For third-quarter 2012, Kopin Corp of Taunton, MA, USA, a supplier of III-V semiconductor products and microdisplays for mobile applications (including smartphones, tablet PCs, military thermal weapons sights and wearable computers), has reported total revenue of $21.9m, down 4% on $22.8m a year ago and 26% on $29.6m a year ago.
III-V product revenue was $13.7m, down 13% on $15.8m last quarter and 11.6% on $15.5m a year ago, reflecting slower growth in mobile phone demand.
Display product revenue was $8.2m, down 42% on $14.1m a year ago (due to lower revenue from military display products) but up 17% on $7m last quarter.
Operating expenses have been cut from $30.5m a year ago and $28.3m last quarter to $27.7m. However, most of this was due to the cost of product revenue falling from $19.8m a year ago to $15.8m now. In contrast, after falling to $5m last quarter, R&D expenses were $6.4m, back level with a year ago. Selling, general & administrative (SG&A) expenses have risen from $4.4m a year ago and $5m last quarter to $5.5m.
Net loss was $6.7m, up from $5.9m last quarter and compared with net income of $0.2m a year ago (although the latter included a $1m gain related to foreign currency fluctuations). During the quarter, cash and marketable securities fell further, from $96.3m to $94.5m.
“Through the first nine months of this year, we remain on plan to achieve our revenue guidance of $90-95m for full-year 2012,” says president & CEO Dr John C.C. Fan. However, that guidance was reduced in mid-August from $110-120m previously.
