drive mechanism and control software. However, the impact on total revenue and earnings may be mostly or entirely offset by higher than expected sales of the Spectrum display unit and an increase in contract revenue for the year.

The recently completed $24 million funding round by Lumera will result in an allocation of Lumera's operating losses to Microvision of approximately $0.45 per share for 2001 which is significantly lower than the $1.00 per share previously estimated.

"We are pleased with our progress and results this quarter," noted Rick Rutkowski, Microvision president and CEO. "We are meeting our operating and financial goals and continuing to advance our marketing and sales efforts towards product introductions. While the delay in Nomad's release is disappointing, we are still comfortable that 2001 revenues can be in the neighborhood of 50 percent higher than last year. We intend to make good use of the time by continuing to enlist new customers, and prospective application and distribution partners for the Nomad system. We can control the timing of many of the budgeted expenditures relating to the ramp toward Nomad release to minimize any negative impact to net operating income.

"The Spectrum display is also being very well received. We are excited about the market potential for our barcode scanner product, which continues to proceed on schedule towards prototype demonstration this summer and product launch in early 2002. With respect to Lumera, we appear to be on track with our technical and product plan at a reduced rate of investment, and our design fabrication facility, which has recently come on line, may in fact support moderate levels of production. These developments could allow us to get greater impact out of our first round funding than we originally anticipated."

Quarterly highlights

Among the highlights of the first quarter, Stryker Leibinger (a division of Stryker Corporation) ordered ten Nomad wearable display systems for integration in a medical workstation. For competitive reasons, the specific application for the Nomad system in the Stryker Navigation System will not be publicly disclosed until product launch this fall; however, both companies believe the application will assist in reducing surgical time and improving patient outcomes.

The company also entered into a research agreement with the Mayo Clinic Rochester to evaluate the Nomad system for medical applications in cardiology, cancer treatment and anesthesiology. Nomad's capability for displaying images overlaid onto the patient will be tested to determine if augmented vision capability would aid the surgeon and attendants who require an enhanced 'inside the body' view during such procedures as catheter stent placement, radiation treatment of prostate tumors, brain surgery and anesthesiology monitoring.

Lumera Corporation ( http://www.lumera.com ), Microvision's optical network components subsidiary, completed a $24 million round of financing led by Cisco Systems, Inc. in March 2001. This round of financing marked the first investment in Lumera by investors outside of Microvision, which has provided the financing for the subsidiary since its inception. Lumera will use the proceeds to continue its research and development activities in developing materials for a new generation of unique active and passive components for optical networks that are expected to deliver increased bandwidth at very competitive costs while requiring less power than today's devices. Lumera expects to begin commercializing its technology as early as mid-2002.

Subsequent events

Following the end of the quarter, Microvision announced the award of an additional $7.5 million contract extension from the U.S. Army to continue development on the Virtual Cockpit Optimization Program (VCOP) and expand the Aircrew Integrated Helmet System (AIHS) for use in attack and utility helicopters.

Microvision also announced that it delivered Spectrum(TM) -- its prototype full-color display system -- to the Cleveland Clinic Foundation. The delivery represents the first of several full-color, high-resolution, daylight-readable, see-through display prototypes that Microvision plans to place with strategic customers this year. As Microvision's first development partner for Spectrum, the Cleveland Clinic will focus on developing and evaluating clinical applications in the operating room.

Investors will have the opportunity to listen to Microvision's conference call regarding first quarter earnings at 8:00 a.m. PDT on May 9. Participants may join the conference call by dialing 913-981-5522 ten minutes prior to the start of the conference. The confirmation code is 635381. Additionally, the conference will be broadcast over the Internet through The First News website, located at http://www.thefirstnews.com . To participate via the Internet, go to the web site at least fifteen minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available on The First News site shortly after the call.

About Microvision

Headquartered in Bothell, Wash., Microvision, Inc. is the developer of the proprietary Retinal Scanning Display technology and a world leader in micro miniature optical scanning technology for display and imaging applications. The company's technology has applications in a broad range of military, medical, industrial, professional and consumer information products. Additional information can be found at the company's Web site at http://www.mvis.com .

NOTE: Nomad and Microvision are trademarks of Microvision, Inc.

About Lumera

As a subsidiary of Microvision, Inc., Lumera is a world leader in the development of electro-optic devices based on proprietary optical polymers. The company plans to deliver superior and unique component solutions to optical systems suppliers. Lumera plans to supply standard and custom components to systems providers in multiple high-growth product categories. Additional information can be found at Lumera's Web site at http://www.lumera.com .

Forward-Looking Statement

The information set forth in this release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. Certain factors that realistically could cause results to differ materially from those projected in the company's forward-looking statements are set forth in the company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission.

                              Microvision, Inc.
                     Consolidated Statement of Operations
                (In thousands, except earnings per share data)

                                                 Three months ended March 31,
                                                       2001           2000
                                                            (unaudited)

    Revenue                                          $2,337          $2,110

    Cost of revenue                                   1,562           1,468
     Gross margin                                       775             642

    Research and development expense                  8,067           3,596
    Marketing, general and administrative expense     3,701           2,340
    Non-cash compensation expense                       463             154
       Total operating expenses                      12,231           6,090

    Loss from operations                            (11,456)         (5,448)

    Interest income                                     706             452
    Interest expense                                    (24)            (77)

    Loss before minority interests                  (10,774)         (5,073)

    Minority interests in loss of consolidated
     subsidiary                                         554             --

    Net loss                                       $(10,220)        $(5,073)

    Net loss per share before non-cash
     compensation expense                            $(0.82)         $(0.47)
    Non-cash compensation expense                     (0.04)          (0.01)

    Net loss per share - basic and diluted           $(0.86)         $(0.48)

    Weighted-average shares
     outstanding - basic and diluted                  11,917         10,469

                              Microvision, Inc.
                          Consolidated Balance Sheet
                                (In thousands)

                                                    March 31,   December 31,
                                                      2001           2000
                                                   (unaudited)
    Assets
    Current Assets
     Cash and cash equivalents                       $22,290         $7,307
     Investment securities, available-for-sale        31,784         33,410
     Accounts receivable, net                          1,181          1,033
     Costs and estimated earnings in excess of
      billings on uncompleted contracts                1,075          2,116
    Current restricted investments                        --          1,125
    Other current assets                               2,575            976
       Total current assets                           58,905         45,967

    Long-term investment, at cost                        624            624
    Property and equipment, net                        7,523          7,516
    Restricted investments                               903            951
    Receivables from related parties                   1,520          1,000
    Other assets                                       2,099            114
       Total assets                                  $71,574        $56,172


    Liabilities And Shareholders' Equity
    Current Liabilities
     Accounts payable                                 $1,346         $1,974
     Accrued liabilities                               3,402          2,359
     Allowance for estimated contract losses             250            295
     Billings in excess of costs and estimated
      earnings on uncompleted contracts                   73            419
     Current portion of capital lease obligations        289            317
     Current portion of long-term debt                    53             52
       Total current liabilities                       5,413          5,416

    Capital lease obligations, net of current portion    118            182
    Long-term debt, net of current portion               276            290
    Deferred rent, net of current portion                246            242
       Total liabilities                               6,053          6,130

    Commitments and contingencies                         --             --

    Minority interest                                 20,765             --

    Shareholders' Equity
     Common stock                                   124,396         120,506
     Deferred compensation                           (3,723)         (4,378)
     Subscriptions receivable from related parties     (347)           (403)
     Accumulated other comprehensive income             787             454
     Accumulated deficit                            (76,357)        (66,137)
     Total shareholders' equity                      44,756          50,042
     Total Liabilities, mandatorily redeemable
      convertible preferred stock and
      shareholders' equity                          $71,574         $56,172

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SOURCE: Microvision, Inc.

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