Snap For Vuzix, future is blurry
Vuzix Corp.’s first-quarter net loss doubled as its revenues continue to decline, the company reported Thursday.
The Henrietta seller of video eyewear reported a net loss of $844,483 for the quarter, up from $420,306 a year ago. The company logged revenues of $2.9 million, down 30 percent from $4.1 million.
Vuzix officials said, in a statement, that the company was able to save just more than $250,000 in operating expenses. Total operating expenses for the quarter were $1.6 million down from $1.8 million.
In April, after reporting a bigger fourth-quarter net loss and decreased revenues, Paul Travers, president of Vuzix, said the company’s ability to grow remained limited. Vuzix also declined to give an outlook for 2012.
In the company’s most recent statement, Travers said the company continues to face a number of challenges.
“Our continuing liquidity issues, growing negative working capital base, and high interest costs on our debt, continue to constraint our ability to take advantage of opportunities and improve our operating results,” Travers said. “In addition to exploring options with respect to new debut borrowing and equity financings, the company is also pursuing the sale of certain assets to fund its operations and reduce debt.
The company’s stock closed at just more than 4 cents a share Monday, its lowest mark since mid-December. It was unchanged as of midday Thursday.
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