Microvision, Inc. (NASDAQ:MVIS) announced FY 2011 strategy and preliminary FY
2010 results on Tuesday. The Company expects fourth fiscal quarter loss of
$15.3-$15.8 million or $0.16-$0.17 per share on revenue of $683,000, below the
street consensus of $0.11 per share on revenue of $2.73 million. For fiscal
2010, the company expects revenue of $4.7 million and loss of $0.52 $0.53 per
share, versus the consensus revs of $6.77 million and loss of $0.46 per share.
The preliminary result is predicted below consensus due to falling sales of its
pico projectors which can beam video or images from a mobile device on to any
surface. The company planned to lower its cash used in operations for 2011 by
about 40%, through various measures including restructuring of inventory cycles
with major suppliers. Alexander Tokman, president and CEO stated that "A
revolution in mobile display is coming: a PicoP® display technology based on a
direct green laser that should address the critical needs of both the mobility
and automotive markets. Recent progress by global suppliers in the development
of native or `direct green lasers and our engagement with Pioneer Corporation
put us on an accelerated path to commercialize a next-generation PicoP display
solution in 2012. These developments have allowed us to simplify operations and
devote key personnel to advance this important goal." Shares of the company
tumbled 47 cents or 20.09% to $1.87 after the company said that for the coming
quarter it expects to post earnings below the analysts' expectation. The stock
has 52 week range of $1.28-$3.69. The market capitalization of the stock stands
at $178.90 million with beta of 2.17. Volume of 3.07 million shares has been
traded compared to the daily average volume of 1.32 million shares. Microvision,
Inc. develops miniature display and imaging engines based upon its PicoP display
engine platform. Disclaimer: The assembled information distributed by
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