Exhibit 99.1 

 

Press Release

 

Vuzix Provides Business Update and Reports Full Year and Fourth Quarter 2016 Financial Results

 

ROCHESTER, N.Y., March 16, 2017 - Vuzix® Corporation (NASDAQ: VUZI), a leading supplier of Smart Glasses, Augmented Reality (AR) and Virtual Reality (VR) technologies and products for the consumer and enterprise markets, today reported its fourth quarter and full year financial results for the period ended December 31, 2016.

 

The following table compares the Company’s summarized statement of operations data for the three and 12 month periods ended December 31, 2016 and 2015:

 

   For 3 Months   For 12 Months 
   Ended December 31   Ended December 31 
   2016   2015   2016   2015 
                 
Sales of Products  $620,112   $530,138   $1,987,878   $2,544,153 
Sales of Engineering Services   -    12,500    139,500    205,831 
                     
Total Sales   620,112    542,638    2,127,378    2,749,984 
                     
Total Cost of Sales   1,181,942    516,182    3,290,966    2,183,798 
                     
Gross Profit (Loss)   (561,830)   26,456    (1,163,588)   566,186 

 

Operating Expenses:

                    
Research and Development   1,826,165    1,403,813    6,947,878    3,595,437 
Selling and Marketing   767,037    625,789    3,394,580    1,798,041 
General and Administrative   1,763,698    1,040,970    5,114,139    6,120,101 
Loss on Inventory Valuation   1,124,401    -    1,124,401    - 
Impairment of Patents and Trademarks   20,506    13,222    20,506    13,222 
Depreciation and Amortization   221,424    154,369    770,668    380,841 
                     
Loss from Operations   (6,285,061)   (3,211,707)   (18,535,760)   (11,341,456)
                     
Total Other Income (Expense)   (49,930)   (297,621)   (714,322)   (2,086,022)
                     
Loss Before Income Taxes   (6,334,991)   (3,509,328)   (19,250,082)   (13,427,478)
Provision (Benefit) for Income Taxes   -    -    -    - 
                     
Net Loss  $(6,334,991)  $(3,509,328)  $(19,250,082)  $(13,427,478)
                     
                     

 


The following information was filed by Vuzix Corp (VUZI) on Friday, March 17, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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