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First quarter swings to profit for Vuzix

Rochester Business Journal
May 16, 2014

Vuzix Corp. reported net income of $1.5 million, or 15 cents a share, in the first quarter compared with a net loss of $936,298 or 26 cents a share, a year ago.
 
The video eyewear and smart glasses company’s sales increased 8 percent to $798,418, from $739,184 a year ago. Some 50 percent of total product revenues were from the company’s M100 Smart Glasses, Vuzix said.

"This quarter better defines our position in the smart glasses and wearable device space," said Paul Travers, CEO and president, in a statement. “We started the first quarter of 2014 with steadily growing sales from our award-winning M100 Smart Glasses products."

The company’s operating expenses rose to $1.3 million, from $1.1 million. The company reported increased spending on research and development along with higher sales and marketing costs as the primary drivers.

As of March 31, the company had $271,812 in cash and cash equivalents compared with $310,140 a year ago.   

“With our development partners, we are paving the way to incorporate our advanced see-through waveguide optics technology to a broader market audience,” Travers said. “As the growth trend and interest in wearable displays and computers continue, we expect our new line of products to drive increases in our revenues in 2014."

Shares of Vuzix Corp. (Nasdaq: VUZI) were trading slightly down Friday afternoon at $2.73 below Thursday’s close of $2.75.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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