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Vuzix Q4 loss narrows YOY

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Vuzix Q4 loss narrows YOY

Vuzix Corp. said its normalized net income for the fourth quarter came to a loss of 14 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 14 cents per share.

The per-share loss narrowed 61.3% year over year from 35 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.2 million, compared with a loss of $3.9 million in the year-earlier period.

Total revenue decreased 35.8% year over year to $542,640 from $845,810, and total operating expenses grew 43.5% on an annual basis to $3.8 million from $2.6 million.

Reported net income totaled a loss of $3.9 million, or a loss of 24 cents per share, compared to a loss of $6.3 million, or a loss of 57 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 54 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 76 cents.

EPS was a loss of 46 cents in the prior year.

Normalized net income was a loss of $8.4 million, compared with a loss of $4.9 million in the prior year.

Full-year total revenue decreased 9.3% year over year to $2.7 million from $3.0 million, and total operating expenses rose 75.7% on an annual basis to $14.1 million from $8.0 million.

The company said reported net income came to a loss of $14.9 million, or a loss of 97 cents per share, in the full year, compared with a loss of $7.9 million, or a loss of 75 cents per share, the prior year.