Press release
Kopin Corporation Completes Cost-Cutting Program
WESTBOROUGH, Mass.--(BUSINESS WIRE)-- Kopin Corporation (“Kopin”) (Nasdaq: KOPN), a leading developer and provider of high-performance application-specific
About this update from Kopin Corporation
[{"type":"text","content":" WESTBOROUGH, Mass.--(BUSINESS WIRE)--\nKopin Corporation (“Kopin”) (Nasdaq: KOPN), a leading developer and provider of high-performance application-specific optical solutions consisting of high-resolution microdisplays, microdisplays subassemblies and related components for defense, enterprise, industrial, and consumer, today announced completion of its first quarter cost reduction plan inclusive of a reduction in force.\n\nThe Company estimates that based on the actions taken in the first quarter of 2023, including the partial spin out of Lightning Silicon Inc., and voluntary and involuntary terminations, will save approximately $5 million of cost, annually.\n\n“Reductions in force are always a difficult decision and while we are in an enviable position of having a strong customer and technology base to grow from, we need to improve our operational efficiency and subsequently align our workforce in order to return to profitable growth, for the long-term,” said Michael Murray, CEO of Kopin. “My focus since joining the company is to delight and partner with our customers while improving our profitability by increasing yield rates, operational efficiencies, product quality, and cost-reduction programs. This difficult cost-cutting program brings us closer to our goal.”\n\nAbout Kopin\n\nKopin Corporation is a leading developer and provider of high-performance application-specific optical solutions consisting of high-resolution microdisplays, microdisplays subassemblies and related components for defense, enterprise, industrial, and consumer products. Our products are used for soldier, avionic, armored vehicle, and training & simulation defense applications; industrial, public safety and medical headsets; 3D optical inspection systems; and consumer augmented reality (“AR”) and virtual reality (“VR”) wearable headsets systems. For more information, please visit Kopin’s website at www.kopin.com.\n\nKopin is a trademark of Kopin Corporation.\n\nForward-Looking Statements\n\nStatements in this press release may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the safe harbor created by such sections. Words such as “expects,” “believes,...