This Week
  • CEO David Boyce has Tompkins Insurance Agencies on a growth path.

  • ROC the Future gives update on milestones for local education system.

  • The Greater Rochester Awards honorees are profiled.

  • Aware of challenges, private schools work to build a sustainable future.

  • Mech Tech HVAC CEO Edward Burns expects the firm to log solid growth in 2014.

  • Owner of U.S. Ceiling Corp. uses digital estimation to save time and stay competitive.

Vuzix reports profit dip in Q3

Rochester Business Journal
November 20, 2013

Vuzix Corp. posted a drop in profits in the third quarter.

The company reported a net loss of $1.8 million or 26 cents a share, compared with $1.1 million last year, or 33 cents a share.

The company’s gross profit decreased 25 percent to $148,789 compared with $198,845 during the same period last year.

As of Sept. 30, the company had $2.5 million in cash.

The video eyewear company’s sales department is divided between products and engineering services, which both experienced a loss in the third quarter. Sales from products shrank to $177,361 compared with $486,650 last year and sales from engineering services totaled $12,666, a decrease from $71,000 last year.

“To the extent we have sufficient operating funds, we expect to carefully devote capital resources complete the development of our M100 Smart Glasses and to continue our waveguide and HD display engine development programs, hire and train additional staff, and undertake new product marketing activities,” the company stated in documents filed with the Securities and Exchange Commission.

Vuzix Corp. (OTC: VUZI) was trading at $2.29 a share Wednesday afternoon, down more than 3 percent from Tuesday’s close of $2.36.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google