SpatiaLight Announces Second Quarter and Six Months 2006 Results
09 August 2006 - 11:15PM
PR Newswire (US)
NOVATO, Calif., Aug. 9 /PRNewswire-FirstCall/ -- SpatiaLight, Inc.
(NASDAQ:HDTV), a leading developer and manufacturer of ultra
high-resolution Liquid Crystal on Silicon (LCoS) microdisplays for
the high definition television market, today reported its results
for the second quarter and the six months of 2006. For the quarter
ended June 30, 2006, SpatiaLight had revenues of $59,148 as
compared with revenues of $41,149 for the same period in 2005.
Revenues for the six months ended June 30, 2006 were $144,842,
compared to revenues of $138,908 for the same period in 2005. Net
loss for the quarter was $5,304,581, or $0.13 per share, versus a
net loss of $3,524,447, or $0.10 per share for the same period a
year ago. The company reported a net loss of $10,937,250, or $0.28
per share, compared to $5,672,982, or $0.16 per share for the six
months ended June 30, 2005. Dave Hakala, Chief Operating Officer,
commented, "We successfully transitioned SpatiaLight from a
research and development company to a volume manufacturing company
during the first six months of 2006. Our ability to move from 100%
testing to sample testing demonstrated the commitment of
SpatiaLight's management team to reaching the demands of LGE and
other customers. We recognize that areas needing improvement
include adding new customers to reduce our current dependence upon
LGE, and to the introduction of new products. Although the second
quarter was below our expectations, we are confident that recent
internal steps, including the hiring of a new plant manager, will
help us build credibility and shareholder value in the near-term."
Hakala added, "One significant aspect of our relationship with LGE
which had previously been kept confidential is our ability to
participate in the sale of the LGE light engine to other TV makers.
We will either have the option of (re)selling the light engine
directly to customers, or to work cooperatively with LGE to sell
their engine in conjunction with our imagers. Access to the LGE
light engine will enable us to work with potential customers to
bring their products to market faster. We believe this approach
will be well received by at least certain other Tier One producers
whom LGE has worked with previously." Webcast Details SpatiaLight
will hold a public audio webcast at 5:00 p.m. EDT on Wednesday,
August 9, 2006, with management of the Company to discuss details
regarding the Company's performance for the second quarter and six
months 2006 and other forward-looking information. The session may
be accessed at http://www.spatialight.com/ under the link for
Investors. The webcast will be available for replay through the
close of business on August 16, 2006. About SpatiaLight
SpatiaLight, Inc., founded in 1989, manufactures high-resolution
Liquid Crystal on Silicon (LCoS) microdisplays for use in high
definition televisions and other display applications. Providing
resolution of more than 6.2 million pixels, each SpatiaLight LCoS
set incorporates three proprietary imagEngine(TM) microdisplays.
The company manufactures its products at its facility in South
Korea. The company is committed to developing microdisplay
technologies that will be the standard for the next generation of
high definition televisions, and to providing OEMs with the most
cost effective, high-resolution microdisplays in the industry. For
more information about SpatiaLight, please visit the company's
website at: http://www.spatialight.com/ . Safe Harbor Statement
This news release includes forward-looking statements that reflect
SpatiaLight's current expectations about its future results,
performance, prospects and opportunities. SpatiaLight has tried to
identify these forward- looking statements by using words and
phrases such as "may," "will," "expects," "anticipates,"
"believes," "intends," "estimates," "plan," "should," "typical,"
"preliminary," "we are confident" or similar expressions. These
forward-looking statements are based on information currently
available to SpatiaLight and are subject to a number of risks,
uncertainties and other factors that could cause SpatiaLight's
actual results, performance, prospects or opportunities in the
remainder of 2006 and beyond to differ materially from those
expressed in, or implied by, these forward-looking statements.
These risks and uncertainties are outlined in the company's filings
with the US Securities and Exchange Commission, including its most
recent reports on Form 10-K/A and Form 10-Q. DATASOURCE:
SpatiaLight, Inc. CONTACT: SpatiaLight, Inc., +1-415-883-1693, or
Web site: http://www.spatialight.com/
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