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Vuzix Provides Business Update and Reports Third Quarter 2015 Operating Results

ROCHESTER, N.Y., Nov. 12, 2015 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), a leading supplier of Video Eyewear and Smart Glasses products in the consumer, enterprise, and entertainment markets, today provided an update on its business initiatives and reported its third quarter financial results for the period ended September 30, 2015.

Recent Corporate Highlights:

Vuzix CEO and President Paul J. Travers said, "We are seeing momentum in orders of our wearable products, as more and more customers convert successful pilot programs to commercial orders. Total quarterly revenues for the 3 months ended September 30, 2015 were up over 125% from our second quarter ending June 30, 2015, and up 46% over the same period ending September 30, 2014. We are pleased that sales of M100 Smart Glasses advanced 38% in the third quarter compared to the prior year, as customer volume roll-outs accelerate. As our customers' programs mature and with our new products on the horizon we are very excited about the outlook for the Company."

Mr. Travers continued, "The order flow from enterprise has also improved the make-up of our sales mix over the course of 2015 as we continue to successfully transition to all new product and technology offerings. We are also well prepared for what we anticipate will be a significant uptick in orders moving to 2016. The Company's newly opened Rochester facility will have the capacity to produce millions of waveguides annually and will be a highly advanced R&D center for new product and development."

Some of the highlights during our third quarter include:

  • Enabled Ubimax xPick and xAssist applications for enterprise on Vuzix M100 Smart Glasses
  • Added ONtheGO Platforms' Gesture Tech, Ari™ to M100 Smart Glasses
  • Incorporated M100 Smart Glasses into a new NTT DATA remote field service system, which NTT DATA officially launched on August 31, 2015
  • Partnered with SOTI to provide enhanced Enterprise Mobility Management (EMM) on M100 Smart Glasses subsequent to the quarter
  • Partners like XOEye and others started volume production roll-outs to their key accounts.

The forward outlook is promising with the ongoing launches of the iWear Video Headphones and enhancements to the M100 Smart Glasses in Q4. Through the remainder of the year, the Company will be focused on finishing development of its new waveguide products which will be publicly demonstrated in early 2016 at CES.

The following table compares the Company's condensed statement of operations data for the three months and nine months ended September 30, 2015 and 2014.

...

VUZIX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS








(Unaudited)


(Unaudited)












For Three Months


For Nine Months


Ended September 30,


Ended September 30,


2015



2014



2015


2014














Sales of Products

$

890,629



$

624,586



$

2,014,015



$

1,883,891

Sales of Engineering Services


79,750




40,000




193,331




302,371
















Total Sales


970,379




664,586




2,207,346




2,186,262
















Total Cost of Sales


644,246




460,234




1,667,616




1,372,722
















Gross Profit


326,133




204,352




539,730




813,540

Operating Expenses:















Research and Development


944,426




484,510




2,191,624




1,177,484

Selling and Marketing


469,443




336,099




1,172,252




957,422

General and Administrative


1,120,982




592,914




5,079,131




1,605,112

Depreciation and Amortization


88,285




59,680




226,472




260,823
















(Loss) from Operations


(2,297,003)




(1,268,851)




(8,129,749)




(3,187,301)
















Other Income (Expense)















Other Taxes and Foreign Exchange


(30,156




(13,220)




(43,173)




(59,992)

Gain (Loss) on Derivative Valuation


58,239




(1,698,940)




(968,467)




2,124,878

Net Interest and Debt related Amortization Expenses


(156,051)




(320,310)




(776,761)




(427,890)
















Total Other Income (Expense)


(127,968)




(2,032,470)




(1,788,401)




1,636,996
















Income (Loss) Before Provision for Income Taxes


(2,424,971)





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