Kopin Records Mixed Q1 Results
Westborough-based Kopin Corp., a mobile communications and micro display product company, reported mixed results for its first quarter of 2013, attributing a drop in revenue to fewer sales of military products.
Kopin said revenue for the first quarter ended March 30, was $6.3 million, down from $10.9 million in 2012, due to the declining sales of display products for the military.
Net income jumped to $21.6 million, or 34 cents per share, compared to a net loss of $2.6 million, or 4 cents per share a year earlier. The increase in profits reflected the company's January sale of the assets of its III-V product line, which is used in circuits in smartphones, to U.K.-based IQE Plc. That sale included the company's former Taunton headquarters.
In a statement, Kopin's president and CEO, John C.C. Fan, said the company focused on forming strategic relationships with top technology companies in the first quarter and that 2013 is its year to focus and position itself "to seize the wearable computing wave, which we expect to hit in early 2014." Kopin said it's focusing on "developing technology and products and establishing relationships and not necessarily on achieving revenue" this year.
Fan also said the company's portfolio of intellectual property places it at the forefront of the emerging market. It acquired four patents and filed 14 during the quarter.
"As we transform to a solution- and license-based model, we anticipate producing faster growing, recurring revenue that will drive higher gross margins," Fan said.
Kopin said it expects full-year revenue to be between $18 million and $22 million with a net loss of $19 million to $23 million due to operating expenses expected to advance the company's wearable computing products.
WBJ Web Partners
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