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Vuzix stock jumps 26 percent; firm posts Q1 loss

Rochester Business Journal
May 16, 2013

Vuzix Corp. reported a net loss for the first quarter as its sales continued to decline. Still, shares of the company’s stock were up 26 percent Thursday afternoon.

The Henrietta seller of video eyewear reported a net loss from continuing operations of $936,238, or 26 cents a share, for the quarter compared with a net loss of $1.1 million, or 30 cents a share, a year ago, a filing on Wednesday with the Securities and Exchange Commission states.

Vuzix logged revenues of $739,184 for the first quarter, down from $1.11 million. Product sales fell 33 percent from $913,941 to $608,661.

Vuzix’s operating expenses for the first quarter totaled $1.11 million, compared with $1.31 million in 2012.

The company is gearing up for the commercial launch of its M100 Smart Glasses. The augmented reality headset has received press on several tech blogs and websites.

Vuzix is also awaiting approval to begin trading on the Nasdaq stock exchange. The company has been trading on the Toronto Stock Exchange since 2010.

Vuzix’s shares (TSXV: VZX.V) were trading at $7.45 Thursday afternoon, up 26 percent from Wednesday’s close of $5.90.

 (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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