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News

8 August 2007

 

Kopin expects strong III-V revenues to end 2007

Maker of heterojunction bipolar transistors (HBTs) and liquid crystal displays, Kopin of Taunton, Mass, USA has reported limited financial results for Q2/2007 ended June 30, and says that they should be considered preliminary until it files its quarterly report on Form 10-Q.

Total Q2/2007 revenue from sales of HBTs and CyberDisplay (liquid crystal displays) amounted to $21.8m, an increase of more than 15% on the $18.9m achieved in Q2/2006 and the $18.1m reported for Q1/2007.

Q2/2007 revenue from HBTs alone reached $11.1m, down on the $12.1m in Q2/2006, but up on the $9.1m in Q1/2007. For the first six months of 2007 (ended June 30), revenue from HBTs reached $20.2m, down on the $24.9m for the first half of 2006.

“We expect stronger HBT revenues in the second half of this year,” said Kopin’s president and CEO, John C.C. Fan. “We are on track with the installation and qualification of three of the world’s most advanced and largest HBT production systems in our Taunton facility.”

“By the end of this year, our capacity should be approximately 50 percent higher than our 2005 capacity levels,” Fan added. “In addition, these advanced systems should enhance our operational efficiencies and improve the uniformity and process control of our 6-inch wafer products.”

For fiscal 2007, Kopin expects revenue in the range of $90m to $95m, an increase on the previously forecast range of $80m to $90m. “We anticipate continued growth in III-V, driven by demand for advanced wireless handsets and WiFi systems equipped with our transistors,” said Fan.

*Kopin receives notification from Nasdaq

The Nasdaq Listing and Hearing Review Council has notified Kopin that it has until September 25, 2007 to file its overdue periodic reports and any necessary restatements with the U.S. Securities and Exchange Commission and Nasdaq. If the company fails to do so, it could be suspended from listing on the Nasdaq Global Market at the opening of business on September 27, 2007.

However, Kopin intends to request that Nasdaq exercise its discretionary authority under Rule 4809 to grant the company continued listing beyond the September 25 deadline. Kopin says that this will allow it time to complete its investigation into its past stock option practices and to file its audited financial statements.

In May 2007, a Special Investigative Committee set up to review Kopin's historical stock option granting practices recommended that the company's financial statements for 1995 through to 2006 should be restated. As a result of the ongoing review, Kopin has not filed its Q3/2006 Form 10-Q, 2006 Annual Report on Form 10-K or its Q1/2007 Form 10-Q.

See related items:

Kopin expects HBT sales to recover in second-half 2007

Kopin’s III-V revenue fell again in Q4/2006, but expects strong rebound in 2007

Visit: http://www.kopin.com