Emagin Corporation (EMAN) Misses Q4 EPS by 3c

Emagin Corporation (NYSE: EMAN) reported Q4 EPS of ($0.11), $0.03 worse than the analyst estimate of ($0.08). Revenue for the quarter came in at $4.6 million versus the consensus estimate of $5.26 million.

“I am pleased to announce that we recently signed an additional, multi-million dollar agreement with another major Tier 1 consumer electronics company. We now have in place multiple agreements with commercial partners for next generation prototype products for consumer HMD’s and expect a considerable boost to 2017 revenue from our commercial efforts, including approximately $1.5 million that we expect to recognize in the first quarter of 2017. As we continue to enhance our technological advantage through direct patterning, I believe that we are gaining the recognition we deserve for having the most comprehensive suite of high performance OLED microdisplays in the market today,” commented Andrew Sculley, President and Chief Executive Officer.

“Improvements to our direct patterning equipment and processes have led to higher throughput for our development efforts and, more importantly, brightness levels that surpass threshold requirements for both commercial and military customers. We have begun shipping limited quantities of these enhanced direct patterning displays to key strategic partners, potential partners and defense prime contractors, and are in active discussions with several parties for high volume production to support commercial demand.

“As expected, our fourth quarter revenue was impacted by lower sales volumes from the previously announced wind down of certain domestic military programs. However, we continue to develop market leading products for both military and commercial applications and were selected to participate in both the U.S. Army’s Enhanced Night Vision Goggle III (ENVG III) and the Family of Weapon Sight-Individual (FWS-I) programs. We have a solid base of business within the military and expect it will provide us with a growing, recurring revenue stream over the next several years.”

Outlook

“We continue to pursue our milestone approach to driving shareholder value. We believe eMagin is the only company whose products can meet the low power, high brightness and resolution requirements for high-pixel density displays being demanded both for next generation VR/AR Consumer HMDs as well as today’s commercial and military applications,” continued Mr. Sculley.

The Company remains focused on the following objectives to drive shareholder value:

• Advance our product development discussions with major consumer electronics companies to incorporate OLED technology into their next generation products,
• Advance discussions with high volume production partners to utilize our leading production and process technologies,
• Further penetrate high growth commercial/industrial markets including medical devices and other vertical markets where integration of our OLED microdisplays and optics technology advances product development and adoption,
• Expand our presence in existing and future major military programs and overall customer count in domestic and international military markets,
• Launch new products focused on the consumer market which offer high performance and broad appeal at an attractive price, and
• Continue our progress in manufacturing improvements including yield enhancement and production capacity expansion.

“We made great strides in 2016 toward these objectives and expect to report several significant developments in 2017, especially with respect to our commercial efforts,” concluded Mr. Sculley.

For earnings history and earnings-related data on Emagin Corporation (EMAN) click here.

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