eMagin Corporation, a leading player in OLED microdisplay technology, today announced its preliminary fourth quarter and full-year results for 2008, still subject to independent audit. The company anticipates increases across the board, fueled by enhanced sales efforts.
“Through ongoing cost reduction efforts, improvements in our production processes and growth in sales, we have been able to substantially improve our performance,” Andrew G. Sculley, eMagin’s CEO and president stated in the press release.
eMagin anticipates report revenues for the quarter at $5.3 million, up 13.5 percent from the fourth quarter of last year. Fiscal 2008 revenues are expected at $18.7 million, up 7 percent from the prior year.
The company expects gross margin at 51 percent of revenues, as compared to the 24 percent announced last year. Full year gross margin is expected at 43% of revenues, a significant leap from the 28 percent announced for 2007.
eMagin expects fourth-quarter net income at $0.6 million, compared to a net loss of $1.2 million for the fourth quarter of 2007. Full-year net income is expected at a loss of $1.9 million, compared to a loss of $18.5 million in 2007.
The audited results are scheduled to be reported March 31, 2009. The company plans to hold a teleconference to update its shareholders and analysts of the final financials.
eMagin’s microdisplay technology is applicable to portable, low-power personal displays for gaming, training and simulation, immersion and therapy and more. The company has been recognized as the 15th rank of Deloitte’s Washington State Technology’s Fast 50 companies.
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