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UniPixel Reports Q2 2015 Financial Results
August 6, 2015 | UniPixel, Inc.Estimated reading time: 4 minutes
UniPixel, Inc., a provider of Performance Engineered Films™ to the touch screen and flexible electronics markets, reported financial results for the second quarter ended June 30, 2015.
Recent Highlights:
- On a sequential basis, the Company reported total revenue of $1.4 million as compared to $7,000 in the first quarter of 2015, and no revenue in the second quarter of 2014;
- In April 2015, the Company acquired leading-edge touch screen technology assets and a manufacturing facility in Colorado Springs, Colorado from Atmel Corporation;
- Jalil Shaikh, chief operating officer, and Brett Gaines, vice president of sales and marketing, joined the Company concurrent with the acquisition of the Atmel assets;
- Christine Russell was appointed chief financial officer in May 2015;
- Transferred Diamond Guard technology to Colorado Springs manufacturing facility;
- Relocated corporate headquarters to Silicon Valley and opened Taiwan office;
- Rebranded newly integrated touch screen technology as XTouchTM;
- The one millionth touch screen sensor was shipped from the Colorado Springs manufacturing facility;
- Received pre-production purchase order for XTouchTM from a new prospective Tier 1 PC OEM customer.
Financial Results
Revenues were $1.4 million for the three months ended June 30, 2015 as compared to $0 for the three months ended June 30, 2014. Revenues for the three months ended June 30, 2015 were mainly comprised of sales of XTouch sensors to a Tier 1 PC OEM customer.
Cost of revenues was $3.4 million for the three months ended June 30, 2015 and $0 for the three months ended June 30, 2014 as the Company incurred startup costs and underutilized fixed overhead costs at its Colorado Springs production facility, which the Company expected in the initial manufacturing phase. Cost of revenue includes certain non-cash charges, including amortization and depreciation of equipment as well as other non-cash charges, which totaled $1.0 million during the second quarter of 2015. Excluding these non-cash charges, adjusted cost of revenues was $2.4 million.
Selling, general and administrative ("SG&A") expense was approximately $3.7 million for the three months ended June 30, 2015 compared to $3.1 million for the three months ended June 30, 2014 as the Company transitioned from a pre-production stage company to an integrated sales and marketing organization. SG&A includes certain non-cash charges, including depreciation, stock-based compensation and severance, which totaled $2.1 million during the second quarter of 2015, and $1.8 million in the second quarter of 2014. Excluding these non-cash charges, adjusted SG&A was $1.6 million during the second quarter of 2015, and $1.3 million during the second quarter of 2014.
Research and development ("R&D") expense during the three months ended June 30, 2015 was $1.5 million compared to $1.3 million for the three months ended June 30, 2014. R&D includes certain non-cash charges, including severance and stock-based compensation, which totaled $0.3 million during the second quarter of 2015, and $0.5 million in the second quarter of 2014. Excluding these non-cash charges, adjusted R&D was $1.2 million during the second quarter of 2015, and $0.8 million during the second quarter of 2014.
Adjusted EBITDA, a non-GAAP metric (see Table A), for the second quarter of fiscal 2015 was $(3.8) million compared to Adjusted EBITDA of $(2.1) million in the second quarter of fiscal 2014.
Net loss from continuing operations was $(7.0) million, or $(0.52) per basic and diluted share for the three months ended June 30, 2015, as compared to a net loss from continuing operations of $(4.4) million, or $(0.36) per basic and diluted share for the three months ended June 30, 2014. Loss on discontinued operations was $(8.7) million for the three months ended June 30, 2015, as compared to a loss on discontinued operations of $(1.7) million for the three months ended June 30, 2014. Net loss was $(15.7) million, or $(1.17) per basic and diluted share for the three months ended June 30, 2015, as compared to a net loss of $(6.1) million, or $(0.49) per basic and diluted share for the three months ended June 30, 2014.
Management Discussion
Jeffrey A. Hawthorne, president and chief executive officer of UniPixel, said, "The second quarter of 2015 was an important quarter in the history of the Company. We have transitioned from a technology development company to a fully integrated sales and marketing organization with a focus on driving consistent revenue growth. Revenue for the second quarter was substantially higher than the first quarter as we shipped a significantly larger number of our sensors for use by our Tier 1 OEM customers. Our manufacturing facility in Colorado Springs is operational and we expect that it will become increasingly more efficient in the coming quarters as we fully integrate the new manufacturing technology."
"This was a quarter that set our direction for the coming years," continued Mr. Hawthorne. "We have integrated the acquired wire mesh touch screen technology into our existing technology which, we believe, has yielded a superior and differentiated product. Our Diamond Guard technology will allow OEMs to replace cover glass in certain applications to produce devices that are lighter, thinner and more price competitive. We have ample manufacturing capacity that can scale up without a large investment in the coming years. We have added tenured leadership to our management team with the additions of Jalil Shaikh as our chief operating officer, Brett Gaines as our vice president of sales and marketing, and Christine Russell as our chief financial officer. We believe we are on a path to become integrated into more touch screen applications, which will yield increased revenue in the coming years."
About UniPixel
UniPixel, Inc. (NASDAQ: UNXL) develops and markets Performance Engineered Films for the touch screen and flexible electronics markets. The company's roll-to-roll electronics manufacturing process patterns fine line conductive elements on thin films. The company markets its technologies for touch panel sensor, cover glass replacement, and protective cover film applications under the XTouch™ and Diamond Guard™ brands. For further information, visit www.unipixel.com.
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