Kopin Corporation (KOPN) saw its loss narrow to $5.19 million, or $0.08 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $6.96 million, or $0.11 a share.
Revenue during the quarter surged 38.19 percent to $6.37 million from $4.61 million in the previous year period. Gross margin for the quarter period stood at positive 37.90 percent as compared to a negative 1.13 percent for the previous year period.
Operating loss for the quarter was $6.28 million, compared with an operating loss of $8.01 million in the previous year period.
"One of our primary goals in 2016 was to reach strategic partnership agreements to commercialize our wearable technologies, and our announcements at The Consumer Electronics Show CES in January proved we were very successful," said Dr. John C.C. Fan, Kopin’s president and chief executive officer. "We entered into agreements with Goertek, the largest manufacturer of VR and AR products in the world, to jointly develop and commercialize a range of technologies and wearable products. In conjunction with these agreements, Goertek is taking an approximate 10% position in Kopin. We also announced a partnership with Lenovo to develop and manufacture AR headsets for the enterprise market."
Working capital declinesKopin Corporation has witnessed a decline in the working capital over the last year. It stood at $70.03 million as at Dec. 31, 2016, down 22.09 percent or $19.85 million from $89.88 million on Dec. 26, 2015. Current ratio was at 6.24 as on Dec. 31, 2016, down from 8.97 on Dec. 26, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
