EMAN - eMagin Corp (eman.ob) : microdisplay oled

dagoweb

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eMagin (eman.ob) : microdisplay oled

Prima di tutto una premessa, l'idea era quella di seguire societa' che operassero nel settore degli oled, la prima scelta era Cambridge Tech (oled), segnalata in questo 3d : http://www.finanzaonline.com/forum/showthread.php?t=781185&page=9&pp=10&highlight=nand
da 1000_grease
e poi suggeritami dal caro vecchio Big Nick,
mentre la stavamo osservando l'hanno opata a 12 $$ (dai 6 scarsi che quotava :( )
allora ho iniziato a seguire gli altri due titoli (panl e eman.ob) del settore ;
panl la scarto perche' la reputo troppo cara (anche se per me lo era anche a 14 $$ mentre adesso e' quasi a 18 $$ ),
quindi mi indirizzerei su emagin, anche se e' giusto dire che tra le tre e' sicuramente quella con meno potenzialita' ,
ma proverei ad approfittare del momento buono del settore.

============================================

Un articolo interessante (anche se un po' datato) sugli oled :
http://www.minerva.unito.it/Chimica&Industria/SR/Lumin03/OledDisplay01.htm

Le aziende che operano nel settore :
http://www.oled-info.com/companies

Altro link utile per monitorare il settore :
http://www.displaysearch.com/cgi-bin/search.cgi?q=emagin&x=0&y=0&cmd=Search!
 
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dagoweb

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* Qualche dato :

eMagin Corporation engages in the design, development, manufacture, and marketing of virtual imaging products, which utilize organic light emitting diodes (OLED), OLED-on-silicon microdisplays, and related information technology solutions. Its products include super video graphics array (SVGA) + OLED microdisplays; SVGA-3D OLED microdisplays; and lens and design reference kits that help equipment manufacturers (OEMs) evaluate its microdisplay products and assist in building and testing new products incorporating its microdisplays. The company also provides integrated modules, which provide near-eye virtual imaging modules that incorporate its OLED-on-silicon microdisplays with its lenses and electronic interfaces for integration into OEM products. In addition, it offers personal display systems, including head-wearable and headset systems for use in products, such as entertainment and gaming headsets, handheld Internet, telecommunication appliances, viewfinders, and wearable computers. The company offers its products to OEMs in military, medical, industrial, and consumer markets through direct technical sales in North America, Asia, and Europe. eMagin Corporation has strategic relationship with Eastman Kodak Company. The company was founded in 1993 and is headquartered in Bellevue, Washington.

Key Statistics Get Key Statistics for:
Data provided by Capital IQ, except where noted.
VALUATION MEASURES
Market Cap (intraday)6: 12.39M
Enterprise Value (8-Aug-07)3: 15.24M
Trailing P/E (ttm, intraday): N/A
Forward P/E (fye 31-Dec-08) 1: N/A
PEG Ratio (5 yr expected): N/A
Price/Sales (ttm): 1.33
Price/Book (mrq): N/A
Enterprise Value/Revenue (ttm)3: 1.50
Enterprise Value/EBITDA (ttm)3: -1.536
FINANCIAL HIGHLIGHTS
Fiscal Year
Fiscal Year Ends: 31-Dec
Most Recent Quarter (mrq): 31-Mar-07
Profitability
Profit Margin (ttm): -128.67%
Operating Margin (ttm): -136.35%
Management Effectiveness
Return on Assets (ttm): -89.46%
Return on Equity (ttm): -837.16%
Income Statement
Revenue (ttm): 10.14M
Revenue Per Share (ttm): 0.988
Qtrly Revenue Growth (yoy): 119.90%
Gross Profit (ttm): -3.19M
EBITDA (ttm): -9.93M
Net Income Avl to Common (ttm): -13.04M
Diluted EPS (ttm): -1.27
Qtrly Earnings Growth (yoy): N/A
Balance Sheet
Total Cash (mrq): 367.00K
Total Cash Per Share (mrq): 0.033
Total Debt (mrq): 4.01M
Total Debt/Equity (mrq): N/A
Current Ratio (mrq): 0.534
Book Value Per Share (mrq): -0.269
Cash Flow Statement
Operating Cash Flow (ttm): -6.59M
Levered Free Cash Flow (ttm): -2.14M
View Financials (provided by EDGAR Online):
Income Statement - Balance Sheet
Cash Flow


TRADING INFORMATION
Stock Price History
Beta: 2.12
52-Week Change3: -40.00%
S&P500 52-Week Change3: 16.14%
52-Week High (21-Aug-06)3: 4.00
52-Week Low (12-Mar-07)3: 0.26
50-Day Moving Average3: 0.99
200-Day Moving Average3: 0.74
Share Statistics
Average Volume (3 month)3: 57,979.7
Average Volume (10 day)3: 49,085.7
Shares Outstanding6: 11.26M
Float: 9.65M
% Held by Insiders4: N/A
% Held by Institutions4: 0.80%
Shares Short (as of 10-Jul-07)3: 0
Short Ratio (as of 10-Jul-07)3: 0
Short % of Float (as of 10-Jul-07)3: N/A
Shares Short (prior month)3: 0
 

dagoweb

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* L'ultima trimestrale (uscita il 7/8/07)

Press Release Source: eMagin Corporation

eMagin Grows Second Quarter Revenue 153%
Tuesday August 7, 4:06 pm ET
Margin Improvements Outpace Revenue Gains

BELLEVUE, Wash.--(BUSINESS WIRE)--eMagin Corporation (OTC:EMAN - News), the leader in OLED microdisplay and personal imaging technologies, has issued preliminary financial results for its second quarter ending June 30, 2007. The results show record revenues with year-over-year revenues improving by 153% for the quarter and 137% for the first six months of 2007.

Financial Summary

* Revenue for the three and six months ending June 30, 2007, of $4.2 million and $7.8 million represent increases of 153% and 137% from $1.7 million and $3.3 million in 2006. Once again, increases in microdisplay demand fueled the reported growth and eMagin's eighth consecutive quarter of revenue increases.

* Gross margins in 2007 grew to 30% of revenue or $1.3 million for the quarter and 23% or $1.8 million for the six-month period as compared to gross losses of $1.3 million (77%) of revenue and $2.7 million (81%) of revenue in 2006. These results reflect improvements of $2.6 million and $4.5 million for the three and six month periods ended June 30, 2007 as compared to 2006.

* Operating expenses declined 32% and 25% from $2.4 million and $5.5 million for the three and six month periods ending June 30, 2007, as compared to $3.6 million and $7.4 million in 2006.

* Operating loss declined 76% for the three months ending June 30, 2007, to $1.1 million from $4.8 million in 2006. Excluding $384,000 of non-cash expenses, the operating losses for the quarter totaled $760,000. For the six-month period, losses were $3.7 million in 2007 down 63% or $6.3 million from $10.1 million in 2006.

* Net losses for the three and six month periods ending June 2007 were $1.7 million or $0.15 per share and $4.7 million or $0.42 per share as compared to a net loss of $4.8 million or $0.48 per share and $10.0 million or $1.00 per share for the periods in 2006.

eMagin anticipates revenues to exceed $16 million for the full year, ending December 31, 2007. "Built on our pioneering work in OLED microdisplay technology and on-going customer development and support, our combination of manufacturing and financial discipline with marketing focus has enabled us to improve the business substantially during the first half of 2007," said K.C. Park, interim CEO and president, eMagin Corporation. "With this solid footing established we're excited about our opportunities and look forward to continuing our growth."

Full results will be available in the company's 10Q report for the quarter ending June 30, 2007, to be filed with the SEC.

Business Highlights

* At the Society for Information Display Conference, eMagin demonstrated its new prototype SVGA-3DS microdisplay, which offers both analog and digital signal processing in a compact display (0.44-inch) with greater power efficiency. The world's finest pixel pitch (11.1 microns) device would eliminate the need for extra circuitry and components while allowing for a smaller display module design with increased functionality, with no increase in power consumption.
* FLIR Systems chose eMagin microdisplays for its innovative ThermaCAM P640 thermal video camera. Ideal for top-level thermography, the P640 can resolve greater detail with smaller targets, yielding more informative and higher quality thermal images.
* eMagin completed a restructuring of $6.0 million of notes payable extending their maturity dates to December 2008.
 

dagoweb

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* Una notizia importante (piuttosto recente)

Press Release Source: eMagin Corporation

eMagin Restructures Convertible Notes
Wednesday July 25, 5:43 pm ET
Growing Revenues Improve Financial Standing

BELLEVUE, Wash.--(BUSINESS WIRE)--eMagin Corporation (OTC:EMAN - News), a leader in virtual imaging technology, has entered into agreements with the holders of $6.02 million of convertible notes due July 23, 2007, and January 21, 2008, to restructure the notes to defer maturity to December 21, 2008.

"Our lenders have completed two months of negotiation and extensive diligence on eMagin. We believe that the strength of our current business, combined with our future prospects, convinced them to accommodate the company's request to defer the maturity of the notes," said K.C. Park, interim CEO and president, eMagin Corporation. "This agreement removes an element of uncertainty that has weighed on our employees, customers and investors. With this issue now resolved, we will concentrate on continuing our sales growth."

The amended agreement defers the notes' maturity dates to December 21, 2008, and eliminates penalty interest estimated at approximately $1.2 million over the life of the notes related to eMagin's move to the OTC BB. Notes originally convertible at $2.60 per share will be set at 75 cents, which was approximately the average share price over the negotiation period. In addition, 1.55 million warrants issued with the original notes will be re-priced to $1.03 per share and warrants to purchase an additional 3.83 million shares at $1.03 each have been issued. As a result of the amended agreement, eMagin will file to register an additional 5.47 million shares underlying the convertible notes and 3.83 million shares underlying the additional warrants. Interest for the notes has been established at 8% per annum, payable quarterly.

Additional details surrounding this agreement are available in an 8K dated July 25, 2007.
 

dagoweb

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Mettiamoci anche un grafico che male non fa.

Gap up aperto a 0,91 piuttosto pericoloso, non sarebbe male che non lo chiudesse e rimanesse sopra 0,98 (che negli ultimi giorni funge da supporto).
 

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BigNick

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ciao Dago, in effetti del trio di cui si parlava rimangono solo EMAN e PANL, a differenza di te io escluderei EMAN, titoli che bazzicano su questi valori li ritengo un pò pericolosi e comunque il tol non mi permette di tradarla, con questo non escludo che possa esplodere da un momento all'altro. PANL invece non mi sembra male, è schizzata a 19$ con la notizia del buyout di OLED, credo che intorno ai 14$ a chiusura gap potrebbe diventare interessante, bisognerebbe studiarci un pò su, è un settore sconosciuto per me, avevo iniziato a seguirlo ma il buyout di OLED mi ha spiazzato e per il momento avevo abbandonato

Big.
 

dagoweb

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BigNick ha scritto:
ciao Dago, in effetti del trio di cui si parlava rimangono solo EMAN e PANL, a differenza di te io escluderei EMAN, titoli che bazzicano su questi valori li ritengo un pò pericolosi e comunque il tol non mi permette di tradarla, con questo non escludo che possa esplodere da un momento all'altro. PANL invece non mi sembra male, è schizzata a 19$ con la notizia del buyout di OLED, credo che intorno ai 14$ a chiusura gap potrebbe diventare interessante, bisognerebbe studiarci un pò su, è un settore sconosciuto per me, avevo iniziato a seguirlo ma il buyout di OLED mi ha spiazzato e per il momento avevo abbandonato

Big.

Ciao Big,
quello che mi spaventa di panl e' questo :

Market Cap (intraday)6: 481.23M
Price/Sales (ttm): 41.23
Price/Book (mrq): 8.97

Revenue (ttm): 11.66M
Revenue Per Share (ttm): 0.374
Qtrly Revenue Growth (yoy): -7.80%
Gross Profit (ttm): -8.99M
EBITDA (ttm): -12.97M
Net Income Avl to Common (ttm): -16.25M
Diluted EPS (ttm): -0.52
Qtrly Earnings Growth (yoy): N/A

Balance Sheet
Total Cash (mrq): 46.79M
Total Cash Per Share (mrq): 1.464
Total Debt (mrq): 0
Total Debt/Equity (mrq): N/A
Current Ratio (mrq): 3.94
Book Value Per Share (mrq): 1.678

L'aspetto positivo e' che non sembra avere debiti, ma sarebbe da approfondire.
 

BigNick

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dagoweb ha scritto:
Ciao Big,
quello che mi spaventa di panl e' questo :

Market Cap (intraday)6: 481.23M
Price/Sales (ttm): 41.23
Price/Book (mrq): 8.97

Revenue (ttm): 11.66M
Revenue Per Share (ttm): 0.374
Qtrly Revenue Growth (yoy): -7.80%
Gross Profit (ttm): -8.99M
EBITDA (ttm): -12.97M
Net Income Avl to Common (ttm): -16.25M
Diluted EPS (ttm): -0.52
Qtrly Earnings Growth (yoy): N/A

Balance Sheet
Total Cash (mrq): 46.79M
Total Cash Per Share (mrq): 1.464
Total Debt (mrq): 0
Total Debt/Equity (mrq): N/A
Current Ratio (mrq): 3.94
Book Value Per Share (mrq): 1.678

L'aspetto positivo e' che non sembra avere debiti, ma sarebbe da approfondire.
per me è arabo, tutto ciò, mi interesserebbe sapere come era messa OLED prima del buyout, per fare un confronto, secondo me quello che conta è il futuro, se OLED è stata comprata per il doppio del suo valore ci sarà un perchè

Big.
 

dagoweb

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BigNick ha scritto:
per me è arabo, tutto ciò, mi interesserebbe sapere come era messa OLED prima del buyout, per fare un confronto, secondo me quello che conta è il futuro, se OLED è stata comprata per il doppio del suo valore ci sarà un perchè

Big.

Ti metto i multipli attuali di Oled (con l'azione a 11,60 quindi molto vicini a quello che paghera' Sumitomo : 12 $$)

Market Cap (intraday)6: 252.64M
Enterprise Value (16-Aug-07)3: 235.95M
Price/Sales (ttm): 25.52
Price/Book (mrq): 3.03
Enterprise Value/Revenue (ttm)3: 23.83
Enterprise Value/EBITDA (ttm)3: -10.075
Revenue (ttm): 9.90M
Total Cash (mrq): 16.70M
Total Cash Per Share (mrq): 0.772
Book Value Per Share (mrq): 3.86

Naturalmente prima che venisse acquisita (e quotava intorno a 6 $$) i multipli evidenziati erano la meta'.

Quindi Panl adesso viene valorizzata dal mercato praticamente il doppio di quello che sta pagando Sumitomo per Oled (per il momento le revenue delle due societa' sono simili ed entrambe non fanno utili).

bye
 

BigNick

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dagoweb ha scritto:
Ti metto i multipli attuali di Oled (con l'azione a 11,60 quindi molto vicini a quello che paghera' Sumitomo : 12 $$)

Market Cap (intraday)6: 252.64M
Enterprise Value (16-Aug-07)3: 235.95M
Price/Sales (ttm): 25.52
Price/Book (mrq): 3.03
Enterprise Value/Revenue (ttm)3: 23.83
Enterprise Value/EBITDA (ttm)3: -10.075
Revenue (ttm): 9.90M
Total Cash (mrq): 16.70M
Total Cash Per Share (mrq): 0.772
Book Value Per Share (mrq): 3.86

Naturalmente prima che venisse acquisita (e quotava intorno a 6 $$) i multipli evidenziati erano la meta'.

Quindi Panl adesso viene valorizzata dal mercato praticamente il doppio di quello che sta pagando Sumitomo per Oled (per il momento le revenue delle due societa' sono simili ed entrambe non fanno utili).

bye

azz, hai ragione a dire che è cara allora :eek:
 

dagoweb

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Una bella diluizione, ma il mercato non sembra averla disprezzata
(si rimane intorno ad 1$$ con volumi bassi)

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24/08/07
fonte: http://www.sec.gov/Archives/edgar/data/1046995/000101376207001610/forms1.htm

Common stock offered by selling stockholders

Up to 10,955,652 shares, consisting of the following:

· 5,627,960 shares of common stock issuable upon conversion of notes and interest at a conversion
price of $0.75 per share;

· 1,333,333 shares of common stock issuable upon conversion of notes at a conversion price of $1.50
per share;

· 162,500 shares of common stock issuable for payment of $195,000 of fees; and


· up to 3,831,859 shares of common stock issuable upon the exercise of common stock purchase
warrants.

Common Stock to be outstanding after the offering 23,103,285 shares*


* The information above regarding the common stock to be outstanding after the offering is based on 12,147,633 shares of our common stock outstanding as of August 13, 2007.
 

dagoweb

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Dalla stessa fonte l'evoluzione dei conti della societa'
 

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dagoweb

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Ho trovato anche questo, anche se non recente ma sicuramente importante, purtroppo non ne so determinare l'impatto :(

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fonte : http://www.oled-info.com/emagin/emagin_sells_oled_patent_to_kodak

eMagin sells OLED patent to Kodak
Submitted by oled on Sun, 10/06/2007 - 18:53. eMagin | Kodak | Patents
eMagin assigned to Kodak all rights, title and interest to a patent entitled "Serially-connected Organic Light Emitting Diode Stack Having Conductors Sandwiching Each Light Emitting Layer" (the "Patent"). In consideration to the Company for the transfer of the rights to the Patent, Kodak agreed that:

(1) Each of the Company's quarterly royalty payments owed to Kodak under the certain Nonexclusive Field of Use License Agreement Relating to OLED Technology for Miniature, High Resolution Displays, dated March 29, 1999 between the Company and Kodak, as amended(the "License Agreement") for the second half (from July 1 through December 31) of calendar year 2007 shall be reduced by fifty percent (50%); and

(2) Each of the Company's quarterly royalty payments owed to Kodak under
Section 4.2 of the License Agreement for the calendar year 2008 shall be reduced by fifty percent (50%).
 
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dagoweb

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Un altro piccolo sforzo e va a chiudere il gap a 0,91.
Comunque ha perso ogni spinta propulsiva, gia' da alcune settimane.

Oggi hanno comunicato la data della prossima trimestrale :
Sep 26, 2007 12:43:00 GMT
BELLEVUE, Wash.----eMagin Corporation will release its earnings results for the third quarter of 2007 on Wednesday, November 14, 2007. The conference call will be hosted by Interim CEO K. C.
 

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dagoweb

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Gap chiuso abbondantemente e sembra destinata a tornare in zona 0,75
 

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BigNick

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ciao Dago, i volumi sono scandalosamente bassi, quasi inesistenti direi, un pò difficile da tradare, è una vera scommessa ;)