SpatiaLight, Inc. Reports 2000 Results

Apr 17, 2001, 01:00 ET from SpatiaLight, Inc.

    NOVATO, Calif., April 17 /PRNewswire/ -- SpatiaLight, Inc. (Nasdaq:   HDTV),
 a developer of liquid crystal on silicon (LCOS) microdisplay devices, today
 reported revenues for the 12 months ended December 31, 2000 of $65,650, with a
 net loss of $8.4 million, or a loss per basic and diluted share of $0.44.
 These results compare with revenues for the prior year of $62,000 and a net
 loss of $7.4 million, or a loss per basic and diluted share of $0.57. Revenues
 through December 31, 2000 were principally derived from the sales of display
 developer kits. These results reflect the Company's ongoing transition from a
 focus on research and development to a focus on manufacturing and sales.
 
     About SpatiaLight
     SpatiaLight, Inc. designs microdisplays that provide high-resolution
 images suitable for applications such as rear projection computer monitors,
 high definition television, video projectors, wireless communication devices,
 portable games and digital assistants.
     SpatiaLight is located at 9 Commercial Boulevard, Suite 200,
 Novato, California 94949.
 
                          SPATIALIGHT, INC. AND SUBSIDIARY
                       CONSOLIDATED STATEMENTS OF OPERATIONS
                       YEARS ENDED DECEMBER 31, 2000 and 1999
 
                                                         2000           1999
 
     Revenues                                         $65,650        $62,000
 
     Cost of revenues                                  16,625         10,945
         Gross profits                                 49,025         51,055
 
     Selling, general and administrative expenses
      (including stock-based expense of
      $1,162,902 in 2000 and $1,935,170 in 1999)    3,948,639      4,019,777
 
     Research and development expenses              3,344,547      1,955,170
         Total operating expenses                   7,293,186      5,974,947
 
         Operating loss                           (7,244,161)    (5,923,892)
 
     Other income (expense):
 
       Interest income                                 87,427         10,303
       Interest and other expense (including
        stock-based expense of $561,346 in 2000
        and $1,389,585 in 1999)                     (675,535)    (1,493,897)
 
         Total other expense                        (588,108)    (1,483,594)
 
     Loss from operations before income taxes     (7,832,269)    (7,407,486)
 
     Income tax expense                                 1,600          3,375
 
         Net loss                                 (7,833,869)    (7,410,861)
 
     Incentive warrants issued                      (606,303)              0
 
     Net loss applicable to common
      shareholders                               $(8,440,172)   $(7,410,861)
 
     Net loss per share available to common
      shareholders - basic and diluted               $ (0.44)        $(0.57)
 
     Weighted average shares used in
      computing net loss per share - basic
      and diluted                                  19,178,639     12,964,597
 
 

SOURCE SpatiaLight, Inc.
    NOVATO, Calif., April 17 /PRNewswire/ -- SpatiaLight, Inc. (Nasdaq:   HDTV),
 a developer of liquid crystal on silicon (LCOS) microdisplay devices, today
 reported revenues for the 12 months ended December 31, 2000 of $65,650, with a
 net loss of $8.4 million, or a loss per basic and diluted share of $0.44.
 These results compare with revenues for the prior year of $62,000 and a net
 loss of $7.4 million, or a loss per basic and diluted share of $0.57. Revenues
 through December 31, 2000 were principally derived from the sales of display
 developer kits. These results reflect the Company's ongoing transition from a
 focus on research and development to a focus on manufacturing and sales.
 
     About SpatiaLight
     SpatiaLight, Inc. designs microdisplays that provide high-resolution
 images suitable for applications such as rear projection computer monitors,
 high definition television, video projectors, wireless communication devices,
 portable games and digital assistants.
     SpatiaLight is located at 9 Commercial Boulevard, Suite 200,
 Novato, California 94949.
 
                          SPATIALIGHT, INC. AND SUBSIDIARY
                       CONSOLIDATED STATEMENTS OF OPERATIONS
                       YEARS ENDED DECEMBER 31, 2000 and 1999
 
                                                         2000           1999
 
     Revenues                                         $65,650        $62,000
 
     Cost of revenues                                  16,625         10,945
         Gross profits                                 49,025         51,055
 
     Selling, general and administrative expenses
      (including stock-based expense of
      $1,162,902 in 2000 and $1,935,170 in 1999)    3,948,639      4,019,777
 
     Research and development expenses              3,344,547      1,955,170
         Total operating expenses                   7,293,186      5,974,947
 
         Operating loss                           (7,244,161)    (5,923,892)
 
     Other income (expense):
 
       Interest income                                 87,427         10,303
       Interest and other expense (including
        stock-based expense of $561,346 in 2000
        and $1,389,585 in 1999)                     (675,535)    (1,493,897)
 
         Total other expense                        (588,108)    (1,483,594)
 
     Loss from operations before income taxes     (7,832,269)    (7,407,486)
 
     Income tax expense                                 1,600          3,375
 
         Net loss                                 (7,833,869)    (7,410,861)
 
     Incentive warrants issued                      (606,303)              0
 
     Net loss applicable to common
      shareholders                               $(8,440,172)   $(7,410,861)
 
     Net loss per share available to common
      shareholders - basic and diluted               $ (0.44)        $(0.57)
 
     Weighted average shares used in
      computing net loss per share - basic
      and diluted                                  19,178,639     12,964,597
 
 SOURCE  SpatiaLight, Inc.