The company currently estimates revenues in the fourth quarter are to be in a range between $7.1 million and $7.3 million, representing a 31% to 34% increase compared to the fourth quarter of 2018. The revenue growth reflects increased demand in military end markets and the continued benefits of operating improvements in manufacturing yields and production throughput.
At Dec. 31, 2019, the company’s backlog of open orders scheduled for delivery through Dec. 31, 2020, was $11.7 million, an increase of more than 10% from the backlog of $10.6 million at the end of 2018 and an increase of over 75% from the $6.6 million backlog at the end of the third quarter of 2019.
“We ended the year on a strong note with our fourth quarter bookings exceeding $15 million, a record for the company, and positioning us well as we enter 2020,” said CEO Andrew Sculley. “Our core military business is benefitting from the ramp-up in vol-ume of the company’s existing programs as well as new programs. In addition, we continue to have productive discussions with consumer companies interested in the high brightness and superior resolution of our displays for potential AR/VR applications.”
Separately, the company announced today the resignation of Jeffrey Lucas as president and CFO effective Feb. 1st to pursue another opportunity. Mark Koch, eMagin’s VP of finance, will become the acting CFO. Mr. Koch, a CPA, has been with the company for almost four years in positions of increasing financial responsibility and has prior experience as corporate controller of several publicly-traded companies.
Dr. Amal Ghosh, CTO, will assume the role of COO. Dr. Ghosh has more than 25 years of industry experience and has received recognition for his contributions to display technology including the Company’s direct patterning dPd technology. He has been with eMagin Corporation for almost 22 years and has held positions with IBM Corporation and Eastman Kodak Company.
“Given his technological and management expertise, we anticipate that Dr. Ghosh will drive profitable growth in operations, continue technological improvements in R&D and bring exciting new products to market,” said Sculley.
“Finally, I want to thank Jeff for his contributions helping our team drive financial and operational improvements. I am excited to work with Amal and Mark in their new roles as we build on our leading military presence and cutting-edge technology to capitalize on the opportunities in the consumer and enterprise markets,” Sculley concluded.