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Vuzix reports profit for full year

Rochester Business Journal
March 20, 2013

Vuzix Corp. has posted a profit for the full-year 2012, due in large part to the sale of its Tactical Display Group last June.

The Henrietta seller of video eyewear reported a net income of $323,000, or 9 cents a share, for 2012, compared with a net loss of $3.9 million, or $1.10 a share, in 2011. The company logged revenues of $3.2 million in 2012, down from $4.8 million in 2011.

Vuzix has yet to release figures for its fourth quarter, which was reported in early April each of the last two years.

In October, Vuzix announced plans for a reverse stock split of its issued and outstanding stock. The split— on a 1 to 75 basis—was intended to increase the price of the company’s common stock. Vuzix has been trading on the Toronto Stock Exchange since 2010. In December, the company announced its intentions to apply for listing on the Nasdaq stock exchange.

In January, CEO Paul Travers said the company’s recent moves could delay the release of its fourth-quarter financial results.

In its full-year report, Vuzix said it will require additional financing to complete its operations plan for the next year. The company said it has engaged an investment banking firm to assist in a planned public stock offering of up to $15 million.

As of Dec. 31, 2012, Vuzix reported cash and cash equivalents of just under $67,000, compared with $418,000 at the end of 2011. The company’s assets at the end of 2012 totaled $2.4 million, compared with $5.8 million at the close of 2011.

Vuzix’s shares (TSXV: VZX.V) were trading at $3.51, down nearly 24 percent from Tuesday’s close of $4.60.

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


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