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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View the Future Today

Oxford, MS 4/4/2011 (Penny PayDay) -- Vuzix Corporation (OTC:VUZI) today reported, in a press release, its fourth quarter and year-end results for the period ending December 31, 2010. As I write, shares of Vuzix were up 5 percent at $0.088 per share on light volume of 37,000 shares compared to its average daily volume of just over 57,000 shares. The company has a market cap of $23 million and a 52-week range between $0.05 and $0.30 per share.

Fourth quarter revenues of $5,552,356 compared to revenues of $3,965,550 for the same period last year, an increase of 40%. The net loss for the fourth quarter of 2010 was $(476,085) or $(0.0018) per share versus a net loss of $(894,413) or $(0.0035) per share for the same quarterly period in 2009.

For the twelve-month period ending December 31, 2010 revenues were $12,255,414 versus $11,886,098 in 2009, a rise of 3.1%. The net loss for the twelve-month period was ($4,572,072) or ($0.0173) per share versus a net loss of ($3,250,424) or ($0.0151) per share for 2009.

Paul Travers, President, commented, "Certainly, the fourth quarter is our strongest quarter seasonally and our company achieved revenue growth for the fourth quarter while operating under considerable working capital constraints. Our recent capital raising activities, including $4 million raised just prior to the close of the 2010 fiscal year and our recently announced $2 million revolving credit facility, position the company on a firmer basis for the 2011 year."

According to the press release,the Company ended the 2010 year with an order backlog of primarily Defense related products and expects revenues for Q1 to be up approximately 90% over the same period of 2010. However the Company is not offering any outlook for the rest of the year.

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 Retail Vision Best New Product and several wireless technology innovation awards, among others. Founded in 1997, Vuzi is has offices in Rochester, NY, Oxford, UK and Tokyo, Japan.

For more information visit www.vuzix.com.

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Vuzix Gets $2M Credit Facility

Vuzix Corporation (OTC:VUZI) announced today, in a press release, that it has entered into a $2 million revolving credit agreement with Bridge Bank, National Association to support its ongoing working capital needs. As I write, shares of Vuzix are down slightly at $0.104 per share on light volume of 5,000 shares. The company has a market cap of $27 million and a 52-week range between $0.05 and $0.30 per share.

The credit facility is an accounts receivable formula-based line of credit, which matures on the second anniversary of the signing of the agreement. Under the agreement, Vuzix may borrow up to 80% of eligible North American accounts receivable and, in addition, approved international accounts on a case-by-case basis.

Vuzix must satisfy certain loan covenants on an ongoing basis. Bridge Bank has been granted a first position security interest in all of Vuzix' current and future assets, with the exception of Intellectual Property in which a second lien has been granted. All secured debt is subordinated to the Bridge Bank facility.

The closing of this transaction satisfies certain obligations of the Company under its loan agreement with LC Capital Master Fund Ltd. (LC), which was consummated on December 23, 2010, and eliminates the penalties, including the issuance of additional securities to LC, if it failed to do so.

Vuzix is a leading 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. Founded in 1997, Vuzix is a public company (TSX-V:VZX - News) (OTC.BB:VUZI - News) (Frankfurt:V7X - News) with offices in Rochester, NY, Oxford, UK and Tokyo, Japan.

For more information, visit www.vuzix.com.

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