SpatiaLight Announces Year-End Results for 2006
16 Marzo 2007 - 12:00PM
PR Newswire (US)
Emphasis for 2007 to Be New Products and Customer Diversification
NOVATO, Calif., March 16 /PRNewswire-FirstCall/ -- SpatiaLight,
Inc. (NASDAQ:HDTV), a developer and manufacturer of ultra
high-resolution microdisplays, today reported its year-end
financial results for 2006. For the year ended December 31, 2006,
the Company reported revenues of $474,004, as compared to $238,000
in revenues achieved in 2005. Net loss for the 2006 fiscal year was
$18,967,000, or a loss of $0.47 per basic and diluted share, versus
a net loss of $14,025,000, or a loss of $0.39 per share for the
year ended December 31, 2005. "This past year was an extremely
challenging one for our Company. We successfully resolved the
technical and quality issues in meeting the numerous specification
change requests by our primary customer LG Electronics (LGE), and
demonstrated our capability to ramp production and supply LGE's
needs and requirements. Unfortunately, as described in more detail
in our recently filed Form 10-K for fiscal year 2006, we were
recently informed by LGE of their intention to stop the
manufacturing of all rear projection televisions," said Dave
Hakala, SpatiaLight's Chairman and Chief Executive Officer. He
continued, "the fact is that we have focused too much on LGE as a
customer, and on LCoS imagers for high definition rear projection
television (RPTV) as our only product. We started to address these
issues some time ago and are now in the process of implementing a
new direction for the Company that builds upon our key strengths
and utilizes our key assets. Our focus for 2007 will be in
developing and bringing to market new products in the Near-To Eye
category, such as Head Mounted Displays in cooperation with DeoCom
of Korea, as well as micro-projector products which we are
co-developing with SI InfoComm and SCRAM Technologies. We believe
both of these new product categories have substantial growth
potential. In the projection television product category, we are
continuing to look for opportunities both in terms of new customers
in China and elsewhere, as well as with new products such as the
LED/LCoS light engine being co-developed by SpatiaLight and Foreal
Spectrum. We expect that this new class of product, using
long-lived solid state light sources with improved color gamut and
low power consumption, will be successful and well accepted in the
marketplace." The Company will hold a conference call and webcast
to discuss its 2006 results and outlook for 2007 at 8:30 a.m. EDT
(5:30 a.m. PDT) on Friday, March 16, 2007. The general public is
invited to listen to the call on the web at
http://www.spatialight.com/. About SpatiaLight SpatiaLight, Inc.,
founded in 1989 in Novato, Calif., manufactures high- resolution
LCoS microdisplays for use in a variety of display applications,
including high definition television. Providing resolution of more
than 6.2 million pixels, each SpatiaLight LCoS set incorporates
three proprietary imagEngine(TM) microdisplays. The company
manufactures its products at facilities in Novato and at its larger
production facility in South Korea. The company 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 and other factors that could cause SpatiaLight's
actual results, performance, prospects or opportunities in the
remainder of 2007 and beyond to differ materially from those
expressed in, or implied by, these forward-looking statements.
These risks and uncertainties are outlined in the Company's filings
with the U. S. Securities and Exchange Commission, including its
most recent reports on Forms 10-Q and 10-K. DATASOURCE:
SpatiaLight, Inc. CONTACT: Michael Porter or Marlon Nurse both of
Porter, LeVay and Rose, Inc., +1-212-564-4700, or , for
SpatiaLight, Inc. Web site: http://www.spatialight.com/
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