U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934.
o TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to .
Commission File Number 0-21221
MICROVISION, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware |
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91-1600822 |
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(State or Other
Jurisdiction of Incorporation |
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(I.R.S. Employer Identification No.) |
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19910 North Creek Parkway, Bothell, Washington 98011-3008 |
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(Address of Principal Executive Offices) (Zip Code) |
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(425) 415-6847 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ý Yes o No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). ý Yes o No
As of August 1, 2004, 21,508,000 shares of the Company’s common stock, .001 par value, were outstanding.
2
Microvision, Inc.
(In thousands, except per share data)
(Unaudited)
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June 30, |
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December 31, |
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Assets |
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Current Assets |
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Cash and cash equivalents |
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$ |
3,133 |
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$ |
10,700 |
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Investment securities, available-for-sale |
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3,521 |
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11,078 |
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Accounts receivable, net of allowances of $133 and $109 |
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1,577 |
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1,896 |
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Costs and estimated earnings in excess of billings on uncompleted contracts |
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785 |
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664 |
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Inventory |
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2,821 |
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331 |
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Other current assets |
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2,122 |
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1,684 |
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Total current assets |
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13,959 |
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26,353 |
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Property and equipment, net |
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5,224 |
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5,958 |
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Restricted investments |
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1,238 |
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1,269 |
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Other assets |
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267 |
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338 |
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Total assets |
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$ |
20,688 |
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$ |
33,918 |
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Liabilities, Minority Interests and Shareholders’ Equity |
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Current Liabilities |
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Accounts payable |
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$ |
3,303 |
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$ |
1,223 |
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Accrued liabilities |
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4,781 |
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5,164 |
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Current portion of research liability |
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78 |
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— |
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Billings in excess of costs and estimated earnings on uncompleted contracts |
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50 |
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53 |
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Current portion of notes payable |
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2,085 |
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— |
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Current portion of capital lease obligations |
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45 |
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62 |
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Current portion of long-term debt |
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74 |
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70 |
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Total current liabilities |
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10,416 |
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6,572 |
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Research liability, net of current portion |
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— |
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1,948 |
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Capital lease obligations, net of current portion |
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11 |
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34 |
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Long-term debt, net of current portion |
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62 |
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99 |
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Deferred rent, net of current portion |
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64 |
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107 |
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Other long-term liabilities |
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244 |
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16 |
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Total liabilities |
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10,797 |
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8,776 |
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Commitments and Contingencies |
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— |
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— |
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Minority Interests |
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1,030 |
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1,847 |
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Shareholders’ Equity |
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Common stock, par value $.001; 73,000 shares authorized; 21,506 and 21,449 shares issued and outstanding |
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22 |
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21 |
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Paid-in capital |
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180,940 |
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180,354 |
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Preferred stock, par value $.001; 25,000 shares authorized; 0 shares issued and outstanding |
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— |
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— |
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Deferred compensation |
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(642 |
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(846 |
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Subscriptions receivable from related parties |
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(166 |
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(166 |
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Receivables from related parties, net |
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(1,823 |
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(1,823 |
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Accumulated other comprehensive income |
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2 |
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25 |
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Accumulated deficit |
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(169,472 |
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(154,270 |
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Total shareholders’ equity |
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8,861 |
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23,295 |
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Total liabilities, minority interests and shareholders’ equity |
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$ |
20,688 |
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$ |
33,918 |
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The accompanying notes are an integral part of these financial statements.
3
Microvision, Inc.
Consolidated Statement of Operations
(In thousands, except earnings per share data)
(Unaudited)
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Three months ended June 30, |
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Six months ended June 30, |
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2004 |
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2003 |
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2004 |
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2003 |
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Contract revenue |
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$ |
1,811 |
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$ |
4,364 |
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$ |
4,110 |
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$ |
7,767 |
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Product revenue |
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587 |
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147 |
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1,262 |
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281 |
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Total revenue |
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2,398 |
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4,511 |
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5,372 |
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8,048 |
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Cost of contract revenue |
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