WASHINGTON (dpa-AFX) - eMagin Corp. (EMAN) reported net income for the second quarter of $3.0 million or $0.01 per share, compared to $66,000 or breakeven per share for the year-ago quarter.
Revenues for the second quarter fell to $7.45 million from $8.31 million in the prior year quarter.
On August 11, eMagin announced that due to a change in auditors, it would delay its 10-Q filing in order to address a change in the accounting treatment of certain warrants as well as a change in the method of calculating earnings per share.
With respect to the warrants, the company has only one remaining warrant currently outstanding, which is for one million shares. All other warrants have been exercised or have expired. Regarding the remaining warrant, the company has, as of September 30, 2011, restructured it through an agreement with the holder in order to ensure that there will be no net income impact beyond the third quarter of 2011.
The company has submitted for filing its amended 2009, 2010 and 2011 10-Ks and 10-Qs with the revised warrant treatment and earnings per share calculations.
Andrew Sculley, President and CEO of eMagin, said, 'Our base business remains strong and we continue to be optimistic that we will meet our 2011 revenue guidance of between $29.0 and $33.0 million based on several factors including current market conditions, production capacity, the Company's backlog under existing contracts, initial shipments to a significant new customer, and other potential new business.'
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