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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.


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