This Week
  • Pharos Systems International has grown to become a multinational enterprise.

  • The Market at I-Square is a milestone for the $18 million project in Irondequoit.

  • Leonard Brock grew up very poor and tries to help others in need.

  • For employees today, paid leave is one of the most important benefits.

  • New Simon School dean Andrew Ainslie has a plan to raise its national stature.

  • The RBJ 75 supplement presents a list of the 75 largest private-sector employers.

Vuzix finishes 2013 with a bigger loss, drop in sales

Rochester Business Journal
April 11, 2014

Henrietta-based Vuzix Corp. reported this week that its net loss jumped in 2013 as sales dipped.

The eyewear company logged $2.4 million in revenues for 2013, compared with $3.2 million in 2012, a decrease of 26 percent. The company attributed the decline to its limited working capital for the first seven months of 2013 that caused delays in new product development and its ability to buy components.
 
The net loss from continuing operations for 2013 was $10.1 million, or $1.69 a share, versus a net loss of $4.7 million, or $1.34 a share, in 2012.

“2013 represented a transitional year for Vuzix with changes to most of our products lines from lower margin, lower resolution offerings to our next generation, smart, digital and waveguide based solutions," said Paul Travers, president and CEO.

Its product introductions include its M100 Smart Glasses.

This year the company’s focus is on refining technology and kick-starting growth, Vuzix officials said.

"For 2014, we will continue our investments in technology development. We also expect to continue to expand our customer base while we see our existing customers begin to offer solid solutions to their customers around our Smart Glasses," Travers said. “We expect continued revenue growth through 2014 and beyond."

As of Dec. 31, the company had cash and cash equivalents of $310,140, up from $66,554 a year earlier.
 
The company ranked 22nd, with roughly 25 local workers, on the most recent Rochester Business Journal list of optics and imaging firms.

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