eMagin has announced preliminary revenues for the fourth quarter of 2017.
Preliminary revenues in the fourth quarter are estimated to be between $6.2 million and $6.4 million, representing a 35% to 39% increase year-on-year. Compared to the third quarter, preliminary revenues are estimated to be up 44% to 49% from $4.3 million. The improvement in preliminary revenues reflects both the expected pick-up in military demand, as well as contributions from commercial programs.
As of December 31st 2017, the company’s back-log of open orders scheduled for delivery through December 31, 2018 was $9.8 million, an increase of 53% from the back-log of $6.4 million at the end of 2016. The company also finished the year with cash of $3.5 million and a revolving credit loan balance of $4 million, compared to cash of $2 million and a revolving credit loan balance of $1.1 million as of September 30th, 2017.
Andrew Sculley, President and CEO of eMagin, said:
“As expected, our sales increased, reflecting strong third-quarter military business bookings and contributions from our commercial contracts. Our core military business is improving as we see the ramp-up of new programs, which is driving the increase in our back-log and is expected to continue throughout 2018. We look forward to sharing additional details of our fourth-quarter results on our year end conference call in March.”
