SpatiaLight Announces 2nd Quarter 2007 Results
09 Agosto 2007 - 6:00PM
PR Newswire (US)
NOVATO, Calif., Aug. 9 /PRNewswire-FirstCall/ -- SpatiaLight, Inc.
(OTC:HDTV) (BULLETIN BOARD: HDTV) , a leading developer and
manufacturer of ultra high-resolution Liquid Crystal on Silicon
(LCoS) microdisplays, today announced financial results for the
period ended June 30, 2007. Net loss was $6.4 million and $12.3
million, or $0.11 per share and $0.24 per share, respectively for
the second quarter and six months ended June 30, 2007 versus $5.3
million and $10.9 million or $0.13 per share and $0.28 per share,
respectively for the same periods in 2006. Much of this loss was
non-cash due to the impact of stock based financing and associated
expenses. The cash usage for operating activities and investing
activities was $4.2 million and $7.7 million for the six months
ending June 30, 2007 and June 30, 2006 respectively. This 45%
reduction in monthly expenditures for the comparable six month
periods was due to reductions in product related expenditures and
staffing at our manufacturing facility thereby improving our gross
margin situation, as well as reductions in spending at the home
office. Net loss for the quarter includes selling, general and
administrative expenses of $1.6 million and $2.9 million,
respectively for the second quarter and six months ended June 30,
2007, compared to $2.9 million and $5.5 million, respectively for
the same periods in 2006, reflecting significant reduction in
spending rates and in stock based compensation. SG&A expenses
includes administrative costs associated with both our US and
Korean facilities. The cost reductions include reductions in
staffing as well as reduced legal, accounting, consulting and other
general and administrative expenses. Research and development
expenses were $405,000 and $699,000, respectively, for the three
and six months ended June 30, 2007 versus $411,000 and $653,000,
respectively, for the same periods in 2006. The slight decrease in
the three months is due primarily to timing differences while the
overall increase for the six month period is a result of increased
spending related to our agreements with Deocom, Foreal and the
Joint Development Agreement with SI Infocomm and SCRAM
Technologies. During the second quarter of 2007, the Company
continued to make progress toward its goals of developing new
products for sale that will address market segments other than
microdisplay based rear projection TV. While some companies enjoy
success in this segment, the decreasing prices and increasing
availability of larger screen sizes of flat panel TV's,
particularly LCD-based TV's, continue to provide pressure on the
segment. We believe there are opportunities for LCoS products
employing solid state (laser or LED) light illumination sources. We
expect that the next prototypes of an LED-based LCoS light engine
from Foreal Spectrum will provide performance levels that will be
very competitive for rear projection TV or monitor market
applications. We have completed the development of the single panel
version of our 1920x1080 panel and are near completion of our drive
electronics and firmware design to drive these imagers in a color
field sequential mode with a flicker free image suitable for head
mounted display (HMD) applications. We affirm our expectation that
our agreement with Deocom will result in production shipments later
in the second half of this year, as they continue to make progress
with their own product development for HMD's using our imagers, as
well as in their own customer sales and marketing efforts. We
believe that the high resolution of LCoS, coupled with reasonable
size displays are a very good fit for the HMD market. We are
continuing to explore opportunities in this segment. Another
potentially large, although admittedly very cost sensitive, segment
is that of micro-projectors or nano-projectors for use with mobile
electronics. We have completed the design of a 0.33" diagonal SVGA
imager and are proceeding with its development. SCRAM Technologies
demonstrated a nano-projector concept prototype in June 2007 using
SpatiaLight imagers to provide the display. The Company continues
to fund its operational needs through the Equity Credit Agreement
with a group of three financiers. In order to provide sufficient
authorized capital for funding as well as to satisfy contractual
obligations, the shareholders authorized the board of directors to
declare a reverse split and increase in the number of post-reverse
shares we are authorized to issue. An amendment effecting a 50:1
reverse split and authorizing the issuance of up to 15 million post
split shares has been filed with the Secretary of State of New York
and we expect our shares to begin trading on a post-reverse basis
on August 24, 2007. About SpatiaLight SpatiaLight, Inc., founded in
1989, manufactures high-resolution LCoS imagers for use in
high-definition display applications such as rear projection
televisions, monitors, front projection systems, near-to-eye
applications, micro-projectors and other display applications. The
company's primary manufacturing facility is located in South Korea.
SpatiaLight is committed to developing microdisplay technologies
that will be the standard for the next generation of high
definition televisions and to providing OEMs with the most cost
effective, high-resolution microdisplays in the industry. For more
information about SpatiaLight, please visit the Company's website
at: http://www.spatialight.com/. Safe Harbor Statement This news
release includes forward-looking statements that reflect
SpatiaLight's current expectations about its future results,
performance, prospects and opportunities. SpatiaLight has tried to
identify these forward-looking statements by using words and
phrases such as "may," "will," "expects," "anticipates,"
"believes," "intends," "estimates," "plan," "should," "typical,"
"preliminary," "we are confident" or similar expressions. These
forward-looking statements are based on information currently
available to SpatiaLight and are subject to a number of risks,
uncertainties include the availability of sufficient funding for
the company to continue as a going concern, the acceptance of LCoS
technology in projection markets and by manufacturers of projection
equipment, and a favorable outcome of certain investigations and
potential enforcement actions by the U.S. Securities and Exchange
Commission. Additional risk factors are outlined in the Company's
filings with the e U.S. Securities and Exchange Commission,
including its most recent reports on Form 10-Q and 10-K.
DATASOURCE: SpatiaLight, Inc. CONTACT: Jeanette Long of
SpatiaLight, Inc., +1-415-883-1693 Web site:
http://www.spatialight.com/
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