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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report: September 16, 1999
(Date of earliest event reported)
KOPIN CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 0-19882 04-2833935
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File number) Identification No.)
695 Myles Standish Blvd., Taunton, MA 02780-1042
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(Address of principal executive offices) (Zip Code)
(508) 824-6696
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(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
5.1 Attached hereto as Exhibit 99.1 and incorporated by reference herein
is a press release of September 16, 1999 of Kopin Corporation relating
to new digital cameras featuring its color CyberDisplay and
anticipated third-quarter performance.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99.1 Press Release of Kopin Corporation dated September 16, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf hereunto duly
authorized.
KOPIN CORPORATION
(Registrant)
Date: September 20, 1999 By: /s/ Richard A. Sneider
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Richard A. Sneider
Chief Financial Officer
Treasurer and Principal
Accounting Officer
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EXHIBIT 99. 1
KOPIN PRESS RELEASE
Thursday September 16, 8:15 am Eastern Time
New Digital Cameras to Feature Kopin Color CyberDisplay
Kopin Also Announces Anticipated Third-quarter Performance
TAUNTON, Mass. -- Sept. 16, 1999 -- Kopin Corporation (NASDAQ:KOPN) today
announced that Mustek, Inc., a leading Taiwanese manufacturer of scanners,
digital still cameras (DSC) and other consumer electronic equipment, will use
Kopin's innovative, miniature color flat panel display, the CyberDisplay 320C,
in several new Mustek DSCs for introduction later this year.
The first such camera, scheduled to be on the shelves by Christmas, is the
GSmart 350, which produces VGA resolution pictures. A single CyberDisplay is
used in these cameras for both the viewfinder mode as well as to display images
of pictures previously taken. Targeted at the novice and youth generation
segment of the consumer market, the GSmart 350 is Mustek's first DSC using
CyberDisplay. Kopin's CyberDisplay is already being used by JVC in two models
of its new CyberCam camcorder.
The GSmart 350 is expected to have a retail price of less than $200 and to
incorporate several new advanced features that have typically been found only on
more expensive DSCs priced from $500 to $800. Equipped with Kopin's
CyberDisplay, the GSmart 350 can even review and take pictures in direct
sunlight - a capability that is difficult to attain with a back mounted, direct
view display. Also, the image seen on the CyberDisplay will appear to be
several times larger than the images seen on a 1.8" direct view display. The
GSmart 350 with CyberDisplay consumes less power than other DSCs, thereby
ensuring longer battery life. With only 3 AA batteries, the GSmart 350 can
support up to 1,000 shots. No power adapter is needed because of the unique Bus
Power design, which requires no battery power when the Universal Serial Bus
(USB) is connected to a PC or other monitor. Mustek's high volume manufacturing
facilities located in Taiwan and China allow for the production of high quality,
inexpensive DSCs that meet the price points needed for entry-level markets.
"We are delighted to be aligned with Kopin in our introduction of several
new digital cameras for entry-level markets," said Ms. Angel Ku, Mustek's
Imaging Business Division Director. "We are building the first of these cameras
now and plan on making it available for the Christmas season. Kopin's
CyberDisplay allows us to design and manufacture small, light-weight,
inexpensive DSCs, yet with high price DSC performance. Also, users will find
that they can have these features without worrying about running down their
batteries since the CyberDisplay draws so little power. Over the next several
years our plans call for the introduction of a whole series of DSCs for many
different markets - we are especially interested in the youth marketplace for
such computer enabled cameras."
"According to Semico Research, digital still camera shipments should reach
26 million units by 2002, with over 65% of these cameras priced lower than $500.
These are the exact markets being targeted by Mustek with our new DSCs," said
Ms. Ku.
Dr. John C.C. Fan, Chief Executive Officer and President of Kopin
Corporation, stated, "The use of Kopin's CyberDisplays in the DSC market
represents another milestone in our strategy to convert meaningful design wins
into high volume flat panel display production. We believe the digital cameras
are entering a rapid growth period, driven by many new applications. Our
production lines are ramping further to satisfy additional demand by installing
additional
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production and characterization equipment, and by doubling our personnel in
Westboro to about 100 employees. We expect to achieve another critical
milestone - increasing output to 100,000 displays per month by the beginning of
next year. In addition, the automation for key display manufacturing processes
is already underway and is expected to be complete by the second quarter of
2000."
The CyberDisplay 320C is a 0.24-inch diagonal transmissive active matrix
liquid crystal display (AMLCD) imaging device which displays information at 320
by 240 full color pixel resolution. At 1,700 lines per inch, it is the densest
transmissive AMLCD in the world. In addition to displaying standard text and
graphics, the display operates at video speeds and consumes less than 20mW of
power including the backlight. This combination offers original equipment
manufacturers (OEMs) performance advantages, high-quality images, and the low
power consumption that portable products require.
Dr. Fan continued, "It is an exciting yet challenging time for Kopin as we
simultaneously quadruple our GaAs HBT manufacturing capacity and make the
investments necessary to ramp our CyberDisplay production. Due to the increased
demands for our products, Kopin expects record 1999 third-quarter revenue in the
range of $9.4 million to $9.7 million, up from $7.8 million for the same period
last year. The increased ramp-up costs for the CyberDisplay and HBT GaAs
businesses, combined with our aggressive pricing strategy for display adoption,
is anticipated to result in a net loss for the third quarter in the range of
$0.03 per share to $0.05 per share."
Kopin expects to report its third-quarter results on October 28, 1999.
About Kopin Corporation
Kopin is a leading developer and manufacturer of high resolution, flat
panel display products and HBT transistor wafers for telecommunications and
digital imaging applications. Founded in 1984 with initial technology developed
at Massachusetts Institute of Technology, Kopin holds over 100 patents and
patent applications for technological breakthroughs in flat panel display and
device transistor technology. These technologies have enabled Kopin to market
display products and device wafers that enhance the delivery and presentation of
video, voice and data. The Company has combined advanced AMLCD and integrated
circuit technology to produce its CyberDisplay family of ultra-small, high
density imaging devices. The Kopin CyberDisplay family now includes the
CyberDisplay 320, 320C, 640C and 1280 - providing OEMs with a range of powerful,
high-quality display solutions. Telecommunication providers are using Kopin's
transistor wafers for high-performance integrated circuits used primarily in
advanced cellular phones and other communications devices. For more
information, please visit Kopin's Web site at www.kopin.com.
CyberDisplay is a trademark of Kopin Corporation.
Forward-looking statements contained in this press release, including
Kopin's projected revenue and loss for the quarter ended October 2, 1999 are
made under "safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995 and involve a number of risks and uncertainties that could
materially affect future results. Among these risk factors are general economic
and business conditions and growth in the flat panel display and gallium
arsenide integrated circuit and materials industries, the impact of competitive
products and pricing, availability of third-party components, availability of
integrated circuit fabrication facilities, the Company's ability to successfully
expand its production facilities, cost and yields associated with production of
the Company's CyberDisplay imaging devices and transistor wafers, loss of
significant customers, acceptance of the Company's products, continuation of
strategic relationships, Year 2000 matters, and the other risk factors and
cautionary statements listed from time to time in the Company's periodic reports
and registration statements filed with the Securities
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and Exchange Commission, including but not limited to, the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 1998.
Contact:
Kopin Corporation
Glen Kephart
VP Marketing Display Products
508-824-6696
[email protected]
or
Kopin Corporation
Richard Sneider
CFO
508-824-6696
[email protected]
or
Copithorne & Bellows
Kathy Madison
Account Manager
617-450-4300
[email protected]
or
Sharon Merrill Associates, Inc.
Scott Solomon
Account Executive
617-542-5300
[email protected]
