Vuzix (OTC:VUZI) Reports $4.1M Revenue: +98% YOY

Lincoln, NE 5/17/2011 (PennyPayDay) -- Vuzix Corporation (OTC:VUZI) yesterday reported, in a press release, its first quarter results for the period ending March 31, 2011. For the first quarter period ending March 31, 2011, revenue was $4,073,109 as compared to $2,061,959 for the same period last year, an increase of 97.5%.

A net loss of $420,306 or $0.0016 per share was reported for the three month period ending March 31, 2011, versus a loss of $1,507,200 or $0.0058 per share in the same period of 2010. The gross margin expanded to 41.8% in the first quarter 2011 against 27.1% in the first quarter of 2010 reflecting a significantly larger proportion of higher margin defense and industrial product and engineering services revenue. These products and services represented 84.1% of revenues in the quarter versus 40.5% in the same quarter in 2010. Gross profit grew 203.2% to $1,697,399 in the first quarter 2011 compared to $559,884 in the same period of 2010.

Paul Travers, Chief Executive Officer, said, "Our first quarter reflected the continued strong growth in our defense and industrial products. We signed an important new research program with the Defense Agency Research Projects Agency (DARPA) and also began volume deliveries for the Air Force Battlefield Airman Head Mounted Display Program. We also announced key partnerships with NS Solutions, the systems integration unit of Nippon Steel, and metaio GmbH. These partnerships underscore the interest we are currently fielding for our new Augmented Reality (AR) enabled eyewear products. These products are allowing our customers to build and implement mobile AR applications that can provide advantage to their operations. Vuzix is again leading with market firsts and strong innovation."

Vuzix is a supplier of Video Eyewear products in the defense, consumer and media & entertainment markets. The Company's products, personal display devices that offer users a portable high quality viewing experience, provide solutions for mobility, thermal sighting systems, tactical wearable displays and virtual and augmented reality. With its origins in defense research and development for next generation display solutions, Vuzix holds over 51 patents in the Video Eyewear field. The company has won 9 Consumer Electronics Show Innovations Awards, the RetailVision Best New Product and several wireless technology innovation awards, among others.

For more information visit www.vuzix.com.

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