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Vuzix posts profit, rise in revenues

Rochester Business Journal
August 15, 2014

Shares of Vuzix Corp. were nearly unchanged Friday after the Brighton-based eyewear manufacturer reported a second-quarter profit and increased sales. It beat Street estimates for earnings by 12 cents.

Vuzix (OTC: QB: VUZI) reported net income of $239,110, or 2 cents a share, for the quarter, reversing a loss of nearly $1.7 million, or 47 cents a share, in the second quarter 2013.

Wall Street projected a loss of 10 cents for the quarter.

“As we continue the shift from low-resolution products to smart glasses and HD wearable display products, we are encouraged by the growing adoption of our new products by leading companies,” CEO and President Paul Travers said in a statement released Thursday after the markets closed.

Revenues totaled $723,258, up 3 percent from $700,195 in the year-ago quarter, because of the new M100 smart glasses and other product introductions, the company reported.

The company lessened its operational losses by 16.5 percent, to $925,300 compared with more than $1.1 million in the second quarter last year because of reductions in research and development expenses as well as general and administrative costs, it reported.

Cash and cash equivalents totaled nearly $2 million, up 536 percent from $310,140 on Dec. 31, 2013, the company reported.

Company stock was trading at $2.70 a share Friday afternoon.

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


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