Microvision, Inc. (NASDAQ:MVIS) Posts Preliminary Results for 2010 below Analysts Expectation

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 epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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