Rochester Business Journal

Vuzix Corp. lowered its net loss and raised revenues in the fourth quarter, the video eyewear display company reported Friday.

Revenues for the quarter ended Dec. 31 were $5.5 million, up 40 percent from almost $4 million the year before. The net loss for the fourth quarter was $476,085, compared to $894,413 in the fourth quarter of 2009.

For the year, revenues were $12.3 million, up 3 percent from $11.9 million in 2009. The net loss for the twelve-month period was $4.6 million compared to a net loss of $3.2 million in 2009.

"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,” President Paul Traver said in a statement.

“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."

Vuzix supplies its display products to defense, industrial, consumer and medical markets. Vuzix, which started in the defense sector, sells thermal sighting systems, tactical wearable displays and consumer products.

The Company ended the 2010 year with an order backlog of primarily defense-related products and expects revenues for first quarter to rise 90 percent from the year before.
 
Founded in 1997 and based in Rochester, Vuzix is a public company with its listing on the TSX Venture Exchange (TSX Venture: VZX).

Friday afternoon, shares of Vuzix (OTC BB: VUZI.OB) closed at eight cents a share. Within the last 52 weeks, shares have traded from a nickel to 30 cents.

(c) 2011 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.