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Earnings Roundup: Microvision, Convergent, CBSI report

Microvision Inc. (Nasdaq: MVIS) reported a first quarter net loss of 48 cents a share Tuesday. First Call Corp. projected a loss of 44 cents a share expected by First Call.

Revenue also declined year-over-year as the company continued to develop its virtual retinal display technology.

Shares in Microvision, which gets about 80 percent of sales from the US government, were up 11/16 to 34 5/8.

The net loss of $5.1 million, or 48 per share, compares to a net loss of $3.2 million, or 51 cents a share, for the first quarter of 1999.

Net loss for 1999 included a preferred stock charge of $1.1 million, or 18 cents a share. Revenue declined slightly to $2.1 million from $2.3 million in the first quarter of 1999.

The company said it completed important development phases on two key projects for the U.S. Army, and just announced a contract modification adding $7.8 million -- its largest development contract to date.

Microvision also completed a beta production run of its first wearable display product and have begun delivering to customers in medical and industrial markets. It also has a co-marketing arrangement with Xybernaut (Nasdaq: XYBR) as part of its channel development strategy.

The company's cash and investment securities balance was $30.4 million. In April, the company received $25 million from Cree and General Electric Pension Trust to further its retinal scanning display for integration into mobile handsets and headsets for the wireless market. Microvision also received $7.5 million from the exercise of an outstanding stock purchase warrant.

Microvision competes with Sharp, Sony (NYSE: SNE) and Texas Instruments (NYSE: TXN).

Among other earnings Tuesday:

  • Convergent Communications Inc. (Nasdaq: CONV) also reported a loss for its first quarter Tuesday.

    Shares were up 9/32 to 8 following the news.

    Revenue of $52.8 million was up 67 percent compared to $31.7 million recorded for the same period last year, and sequentially increased 11 percent compared to the three months ended December 31, 1999.

    There was no First Call estimate for the company.

    Earnings before interest (net), taxes, depreciation and amortization, or EBITDA deficit for the first quarter was $30.8 million, compared to a deficit of $12.4 million recorded for the same period in 1999.

    Net loss for the quarter was $44.8 million, or a $1.56 a share. This compared to a net loss of $20.1 million, or 72 cents a share for the first quarter in 1999.

  • Complete Business Solutions Inc. (Nasdaq: CBSI) reported earnings of 13 cents a share Tuesday, right on target with First Call's estimate.

    Shares in the information technology (IT) consultant and service provider were up 9/32 to 20 29/32.

    The company reported net income of $5 million, or 13 cents a share, on revenue of $112.2 million, flat with revenue of $112.0 million in 1999's first quarter.

    It also said it closed 468 deals in the first quarter that it expects will yield over $113 million, $23 million more than last quarter, and the pipeline for 2000 looks very strong. CBSI also sees a top line growth rate of 8 to 12 percent quarter to quarter.

    CBSI plans to invest an additional $10.5 to $12.5 million back into the business during 2000 for branding and advertising, prospective hiring, training, developing our sales force and infrastructure improvements.

    It is also considering an initial public offering of its Indian subsidiary to sell shares on the Indian Stock Exchanges.

    CBSI has $81.5 million in cash and short-term investments, no debt and $245.5 million in shareholders' equity.