Kopin execs optimistic despite decreased earnings
Westborough-based Kopin Corp., a developer of wearable computing technology, posted a loss of $9.1 million in the first quarter that ended March 29, while revenue slid to $4.7 million, compared with $6.3 million a year earlier.
The decrease, which resulted in a loss of 15 cents per share, reflects a decline in sales of display products for military applications, which was partially offset by increased sales of components for wearable applications, according to an earnings statement. But the company, which last year announced it would transform its business model “from one that has been primarily commodity-based to one powered by providing innovative solutions for wearable devices,” continued investing in research and development, spending $5.1 million in the first quarter to develop wearable and military technologies.
“The wearable technology ecosystem is growing, and there were many exciting new developments across the spectrum of wearable devices in the first quarter. For example, Microsoft and Intel made investments in wearable technology companies and Samsung -- as well as many smaller players -- showed signs of a strong commitment to wearables, Kopin President and CEO John C.C. Fan said in a statement. “The first quarter has been extremely busy, both with our product development and working without current and potential partners. We added marketing and business development personnel and we commended the production readiness process in anticipation of…the second half of 2014,” Fan said.
In the first quarter of 2013, Kopin posted net income of $21.6 million, but that reflected the company’s sale of its equity interests in Kopin Taiwan Corp., which netted $20.2 million.
WBJ Web Partners
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