Kopin turns profit, strong revenue growth
Kopin Corp. of Westborough, which is making a long transition to become a manufacturer of wearable technology, turned in a strong second-quarter in revenue growth, along with net income of $781,000, a sharp turnaround following an $8.9 million net loss in the second quarter of last year.
Kopin reported revenue of $10.9 million for the quarter, which ended June 27. That was up from $6.9 million in the second quarter of 2014, or 58 percent. The net income was propped up by $6.2 million in income outside operations, chiefly from its $6 million divestiture of the company’s interest in Recon Instruments as part of that company’s acquisition by computer chipmaker Intel Corp.
President and CEO John C.C. Fan said in a statement he was “pleased” with the company’s progress as it shifts much of its focus from commercial and military sales to the consumer and enterprise markets as wearable technology becomes more widely used. He specifically cited a recent launch by the Japanese manufacturer Fujitsu of a headset that includes Kopin components.
Fan said Kopin plans to unveil its latest consumer headset system, targeted at the health and fitness market, at a Las Vegas trade show in September.
And the company has the resources to expand, he indicated, with more than $88 million in cash and marketable securities. The company’s balance sheet showed a 15-percent jump in current assets over the first half of 2015.
WBJ Web Partners
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