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18 March 2008


Kopin files delayed reports with SEC

Kopin Corp of Taunton, MA, USA, which makes heterojunction bipolar transistor (HBT) epiwafers and liquid-crystal CyberDisplays, says it has filed all its delinquent periodic reports with the US Securities and Exchange Commission. These include its Q3/2006 Form 10-Q, 2006 Form 10-K, and Q1, Q2 and Q3/2007 Form 10-Q financial reports. The filings fulfill the requirement for Kopin’s continued listing on the NASDAQ Stock Market.

NASDAQ had previously extended its deadline for filing from 25 September to first 17 December, then 11 February, and then again to 17 March.

The delays were due to an investigation into the firm’s past stock option granting practices by a special investigative committee (appointed by Kopin’s board). Last May, the committee issued preliminary findings and recommendations that the firm’s financial statements for 1995 through 2006 should not be relied upon and should be restated. The 2006 10-K form therefore contains restated financial statements reflecting accounting adjustments resulting from the stock option review.

For 2006, Kopin recorded $37.5m of non-cash stock-based compensation expense and associated tax charges of $80,000 relating to stock option grants made from 1995 through 2006. The firm also recorded previously immaterial audit differences of $69,000 for all years through 2006.

As previously reported, revenue for 2006 was $71.1m (down from $90.3m in 2005), including $43.9m from III-V products (up slightly from $42.7m) and $27.2m from CyberDisplays (down from $47.6m). Now, Kopin can report a net loss of $2.1m (compared with net income of $10.5m for 2005), and that cash and marketable securities fell from $119.8m to $105.4m during 2006.

“We are pleased to have this matter behind us,” says Dr John C. C. Fan, president and CEO.

*On 14 March, Kopin filed a Notification of Late Filing with the SEC, providing it with a further 15 calendar days to file its annual report on Form 10-K for 2007. Kopin plans to issue its fourth-quarter and full-year 2007 results on 27 March.

See related items:

Nasdaq extends Kopin deadline, but warns Lam again

Nasdaq extends Kopin deadline to 11 February

Kopin expects WiMAX to revive its HBT sales in 2008

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