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Profile:Three-Five Systems, Inc. designs and manufactures display modules for use in the end products of original equipment manufacturers. The Company currently specializes in custom liquid crystal display (LCD) components and technology. The Company collaborates closely with its customers in providing design and manufacturing services. The Company`s LCD modules are used in mobile handsets and other wireless communication devices as well as in the data collection, medical electronics, and other commercial and consumer marketplaces. In addition to its direct view display business, the Company is pursuing the commercialization of its liquid crystal on silicon (LCoS) microdisplays following substantial research and development over the past several years. The Company markets its services in North America, Europe, and Asia.
http://www.threefive.com/
http://www.threefive.com/
Three-Five Systems Reaffirms Second Quarter Guidance
TEMPE, Ariz., June 17 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, today said it expects total revenue for the quarter ending June 30, 2002 to be at the high end of the company`s previously stated range. Three-Five also stated that it expects earnings to be at the high end of its previously stated range, exclusive of the one-time charge relating to the transfer of the LCD line to Asia, announced earlier this year.
Company President and CEO Jack Saltich, said, "We continue to see strong design win activity in our liquid crystal display business, and have so far secured seven new design wins this quarter. Nearly all of these wins are with new customers and most are in non-handset applications, reflecting our focus on customer and market diversification. This means we already have 15 design wins in 2002, and we still expect several more design wins this quarter. Although design wins are not guarantees of future revenue, they are precursors to that revenue. This record pace of design wins, combined with our plans to ship our first color products to customers in third quarter, are positive indications for our company."
Three-Five indicated that it also is continuing to focus substantial efforts and resources on its Brillian(TM) LCoS(TM) microdisplay products, and it expects shipments of its microdisplay products to be in the range of $3 to $4 million for the year. Although this range is lower than its previously announced range, the company indicated that revenues from its core display business in the second half of 2002 could offset that difference.
Saltich continued, "We have revised our range of expectations in microdisplays primarily based on input from our largest TV customer in 2002. That customer launched its LCoS based microdisplay TV earlier this year. Feedback from this customer indicated that although the Brillian LCoS microdisplay image quality was exceptional and consumer reaction to the TV was positive, it currently has no further shipment plans for this model at this time."
"It is evident that, in order to facilitate usage of our LCoS microdisplays and to facilitate the launch of this new industry, we must provide our projection-based customers not only with our Brillian microdisplay imagers, but with a complete, low-cost microdisplay engine for design into their own end products. This will allow customers to drive their own products to market without expending the substantial time and cost involved in developing each component of a customized light engine for their particular application."
"To accomplish that goal," Saltich concluded, "we are working with several potential partners in the area of light engine development and manufacture. Our strong cash position of nearly $7 per share gives us the resources to make the investments needed, and we expect to have related announcements soon."
Three-Five Systems` management will release earnings and performance for the quarter, and will host its quarterly earnings teleconference call after the close of market on July 17, 2002.
About Brillian(TM) LCoS(TM) Microdisplays:
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of microdisplays include: extremely small size, light-weight, and ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays. Three-Five has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
SOURCE: Three-Five Systems, Inc.
TEMPE, Ariz., June 17 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, today said it expects total revenue for the quarter ending June 30, 2002 to be at the high end of the company`s previously stated range. Three-Five also stated that it expects earnings to be at the high end of its previously stated range, exclusive of the one-time charge relating to the transfer of the LCD line to Asia, announced earlier this year.
Company President and CEO Jack Saltich, said, "We continue to see strong design win activity in our liquid crystal display business, and have so far secured seven new design wins this quarter. Nearly all of these wins are with new customers and most are in non-handset applications, reflecting our focus on customer and market diversification. This means we already have 15 design wins in 2002, and we still expect several more design wins this quarter. Although design wins are not guarantees of future revenue, they are precursors to that revenue. This record pace of design wins, combined with our plans to ship our first color products to customers in third quarter, are positive indications for our company."
Three-Five indicated that it also is continuing to focus substantial efforts and resources on its Brillian(TM) LCoS(TM) microdisplay products, and it expects shipments of its microdisplay products to be in the range of $3 to $4 million for the year. Although this range is lower than its previously announced range, the company indicated that revenues from its core display business in the second half of 2002 could offset that difference.
Saltich continued, "We have revised our range of expectations in microdisplays primarily based on input from our largest TV customer in 2002. That customer launched its LCoS based microdisplay TV earlier this year. Feedback from this customer indicated that although the Brillian LCoS microdisplay image quality was exceptional and consumer reaction to the TV was positive, it currently has no further shipment plans for this model at this time."
"It is evident that, in order to facilitate usage of our LCoS microdisplays and to facilitate the launch of this new industry, we must provide our projection-based customers not only with our Brillian microdisplay imagers, but with a complete, low-cost microdisplay engine for design into their own end products. This will allow customers to drive their own products to market without expending the substantial time and cost involved in developing each component of a customized light engine for their particular application."
"To accomplish that goal," Saltich concluded, "we are working with several potential partners in the area of light engine development and manufacture. Our strong cash position of nearly $7 per share gives us the resources to make the investments needed, and we expect to have related announcements soon."
Three-Five Systems` management will release earnings and performance for the quarter, and will host its quarterly earnings teleconference call after the close of market on July 17, 2002.
About Brillian(TM) LCoS(TM) Microdisplays:
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of microdisplays include: extremely small size, light-weight, and ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays. Three-Five has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
SOURCE: Three-Five Systems, Inc.
Three-Five to Offer Advanced Light Engine to Drive Next Generation Rear-Projection Televisions
Engine Design Provides High Performance, Rapid Integration Solution
TEMPE, Ariz., July 16 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, today announced the completion of a licensing and development agreement with Advanced Digital Optics (ADO), a company that specializes in the design and development of light engines used in large screen projection display applications. ADO will work with Three-Five to develop a compact, low cost light engine, which is the essential high technology core of a microdisplay projection product.
Prior to this agreement, Three-Five focused on selling only the microdisplay components on which the light engine is based. Under this agreement, Three-Five will now also market the complete light engine to television and monitor manufacturers, facilitating further development of rear projection display applications. In addition to marketing engines directly, Three-Five will offer the light engine as a reference design, enabling OEMs to customize it to their specific applications.
A light engine consists of a lamp, power supply, microdisplays and their associated drive electronics, a color management system and a projection lens. These devices, when assembled into an engine, replace all of the image-related components in traditional CRT television products. Light engines are unique in that they are comprised of small microdisplays and precision optics that separate light into its three primary colors and then recombine it to produce brilliantly sharp images that cannot be accurately reproduced by traditional display technology.
President and CEO of Three-Five Systems Jack Saltich, said, "This is the next logical, strategic step for Three-Five. In the past we have focused on simply providing an outstanding microdisplay. Now, we have expanded that focus and plan to deliver a complete solution to our customers. Microdisplays already represent a quantum leap in technology because they provide superior performance at the lowest cost per pixel of any current display technology. Their revolutionary nature is driving the re-design of a variety of traditional consumer products. By offering a light engine as well as our microdisplays and drive electronics, we can help accelerate that design process, and enable our customers to get their products to market more quickly and cost-effectively."
The light engine is being designed with ADO specifically for Three-Five`s Brillian(TM) Microdisplays, which offer close to one million individual pixels on a tiny 0.5" imager -- one of the smallest, high-resolution displays on the market. The small size of the display allows for smaller related components, decreasing the engine`s overall size, weight and cost. This light engine will be used in rear projection televisions and monitors with screen sizes up to 50-inches in a 4x3 screen shape format. The engine will be designed so that it can be easily modified to address the future screen shape formats such as 16x9.
Three-Five plans to design a prototype TV based on the new engine and demonstrate that prototype to potential customers in the fourth quarter. For additional sales information, please contact us at display@threefive.com.
About Brillian(TM) LCoS(TM) Microdisplays:
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of microdisplays include: extremely small size, light-weight, and the ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays. Three-Five has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s web site is located at www.threefive.com.
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include the company`s views with regard to the future of LCoS-based microdisplays. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCoS-based microdisplays and light engines, (b) changes in markets or demand for OEM products using LCoS-based microdisplays and light engines, and (c) the failure of LCoS-based microdisplays and light engines and OEM products using LCoS microdisplays and light engines to deliver commercially acceptable performance, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
SOURCE: Three-Five Systems, Inc.
Engine Design Provides High Performance, Rapid Integration Solution
TEMPE, Ariz., July 16 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, today announced the completion of a licensing and development agreement with Advanced Digital Optics (ADO), a company that specializes in the design and development of light engines used in large screen projection display applications. ADO will work with Three-Five to develop a compact, low cost light engine, which is the essential high technology core of a microdisplay projection product.
Prior to this agreement, Three-Five focused on selling only the microdisplay components on which the light engine is based. Under this agreement, Three-Five will now also market the complete light engine to television and monitor manufacturers, facilitating further development of rear projection display applications. In addition to marketing engines directly, Three-Five will offer the light engine as a reference design, enabling OEMs to customize it to their specific applications.
A light engine consists of a lamp, power supply, microdisplays and their associated drive electronics, a color management system and a projection lens. These devices, when assembled into an engine, replace all of the image-related components in traditional CRT television products. Light engines are unique in that they are comprised of small microdisplays and precision optics that separate light into its three primary colors and then recombine it to produce brilliantly sharp images that cannot be accurately reproduced by traditional display technology.
President and CEO of Three-Five Systems Jack Saltich, said, "This is the next logical, strategic step for Three-Five. In the past we have focused on simply providing an outstanding microdisplay. Now, we have expanded that focus and plan to deliver a complete solution to our customers. Microdisplays already represent a quantum leap in technology because they provide superior performance at the lowest cost per pixel of any current display technology. Their revolutionary nature is driving the re-design of a variety of traditional consumer products. By offering a light engine as well as our microdisplays and drive electronics, we can help accelerate that design process, and enable our customers to get their products to market more quickly and cost-effectively."
The light engine is being designed with ADO specifically for Three-Five`s Brillian(TM) Microdisplays, which offer close to one million individual pixels on a tiny 0.5" imager -- one of the smallest, high-resolution displays on the market. The small size of the display allows for smaller related components, decreasing the engine`s overall size, weight and cost. This light engine will be used in rear projection televisions and monitors with screen sizes up to 50-inches in a 4x3 screen shape format. The engine will be designed so that it can be easily modified to address the future screen shape formats such as 16x9.
Three-Five plans to design a prototype TV based on the new engine and demonstrate that prototype to potential customers in the fourth quarter. For additional sales information, please contact us at display@threefive.com.
About Brillian(TM) LCoS(TM) Microdisplays:
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of microdisplays include: extremely small size, light-weight, and the ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays. Three-Five has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s web site is located at www.threefive.com.
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include the company`s views with regard to the future of LCoS-based microdisplays. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCoS-based microdisplays and light engines, (b) changes in markets or demand for OEM products using LCoS-based microdisplays and light engines, and (c) the failure of LCoS-based microdisplays and light engines and OEM products using LCoS microdisplays and light engines to deliver commercially acceptable performance, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
SOURCE: Three-Five Systems, Inc.
Wednesday July 17, 5:14 pm Eastern Time
Reuters Company News
Three-Five Q2 net loss narrows, revenues slip
TEMPE, Ariz., July 17 (Reuters) - Three-Five Systems Inc. (NYSE:TFS - News), which makes liquid crystal display modules, on Wednesday reported a second-quarter net loss, as charges and lower revenues sapped profits.
Three-Five recorded a net loss for the second quarter of 2002 of $6.6 million, or 31 cents per share, compared with a net loss for the second quarter of 2001 of $11.3 million, or 53 cents per share.
Sales were $24.1 million compared to $25 million for the second quarter of 2001. The number of liquid crystal display module units shipped by the company in the quarter was about 13 percent higher than a year ago, but prices were lower, it said.
Excluding a special charge relating to the previously announced sale of the front end of the company`s LCD manufacturing line, Three-Five reported a pro forma net loss for the second quarter of 2002 of $3.8 million, or 18 cents per share.
Looking ahead, Three-Five said it expects third-quarter revenue to range from $18 million to $20 million. The company forecast third-quarter earnings to be about the same as the second quarter excluding charges, with a 4-cent to 5-cent improvement seen in the fourth quarter.
Reuters Company News
Three-Five Q2 net loss narrows, revenues slip
TEMPE, Ariz., July 17 (Reuters) - Three-Five Systems Inc. (NYSE:TFS - News), which makes liquid crystal display modules, on Wednesday reported a second-quarter net loss, as charges and lower revenues sapped profits.
Three-Five recorded a net loss for the second quarter of 2002 of $6.6 million, or 31 cents per share, compared with a net loss for the second quarter of 2001 of $11.3 million, or 53 cents per share.
Sales were $24.1 million compared to $25 million for the second quarter of 2001. The number of liquid crystal display module units shipped by the company in the quarter was about 13 percent higher than a year ago, but prices were lower, it said.
Excluding a special charge relating to the previously announced sale of the front end of the company`s LCD manufacturing line, Three-Five reported a pro forma net loss for the second quarter of 2002 of $3.8 million, or 18 cents per share.
Looking ahead, Three-Five said it expects third-quarter revenue to range from $18 million to $20 million. The company forecast third-quarter earnings to be about the same as the second quarter excluding charges, with a 4-cent to 5-cent improvement seen in the fourth quarter.
Three-Five Systems Invests in ColorLink, Inc.; Driving Market Acceptance of LCoS(TM) Microdisplay Technology
TEMPE, Ariz., July 18 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, said today that it has invested $5 million in ColorLink, Inc.®, a world leader in the development and manufacture of color management technologies for LCoS(TM) microdisplays. ColorLink`s products consist of color management components and system architectures for digital projection systems that utilize high- resolution microdisplays. Those projection systems include color monitors, high-definition television, and multi-media projectors.
Three-Five Systems` President and CEO Jack Saltich, said, "Our investment in ColorLink underscores our commitment to participate in the development of a complete sound infrastructure as a critical step in bringing reflective LCoS microdisplay technology successfully to the marketplace. We plan to incorporate ColorLink`s color management technology into our new 0.5" microdisplay light engine." Three-Five announced earlier this week that it has signed an agreement to develop that engine with ADO, a division of ViewSonics.
Saltich continued, "We already provide LCoS imagers and ASIC drive chips to our customers. By facilitating complete cost-effective engines we will allow customers to drive their own products to market without expending the substantial time and cost to develop each customized component of an application-specific light engine. ColorLink holds the leadership position in color management technology, which is a critical element within the microdisplay engine. This investment furthers our efforts to accelerate as much as possible the establishment of that necessary infrastructure."
ColorLink has developed a new enabling technology for creating vivid color and high-contrast images for LCoS based projection systems. The novel color splitting and combining color management solutions are based on its core proprietary technology of stacked retardation films. These high performance color manipulation filters utilize polarization, rather than thin-film interference or absorption effects to produce stunning colors for consumer high-definition TVs and monitors. This has allowed for new system architectures for LCoS microdisplays that are brighter, higher-contrast and less costly. The ColorQuad(TM) is one of the color management devices that is setting the standard for LCoS based front and rear projection systems.
Three-Five joins a group of existing investors, which includes Arisawa Manufacturing Co., Ltd. of Japan, Intel Capital and ViewSonic Corporation. The investment provides ColorLink with additional resources to help expand its product offerings and continue to ramp production of its present product line.
ColorLink`s CEO, Michael Lutz, stated, "The relationship between ColorLink and Three-Five Systems is significant not only for our two companies, but for the emerging LCoS microdisplay industry overall. Both companies play a key role in this industry. We have the ability to pool our efforts and provide the market with more integrated and cost-effective solutions, rather than individual components that must be assembled by an OEM. Through our many customers and our partners like Three-Five Systems, we at ColorLink, are firmly committed to successfully integrating this technology into OEM products."
About Brillian(TM) LCoS(TM) Microdisplays
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of microdisplays include: extremely small size, light-weight, and ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays. Three-Five has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s web site is located at www.threefive.com . Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
About ColorLink, Inc.®
ColorLink, Inc., a privately held technology company based in Boulder, Colorado, is engaged in the design, manufacture and licensing of color management components and system architectures for digital projection systems, including color monitors, high-definition television and data projectors utilizing high-resolution microdisplays. ColorLink also provides research and development support to system integrators. High volume manufacturing is supported by ColorLink Japan, Ltd., based in Joetsu City, Japan. ColorLink Japan is a joint venture between ColorLink, Inc. and Arisawa Manufacturing Company, Ltd., a leading supplier of components for the projection television market.
Certain statements contained in this document may be deemed to be forward- looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to, expectations regarding the development of the infrastructure and component technologies in the LCoS microdisplay market. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward- looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCoS-based microdisplays, (b) changes in markets or demand for OEM products using LCoS-based microdisplays, (c) the failure of LCoS-based microdisplays and OEM products using LCoS microdisplays to deliver commercially acceptable performance, and (d) other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
SOURCE: Three-Five Systems, Inc.
TEMPE, Ariz., July 18 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, said today that it has invested $5 million in ColorLink, Inc.®, a world leader in the development and manufacture of color management technologies for LCoS(TM) microdisplays. ColorLink`s products consist of color management components and system architectures for digital projection systems that utilize high- resolution microdisplays. Those projection systems include color monitors, high-definition television, and multi-media projectors.
Three-Five Systems` President and CEO Jack Saltich, said, "Our investment in ColorLink underscores our commitment to participate in the development of a complete sound infrastructure as a critical step in bringing reflective LCoS microdisplay technology successfully to the marketplace. We plan to incorporate ColorLink`s color management technology into our new 0.5" microdisplay light engine." Three-Five announced earlier this week that it has signed an agreement to develop that engine with ADO, a division of ViewSonics.
Saltich continued, "We already provide LCoS imagers and ASIC drive chips to our customers. By facilitating complete cost-effective engines we will allow customers to drive their own products to market without expending the substantial time and cost to develop each customized component of an application-specific light engine. ColorLink holds the leadership position in color management technology, which is a critical element within the microdisplay engine. This investment furthers our efforts to accelerate as much as possible the establishment of that necessary infrastructure."
ColorLink has developed a new enabling technology for creating vivid color and high-contrast images for LCoS based projection systems. The novel color splitting and combining color management solutions are based on its core proprietary technology of stacked retardation films. These high performance color manipulation filters utilize polarization, rather than thin-film interference or absorption effects to produce stunning colors for consumer high-definition TVs and monitors. This has allowed for new system architectures for LCoS microdisplays that are brighter, higher-contrast and less costly. The ColorQuad(TM) is one of the color management devices that is setting the standard for LCoS based front and rear projection systems.
Three-Five joins a group of existing investors, which includes Arisawa Manufacturing Co., Ltd. of Japan, Intel Capital and ViewSonic Corporation. The investment provides ColorLink with additional resources to help expand its product offerings and continue to ramp production of its present product line.
ColorLink`s CEO, Michael Lutz, stated, "The relationship between ColorLink and Three-Five Systems is significant not only for our two companies, but for the emerging LCoS microdisplay industry overall. Both companies play a key role in this industry. We have the ability to pool our efforts and provide the market with more integrated and cost-effective solutions, rather than individual components that must be assembled by an OEM. Through our many customers and our partners like Three-Five Systems, we at ColorLink, are firmly committed to successfully integrating this technology into OEM products."
About Brillian(TM) LCoS(TM) Microdisplays
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of microdisplays include: extremely small size, light-weight, and ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays. Three-Five has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s web site is located at www.threefive.com . Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
About ColorLink, Inc.®
ColorLink, Inc., a privately held technology company based in Boulder, Colorado, is engaged in the design, manufacture and licensing of color management components and system architectures for digital projection systems, including color monitors, high-definition television and data projectors utilizing high-resolution microdisplays. ColorLink also provides research and development support to system integrators. High volume manufacturing is supported by ColorLink Japan, Ltd., based in Joetsu City, Japan. ColorLink Japan is a joint venture between ColorLink, Inc. and Arisawa Manufacturing Company, Ltd., a leading supplier of components for the projection television market.
Certain statements contained in this document may be deemed to be forward- looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to, expectations regarding the development of the infrastructure and component technologies in the LCoS microdisplay market. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward- looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCoS-based microdisplays, (b) changes in markets or demand for OEM products using LCoS-based microdisplays, (c) the failure of LCoS-based microdisplays and OEM products using LCoS microdisplays to deliver commercially acceptable performance, and (d) other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
SOURCE: Three-Five Systems, Inc.
Trading Spotlight
Three-Five Systems Introduces Advanced Near-to-Eye Microdisplays; Rapid Development of Recent IP Acquisition in Tempe Facility
TEMPE, Ariz., July 25 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, today introduced the Brillian(TM) Z86D-3 SVGA microdisplay, the company`s most advanced near-to-eye microdisplay product. The company acquired this award-winning microdisplay technology in the first quarter from Zight Corporation of Boulder, Co. Three-Five has quickly assimilated the knowledge and production expertise required to achieve this rapid product introduction with minimal additional capital equipment expenditures. The company now has the capability to perform the full front-end display assembly, back-end packaging and complete electrical and optical test at the company`s ISO certified production facility in Tempe. Three-Five is currently sampling product and is taking orders for volume production next quarter.
"The productization effort within Three-Five Systems of the Brillian D-3 display has been very rapid," said Rainer Kuhn, Three-Five Systems` Director of Sales and Marketing/Personal Display Systems. "The fact that the D-3 display utilizes off-the-shelf materials and processes enabled us to integrate this product into our manufacturing operation at a very rapid pace. Now, our customers can bring new products with microdisplay technology to market faster than ever before. In addition, we are one of the few ISO certified manufacturers of near-to-eye microdisplays -- guaranteeing consistent high quality for our customers."
The new Brillian Z86D-3 delivers improved performance over previous generation displays. It now provides support for a microprocessor interface which lowers power consumption, and supports a wider operating temperature range enabling its use in rugged environments. In addition, the display`s high fill factor delivers non-pixelated multimedia, moving video, computer video, still image or text content. Ideally suited for 2D and 3D full-motion video applications, the Brillian Z86D-3 can be used in monocular, binocular or stereo electro-optic designs. Intended uses for the Brillian D-3 include nightvision systems, wearable computing applications, video telescopes, microscopes, endoscopic surgery and gaming applications. It can be used in applications which utilize the display in an embedded manner such as electronic viewfinders or in tethered designs such as a head mounted displays.
Three-Five`s Brillian Z86D-3 is backward compatible with the former Zight products, such as the field sequential control and illumination control ASICs, which are also now available from Three-Five. The D-3 can easily be designed into current products that are based on previous versions of Zight`s SVGA microdisplays, enabling existing customers to take advantage of the performance benefits without significant design changes.
Three-Five Systems offers the OEM/ODM community a total chipset solution for each display, which includes driver ICs, illumination control circuitry, development kits and complete system reference designs enabling rapid product development and deployment. To request a datasheet or for other sales information, please contact us at www.display@threefive.com .
About the Brillian(TM) Z86D-3:
The Brillian Z86D-3 pixel architecture offers an industry-leading pixel fill factor of 93 percent, which results in very bright, non-pixelated, smooth images at a magnification as high as 150x. In addition, the display offers the highest available frame rate of 120 Hz, or 360 Hz RGB colors per second, eliminating the color break up and flicker typically exhibited by field sequential displays. The display is also designed to withstand extreme environmental conditions of -20 to +70 degrees centigrade. It delivers long lifetimes of nearly 1,000,000 hours mean time to failure (MTTF). The D-3 also offers enhanced mechanical features so that product designers are able to precisely position the display into the most challenging binocular or stereoscopic optical designs.
About Brillian(TM) LCoS(TM) Microdisplays:
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of microdisplays include: extremely small size, light-weight, and the ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays. Three-Five has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include the company`s statements regarding the Brillian Z86D-3 microdisplay product, as well as the company`s statements about LCoS microdisplays in general. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCoS-based microdisplays and light engines, (b) changes in markets or demand for OEM products using LCoS-based microdisplays and light engines, and (c) the failure of LCoS-based microdisplays and light engines and OEM products using LCoS microdisplays and light engines to deliver commercially acceptable performance, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
SOURCE: Three-Five Systems, Inc.
TEMPE, Ariz., July 25 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, today introduced the Brillian(TM) Z86D-3 SVGA microdisplay, the company`s most advanced near-to-eye microdisplay product. The company acquired this award-winning microdisplay technology in the first quarter from Zight Corporation of Boulder, Co. Three-Five has quickly assimilated the knowledge and production expertise required to achieve this rapid product introduction with minimal additional capital equipment expenditures. The company now has the capability to perform the full front-end display assembly, back-end packaging and complete electrical and optical test at the company`s ISO certified production facility in Tempe. Three-Five is currently sampling product and is taking orders for volume production next quarter.
"The productization effort within Three-Five Systems of the Brillian D-3 display has been very rapid," said Rainer Kuhn, Three-Five Systems` Director of Sales and Marketing/Personal Display Systems. "The fact that the D-3 display utilizes off-the-shelf materials and processes enabled us to integrate this product into our manufacturing operation at a very rapid pace. Now, our customers can bring new products with microdisplay technology to market faster than ever before. In addition, we are one of the few ISO certified manufacturers of near-to-eye microdisplays -- guaranteeing consistent high quality for our customers."
The new Brillian Z86D-3 delivers improved performance over previous generation displays. It now provides support for a microprocessor interface which lowers power consumption, and supports a wider operating temperature range enabling its use in rugged environments. In addition, the display`s high fill factor delivers non-pixelated multimedia, moving video, computer video, still image or text content. Ideally suited for 2D and 3D full-motion video applications, the Brillian Z86D-3 can be used in monocular, binocular or stereo electro-optic designs. Intended uses for the Brillian D-3 include nightvision systems, wearable computing applications, video telescopes, microscopes, endoscopic surgery and gaming applications. It can be used in applications which utilize the display in an embedded manner such as electronic viewfinders or in tethered designs such as a head mounted displays.
Three-Five`s Brillian Z86D-3 is backward compatible with the former Zight products, such as the field sequential control and illumination control ASICs, which are also now available from Three-Five. The D-3 can easily be designed into current products that are based on previous versions of Zight`s SVGA microdisplays, enabling existing customers to take advantage of the performance benefits without significant design changes.
Three-Five Systems offers the OEM/ODM community a total chipset solution for each display, which includes driver ICs, illumination control circuitry, development kits and complete system reference designs enabling rapid product development and deployment. To request a datasheet or for other sales information, please contact us at www.display@threefive.com .
About the Brillian(TM) Z86D-3:
The Brillian Z86D-3 pixel architecture offers an industry-leading pixel fill factor of 93 percent, which results in very bright, non-pixelated, smooth images at a magnification as high as 150x. In addition, the display offers the highest available frame rate of 120 Hz, or 360 Hz RGB colors per second, eliminating the color break up and flicker typically exhibited by field sequential displays. The display is also designed to withstand extreme environmental conditions of -20 to +70 degrees centigrade. It delivers long lifetimes of nearly 1,000,000 hours mean time to failure (MTTF). The D-3 also offers enhanced mechanical features so that product designers are able to precisely position the display into the most challenging binocular or stereoscopic optical designs.
About Brillian(TM) LCoS(TM) Microdisplays:
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of microdisplays include: extremely small size, light-weight, and the ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays. Three-Five has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include the company`s statements regarding the Brillian Z86D-3 microdisplay product, as well as the company`s statements about LCoS microdisplays in general. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCoS-based microdisplays and light engines, (b) changes in markets or demand for OEM products using LCoS-based microdisplays and light engines, and (c) the failure of LCoS-based microdisplays and light engines and OEM products using LCoS microdisplays and light engines to deliver commercially acceptable performance, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
SOURCE: Three-Five Systems, Inc.
Three-Five Systems Expands Presence in Korean Near-to-Eye Microdisplay Market
TEMPE, Ariz., Aug. 6 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, today announced the signing of an agreement with Accupix, an optics and electronics design firm, to establish Accupix as an authorized Three-Five Development Partner for Korea. Accupix will offer complete optical module designs, as well as providing local optics and electronics support, for Three-Five`s customers developing near-to-eye microdisplay applications.
"Because LCoS(TM) is an emerging technology, it is key to establish support worldwide for our near-to-eye microdisplay products," stated Rainer Kuhn, Three-Five`s Director of Sales and Marketing for Personal Display Systems. "We have already developed state-of-the-art displays and electronics, and now plan to offer local support for both optics and electronics in key regions worldwide. This local support enables our customers to quickly develop new products and upgrade existing ones with revolutionary near-to-eye microdisplay technology. We are proud to welcome Accupix as our local Korean optics and electronics development partner. This strategic relationship has already resulted in an initial design win."
In addition to benefiting from local regional support, OEMs can speed time to market by basing new products on these complete optical module reference designs. The complete near-to-eye optical module designs provide a cost-effective alternative to custom designs for OEMS in high-volume consumer markets or specialized market segments such as inspection systems, videography, and test and measurement. Through the partnership, Three-Five will also offer the Accupix optical modules designs to industrial and commercial markets outside of Korea.
Kuhn stated that Three-Five and Accupix plan to develop additional optical modules for mobile display products on a contract engineering basis. "The agreement with Accupix is one of several strategic partnerships that we are developing to support our microdisplay customers," continued Kuhn. "In addition to developing key partnerships to offer support that spans the globe, we are also selecting a number of partners so that we can offer a variety of optical module designs. The near-to-eye market is quite diverse and each application has specific optical requirements. To meet these needs, each of our partners offer designs based on their expertise for a specific product. This enables us to provide in-depth support for a wide variety of applications, as well as providing our customers with local support meeting their time and language requirements."
Accupix President Hanil Ko said, "We are pleased to partner with the leading supplier of LCoS NTE microdisplay technology. Having worked with a variety of display technologies and evaluated image quality, ease of integration and worldwide availability, we feel Three-Five is a strong and stable partner."
Accupix currently offers three different optics module designs based on Three-Five`s LCoS technology. An optics module is a major component of product applications that are held or worn near-to-eye. Its function is to enlarge the image produced on the tiny 0.5" microdisplay. When viewed near-to-eye, the image can appear equivalent in size up to a 52-inch television at normal viewing distance. An optics module consists of the display and the associated illumination system, plus illumination optics, imaging optics and the mechanical housing.
Near-to-Eye Microdisplay Market
Near-to-eye microdisplay applications include: consumer headsets; head mounted displays for military, medical and industrial applications; wireless Internet appliances and other handheld devices; cell phones; and viewfinders for cameras and camcorders. With high resolution and small size, Liquid Crystal on Silicon (LCoS(TM)) microdisplays offer unique advantages to these wearable and portable products. Products based on LCoS can be made light-weight with low power requirements and display sharp, bright images. Three-Five Systems` LCoS microdisplays also have long lifetimes and a wide temperature range, which is important for industrial and portable applications. In addition, the electronics enable fast rendering of images, an important attribute for viewing video or web browsing.
iSuppli/Stanford Resources, a leading flat panel display market research intelligence company, forecasts the near-to-eye microdisplay market to grow from 12.5 million units valued at $219 million in 2002 to over 26 million units valued at $410 million in 2006. The LCoS portion of this market will experience rapid growth, increasing from about a half million units in 2002 valued over $14 million to 7.5 million units in 2006 valued at $130.5 million.
About Brillian(TM) LCoS(TM) Microdisplays:
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of Three-Five`s liquid crystal on silicon (LCoS(TM)) Brillian Microdisplays include: extremely small size, light-weight, and the ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays and has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Accupix Inc.
Accupix Inc. is a leading company in the near-to-eye system market that specializes in optics and electronics design. The company was founded by a group of experienced engineers who worked at Samsung Electronics Co. on a variety of display systems, including LCoS HDTV, TFT LCD rear projection TV and digital camcorder. Accupix has developed a binocular Head Mounted Display (HMD) based on LCoS SVGA displays with 30 to 36 degree Field of View (FOV). In addition, the company has developed a 33 degree FOV monocular optics module for mobile display applications. For additional information, please visit the company`s web site at www.accupix.com .
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include the company`s views with regard to the future of LCoS-based microdisplays as well as the market demand for microdisplays forecast by Stanford Resources. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCoS-based microdisplays, (b) changes in markets or expected demand for OEM products using LCoS-based microdisplays , and (c) the failure of LCoS-based microdisplays and OEM products using LCoS microdisplays to deliver commercially acceptable performance, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
SOURCE: Three-Five Systems, Inc.
TEMPE, Ariz., Aug. 6 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, today announced the signing of an agreement with Accupix, an optics and electronics design firm, to establish Accupix as an authorized Three-Five Development Partner for Korea. Accupix will offer complete optical module designs, as well as providing local optics and electronics support, for Three-Five`s customers developing near-to-eye microdisplay applications.
"Because LCoS(TM) is an emerging technology, it is key to establish support worldwide for our near-to-eye microdisplay products," stated Rainer Kuhn, Three-Five`s Director of Sales and Marketing for Personal Display Systems. "We have already developed state-of-the-art displays and electronics, and now plan to offer local support for both optics and electronics in key regions worldwide. This local support enables our customers to quickly develop new products and upgrade existing ones with revolutionary near-to-eye microdisplay technology. We are proud to welcome Accupix as our local Korean optics and electronics development partner. This strategic relationship has already resulted in an initial design win."
In addition to benefiting from local regional support, OEMs can speed time to market by basing new products on these complete optical module reference designs. The complete near-to-eye optical module designs provide a cost-effective alternative to custom designs for OEMS in high-volume consumer markets or specialized market segments such as inspection systems, videography, and test and measurement. Through the partnership, Three-Five will also offer the Accupix optical modules designs to industrial and commercial markets outside of Korea.
Kuhn stated that Three-Five and Accupix plan to develop additional optical modules for mobile display products on a contract engineering basis. "The agreement with Accupix is one of several strategic partnerships that we are developing to support our microdisplay customers," continued Kuhn. "In addition to developing key partnerships to offer support that spans the globe, we are also selecting a number of partners so that we can offer a variety of optical module designs. The near-to-eye market is quite diverse and each application has specific optical requirements. To meet these needs, each of our partners offer designs based on their expertise for a specific product. This enables us to provide in-depth support for a wide variety of applications, as well as providing our customers with local support meeting their time and language requirements."
Accupix President Hanil Ko said, "We are pleased to partner with the leading supplier of LCoS NTE microdisplay technology. Having worked with a variety of display technologies and evaluated image quality, ease of integration and worldwide availability, we feel Three-Five is a strong and stable partner."
Accupix currently offers three different optics module designs based on Three-Five`s LCoS technology. An optics module is a major component of product applications that are held or worn near-to-eye. Its function is to enlarge the image produced on the tiny 0.5" microdisplay. When viewed near-to-eye, the image can appear equivalent in size up to a 52-inch television at normal viewing distance. An optics module consists of the display and the associated illumination system, plus illumination optics, imaging optics and the mechanical housing.
Near-to-Eye Microdisplay Market
Near-to-eye microdisplay applications include: consumer headsets; head mounted displays for military, medical and industrial applications; wireless Internet appliances and other handheld devices; cell phones; and viewfinders for cameras and camcorders. With high resolution and small size, Liquid Crystal on Silicon (LCoS(TM)) microdisplays offer unique advantages to these wearable and portable products. Products based on LCoS can be made light-weight with low power requirements and display sharp, bright images. Three-Five Systems` LCoS microdisplays also have long lifetimes and a wide temperature range, which is important for industrial and portable applications. In addition, the electronics enable fast rendering of images, an important attribute for viewing video or web browsing.
iSuppli/Stanford Resources, a leading flat panel display market research intelligence company, forecasts the near-to-eye microdisplay market to grow from 12.5 million units valued at $219 million in 2002 to over 26 million units valued at $410 million in 2006. The LCoS portion of this market will experience rapid growth, increasing from about a half million units in 2002 valued over $14 million to 7.5 million units in 2006 valued at $130.5 million.
About Brillian(TM) LCoS(TM) Microdisplays:
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of Three-Five`s liquid crystal on silicon (LCoS(TM)) Brillian Microdisplays include: extremely small size, light-weight, and the ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays and has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Accupix Inc.
Accupix Inc. is a leading company in the near-to-eye system market that specializes in optics and electronics design. The company was founded by a group of experienced engineers who worked at Samsung Electronics Co. on a variety of display systems, including LCoS HDTV, TFT LCD rear projection TV and digital camcorder. Accupix has developed a binocular Head Mounted Display (HMD) based on LCoS SVGA displays with 30 to 36 degree Field of View (FOV). In addition, the company has developed a 33 degree FOV monocular optics module for mobile display applications. For additional information, please visit the company`s web site at www.accupix.com .
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include the company`s views with regard to the future of LCoS-based microdisplays as well as the market demand for microdisplays forecast by Stanford Resources. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCoS-based microdisplays, (b) changes in markets or expected demand for OEM products using LCoS-based microdisplays , and (c) the failure of LCoS-based microdisplays and OEM products using LCoS microdisplays to deliver commercially acceptable performance, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
SOURCE: Three-Five Systems, Inc.
Three-Five Systems Introduces New Microdisplay Development Kit For 720p High Definition Television
New Development Kit Enables OEMs to Quickly And Cost-Effectively Evaluate Prototype Performance
TEMPE, Ariz., Aug. 12 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, today announced the availability of a new development kit targeted for 720p resolution, the current high definition television broadcast standard. Based on Three-Five`s 1280 x 768 resolution liquid crystal on silicon (LCoS(TM)) Brillian 768 Microdisplays, the kit offers OEMs a quick, cost-effective method to build and test pre-production versions of microdisplay-based products prior to production commitment. When integrated into a projection system, the small 0.7" diagonal microdisplay projects high quality, bright images from both computer and television generated signals. ADVERTISEMENT
"Our goal is to provide a comprehensive product line to meet the unique needs of our customers and provide the most value for the specific design or application," stated Al Davis, Three-Five`s Vice President of Microdisplay Sales and Marketing. "To keep OEM development costs low, we have a line of standard products targeted at each of the large product categories. The Brillian Z86D-3 is designed for near-to-eye applications, the 1024 for front projection products, and the Brillian 1280 and 1920 for next generation front and rear projection applications that require ultra high resolution. The 768 is a perfect compliment to this product line. It meets the current HDTV broadcast requirements, offering the high resolution and brightness required for projection applications, at low cost points."
The 768 kit, the fourth kit for projection applications available from the company, is unique in that it is capable of multiple resolutions. In addition to meeting the needs of applications that require 720p, the Brillian 768 is also capable of XGA (1024 x 768) or lower resolutions. New convergence products, such as PC-TVs in which the display functions as both the computer monitor and high definition television, will benefit from the Brillian 768`s multi-resolution capability.
Three-Five`s President and CEO, Jack Saltich, said, "With the recent legislation by the FCC setting the standard for digital television it is evident that consumers are going to demand a high quality image that optimizes the HDTV signal. We have developed and are continuing to develop display technologies that will help OEMs address the market demand for improved image quality."
Because the Brillian 768 is capable of multiple resolutions, it can be designed into both front and rear projection applications. iSuppli/Stanford Resources, a leading flat panel display market research intelligence company, forecasts the LCoS portion of the front projection market will grow from 37,393 units in 2000 to 518,696 in 2006. The microdisplay portion of the rear-projection television market will also grow rapidly. The units will increase from 104,000 units valued at $9.4 million in 2000 to 830,000 units valued at $166.5 million in 2006. The 123% Compound Annual Growth Rate (CAGR) for LCoS units from 2000 to 2006 is much greater than the 41% CAGR average of all microdisplay technologies.
About the Brillian 768 Development Kit
Designed as a "plug-n-play" development tool, the Brillian 768 kit provides all the necessary hardware and software to quickly demonstrate prototype performance. Kit components include:
-- 3 (RGB set) Brillian 768 Microdisplays and flex extenders for easy
mounting in OEM optics systems,
-- Three-Five`s "Prescott" Board Set with panel connectors all contained
neatly in a protective, custom box designed for easy handling,
-- Power supply and all necessary cables,
-- Easy-to-use CD ROM, which includes all the kit documentation and the
software utilities needed to test prototype performance,
-- Complete computer system, including the video card loaded with all
necessary software,
-- On-site engineering support to speed OEM development time and to
simplify the design in process,
-- Two year on-line technical support for software and electronics
upgrades,
For a datasheet, pricing, photograph or other sales/marketing information, please contact Deanna Krause at 602-389-8800 or by e-mail at display@threefive.com.
About Brillian(TM) LCoS(TM) Microdisplays:
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of Three-Five`s liquid crystal on silicon (LCoS(TM)) Brillian Microdisplays include: extremely small size, light-weight, and the ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays and has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra- high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward- looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to (1) expectations regarding the Brillian 768 Microdisplay product, (2) expectations regarding future additional product announcements from Three-Five regarding LCoS microdisplays in general,(3) expectations regarding new legislation by the FCC, and (4) market forecasts for LCoS product sales. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCoS- based microdisplays, (b) changes in markets or demand for OEM products using LCoS-based microdisplays, (c) the failure of LCoS-based microdisplays and OEM products using LCoS microdisplays to deliver commercially acceptable performance, (d) approval of current legislation, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
SOURCE: Three-Five Systems, Inc.
New Development Kit Enables OEMs to Quickly And Cost-Effectively Evaluate Prototype Performance
TEMPE, Ariz., Aug. 12 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, today announced the availability of a new development kit targeted for 720p resolution, the current high definition television broadcast standard. Based on Three-Five`s 1280 x 768 resolution liquid crystal on silicon (LCoS(TM)) Brillian 768 Microdisplays, the kit offers OEMs a quick, cost-effective method to build and test pre-production versions of microdisplay-based products prior to production commitment. When integrated into a projection system, the small 0.7" diagonal microdisplay projects high quality, bright images from both computer and television generated signals. ADVERTISEMENT
"Our goal is to provide a comprehensive product line to meet the unique needs of our customers and provide the most value for the specific design or application," stated Al Davis, Three-Five`s Vice President of Microdisplay Sales and Marketing. "To keep OEM development costs low, we have a line of standard products targeted at each of the large product categories. The Brillian Z86D-3 is designed for near-to-eye applications, the 1024 for front projection products, and the Brillian 1280 and 1920 for next generation front and rear projection applications that require ultra high resolution. The 768 is a perfect compliment to this product line. It meets the current HDTV broadcast requirements, offering the high resolution and brightness required for projection applications, at low cost points."
The 768 kit, the fourth kit for projection applications available from the company, is unique in that it is capable of multiple resolutions. In addition to meeting the needs of applications that require 720p, the Brillian 768 is also capable of XGA (1024 x 768) or lower resolutions. New convergence products, such as PC-TVs in which the display functions as both the computer monitor and high definition television, will benefit from the Brillian 768`s multi-resolution capability.
Three-Five`s President and CEO, Jack Saltich, said, "With the recent legislation by the FCC setting the standard for digital television it is evident that consumers are going to demand a high quality image that optimizes the HDTV signal. We have developed and are continuing to develop display technologies that will help OEMs address the market demand for improved image quality."
Because the Brillian 768 is capable of multiple resolutions, it can be designed into both front and rear projection applications. iSuppli/Stanford Resources, a leading flat panel display market research intelligence company, forecasts the LCoS portion of the front projection market will grow from 37,393 units in 2000 to 518,696 in 2006. The microdisplay portion of the rear-projection television market will also grow rapidly. The units will increase from 104,000 units valued at $9.4 million in 2000 to 830,000 units valued at $166.5 million in 2006. The 123% Compound Annual Growth Rate (CAGR) for LCoS units from 2000 to 2006 is much greater than the 41% CAGR average of all microdisplay technologies.
About the Brillian 768 Development Kit
Designed as a "plug-n-play" development tool, the Brillian 768 kit provides all the necessary hardware and software to quickly demonstrate prototype performance. Kit components include:
-- 3 (RGB set) Brillian 768 Microdisplays and flex extenders for easy
mounting in OEM optics systems,
-- Three-Five`s "Prescott" Board Set with panel connectors all contained
neatly in a protective, custom box designed for easy handling,
-- Power supply and all necessary cables,
-- Easy-to-use CD ROM, which includes all the kit documentation and the
software utilities needed to test prototype performance,
-- Complete computer system, including the video card loaded with all
necessary software,
-- On-site engineering support to speed OEM development time and to
simplify the design in process,
-- Two year on-line technical support for software and electronics
upgrades,
For a datasheet, pricing, photograph or other sales/marketing information, please contact Deanna Krause at 602-389-8800 or by e-mail at display@threefive.com.
About Brillian(TM) LCoS(TM) Microdisplays:
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of Three-Five`s liquid crystal on silicon (LCoS(TM)) Brillian Microdisplays include: extremely small size, light-weight, and the ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays and has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra- high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward- looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to (1) expectations regarding the Brillian 768 Microdisplay product, (2) expectations regarding future additional product announcements from Three-Five regarding LCoS microdisplays in general,(3) expectations regarding new legislation by the FCC, and (4) market forecasts for LCoS product sales. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCoS- based microdisplays, (b) changes in markets or demand for OEM products using LCoS-based microdisplays, (c) the failure of LCoS-based microdisplays and OEM products using LCoS microdisplays to deliver commercially acceptable performance, (d) approval of current legislation, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
SOURCE: Three-Five Systems, Inc.
Three-Five Systems Expands Presence in Worldwide LCD Market; New Partnership Results in First TFS Design Win in Korea
Tuesday August 27, 6:01 am ET
TEMPE, Ariz., Aug. 27 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, today announced the signing of an agreement establishing Lexicon as Three-Five`s authorized representative for LCD display products in Korea. The partnership with Lexicon augments Three-Five`s current LCD display sales force, increasing the company`s worldwide presence. In addition to developing new business opportunities in the Korean market, Lexicon will provide local sales and engineering support to Three-Five`s multinational customers with products manufactured in Korea.
ADVERTISEMENT
"To increase our diversification efforts, we are establishing partnerships with technologically advanced reps to augment our current sales force," stated Rob Harrison, Three-Five`s Vice President - LCD Business Unit. "Korea is one of the fastest growing display markets in the world and a critical component to our business strategy moving forward. Lexicon`s extensive experience and knowledge of direct view displays has helped to establish Three-Five`s presence in the Korean LCD display market. In addition, our partnership with Lexicon has already resulted in a design win for a PDA application."
Having representation in Korea also enables Three-Five to better support companies that are headquartered elsewhere, but have products manufactured in Korea. The relationship with Lexicon was key in a design win in the white goods market. The customer, located in the US, outsources the product manufacturing to Korea. Lexicon`s close working relationships with manufacturers in the Far East enabled Three-Five to win this business.
Paul Semenza, Executive Vice President at iSuppli/Stanford Resources, a leading flat panel display market research intelligence company said, "Korea has become an important location for consumer electronics manufacturing, as well as the home of some of the largest display producers in the world. Securing design wins in that market is crucial to expanding Three-Five`s global presence."
iSuppli/Stanford Resources forecasts the total handheld computer market will grow from 12.7 million units in 2001 to 50 million units in 2006 (Stanford Resources LCD Market Tracker 2002). Three-Five will target the mobile communications, white goods and computer peripherals markets in Korea.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS(TM) manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward- looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include the forecasts by iSupply/Stanford Resources. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for the company`s products and (b) changes in markets or expected demand for OEM products using LCDs, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Tuesday August 27, 6:01 am ET
TEMPE, Ariz., Aug. 27 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, today announced the signing of an agreement establishing Lexicon as Three-Five`s authorized representative for LCD display products in Korea. The partnership with Lexicon augments Three-Five`s current LCD display sales force, increasing the company`s worldwide presence. In addition to developing new business opportunities in the Korean market, Lexicon will provide local sales and engineering support to Three-Five`s multinational customers with products manufactured in Korea.
ADVERTISEMENT
"To increase our diversification efforts, we are establishing partnerships with technologically advanced reps to augment our current sales force," stated Rob Harrison, Three-Five`s Vice President - LCD Business Unit. "Korea is one of the fastest growing display markets in the world and a critical component to our business strategy moving forward. Lexicon`s extensive experience and knowledge of direct view displays has helped to establish Three-Five`s presence in the Korean LCD display market. In addition, our partnership with Lexicon has already resulted in a design win for a PDA application."
Having representation in Korea also enables Three-Five to better support companies that are headquartered elsewhere, but have products manufactured in Korea. The relationship with Lexicon was key in a design win in the white goods market. The customer, located in the US, outsources the product manufacturing to Korea. Lexicon`s close working relationships with manufacturers in the Far East enabled Three-Five to win this business.
Paul Semenza, Executive Vice President at iSuppli/Stanford Resources, a leading flat panel display market research intelligence company said, "Korea has become an important location for consumer electronics manufacturing, as well as the home of some of the largest display producers in the world. Securing design wins in that market is crucial to expanding Three-Five`s global presence."
iSuppli/Stanford Resources forecasts the total handheld computer market will grow from 12.7 million units in 2001 to 50 million units in 2006 (Stanford Resources LCD Market Tracker 2002). Three-Five will target the mobile communications, white goods and computer peripherals markets in Korea.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS(TM) manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward- looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include the forecasts by iSupply/Stanford Resources. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for the company`s products and (b) changes in markets or expected demand for OEM products using LCDs, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Three-Five Systems Acquires Advanced Video Technologies
$12 Million All-Cash Acquisition Immediately Accretive; Positions TFS as Complete Custom Display Systems Solutions Provider
Monday September 9, 9:02 am ET
TEMPE, Ariz., Sept. 9 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of liquid crystal and microdisplay products, today announced that it has acquired Advanced Video Technologies, a privately-held, Massachusetts-based company founded in 1988 and specializing in the design and integration of complex, high-resolution display systems.
ADVERTISEMENT
In 2002, AVT is expected to generate approximately $10 million in revenue and earn approximately $3 million before taxes and amortization. The company designs and provides customized and ruggedized flat panel, touchscreen and rackmount systems for original equipment manufacturers including General Electric, Westinghouse, Gillette and the U.S. military. AVT sources its display components from a variety of companies including Sony, Sharp, NEC, LG and Samsung.
Jack Saltich, Three-Five Systems President and CEO said, "AVT is a profitable, well-respected company that has built an outstanding reputation for producing some of the highest quality customized monitor systems in the market. In line with our strategy of diversification, this acquisition moves Three-Five up the value chain by providing customers with complete custom LCD, CRT and flat panel display solutions."
The purchase price of the acquisition was $12 million, which Three-Five Systems paid in cash, using none of its shares. The purchase agreement also calls for a residual purchase payment of $2 million should the AVT business division achieve certain revenue and profit objectives for 2002 and 2003.
Mr. Emanuel Soucek, AVT`s founder and chief executive officer will remain with Three-Five Systems. He stated, "The synergies created by this acquisition allow us to grow this business by augmenting AVT`s expertise in ruggedization and customization with Three-Five`s operational excellence and high- volume manufacturing capability. The resulting structure will allow us to pursue larger volume contracts than AVT has targeted in the past."
Saltich added, "In addition to providing increased gross margins, the acquisition of AVT expands our business by providing access to a wide range of display technologies that diversify our current portfolio, expand our customer base and strongly position Three-Five for the future. After this transaction, we continue to have a very strong balance sheet and expect to have approximately $125 million in cash and liquid securities at the end of the quarter. Therefore, we will continue to seek further opportunities in the market to make the best use of our balance sheet strength in order to deliver long-term shareholder value. This will include acquisition opportunities to accelerate growth and diversification, and our re-purchase from time to time of Three-Five`s common stock."
Three-Five Systems will maintain the leased design engineering and manufacturing facility established by AVT in Marlboro, Massachusetts as Three-Five`s AVT business unit. The newly hired AVT personnel, including sales managers and design engineers, will operate from that location.
About Advanced Video Technologies, Inc.
Advanced Video Technologies, Inc. is an award-winning designer, engineer, manufacturer and integrator of video display technologies. The company specializes in flat panel, touchscreen and rackmount systems with commercial volume and customer requirements. AVT provides a wide range of computer displays targeted at industrial manufacturing or process control, aerospace, medical, defense, high-end pre-press and CAD applications.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS(TM) manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to (i) expectations regarding AVT`s revenue and earnings in 2002; (ii) expectations regarding Three-Five`s cash balances at the end of the third quarter, 2002 and (iii) expectations regarding the growth of AVT`s business. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to (a) changes in markets or demand for AVT`s products, (b) changes in AVT`s ability to continue to source display products, (c) the failure to achieve synergies and efficiencies expected by the combination of Three-Five Systems and AVT, and (d) other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
$12 Million All-Cash Acquisition Immediately Accretive; Positions TFS as Complete Custom Display Systems Solutions Provider
Monday September 9, 9:02 am ET
TEMPE, Ariz., Sept. 9 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of liquid crystal and microdisplay products, today announced that it has acquired Advanced Video Technologies, a privately-held, Massachusetts-based company founded in 1988 and specializing in the design and integration of complex, high-resolution display systems.
ADVERTISEMENT
In 2002, AVT is expected to generate approximately $10 million in revenue and earn approximately $3 million before taxes and amortization. The company designs and provides customized and ruggedized flat panel, touchscreen and rackmount systems for original equipment manufacturers including General Electric, Westinghouse, Gillette and the U.S. military. AVT sources its display components from a variety of companies including Sony, Sharp, NEC, LG and Samsung.
Jack Saltich, Three-Five Systems President and CEO said, "AVT is a profitable, well-respected company that has built an outstanding reputation for producing some of the highest quality customized monitor systems in the market. In line with our strategy of diversification, this acquisition moves Three-Five up the value chain by providing customers with complete custom LCD, CRT and flat panel display solutions."
The purchase price of the acquisition was $12 million, which Three-Five Systems paid in cash, using none of its shares. The purchase agreement also calls for a residual purchase payment of $2 million should the AVT business division achieve certain revenue and profit objectives for 2002 and 2003.
Mr. Emanuel Soucek, AVT`s founder and chief executive officer will remain with Three-Five Systems. He stated, "The synergies created by this acquisition allow us to grow this business by augmenting AVT`s expertise in ruggedization and customization with Three-Five`s operational excellence and high- volume manufacturing capability. The resulting structure will allow us to pursue larger volume contracts than AVT has targeted in the past."
Saltich added, "In addition to providing increased gross margins, the acquisition of AVT expands our business by providing access to a wide range of display technologies that diversify our current portfolio, expand our customer base and strongly position Three-Five for the future. After this transaction, we continue to have a very strong balance sheet and expect to have approximately $125 million in cash and liquid securities at the end of the quarter. Therefore, we will continue to seek further opportunities in the market to make the best use of our balance sheet strength in order to deliver long-term shareholder value. This will include acquisition opportunities to accelerate growth and diversification, and our re-purchase from time to time of Three-Five`s common stock."
Three-Five Systems will maintain the leased design engineering and manufacturing facility established by AVT in Marlboro, Massachusetts as Three-Five`s AVT business unit. The newly hired AVT personnel, including sales managers and design engineers, will operate from that location.
About Advanced Video Technologies, Inc.
Advanced Video Technologies, Inc. is an award-winning designer, engineer, manufacturer and integrator of video display technologies. The company specializes in flat panel, touchscreen and rackmount systems with commercial volume and customer requirements. AVT provides a wide range of computer displays targeted at industrial manufacturing or process control, aerospace, medical, defense, high-end pre-press and CAD applications.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS(TM) manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to (i) expectations regarding AVT`s revenue and earnings in 2002; (ii) expectations regarding Three-Five`s cash balances at the end of the third quarter, 2002 and (iii) expectations regarding the growth of AVT`s business. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to (a) changes in markets or demand for AVT`s products, (b) changes in AVT`s ability to continue to source display products, (c) the failure to achieve synergies and efficiencies expected by the combination of Three-Five Systems and AVT, and (d) other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Three-Five Systems Establishes Local Optics and Electronics Support For LCoS Microdisplay Applications in Europe
New European Design Partner Specializes in Eye Movement Technology
Monday September 16, 9:01 am ET
TEMPE, Ariz., Sept. 16 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, today announced the signing of an agreement establishing Visual Interaction GmbH as an authorized Three-Five Development Partner for Europe. Visual Interaction GmbH will provide local optics and electronics support for the European market and will offer optical module reference designs for TFS customers developing near-to-eye microdisplay applications.
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By offering local support in key regions worldwide, Three-Five enables OEMs to quickly develop new products and upgrade existing products incorporating near-to-eye microdisplay technology. In addition, the complete optical reference module design enables faster product development times and provides a cost-effective alternative to custom optical module designs.
"Our goal is to provide local support to product developers worldwide, to further establish LCoS(TM) as the leading technology for near-to-eye applications," stated Rainer Kuhn, Three-Five`s Director of Sales/Personal Display Systems. "Europe is a key technology development region, particularly for industrial and commercial products. This new partnership with Visual Interaction is a significant milestone in supporting this important global market and is key to establishing Three-Five as a technology leader in the European near-to-eye product market."
Visual Interaction specializes in the development and integration of multi-modal user interfaces involving innovative display and computer vision methods for volume applications that are applied to the fields of computer interaction, games, marketing, and medicine. Multi-modal refers to devices that can receive user input in a variety of forms, including eye movement and blinking.
Eberhard Schmidt, Visual Interaction GmbH`s CEO, commented on the agreement with Three-Five. "Near-to-eye product applications comprise an incredible new field that benefits greatly from both a revolutionary display technology and a well researched approach to the optics required. Our in-depth research in human factors and eye tracking for near-to-eye devices lays a strong foundation for maximizing the viewing potential in near-to-eye product applications. Three-Five`s LCoS microdisplays offer the size requirements and the high-resolution image required for these handheld or head-mounted products. This partnership builds on the strengths of both companies to bring about the most satisfying user experience. I expect we will yield some unique opportunities for new microdisplay applications, as well as state-of-the-art eye tracking technology for microdisplays."
Three-Five is partnering with a variety of optical design companies worldwide. The near-to-eye market is quite diverse and each application has specific optical requirements. To meet these needs, each partner offers optical module designs based on expertise for a specific product, enabling Three-Five to provide in-depth support for a wide variety of applications.
An optics module is a major component of product applications that are held or worn near-to-eye. Its function is to enlarge the image produced on the tiny 0.5" microdisplay. When viewed near-to-eye, the image can appear equivalent in size up to a 52-inch television at normal viewing distance. An optics module consists of the display and the associated illumination system, plus illumination optics, imaging optics and the mechanical housing.
Near-to-Eye Microdisplay Market
Near-to-eye microdisplay applications include: consumer headsets; head mounted displays for military, medical and industrial applications; wireless Internet appliances and other handheld devices; cell phones; and viewfinders for cameras and camcorders. iSuppli/Stanford Resources, a leading flat panel display market research intelligence company, forecasts the near-to-eye microdisplay market to grow from 12.5 million units valued at $219 million in 2002 to over 26 million units valued at $410 million in 2006. The LCoS portion of this market is expected to experience rapid growth, increasing from about one half million units in 2002 valued at over $14 million to 7.5 million units in 2006 valued at $130.5 million.
About Brillian(TM) LCoS(TM) Microdisplays
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of Three-Five`s liquid crystal on silicon (LCoS(TM)) Brillian Microdisplays include its extremely small size, light-weight, and ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays and has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS(TM) manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s Web site is located at www.threefive.com .
About Visual Interaction GmbH
Visual Interaction GmbH (VI), located in Teltow near Berlin, Germany, is a product design company specializing in multi-modal user interfaces. User interfaces for multiple interaction modes, such as gaze, speech, gesture, etc., are about to gain importance and open unknown degrees of efficiency and quality for users in computer interaction, e.g., for field engineers or traveling business people, as well electronic games or home applications. Multi-modal user interfaces thrive on the growing importance of personal devices as well as pervasive infrastructures for information, communication and entertainment. VI`s core competence lies in the electronic, optic and software design for such interfaces. For more information, please visit www.visual-interaction.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include the company`s views with regard to the future of LCoS-based microdisplays and near-to-eye applications, as well as the forecasted market demand for microdisplays and growth in the near-to-eye display market. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCoS-based microdisplays, (b) changes in markets or expected demand for OEM products using LCoS-based microdisplays, (c) market acceptance of near-to-eye display technology, and (d) the failure of LCoS-based microdisplays and OEM products using LCoS microdisplays to deliver commercially acceptable performance, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
New European Design Partner Specializes in Eye Movement Technology
Monday September 16, 9:01 am ET
TEMPE, Ariz., Sept. 16 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of display products, today announced the signing of an agreement establishing Visual Interaction GmbH as an authorized Three-Five Development Partner for Europe. Visual Interaction GmbH will provide local optics and electronics support for the European market and will offer optical module reference designs for TFS customers developing near-to-eye microdisplay applications.
ADVERTISEMENT
By offering local support in key regions worldwide, Three-Five enables OEMs to quickly develop new products and upgrade existing products incorporating near-to-eye microdisplay technology. In addition, the complete optical reference module design enables faster product development times and provides a cost-effective alternative to custom optical module designs.
"Our goal is to provide local support to product developers worldwide, to further establish LCoS(TM) as the leading technology for near-to-eye applications," stated Rainer Kuhn, Three-Five`s Director of Sales/Personal Display Systems. "Europe is a key technology development region, particularly for industrial and commercial products. This new partnership with Visual Interaction is a significant milestone in supporting this important global market and is key to establishing Three-Five as a technology leader in the European near-to-eye product market."
Visual Interaction specializes in the development and integration of multi-modal user interfaces involving innovative display and computer vision methods for volume applications that are applied to the fields of computer interaction, games, marketing, and medicine. Multi-modal refers to devices that can receive user input in a variety of forms, including eye movement and blinking.
Eberhard Schmidt, Visual Interaction GmbH`s CEO, commented on the agreement with Three-Five. "Near-to-eye product applications comprise an incredible new field that benefits greatly from both a revolutionary display technology and a well researched approach to the optics required. Our in-depth research in human factors and eye tracking for near-to-eye devices lays a strong foundation for maximizing the viewing potential in near-to-eye product applications. Three-Five`s LCoS microdisplays offer the size requirements and the high-resolution image required for these handheld or head-mounted products. This partnership builds on the strengths of both companies to bring about the most satisfying user experience. I expect we will yield some unique opportunities for new microdisplay applications, as well as state-of-the-art eye tracking technology for microdisplays."
Three-Five is partnering with a variety of optical design companies worldwide. The near-to-eye market is quite diverse and each application has specific optical requirements. To meet these needs, each partner offers optical module designs based on expertise for a specific product, enabling Three-Five to provide in-depth support for a wide variety of applications.
An optics module is a major component of product applications that are held or worn near-to-eye. Its function is to enlarge the image produced on the tiny 0.5" microdisplay. When viewed near-to-eye, the image can appear equivalent in size up to a 52-inch television at normal viewing distance. An optics module consists of the display and the associated illumination system, plus illumination optics, imaging optics and the mechanical housing.
Near-to-Eye Microdisplay Market
Near-to-eye microdisplay applications include: consumer headsets; head mounted displays for military, medical and industrial applications; wireless Internet appliances and other handheld devices; cell phones; and viewfinders for cameras and camcorders. iSuppli/Stanford Resources, a leading flat panel display market research intelligence company, forecasts the near-to-eye microdisplay market to grow from 12.5 million units valued at $219 million in 2002 to over 26 million units valued at $410 million in 2006. The LCoS portion of this market is expected to experience rapid growth, increasing from about one half million units in 2002 valued at over $14 million to 7.5 million units in 2006 valued at $130.5 million.
About Brillian(TM) LCoS(TM) Microdisplays
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of Three-Five`s liquid crystal on silicon (LCoS(TM)) Brillian Microdisplays include its extremely small size, light-weight, and ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays and has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a recognized leader in the design and manufacture of liquid crystal display (LCD) modules and technology for OEM customers in wireless communications and data collection, medical electronics, and other commercial and consumer device marketplaces. In addition to traditional LCDs, the company is developing other display technologies, including its line of Brillian(TM) Microdisplays. These reflective liquid crystal on silicon microdisplays are tiny, high-resolution, low-power displays designed for new markets such as HDTV, large format monitors, multimedia projectors, and wireless Internet appliances. At its Tempe, Arizona headquarters, Three-Five operates its LCoS(TM) manufacturing line and houses the David R. Buchanan LCD laboratory, dedicated to the development of advanced display technologies. The company`s Web site is located at www.threefive.com .
About Visual Interaction GmbH
Visual Interaction GmbH (VI), located in Teltow near Berlin, Germany, is a product design company specializing in multi-modal user interfaces. User interfaces for multiple interaction modes, such as gaze, speech, gesture, etc., are about to gain importance and open unknown degrees of efficiency and quality for users in computer interaction, e.g., for field engineers or traveling business people, as well electronic games or home applications. Multi-modal user interfaces thrive on the growing importance of personal devices as well as pervasive infrastructures for information, communication and entertainment. VI`s core competence lies in the electronic, optic and software design for such interfaces. For more information, please visit www.visual-interaction.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include the company`s views with regard to the future of LCoS-based microdisplays and near-to-eye applications, as well as the forecasted market demand for microdisplays and growth in the near-to-eye display market. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCoS-based microdisplays, (b) changes in markets or expected demand for OEM products using LCoS-based microdisplays, (c) market acceptance of near-to-eye display technology, and (d) the failure of LCoS-based microdisplays and OEM products using LCoS microdisplays to deliver commercially acceptable performance, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Three-Five Systems Introduces Family of TFT Products
Unique `Glass-Platform` Concept Provides OEMs With an Easy to Integrate, Cost-Effective, Flexible Display Solution
Wednesday October 2, 9:01 am ET
TEMPE, Ariz., Oct. 2 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of liquid crystal and microdisplay products, today introduced a family of thin film transistor (TFT) products. The product family currently consists of five products that are offered as complete module standard products and as "glass platforms." The glass platform or semi-custom product is a standard LCD glass and driver combination that can be customized into a display module based on the unique needs of the application.
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In addition to the new family of semi-custom and standard products, Three-Five will continue to offer TFT in full custom display solutions for applications that require a specific size or unique solution. Rob Harrison, Vice President of Three-Five`s LCD Business Unit, views this as a three-tier approach. "As we have continued to diversify our business, we are augmenting our product offerings to meet the unique needs of each of our customers. Not only are we adding new technologies, such as TFT, but we are also offering each of these technologies in three levels of integration: complete module standard products, semi-custom or glass platforms, and full custom displays."
Harrison continued, "For OEMs that want the new display technologies at the most cost-effective price, our complete module standard products are the best solution. If they require more flexibility in design, but still require the decreased development times, we now offer the easy-to-integrate glass platforms. And for those applications that require a specific size or a unique, differentiated display product, our international design teams will develop a full custom display solution. This unique three-tier approach has already resulted in a number of design wins."
Capable of up to 262k colors, TFT is Three-Five`s most advanced active matrix direct view display technology and provides one of the highest color concentrations of any direct view display technology. With superior image quality and vivid color reproduction, Three-Five`s family of TFT products is well-suited for cell phones, medical devices, PDAs, Internet appliances, industrial instrumentation and other display terminals.
For product literature, photographs or other sales information, please contact Three-Five Systems at display@threefive.com
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, HDTV televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward- looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to, the belief that the standard TFT products will speed time to market for OEMs and the potential success of the design wins. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward- looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCD-based products, (b) changes in markets or demand for OEM products using LCD-based products, and (c) the failure of LCD-based products and OEM products using LCD displays to deliver commercially acceptable performance, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Unique `Glass-Platform` Concept Provides OEMs With an Easy to Integrate, Cost-Effective, Flexible Display Solution
Wednesday October 2, 9:01 am ET
TEMPE, Ariz., Oct. 2 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of liquid crystal and microdisplay products, today introduced a family of thin film transistor (TFT) products. The product family currently consists of five products that are offered as complete module standard products and as "glass platforms." The glass platform or semi-custom product is a standard LCD glass and driver combination that can be customized into a display module based on the unique needs of the application.
ADVERTISEMENT
In addition to the new family of semi-custom and standard products, Three-Five will continue to offer TFT in full custom display solutions for applications that require a specific size or unique solution. Rob Harrison, Vice President of Three-Five`s LCD Business Unit, views this as a three-tier approach. "As we have continued to diversify our business, we are augmenting our product offerings to meet the unique needs of each of our customers. Not only are we adding new technologies, such as TFT, but we are also offering each of these technologies in three levels of integration: complete module standard products, semi-custom or glass platforms, and full custom displays."
Harrison continued, "For OEMs that want the new display technologies at the most cost-effective price, our complete module standard products are the best solution. If they require more flexibility in design, but still require the decreased development times, we now offer the easy-to-integrate glass platforms. And for those applications that require a specific size or a unique, differentiated display product, our international design teams will develop a full custom display solution. This unique three-tier approach has already resulted in a number of design wins."
Capable of up to 262k colors, TFT is Three-Five`s most advanced active matrix direct view display technology and provides one of the highest color concentrations of any direct view display technology. With superior image quality and vivid color reproduction, Three-Five`s family of TFT products is well-suited for cell phones, medical devices, PDAs, Internet appliances, industrial instrumentation and other display terminals.
For product literature, photographs or other sales information, please contact Three-Five Systems at display@threefive.com
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, HDTV televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward- looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to, the belief that the standard TFT products will speed time to market for OEMs and the potential success of the design wins. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward- looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCD-based products, (b) changes in markets or demand for OEM products using LCD-based products, and (c) the failure of LCD-based products and OEM products using LCD displays to deliver commercially acceptable performance, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Three-Five Systems Announces Third Quarter Financial Results
Wednesday October 16, 4:05 pm ET
TEMPE, Ariz., Oct. 16 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News) today announced its financial results for the third quarter ended September 30, 2002.
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Sales for the third quarter of 2002 were $18.6 million compared to sales of $26.6 million for the third quarter of 2001. The decline in revenue was due entirely to the expected reduction in shipments to the company`s largest historic customer and a slower-than-expected ramp-up in shipments to new customers. Despite this revenue decline, Three-Five improved its bottom line by recording a $3.4 million net loss for the third quarter of 2002, or $0.16 per share, compared to a net loss for the third quarter of 2001 of $4.0 million, or $0.19 per share. The third quarter net loss resulted almost exclusively from the company`s continuing investment in its Brillian(TM) liquid crystal on silicon (LCoS(TM)) microdisplay product line, with approximately $2.9 million, or $0.14 per share, of the net loss attributable to the LCoS microdisplay business segment and $498,000, or $0.02 per share, of the net loss attributable to the liquid crystal display (LCD) business.
Sales for the first nine months of 2002 were $65.8 million compared to $87.2 million for the same period of 2001. Including special charges, the company reported a net loss of $14.3 million, or $0.67 per share, for the first nine months of 2002, compared to a net loss of $15.1 million, or $0.70 per share, for the same period of 2001.
Three-Five ended the quarter with $126.4 million in cash and liquid investments and no long-term debt. The company had positive operating cash flow of $4.9 million for the third quarter, aided by a substantial tax refund. Even without that tax refund, however, the company generated strong positive cash flow in the LCD business because of reductions in accounts receivable and inventory. Total capital expenditures for the third quarter of 2002 were $2.3 million, mostly related to microdisplays. Also, as previously announced Three-Five invested $5 million in ColorLink during the third quarter and completed the acquisition of Advanced Video Technologies (AVT) for a cash purchase price of $12 million during the third quarter.
During the third quarter of 2002, Three-Five purchased 115,200 shares of its common stock for a total purchase price of $634,850. The company has over $22 million remaining on its stock repurchase authorization.
Jack L. Saltich, President and Chief Executive Officer, said, "The key objectives for our LCD business segment continue to center on profitability and diversification. Our historical major customer accounted for 78% of our total revenue, a significant reduction from the previous quarter, further de- emphasizing business with this customer in order to focus on more profitable markets with new customers. We secured four new design wins during the third quarter, bringing the total number of design wins for 2002 to 20. None of these design wins are with the cell phone division of our largest major customer and many of these wins are in unique applications using advanced technologies. The expected average selling price of these new product design wins is more than double our current average selling price of less than $8 for existing products. We began initial shipments of color displays in the third quarter and expect to ship increasing volumes of color displays in the fourth quarter of 2002. In support of the market`s demand for color displays, we expanded our portfolio this quarter to include a broad standard product offering of this technology. This move allows customers to more rapidly adopt new color display technology because they can tailor the level of customization to fit their specific application. The standard color product line has already resulted in design wins.
"A key event in the third quarter in our LCD business segment was our purchase of AVT. AVT designs and provides customized and ruggedized flat panel, touchscreen and rackmounted systems for original equipment manufacturers. This acquisition directly supports our strategy to move further up the value chain by supplying customized display systems as well as display modules and to grow our business profitably with new customers. With our strong balance sheet and a cash position substantially in excess of our own market cap, we continue to seek similar types of profitable acquisitions within the display market positioning Three-Five as a complete display solutions company."
Addressing the microdisplay business segment, Saltich said, "We continue to invest substantial efforts and resources in commercializing our Brillian LCoS microdisplay products. We are focusing our efforts on high-volume, high- resolution microdisplay imagers for both near-to-eye and projection applications. We continue to believe that the successful launch of the projection-based microdisplay industry will be dependent upon the availability of complete, low-cost microdisplay engines that incorporate our LCoS microdisplay imagers. We plan to demonstrate our 0.5-inch engine at COMDEX in November of this year. In addition, several customers, such as China Display (rear projection HDTV), Wellsome (SXGA front projector), and Prokia (rear projection HDTV), also plan to demonstrate products using our LCoS(TM) Microdisplay panels."
Turning to the current business outlook, Three-Five expects company-wide revenue to increase to $20 to $22 million for the fourth quarter of 2002. It also expects that losses will continue to narrow, with an expected loss in the fourth quarter of between $0.13 and $0.15 per share.
In the LCD business segment, Three-Five expects revenue for the fourth quarter of 2002 to increase sequentially by about 15% as many of the company`s new advanced display products ramp to higher levels of production. The company expects that its LCD business will be profitable in the fourth quarter of 2002. In the microdisplay business segment, Three-Five expects a loss per share of approximately $0.15 per quarter for the next few quarters as it focuses on the development of programs for several projection-based and personal display customers.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, HDTV televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com.
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include expectations regarding the amount and timing of revenue and the operating results of the company (including expectations regarding earnings per share), the shipments of color displays in the fourth quarter, the revenue and earnings of AVT in 2002, and the demonstration of LCoS products at COMDEX. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include (a) changes in the markets for the company`s products; (b) changes in the market for customers` products; (c) the failure of key technologies, such as LCoS microdisplays, to deliver commercially acceptable performance; (d) the ability of Three-Five Systems` management, individually or collectively, to guide the company in a successful manner; and (e) other risks as detailed from time to time in Three-Five Systems` SEC reports, including the company`s most recent Registration Statement on Form S-3, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Annual Report on Form 10-K.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED SEP 30, NINE MONTHS ENDED SEP 30,
2001 2002 2001 2002
(in thousands, except per share data)
Net Sales $26,594 $18,584 $87,223 $65,781
Costs and Expenses:
Cost of Sales 27,453 18,049 90,856 64,435
Selling, General and
Administrative 2,444 2,665 7,857 8,602
Research, Development
and Engineering 4,224 4,359 12,680 13,973
Loss on Sale of Assets -- -- -- 4,545
34,121 25,073 111,393 91,555
Operating Loss (7,527) (6,489) (24,170) (25,774)
Interest and Other
Income, net 1,497 755 1,564 2,847
Minority Interest in
Loss of Consolidated
Subsidiary 62 -- 62 84
Loss before Benefit
from Income Taxes (5,968) (5,734) (22,544) (22,843)
Benefit from
Income Taxes (1,972) (2,354) (7,442) (8,513)
Net Loss $(3,996) $(3,380) $(15,102) $(14,330)
Loss per Common Share
Basic $(0.19) $(0.16) $(0.70) $(0.67)
Diluted $(0.19) $(0.16) $(0.70) $(0.67)
Weighted Average Number
of Common Shares
Basic 21,363 21,330 21,427 21,425
Diluted 21,363 21,330 21,427 21,425
CONDENSED CONSOLIDATED BALANCE SHEETS
DEC 31, SEP 30,
2001 2002
ASSETS (in thousands)
Cash and Cash Equivalents $37,003 $25,617
Short-term Investments 110,016 96,386
Accounts Receivable, net 18,102 13,258
Inventory 15,629 11,642
Taxes Receivable 3,960 --
Short-term Deferred Tax Asset 3,930 3,829
Assets Held for Sale -- 1,841
Other Current Assets 2,104 1,564
Total Current Assets 190,744 154,137
Long-term Investments 9,034 4,421
Property, Plant and Equipment, net 38,353 30,866
Intangibles, net 5,886 13,222
Goodwill -- 7,631
Long-term Deferred Tax Asset 219 7,462
Other Assets 1,652 6,793
Total Assets $245,888 $224,532
LIABILITIES AND STOCKHOLDERS` EQUITY
Accounts Payable $14,785 $8,890
Accrued Liabilities 4,130 3,725
Income Taxes Payable -- 136
Term Loan 2,706 2,706
Total Current Liabilities 21,621 15,457
Minority Interest in Consolidated
Subsidiary 323 --
Total Liabilities 21,944 15,457
Stockholders` Equity 223,944 209,075
Total Liabilities and
Stockholders` Equity $245,888 $224,532
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--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Wednesday October 16, 4:05 pm ET
TEMPE, Ariz., Oct. 16 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News) today announced its financial results for the third quarter ended September 30, 2002.
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Sales for the third quarter of 2002 were $18.6 million compared to sales of $26.6 million for the third quarter of 2001. The decline in revenue was due entirely to the expected reduction in shipments to the company`s largest historic customer and a slower-than-expected ramp-up in shipments to new customers. Despite this revenue decline, Three-Five improved its bottom line by recording a $3.4 million net loss for the third quarter of 2002, or $0.16 per share, compared to a net loss for the third quarter of 2001 of $4.0 million, or $0.19 per share. The third quarter net loss resulted almost exclusively from the company`s continuing investment in its Brillian(TM) liquid crystal on silicon (LCoS(TM)) microdisplay product line, with approximately $2.9 million, or $0.14 per share, of the net loss attributable to the LCoS microdisplay business segment and $498,000, or $0.02 per share, of the net loss attributable to the liquid crystal display (LCD) business.
Sales for the first nine months of 2002 were $65.8 million compared to $87.2 million for the same period of 2001. Including special charges, the company reported a net loss of $14.3 million, or $0.67 per share, for the first nine months of 2002, compared to a net loss of $15.1 million, or $0.70 per share, for the same period of 2001.
Three-Five ended the quarter with $126.4 million in cash and liquid investments and no long-term debt. The company had positive operating cash flow of $4.9 million for the third quarter, aided by a substantial tax refund. Even without that tax refund, however, the company generated strong positive cash flow in the LCD business because of reductions in accounts receivable and inventory. Total capital expenditures for the third quarter of 2002 were $2.3 million, mostly related to microdisplays. Also, as previously announced Three-Five invested $5 million in ColorLink during the third quarter and completed the acquisition of Advanced Video Technologies (AVT) for a cash purchase price of $12 million during the third quarter.
During the third quarter of 2002, Three-Five purchased 115,200 shares of its common stock for a total purchase price of $634,850. The company has over $22 million remaining on its stock repurchase authorization.
Jack L. Saltich, President and Chief Executive Officer, said, "The key objectives for our LCD business segment continue to center on profitability and diversification. Our historical major customer accounted for 78% of our total revenue, a significant reduction from the previous quarter, further de- emphasizing business with this customer in order to focus on more profitable markets with new customers. We secured four new design wins during the third quarter, bringing the total number of design wins for 2002 to 20. None of these design wins are with the cell phone division of our largest major customer and many of these wins are in unique applications using advanced technologies. The expected average selling price of these new product design wins is more than double our current average selling price of less than $8 for existing products. We began initial shipments of color displays in the third quarter and expect to ship increasing volumes of color displays in the fourth quarter of 2002. In support of the market`s demand for color displays, we expanded our portfolio this quarter to include a broad standard product offering of this technology. This move allows customers to more rapidly adopt new color display technology because they can tailor the level of customization to fit their specific application. The standard color product line has already resulted in design wins.
"A key event in the third quarter in our LCD business segment was our purchase of AVT. AVT designs and provides customized and ruggedized flat panel, touchscreen and rackmounted systems for original equipment manufacturers. This acquisition directly supports our strategy to move further up the value chain by supplying customized display systems as well as display modules and to grow our business profitably with new customers. With our strong balance sheet and a cash position substantially in excess of our own market cap, we continue to seek similar types of profitable acquisitions within the display market positioning Three-Five as a complete display solutions company."
Addressing the microdisplay business segment, Saltich said, "We continue to invest substantial efforts and resources in commercializing our Brillian LCoS microdisplay products. We are focusing our efforts on high-volume, high- resolution microdisplay imagers for both near-to-eye and projection applications. We continue to believe that the successful launch of the projection-based microdisplay industry will be dependent upon the availability of complete, low-cost microdisplay engines that incorporate our LCoS microdisplay imagers. We plan to demonstrate our 0.5-inch engine at COMDEX in November of this year. In addition, several customers, such as China Display (rear projection HDTV), Wellsome (SXGA front projector), and Prokia (rear projection HDTV), also plan to demonstrate products using our LCoS(TM) Microdisplay panels."
Turning to the current business outlook, Three-Five expects company-wide revenue to increase to $20 to $22 million for the fourth quarter of 2002. It also expects that losses will continue to narrow, with an expected loss in the fourth quarter of between $0.13 and $0.15 per share.
In the LCD business segment, Three-Five expects revenue for the fourth quarter of 2002 to increase sequentially by about 15% as many of the company`s new advanced display products ramp to higher levels of production. The company expects that its LCD business will be profitable in the fourth quarter of 2002. In the microdisplay business segment, Three-Five expects a loss per share of approximately $0.15 per quarter for the next few quarters as it focuses on the development of programs for several projection-based and personal display customers.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, HDTV televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com.
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include expectations regarding the amount and timing of revenue and the operating results of the company (including expectations regarding earnings per share), the shipments of color displays in the fourth quarter, the revenue and earnings of AVT in 2002, and the demonstration of LCoS products at COMDEX. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include (a) changes in the markets for the company`s products; (b) changes in the market for customers` products; (c) the failure of key technologies, such as LCoS microdisplays, to deliver commercially acceptable performance; (d) the ability of Three-Five Systems` management, individually or collectively, to guide the company in a successful manner; and (e) other risks as detailed from time to time in Three-Five Systems` SEC reports, including the company`s most recent Registration Statement on Form S-3, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Annual Report on Form 10-K.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED SEP 30, NINE MONTHS ENDED SEP 30,
2001 2002 2001 2002
(in thousands, except per share data)
Net Sales $26,594 $18,584 $87,223 $65,781
Costs and Expenses:
Cost of Sales 27,453 18,049 90,856 64,435
Selling, General and
Administrative 2,444 2,665 7,857 8,602
Research, Development
and Engineering 4,224 4,359 12,680 13,973
Loss on Sale of Assets -- -- -- 4,545
34,121 25,073 111,393 91,555
Operating Loss (7,527) (6,489) (24,170) (25,774)
Interest and Other
Income, net 1,497 755 1,564 2,847
Minority Interest in
Loss of Consolidated
Subsidiary 62 -- 62 84
Loss before Benefit
from Income Taxes (5,968) (5,734) (22,544) (22,843)
Benefit from
Income Taxes (1,972) (2,354) (7,442) (8,513)
Net Loss $(3,996) $(3,380) $(15,102) $(14,330)
Loss per Common Share
Basic $(0.19) $(0.16) $(0.70) $(0.67)
Diluted $(0.19) $(0.16) $(0.70) $(0.67)
Weighted Average Number
of Common Shares
Basic 21,363 21,330 21,427 21,425
Diluted 21,363 21,330 21,427 21,425
CONDENSED CONSOLIDATED BALANCE SHEETS
DEC 31, SEP 30,
2001 2002
ASSETS (in thousands)
Cash and Cash Equivalents $37,003 $25,617
Short-term Investments 110,016 96,386
Accounts Receivable, net 18,102 13,258
Inventory 15,629 11,642
Taxes Receivable 3,960 --
Short-term Deferred Tax Asset 3,930 3,829
Assets Held for Sale -- 1,841
Other Current Assets 2,104 1,564
Total Current Assets 190,744 154,137
Long-term Investments 9,034 4,421
Property, Plant and Equipment, net 38,353 30,866
Intangibles, net 5,886 13,222
Goodwill -- 7,631
Long-term Deferred Tax Asset 219 7,462
Other Assets 1,652 6,793
Total Assets $245,888 $224,532
LIABILITIES AND STOCKHOLDERS` EQUITY
Accounts Payable $14,785 $8,890
Accrued Liabilities 4,130 3,725
Income Taxes Payable -- 136
Term Loan 2,706 2,706
Total Current Liabilities 21,621 15,457
Minority Interest in Consolidated
Subsidiary 323 --
Total Liabilities 21,944 15,457
Stockholders` Equity 223,944 209,075
Total Liabilities and
Stockholders` Equity $245,888 $224,532
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--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Three-Five Systems Selected as Microdisplay Provider for US Military F-35 Joint Strike Fighter Program
Monday October 21, 9:02 am ET
Brillian(TM) LCoS(TM) Microdisplays Chosen Over Competing Technologies for Panoramic Cockpit Display
TEMPE, Ariz., Oct. 21 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of liquid crystal and microdisplay products, today announced Kaiser Electronics, a Rockwell Collins business, has selected Three-Five`s Brillian Microdisplays and drive electronics to be the primary microdisplay source in the F-35 Joint Strike Fighter (JSF) program, the US military`s newest fighter aircraft program. Two small rear projection displays, each with three Brillian 1280 SXGA Microdisplays, will be used to form a unique 20-inch by 8-inch smart color display. This panoramic cockpit display will provide critical flight status, operational, tactical and other information to the pilot.
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With slightly modified folded optics, the projection systems that utilize Three-Five`s imagers can be used in a variety of systems requiring displays from 5-inch square to 32-inch diagonal. The versatility of projection displays makes them a viable candidate technology for both military and commercial cockpit designs for new aircraft as well as cockpit redesigns for existing aircraft, resulting in lower development costs and faster time to market.
Joe Riccio, Three-Five`s Director of Strategic Programs/Microdisplays stated that this is a significant and prestigious program win for the company. "The JSF program is exciting for us in that it is an excellent application to fully demonstrate the superior performance capabilities of our microdisplays. Projection displays, such as those developed with our microdisplays, offer luminance, contrast ratio, and chromaticity equal to or superior to AMLCDs. In addition, projection systems with our microdisplays can be made with higher resolution and the flexibility to be designed into a variety of avionics applications."
About the Lockheed Martin F-35 Joint Strike Fighter aircraft:
The F-35 Joint Strike Fighter is the next-generation strike aircraft weapon system for the US Air Force, Navy, Marines and US allies. The modern aircraft is designed in three versions -- one to take off quickly and land vertically, both on carrier decks and unimproved/confined landing spaces; one for catapult launches and arrested landings on large aircraft carriers; and a third variant for operation from conventional runways. All three versions are radar-evading "stealth" designs and provide pilots with advanced technology in the cockpit. Lockheed Martin is developing the F-35 with principal partners Northrop Grumman and BAE SYSTEMS.
About Brillian LCoS Microdisplays:
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of Three-Five`s liquid crystal on silicon (LCoS(TM)) Brillian Microdisplays include its extremely small size, light-weight, and ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays and has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, HDTV televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
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--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Monday October 21, 9:02 am ET
Brillian(TM) LCoS(TM) Microdisplays Chosen Over Competing Technologies for Panoramic Cockpit Display
TEMPE, Ariz., Oct. 21 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc.® (NYSE: TFS - News), a leading supplier of liquid crystal and microdisplay products, today announced Kaiser Electronics, a Rockwell Collins business, has selected Three-Five`s Brillian Microdisplays and drive electronics to be the primary microdisplay source in the F-35 Joint Strike Fighter (JSF) program, the US military`s newest fighter aircraft program. Two small rear projection displays, each with three Brillian 1280 SXGA Microdisplays, will be used to form a unique 20-inch by 8-inch smart color display. This panoramic cockpit display will provide critical flight status, operational, tactical and other information to the pilot.
ADVERTISEMENT
With slightly modified folded optics, the projection systems that utilize Three-Five`s imagers can be used in a variety of systems requiring displays from 5-inch square to 32-inch diagonal. The versatility of projection displays makes them a viable candidate technology for both military and commercial cockpit designs for new aircraft as well as cockpit redesigns for existing aircraft, resulting in lower development costs and faster time to market.
Joe Riccio, Three-Five`s Director of Strategic Programs/Microdisplays stated that this is a significant and prestigious program win for the company. "The JSF program is exciting for us in that it is an excellent application to fully demonstrate the superior performance capabilities of our microdisplays. Projection displays, such as those developed with our microdisplays, offer luminance, contrast ratio, and chromaticity equal to or superior to AMLCDs. In addition, projection systems with our microdisplays can be made with higher resolution and the flexibility to be designed into a variety of avionics applications."
About the Lockheed Martin F-35 Joint Strike Fighter aircraft:
The F-35 Joint Strike Fighter is the next-generation strike aircraft weapon system for the US Air Force, Navy, Marines and US allies. The modern aircraft is designed in three versions -- one to take off quickly and land vertically, both on carrier decks and unimproved/confined landing spaces; one for catapult launches and arrested landings on large aircraft carriers; and a third variant for operation from conventional runways. All three versions are radar-evading "stealth" designs and provide pilots with advanced technology in the cockpit. Lockheed Martin is developing the F-35 with principal partners Northrop Grumman and BAE SYSTEMS.
About Brillian LCoS Microdisplays:
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of Three-Five`s liquid crystal on silicon (LCoS(TM)) Brillian Microdisplays include its extremely small size, light-weight, and ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five`s microdisplay technology is a disruptive technology to the TV and display industry because it not only creates a much higher quality image, but it also has the lowest cost per pixel for any large screen display technology. Three-Five is pioneering efforts in the use of LCoS technology for microdisplays and has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution. The Brillian family of microdisplays addresses the market`s need for high-information content displays in small, cost-effective packages.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, HDTV televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
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--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Three-Five Systems SVGA Microdisplay Selected for Next Generation Sighting System
Monday October 28, 9:05 am ET
Brillian(TM) LCoS(TM) Microdisplays Outperform Other Microdisplay Technologies in Advanced Near-To-Eye Military Application
TEMPE, Ariz., Oct. 28 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of liquid crystal and microdisplay products, today announced Brashear LP has selected Three-Five`s Brillian Z86D-3 Microdisplays to be the primary display in the XM29, an advanced, next generation weapon for US ground troops. Three-Five will provide Brashear with SVGA microdisplays, ASICs and optics and illumination consultation for the target acquisition and fire control aiming system in the XM29. This unique aiming system improves soldier safety by increasing soldier accuracy and decreasing combat exposure time.
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"Of the three microdisplay technologies alternatives available to us, Three-Five`s Z86D-3 Microdisplay was selected for superior image quality and for best meeting the program requirements," stated Lash Rosengrant, Brashear`s Product Line Manager for Ground Fire Control Systems.
This demanding application had five key requirements: 1) wide operating temperature to withstand the rigors of combat environments, 2) long lifetime to keep maintenance to a minimum, 3) the ability to view images in both full color and monochrome for accurate viewing during regular (day) and night vision modes, 4) superior image quality for enhanced target detection, and 5) high brightness. After rigorous evaluation, both qualitatively and quantitatively by Brashear and the Army, Brashear selected Three-Five`s Brillian Z86D-3 Microdisplays and ASICs over other microdisplay technologies.
Three-Five`s LCoS Microdisplay technology met or exceeded all of the key requirements for the XM29 system. The Brillian Z86D-3 can withstand extreme environmental conditions and perform in a variety of environments. Three- Five`s microdisplay technology features expected lifetimes of nearly 1,000,000 hours mean time to failure and has a flexible interface which enables it to be used in both monochrome and color modes. The Z86D-3 microdisplay offers the highest available frame rate for near-to-eye microdisplays of 120Hz, or 360 Hz RGB colors per second, neutralizing the motion artifacts and flicker visible in some microdisplays. It also offers an industry-leading pixel fill factor of 93 percent, which results in very bright, non-pixelated, smooth images at high magnification.
"During the evaluation by Brashear, we were compared to competing technologies and our liquid crystal on silicon technology outperformed transmissive polysilicon and OLED on silicon in meeting the program requirements," said Rainer Kuhn, Three-Five`s Senior Director of Personal Display Systems Sales and Marketing. "This is an important win for us. The quantitative evaluation endorses our technology as the best candidate to withstand the rigors of the military environment and demonstrates that LCoS- based microdisplays, with fill factors 2 to 3 times that of some competing technologies, can deliver the image quality that users need."
The XM29 is a next generation combat weapon with a sophisticated fire control system developed by Brashear. The XM29 system prime contractor is Alliant Integrated Defense Company, Plymouth, MN and the program is managed by the Product Manager-Individual Weapons, Picatinny Arsenal, NJ. This advanced sighting system, equipped with Three-Five`s LCoS Microdisplay, will allow soldiers to engage their enemy more accurately from safer distances. In addition to improving soldier safety, the computerized electronic aiming system has full day/night capability and will improve target detection and recognition in adverse conditions such as the dark of night or rain. The XM29 provides enhanced weapon effectiveness, small and lightweight packaging, rugged and reliable operation and the ability to defeat defilade targets.
Three-Five Systems offers the OEM/ODM community a total chipset solution for each display, which includes driver ICs, illumination control circuitry, development kits and complete system reference designs enabling rapid product development and deployment. To request a datasheet or for other sales information, please contact us at www.display@threefive.com .
About Brashear LP
Recognized for world-class optics technology, Brashear LP designs and produces complex electro-optical and electro-mechanical systems and instrumentation for the commercial and defense markets. The company delivers proven, accurate, and reliable products from concept through design, manufacture, test and life cycle support. These systems are based on core skills in precision motion systems, advanced design, analysis and fabrication technology. For more information about Brashear LP, visit www.brashearlp.com
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward- looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to, the expectations regarding usage of the microdisplays by Brashear, and the technical capabilities of microdisplays. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand, (b) the failure of our microdisplays and/or Brashear`s products to deliver acceptable performance to the military, and (c) other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
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--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Monday October 28, 9:05 am ET
Brillian(TM) LCoS(TM) Microdisplays Outperform Other Microdisplay Technologies in Advanced Near-To-Eye Military Application
TEMPE, Ariz., Oct. 28 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of liquid crystal and microdisplay products, today announced Brashear LP has selected Three-Five`s Brillian Z86D-3 Microdisplays to be the primary display in the XM29, an advanced, next generation weapon for US ground troops. Three-Five will provide Brashear with SVGA microdisplays, ASICs and optics and illumination consultation for the target acquisition and fire control aiming system in the XM29. This unique aiming system improves soldier safety by increasing soldier accuracy and decreasing combat exposure time.
ADVERTISEMENT
"Of the three microdisplay technologies alternatives available to us, Three-Five`s Z86D-3 Microdisplay was selected for superior image quality and for best meeting the program requirements," stated Lash Rosengrant, Brashear`s Product Line Manager for Ground Fire Control Systems.
This demanding application had five key requirements: 1) wide operating temperature to withstand the rigors of combat environments, 2) long lifetime to keep maintenance to a minimum, 3) the ability to view images in both full color and monochrome for accurate viewing during regular (day) and night vision modes, 4) superior image quality for enhanced target detection, and 5) high brightness. After rigorous evaluation, both qualitatively and quantitatively by Brashear and the Army, Brashear selected Three-Five`s Brillian Z86D-3 Microdisplays and ASICs over other microdisplay technologies.
Three-Five`s LCoS Microdisplay technology met or exceeded all of the key requirements for the XM29 system. The Brillian Z86D-3 can withstand extreme environmental conditions and perform in a variety of environments. Three- Five`s microdisplay technology features expected lifetimes of nearly 1,000,000 hours mean time to failure and has a flexible interface which enables it to be used in both monochrome and color modes. The Z86D-3 microdisplay offers the highest available frame rate for near-to-eye microdisplays of 120Hz, or 360 Hz RGB colors per second, neutralizing the motion artifacts and flicker visible in some microdisplays. It also offers an industry-leading pixel fill factor of 93 percent, which results in very bright, non-pixelated, smooth images at high magnification.
"During the evaluation by Brashear, we were compared to competing technologies and our liquid crystal on silicon technology outperformed transmissive polysilicon and OLED on silicon in meeting the program requirements," said Rainer Kuhn, Three-Five`s Senior Director of Personal Display Systems Sales and Marketing. "This is an important win for us. The quantitative evaluation endorses our technology as the best candidate to withstand the rigors of the military environment and demonstrates that LCoS- based microdisplays, with fill factors 2 to 3 times that of some competing technologies, can deliver the image quality that users need."
The XM29 is a next generation combat weapon with a sophisticated fire control system developed by Brashear. The XM29 system prime contractor is Alliant Integrated Defense Company, Plymouth, MN and the program is managed by the Product Manager-Individual Weapons, Picatinny Arsenal, NJ. This advanced sighting system, equipped with Three-Five`s LCoS Microdisplay, will allow soldiers to engage their enemy more accurately from safer distances. In addition to improving soldier safety, the computerized electronic aiming system has full day/night capability and will improve target detection and recognition in adverse conditions such as the dark of night or rain. The XM29 provides enhanced weapon effectiveness, small and lightweight packaging, rugged and reliable operation and the ability to defeat defilade targets.
Three-Five Systems offers the OEM/ODM community a total chipset solution for each display, which includes driver ICs, illumination control circuitry, development kits and complete system reference designs enabling rapid product development and deployment. To request a datasheet or for other sales information, please contact us at www.display@threefive.com .
About Brashear LP
Recognized for world-class optics technology, Brashear LP designs and produces complex electro-optical and electro-mechanical systems and instrumentation for the commercial and defense markets. The company delivers proven, accurate, and reliable products from concept through design, manufacture, test and life cycle support. These systems are based on core skills in precision motion systems, advanced design, analysis and fabrication technology. For more information about Brashear LP, visit www.brashearlp.com
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward- looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to, the expectations regarding usage of the microdisplays by Brashear, and the technical capabilities of microdisplays. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand, (b) the failure of our microdisplays and/or Brashear`s products to deliver acceptable performance to the military, and (c) other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
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Source: Three-Five Systems, Inc.
Three-Five Systems Announces Availability of Small Form Factor, Cost-Effective Light Engine
Monday November 4, 9:05 am ET
New `Spitfire` Light Engine Offers Reliable, Color-Rich Display Solution
TEMPE, Ariz., Nov. 4 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of display products and systems solutions, today announced the availability of a new, small form factor, low-cost light engine based on the company`s Brillian(TM) XGA 1024 x 768 liquid crystal on silicon (LCoS(TM)) Microdisplays. Three-Five will offer the new Spitfire light engine as a reference design, and as a complete engine that can be quickly integrated into OEM consumer product offerings, giving consumers the high-quality image they demand for television and PC display applications.
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"With the Spitfire, we have achieved two significant milestones -- lower total engine cost and faster development times -- that had yet to be overcome in the microdisplay industry," stated Al Davis, Three-Five`s Vice President of Microdisplay Sales. "Not only have we decreased development costs for OEMs by offering a complete production-ready engine, our LCoS engine is also one of the smallest available."
The Spitfire engine has a lower overall system cost due to the small size of related components. It also allows for rapid integration into high-performance, rear-projection televisions, monitors and multimedia products, further facilitating development of rear projection display applications. In addition, the Spitfire engine is perfectly suited to serve the emerging China market that will start out using a 4x3 aspect ratio.
Unlike other microdisplay-based light engines, such as digital micromirror devices or single panel television solutions, the Spitfire engine has no moving parts, making it less prone to mechanical failure. The Spitfire engages viewers with color temperatures ranging from 6500 to 10000 degrees providing for rich, saturated full color images. Because it is a three-panel system (one microdisplay for each color -- red, green and blue) the Spitfire has the added advantage of flexible and consistent color balance and avoids any artifacts, such as flicker and color breakup, sometimes associated with single panel microdisplay systems.
The Spitfire light engine consists of an illumination module, lens assembly, three of Three-Five`s Brillian LCoS Microdisplays, the associated drive electronics and the ColorLink ColorQuad(TM) color management system manufactured under license by Optical Coding Laboratory Incorporated. These devices, when assembled into a light engine, replace all of the image-related components of traditional CRT television products, at approximately one third of the weight and size. Light engines are unique in that they are comprised of small microdisplays and precision optics that separate light into its three primary colors and then recombine that light to produce brilliantly sharp images that cannot be accurately reproduced by traditional display technology.
Three-Five will hold private showings of the Spitfire engine in a prototype television November 18-22, 2002 in conjunction with COMDEX in Las Vegas, Nevada. To schedule an appointment for a demonstration, or for a datasheet, pricing or other sales information, please contact: display@threefive.com
About Brillian LCoS Microdisplays:
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of Three-Five`s liquid crystal on silicon (LCoS(TM)) Brillian Microdisplays include its extremely small size, light-weight, and ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to (i) expectations regarding rapid integration of the company`s microdisplay products into customers` systems, (ii) the belief that the company`s light engine product will offer substantial savings over other display solutions and give the consumer the high-quality image required for television and PC applications, and (iii) belief that the customer products into which the company`s light engine will be integrated will be of better brightness, contrast and overall performance as compared to alternatives currently available in the consumer market. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCoS-based microdisplays and light engines, (b) changes in markets or demand for OEM products using LCoS-based microdisplays and light engines, and (c) the failure of LCoS-based microdisplays and light engines and OEM products using LCoS microdisplays and light engines to deliver commercially acceptable performance, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
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Source: Three-Five Systems, Inc.
Monday November 4, 9:05 am ET
New `Spitfire` Light Engine Offers Reliable, Color-Rich Display Solution
TEMPE, Ariz., Nov. 4 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of display products and systems solutions, today announced the availability of a new, small form factor, low-cost light engine based on the company`s Brillian(TM) XGA 1024 x 768 liquid crystal on silicon (LCoS(TM)) Microdisplays. Three-Five will offer the new Spitfire light engine as a reference design, and as a complete engine that can be quickly integrated into OEM consumer product offerings, giving consumers the high-quality image they demand for television and PC display applications.
ADVERTISEMENT
"With the Spitfire, we have achieved two significant milestones -- lower total engine cost and faster development times -- that had yet to be overcome in the microdisplay industry," stated Al Davis, Three-Five`s Vice President of Microdisplay Sales. "Not only have we decreased development costs for OEMs by offering a complete production-ready engine, our LCoS engine is also one of the smallest available."
The Spitfire engine has a lower overall system cost due to the small size of related components. It also allows for rapid integration into high-performance, rear-projection televisions, monitors and multimedia products, further facilitating development of rear projection display applications. In addition, the Spitfire engine is perfectly suited to serve the emerging China market that will start out using a 4x3 aspect ratio.
Unlike other microdisplay-based light engines, such as digital micromirror devices or single panel television solutions, the Spitfire engine has no moving parts, making it less prone to mechanical failure. The Spitfire engages viewers with color temperatures ranging from 6500 to 10000 degrees providing for rich, saturated full color images. Because it is a three-panel system (one microdisplay for each color -- red, green and blue) the Spitfire has the added advantage of flexible and consistent color balance and avoids any artifacts, such as flicker and color breakup, sometimes associated with single panel microdisplay systems.
The Spitfire light engine consists of an illumination module, lens assembly, three of Three-Five`s Brillian LCoS Microdisplays, the associated drive electronics and the ColorLink ColorQuad(TM) color management system manufactured under license by Optical Coding Laboratory Incorporated. These devices, when assembled into a light engine, replace all of the image-related components of traditional CRT television products, at approximately one third of the weight and size. Light engines are unique in that they are comprised of small microdisplays and precision optics that separate light into its three primary colors and then recombine that light to produce brilliantly sharp images that cannot be accurately reproduced by traditional display technology.
Three-Five will hold private showings of the Spitfire engine in a prototype television November 18-22, 2002 in conjunction with COMDEX in Las Vegas, Nevada. To schedule an appointment for a demonstration, or for a datasheet, pricing or other sales information, please contact: display@threefive.com
About Brillian LCoS Microdisplays:
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed larger than the size of the actual display. The advantages of Three-Five`s liquid crystal on silicon (LCoS(TM)) Brillian Microdisplays include its extremely small size, light-weight, and ability to hold up to 2.6 million pixels in less than one diagonal inch for high-definition or ultra-high resolution displays. Three-Five has developed a complete line of Brillian Microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to (i) expectations regarding rapid integration of the company`s microdisplay products into customers` systems, (ii) the belief that the company`s light engine product will offer substantial savings over other display solutions and give the consumer the high-quality image required for television and PC applications, and (iii) belief that the customer products into which the company`s light engine will be integrated will be of better brightness, contrast and overall performance as compared to alternatives currently available in the consumer market. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for LCoS-based microdisplays and light engines, (b) changes in markets or demand for OEM products using LCoS-based microdisplays and light engines, and (c) the failure of LCoS-based microdisplays and light engines and OEM products using LCoS microdisplays and light engines to deliver commercially acceptable performance, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
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Source: Three-Five Systems, Inc.
Silicon Bandwidth, Inc. Microdisplay Packages Complete Qualification
Monday November 11, 8:04 am ET
TEMPE, Ariz., Nov. 11 /PRNewswire/ -- Silicon Bandwidth, Inc. (SBI) today announced the completion of production qualification for the final two in a series of three microdisplay packages at Three-Five Systems, Inc. (NYSE: TFS - News). SBI provides the microdisplay packages to Three-Five Systems for use throughout its line of high-resolution, Brillian (TM) liquid crystal on silicon (LCoS) microdisplays.
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The SBI package qualification was part of Three-Five`s production qualification for two of its leading imager platforms, the BR1024 (XGA resolution device) and the BR1920 (WUXGA resolution device). SBI`s innovative microdisplay packaging platform represents a suite of solutions in the company`s Connector-in-Package (CiP) product family. The microdisplay package delivers multiple functions in one product. It allows users like Three-Five to incorporate industry-standard assembly processes and therefore realize significant cost savings. The microdisplay package also has a built-in connector function that makes it compatible with several different configurations of flex cable. The result is a package capable of accommodating multiple microdisplay applications and configurations. The SBI design eliminates the need for additional connectors and therefore reduces the cost of ownership on an overall systems basis.
Three-Five Systems utilizes Silicon Bandwidth packages throughout its entire line of LCoS microdisplays. Final qualification now paves the way for volume production for both companies. "This is an important milestone for our Brillian(TM) LCoS microdisplay programs," commented Dr. Carl Derrington, Three-Five`s Vice President and Chief Manufacturing Officer. "SBI`s packaging products allow us to design our displays so that they fit into smaller spaces. The packages also allow more flexible mounting options, at a lower cost than other options in the market. We continue to recommend SBI as the package reference design for the industry."
SBI representatives indicated that a primary advantage of the microdisplay package is the flexibility that it provides to original equipment manufacturers. The connection of microdisplay device and flex cable can now be completed during the light engine manufacturing process, or in any set assembly environment, as opposed to the more rigid imager assembly environment.
"We are proud of achieving final qualification approval from Three-Five, a company considered to be one of the world`s leaders in driving LCoS technology into the marketplace," said Sunil Kaul, Chief Operating Officer of Silicon Bandwidth. "This is an important endorsement of our products from a company who approaches quality in a very meticulous way."
LCoS microdisplays are used in projection systems for business and home entertainment systems. The microdisplay market, according to McLaughlin Consulting Group, is expected to grow on a unit basis at 20% per year, from a base of less than $1 billion in 2002 to more than $1.4 billion by 2006.
About Silicon Bandwidth, Inc.
Silicon Bandwidth provides high-density interconnect technology and solutions enabling the most cost-effective design and manufacture of high-performance components and systems for Communications, Consumer and Computer markets. The Company designs, develops and markets a family of next-generation I/O solutions that solve bandwidth, thermal, size and cost constraints across the entire circuit path, from the integrated circuit and throughout the printed circuit board. The Company`s solutions also include high-performance connectors for board-to-board applications. Silicon Bandwidth customers include Fujitsu, Samsung SDI and Three-Five Systems. For more information about how Silicon Bandwidth is leading the interconnect revolution, please visit the Silicon Bandwidth website at www.siliconbandwidth.com
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Source: Silicon Bandwidth, Inc.
Monday November 11, 8:04 am ET
TEMPE, Ariz., Nov. 11 /PRNewswire/ -- Silicon Bandwidth, Inc. (SBI) today announced the completion of production qualification for the final two in a series of three microdisplay packages at Three-Five Systems, Inc. (NYSE: TFS - News). SBI provides the microdisplay packages to Three-Five Systems for use throughout its line of high-resolution, Brillian (TM) liquid crystal on silicon (LCoS) microdisplays.
ADVERTISEMENT
The SBI package qualification was part of Three-Five`s production qualification for two of its leading imager platforms, the BR1024 (XGA resolution device) and the BR1920 (WUXGA resolution device). SBI`s innovative microdisplay packaging platform represents a suite of solutions in the company`s Connector-in-Package (CiP) product family. The microdisplay package delivers multiple functions in one product. It allows users like Three-Five to incorporate industry-standard assembly processes and therefore realize significant cost savings. The microdisplay package also has a built-in connector function that makes it compatible with several different configurations of flex cable. The result is a package capable of accommodating multiple microdisplay applications and configurations. The SBI design eliminates the need for additional connectors and therefore reduces the cost of ownership on an overall systems basis.
Three-Five Systems utilizes Silicon Bandwidth packages throughout its entire line of LCoS microdisplays. Final qualification now paves the way for volume production for both companies. "This is an important milestone for our Brillian(TM) LCoS microdisplay programs," commented Dr. Carl Derrington, Three-Five`s Vice President and Chief Manufacturing Officer. "SBI`s packaging products allow us to design our displays so that they fit into smaller spaces. The packages also allow more flexible mounting options, at a lower cost than other options in the market. We continue to recommend SBI as the package reference design for the industry."
SBI representatives indicated that a primary advantage of the microdisplay package is the flexibility that it provides to original equipment manufacturers. The connection of microdisplay device and flex cable can now be completed during the light engine manufacturing process, or in any set assembly environment, as opposed to the more rigid imager assembly environment.
"We are proud of achieving final qualification approval from Three-Five, a company considered to be one of the world`s leaders in driving LCoS technology into the marketplace," said Sunil Kaul, Chief Operating Officer of Silicon Bandwidth. "This is an important endorsement of our products from a company who approaches quality in a very meticulous way."
LCoS microdisplays are used in projection systems for business and home entertainment systems. The microdisplay market, according to McLaughlin Consulting Group, is expected to grow on a unit basis at 20% per year, from a base of less than $1 billion in 2002 to more than $1.4 billion by 2006.
About Silicon Bandwidth, Inc.
Silicon Bandwidth provides high-density interconnect technology and solutions enabling the most cost-effective design and manufacture of high-performance components and systems for Communications, Consumer and Computer markets. The Company designs, develops and markets a family of next-generation I/O solutions that solve bandwidth, thermal, size and cost constraints across the entire circuit path, from the integrated circuit and throughout the printed circuit board. The Company`s solutions also include high-performance connectors for board-to-board applications. Silicon Bandwidth customers include Fujitsu, Samsung SDI and Three-Five Systems. For more information about how Silicon Bandwidth is leading the interconnect revolution, please visit the Silicon Bandwidth website at www.siliconbandwidth.com
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Source: Silicon Bandwidth, Inc.
Three-Five`s AVT Division Announces Integrated Touchscreen Medical Monitors
Monday December 2, 9:01 am ET
MARLBORO, Mass., Dec. 2 /PRNewswire-FirstCall/ -- Advanced Video Technologies (AVT), a division of Three-Five Systems, Inc. (NYSE: TFS - News), specializing in the design and sale of high resolution graphic displays, today announced the availability of an integrated touchscreen display based on Sony Medical`s flat panel monitor platform. AVT offers the flat panel monitors in a variety of levels of integration -- from a monitor with integrated touchscreen to a monitor enhanced with custom electronic, mechanical or cosmetic modifications.
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"We have historically been viewed as a one-stop shop for applications that require ruggedized flat panel and CRT products," stated Pete Smith, AVT`s General Manager. "As next generation products are developed and customers transition from CRTs to flat panel displays, we plan to make the latest in advanced display technologies available to our customers. The release of these integrated touchscreen displays to the market is key in our strategy of continuing to provide a full offering of custom, integrated flat panel display products to meet all of our customers needs. We have historically maintained a presence in the medical monitor market using our CRT-based technology. This exciting new Sony based flat-panel touchscreen gives us the opportunity to increase our presence in that market."
iSuppli/Stanford Resources` Director of Monitor Research, Rhoda Alexander stated, "One of the fastest growth areas for LCD displays is the medical market, where LCD monitors are rapidly replacing traditional CRT monitors. The medical environment, with its constant need for easy data access in space constrained environments, is an ideal match for the LCD. Demand is growing across all areas of the medical profession, from desktop displays at the admissions desk to high-resolution monitors for diagnostics. The compact form factor of the LCD monitor easily allows hospitals to mount LCD monitors on walls and patient beds, placing the displays right where staff needs the data."
Based on Sony`s LMD-151MD and LMD-181MD LCD flat panel monitors, the AVT integrated touchscreen monitors are specifically designed for medical environments that require full UL2601-1 approvals. This stringent certification requires products to be fluid resistant, durable, stable and operate in a variety of temperatures. Touchscreen technologies are ideal for medical applications because they typically allow for a faster human-to-machine interface and simultaneous input and monitoring. The integrated touchscreen monitors are ideal for use in endoscopy, surgery, patient monitoring and radiology.
The 15" and 18" medical monitors offer uncompromising performance, exceptional gray-scale reproduction and can be mounted to a wall, ceiling, arm or optional stand. AVT offers the monitors with fully integrated touch screens in a wide variety of touch technologies. AVT also announced that it has been named an authorized Sony Medical Systems Integrator and can now provide a variety of Sony medical products for its customers who prefer one-stop-shopping.
To request literature on the new integrated touchscreen monitors available from AVT or for other sales information, please contact AVT sales at 508-485-3380 or visit http://www.avt.com/core/prod.htm . A high-resolution jpeg file of the integrated touchscreen medical monitor is available by contacting: dkrause@mail.35sys.com .
About Three-Five Systems, Inc.®
The AVT division of Three-Five Systems, Inc. is well known for its engineering expertise, providing a full line of high-resolution monitors and LCDs. They offer rack mounts, touch screens, ruggedized, industrial and militarized models. The company offers engineering design services and implementation of modifications for customers that have unique display requirements for special applications. Touchscreen integration is done in a new state-of-the-art cleanroom facility. AVT`s ISO 9001 scope of registration encompasses the Design, Development, Production, Sales and Servicing of monitors and display products. For additional information on AVT visit www.avt.com .
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to (i) the company`s plans to make the latest in advanced display technologies available to its customers, (ii) the company`s strategy to continue to provide a full offering of custom, integrated flat panel display products to meet all of its customers` needs, (iii) the company`s ability to provide a variety of Sony medical products for its customers. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) inability of the company to access the latest in advanced display technologies from its sources in the marketplace, (b) the inability of the company to maintain access to sources that successfully supply the company with a full range of display products, (c) the failure of Sony medical monitor products to deliver commercially acceptable performance, (d) changes in markets or demand for medical monitor products, and (d) change in the company`s relationship with Sony that discontinues the company`s access to Sony medical products, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
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Source: Three-Five Systems, Inc.
Monday December 2, 9:01 am ET
MARLBORO, Mass., Dec. 2 /PRNewswire-FirstCall/ -- Advanced Video Technologies (AVT), a division of Three-Five Systems, Inc. (NYSE: TFS - News), specializing in the design and sale of high resolution graphic displays, today announced the availability of an integrated touchscreen display based on Sony Medical`s flat panel monitor platform. AVT offers the flat panel monitors in a variety of levels of integration -- from a monitor with integrated touchscreen to a monitor enhanced with custom electronic, mechanical or cosmetic modifications.
ADVERTISEMENT
"We have historically been viewed as a one-stop shop for applications that require ruggedized flat panel and CRT products," stated Pete Smith, AVT`s General Manager. "As next generation products are developed and customers transition from CRTs to flat panel displays, we plan to make the latest in advanced display technologies available to our customers. The release of these integrated touchscreen displays to the market is key in our strategy of continuing to provide a full offering of custom, integrated flat panel display products to meet all of our customers needs. We have historically maintained a presence in the medical monitor market using our CRT-based technology. This exciting new Sony based flat-panel touchscreen gives us the opportunity to increase our presence in that market."
iSuppli/Stanford Resources` Director of Monitor Research, Rhoda Alexander stated, "One of the fastest growth areas for LCD displays is the medical market, where LCD monitors are rapidly replacing traditional CRT monitors. The medical environment, with its constant need for easy data access in space constrained environments, is an ideal match for the LCD. Demand is growing across all areas of the medical profession, from desktop displays at the admissions desk to high-resolution monitors for diagnostics. The compact form factor of the LCD monitor easily allows hospitals to mount LCD monitors on walls and patient beds, placing the displays right where staff needs the data."
Based on Sony`s LMD-151MD and LMD-181MD LCD flat panel monitors, the AVT integrated touchscreen monitors are specifically designed for medical environments that require full UL2601-1 approvals. This stringent certification requires products to be fluid resistant, durable, stable and operate in a variety of temperatures. Touchscreen technologies are ideal for medical applications because they typically allow for a faster human-to-machine interface and simultaneous input and monitoring. The integrated touchscreen monitors are ideal for use in endoscopy, surgery, patient monitoring and radiology.
The 15" and 18" medical monitors offer uncompromising performance, exceptional gray-scale reproduction and can be mounted to a wall, ceiling, arm or optional stand. AVT offers the monitors with fully integrated touch screens in a wide variety of touch technologies. AVT also announced that it has been named an authorized Sony Medical Systems Integrator and can now provide a variety of Sony medical products for its customers who prefer one-stop-shopping.
To request literature on the new integrated touchscreen monitors available from AVT or for other sales information, please contact AVT sales at 508-485-3380 or visit http://www.avt.com/core/prod.htm . A high-resolution jpeg file of the integrated touchscreen medical monitor is available by contacting: dkrause@mail.35sys.com .
About Three-Five Systems, Inc.®
The AVT division of Three-Five Systems, Inc. is well known for its engineering expertise, providing a full line of high-resolution monitors and LCDs. They offer rack mounts, touch screens, ruggedized, industrial and militarized models. The company offers engineering design services and implementation of modifications for customers that have unique display requirements for special applications. Touchscreen integration is done in a new state-of-the-art cleanroom facility. AVT`s ISO 9001 scope of registration encompasses the Design, Development, Production, Sales and Servicing of monitors and display products. For additional information on AVT visit www.avt.com .
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to (i) the company`s plans to make the latest in advanced display technologies available to its customers, (ii) the company`s strategy to continue to provide a full offering of custom, integrated flat panel display products to meet all of its customers` needs, (iii) the company`s ability to provide a variety of Sony medical products for its customers. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) inability of the company to access the latest in advanced display technologies from its sources in the marketplace, (b) the inability of the company to maintain access to sources that successfully supply the company with a full range of display products, (c) the failure of Sony medical monitor products to deliver commercially acceptable performance, (d) changes in markets or demand for medical monitor products, and (d) change in the company`s relationship with Sony that discontinues the company`s access to Sony medical products, and other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
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Source: Three-Five Systems, Inc.
OSRAM Opto Semiconductors and Three-Five Systems Announce OLED Display Agreement
Tuesday December 17, 9:01 am ET
Companies Collaborate in Marketing and Design to Deliver OLED Display Products
TEMPE, Ariz., Dec. 17 /PRNewswire-FirstCall/ -- OSRAM Opto Semiconductors GmbH, a wholly owned subsidiary of Osram, one of the world`s largest lamp manufacturers, and Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of liquid crystal and microdisplay products, today announced that Three-Five Systems will gain the ability to market OSRAM`s OLED display products through its current market channels. Three-Five Systems will also provide design-engineering services to support the integration of OSRAM`s technology into customer products. OSRAM will maintain its independent marketing, sales and integration channels.
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Joseph Carr, President & CEO of OSRAM Opto Semiconductors Inc., said, "We are pleased to be teaming up with Three-Five Systems, a recognized leader in servicing a variety of OEM display markets. We plan to drive our new OLED technologies into growing markets that include wireless handsets, industrial controls, medical and various handheld devices. Three-Five has proven its ability to penetrate those markets successfully with its LCD technologies and we look forward to having them as one of our display integration customers."
The agreement covers a spectrum of current OLED display technologies as well as product configurations. Included in the arrangement are plans to market standard OLED display products manufactured by OSRAM in a fully-qualified ISO environment, up to and including full custom OLED modules designed by Three-Five`s engineering team.
Three-Five`s President and Chief Executive Officer, Jack L. Saltich commented, "We view our agreement with OSRAM as a continuing step in a long-term relationship that will benefit each of our companies on several fronts. While a leader in providing LED solutions, OSRAM has made great strides in bringing OLEDs to the market. Partnering with them will provide Three-Five`s customers with immediate access to passive OLED technologies and future technologies as they become available, for which market demand is beginning to grow. Through this relationship we will also work closely with OSRAM to incorporate new technologies into the market stream in the future. We will use the design expertise that has become our hallmark to help our customers quickly and efficiently integrate these new technologies into their specific products."
Polymer OLED technology uses advanced polymer materials to produce an exceptionally bright, high-contrast, emissive display with a superior viewing angle. Polymer OLED technology delivers these attributes in a low-cost, low profile display that is particularly well-suited for incorporation into handheld devices such as wireless handsets, pocket personal computers and PDAs. Display Search`s recent report, Alternative Display Technology Report 2002: OLED Technology, states that OLED revenues are expected to rise from $85 million in 2002 to $3.1 billion by 2007. In addition to revenue, OLED units are forecasted to jump from 6.8 million units in 2002 to 180 million in 2007.
OSRAM was granted a license from Cambridge Display Technology in 2001 to manufacture and sell polymer light emitting displays. OSRAM currently manufactures OLED displays in evaluation quantities at its Penang, Malaysia facility. OLED displays are currently available in evaluation quantities, and volume production is expected to commence 2nd quarter of 2003. Three-Five Systems is currently marketing the OSRAM OLED technology to its customers worldwide.
About Osram Opto Semiconductors
Osram GmbH, Munich is one of the world`s three largest lamp manufacturers. Its wholly owned subsidiary Osram Opto Semiconductors GmbH, Regensburg, offers a range of solutions based on semiconductor technology for lighting, sensor and visualization applications. It operates facilities in Regensburg (Germany), San Jose (USA) and Penang (Malaysia). Further information is available at www.osram-os.com .
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display and integrated system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe- harbor created thereby. Such forward-looking statements include, but are not limited to, the expectation of a long-term relationship with Osram, the expectations regarding usage of polymer OLEDs in products, the technical capabilities of polymer OLEDs, the market forecast numbers for OLEDs, and the expectations regarding volume manufacturing. The companies caution that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for OLEDs, (b) the failure of OLEDs to deliver acceptable performance and /or price to potential OEM customers, and (c) other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8- K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Tuesday December 17, 9:01 am ET
Companies Collaborate in Marketing and Design to Deliver OLED Display Products
TEMPE, Ariz., Dec. 17 /PRNewswire-FirstCall/ -- OSRAM Opto Semiconductors GmbH, a wholly owned subsidiary of Osram, one of the world`s largest lamp manufacturers, and Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of liquid crystal and microdisplay products, today announced that Three-Five Systems will gain the ability to market OSRAM`s OLED display products through its current market channels. Three-Five Systems will also provide design-engineering services to support the integration of OSRAM`s technology into customer products. OSRAM will maintain its independent marketing, sales and integration channels.
ADVERTISEMENT
Joseph Carr, President & CEO of OSRAM Opto Semiconductors Inc., said, "We are pleased to be teaming up with Three-Five Systems, a recognized leader in servicing a variety of OEM display markets. We plan to drive our new OLED technologies into growing markets that include wireless handsets, industrial controls, medical and various handheld devices. Three-Five has proven its ability to penetrate those markets successfully with its LCD technologies and we look forward to having them as one of our display integration customers."
The agreement covers a spectrum of current OLED display technologies as well as product configurations. Included in the arrangement are plans to market standard OLED display products manufactured by OSRAM in a fully-qualified ISO environment, up to and including full custom OLED modules designed by Three-Five`s engineering team.
Three-Five`s President and Chief Executive Officer, Jack L. Saltich commented, "We view our agreement with OSRAM as a continuing step in a long-term relationship that will benefit each of our companies on several fronts. While a leader in providing LED solutions, OSRAM has made great strides in bringing OLEDs to the market. Partnering with them will provide Three-Five`s customers with immediate access to passive OLED technologies and future technologies as they become available, for which market demand is beginning to grow. Through this relationship we will also work closely with OSRAM to incorporate new technologies into the market stream in the future. We will use the design expertise that has become our hallmark to help our customers quickly and efficiently integrate these new technologies into their specific products."
Polymer OLED technology uses advanced polymer materials to produce an exceptionally bright, high-contrast, emissive display with a superior viewing angle. Polymer OLED technology delivers these attributes in a low-cost, low profile display that is particularly well-suited for incorporation into handheld devices such as wireless handsets, pocket personal computers and PDAs. Display Search`s recent report, Alternative Display Technology Report 2002: OLED Technology, states that OLED revenues are expected to rise from $85 million in 2002 to $3.1 billion by 2007. In addition to revenue, OLED units are forecasted to jump from 6.8 million units in 2002 to 180 million in 2007.
OSRAM was granted a license from Cambridge Display Technology in 2001 to manufacture and sell polymer light emitting displays. OSRAM currently manufactures OLED displays in evaluation quantities at its Penang, Malaysia facility. OLED displays are currently available in evaluation quantities, and volume production is expected to commence 2nd quarter of 2003. Three-Five Systems is currently marketing the OSRAM OLED technology to its customers worldwide.
About Osram Opto Semiconductors
Osram GmbH, Munich is one of the world`s three largest lamp manufacturers. Its wholly owned subsidiary Osram Opto Semiconductors GmbH, Regensburg, offers a range of solutions based on semiconductor technology for lighting, sensor and visualization applications. It operates facilities in Regensburg (Germany), San Jose (USA) and Penang (Malaysia). Further information is available at www.osram-os.com .
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display and integrated system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe- harbor created thereby. Such forward-looking statements include, but are not limited to, the expectation of a long-term relationship with Osram, the expectations regarding usage of polymer OLEDs in products, the technical capabilities of polymer OLEDs, the market forecast numbers for OLEDs, and the expectations regarding volume manufacturing. The companies caution that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand for OLEDs, (b) the failure of OLEDs to deliver acceptable performance and /or price to potential OEM customers, and (c) other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8- K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Three-Five Systems Licenses Complete Standard Product Display Line
Wednesday January 22, 4:05 pm ET
TFS Obtains Exclusive Rights to Sell Data International Displays And Establishes Orlando, Florida Office
TEMPE, Ariz., Jan. 22 /PRNewswire-FirstCall/ -- Today, Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of display products and systems, announced that it has signed licensing and manufacturing agreements with Data International Co., Ltd. of Taiwan. Under those agreements, Three-Five Systems will become the exclusive channel in the Americas for standard and custom LCD products manufactured by Data International. Three-Five Systems will also have the right to sell those products through its world-wide channels. The agreements provide Three-Five Systems with access to a full suite of standard display products that will round out the company`s existing standard product portfolio.
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In conjunction with the agreement, Three-Five Systems has established a sales office in Orlando and hired sales and applications engineering personnel who have supported Data International`s products throughout North and South America for the past ten years. Three-Five Systems is also in the process of establishing agreements with several large distribution companies that currently stock Data International Co., Ltd. products.
Jack Saltich, Three-Five President and CEO said, "The agreement with Data International provides us with several advantages in the marketplace, including opportunities to grow our Integrated Systems & Displays division. By combining Data International`s products with our own display portfolio, including the standard products that we began to introduce in 2002, we are now immediately able to provide a full spectrum of standard display products to our combined customers. The people we have hired will provide us with sales and applications support throughout the United States by individuals who understand display technology and support a current list of customers."
Saltich continued, "The Florida sales force can now provide its customers not only standard and custom products, but also access to Three-Five`s Integrated Systems & Displays division, offering complete end-to-end capability from expertise in display design engineering services to low and high-volume manufacturing capability. We expect this new group to positively impact our ability to grow and diversify our customer list and our revenue base."
Data International Co., Ltd. maintains its production facilities in Taiwan and offers a variety of display products including TN, STN, TFT LCD panels and modules, EL and CCFL Inverters, and TFT driver boards.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions, as well as engineering and manufacturing services, to original equipment manufacturers (OEMs). Through its Integrated Systems & Displays division, the company offers full service engineering and manufacturing with a special emphasis on display products and systems. The ISD division also has a broad range of display products including monochrome and color LCD components, organic light emitting displays (OLEDs), and CRT and flat panel monitors. Through its Microdisplay division, the company offers discrete microdisplay devices through completely integrated microdisplay engine solutions based on its liquid crystal on silicon (LCoS(TM)) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high-definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com.
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to expectations regarding the Orlando sales force impacting our ability to grow and diversify our customer list and revenue base. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to (a) changes in markets or demand for Data International`s products, (b) changes in markets or demand for Three-Five Systems` Integrated Systems and Displays products, (c) delivery and quality issues relating to Data International`s products, and (d) other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Wednesday January 22, 4:05 pm ET
TFS Obtains Exclusive Rights to Sell Data International Displays And Establishes Orlando, Florida Office
TEMPE, Ariz., Jan. 22 /PRNewswire-FirstCall/ -- Today, Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of display products and systems, announced that it has signed licensing and manufacturing agreements with Data International Co., Ltd. of Taiwan. Under those agreements, Three-Five Systems will become the exclusive channel in the Americas for standard and custom LCD products manufactured by Data International. Three-Five Systems will also have the right to sell those products through its world-wide channels. The agreements provide Three-Five Systems with access to a full suite of standard display products that will round out the company`s existing standard product portfolio.
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In conjunction with the agreement, Three-Five Systems has established a sales office in Orlando and hired sales and applications engineering personnel who have supported Data International`s products throughout North and South America for the past ten years. Three-Five Systems is also in the process of establishing agreements with several large distribution companies that currently stock Data International Co., Ltd. products.
Jack Saltich, Three-Five President and CEO said, "The agreement with Data International provides us with several advantages in the marketplace, including opportunities to grow our Integrated Systems & Displays division. By combining Data International`s products with our own display portfolio, including the standard products that we began to introduce in 2002, we are now immediately able to provide a full spectrum of standard display products to our combined customers. The people we have hired will provide us with sales and applications support throughout the United States by individuals who understand display technology and support a current list of customers."
Saltich continued, "The Florida sales force can now provide its customers not only standard and custom products, but also access to Three-Five`s Integrated Systems & Displays division, offering complete end-to-end capability from expertise in display design engineering services to low and high-volume manufacturing capability. We expect this new group to positively impact our ability to grow and diversify our customer list and our revenue base."
Data International Co., Ltd. maintains its production facilities in Taiwan and offers a variety of display products including TN, STN, TFT LCD panels and modules, EL and CCFL Inverters, and TFT driver boards.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions, as well as engineering and manufacturing services, to original equipment manufacturers (OEMs). Through its Integrated Systems & Displays division, the company offers full service engineering and manufacturing with a special emphasis on display products and systems. The ISD division also has a broad range of display products including monochrome and color LCD components, organic light emitting displays (OLEDs), and CRT and flat panel monitors. Through its Microdisplay division, the company offers discrete microdisplay devices through completely integrated microdisplay engine solutions based on its liquid crystal on silicon (LCoS(TM)) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high-definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com.
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to expectations regarding the Orlando sales force impacting our ability to grow and diversify our customer list and revenue base. Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to (a) changes in markets or demand for Data International`s products, (b) changes in markets or demand for Three-Five Systems` Integrated Systems and Displays products, (c) delivery and quality issues relating to Data International`s products, and (d) other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Three-Five Systems` SVGA Microdisplay Selected For Next-Generation Head-Mounted Display
Monday January 27, 9:01 am ET
Brillian(TM) LCoS(TM) Microdisplays Provide Best Image Quality For Wearable Computing and Industrial Applications
TEMPE, Ariz., Jan. 27 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of display products and systems, today announced that the company`s Brillian(TM) LCoS(TM) SVGA Microdisplay has been selected for a next-generation head-mounted display (HMD) developed by Shimadzu, one of Japan`s preeminent aerospace companies.
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Shimadzu evaluated all the available technologies and performed rigorous laboratory testing before selecting Three-Five`s nematic-based LCoS as the best available solution. As a reflective technology, this SVGA display features high image quality and eliminates the "screen door effect" or granulated image quality that is noticeable with color-filter based technologies, like polysilicon or OLED-on-silicon, which require light to shine through the RGB filters to create color. Three-Five`s Brillian Z86D-3 features long lifetimes, wide operating temperatures and is currently production ready. In addition, the display facilitates the ability to create compact support electronics, an important attribute in head-mounted devices.
The Shimadzu device is a wearable display that allows hands-free viewing of a PC-class high-resolution 13" virtual image. The extra-light weight, small form factor head-mounted display is comfortable to wear and provides for a clear and wide 30-degree (diagonal) field-of-view image. The device is well-suited for battery powered applications that require mobile access to Internet/Intranet/Extranet content or devices that require mobility when accessing stored content such as user instructions, drawings or video content. A unique application that this technology has enabled is utilizing the HMD as an automated tour guide in museums for handicapped patrons.
In addition to the wearable computing and communications applications that are already available with this head-mounted display, Shimadzu is actively working on relationships with additional commercial and industrial OEMs who are interested in integrating an HMD into their video products to replace or augment current display systems. Applications include test and measurement, inspection systems, videography and a variety of military programs.
The light weight, monocular, head-mounted display has already been designed into three wearable computing devices and is currently available to OEMs for applications that require or can be improved with a wearable viewing system. Three-Five has begun production shipments of the Brillian Z86D-3 Microdisplay to Shimadzu.
A high-resolution jpg file of the Shimadzu HMD is available upon request from lsharp@35sys.com
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions, as well as engineering and manufacturing services, to original equipment manufacturers (OEMs). Through its Integrated Systems & Displays division, the company offers full service engineering and manufacturing with a special emphasis on display products and systems. The ISD division also has a broad range of display products including monochrome and color LCD components, organic light emitting displays (OLEDs), and CRT and flat panel monitors. Through its Microdisplay division, the company offers discrete microdisplay devices through completely integrated microdisplay engine solutions based on its liquid crystal on silicon (LCoS(TM)) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high-definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward- looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to, the expectations regarding usage of the microdisplays by Shimadzu. Three- Five Systems, Inc. cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand, (b) the failure of our microdisplays and/or Shimadzu products to deliver acceptable performance, and (c) other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Monday January 27, 9:01 am ET
Brillian(TM) LCoS(TM) Microdisplays Provide Best Image Quality For Wearable Computing and Industrial Applications
TEMPE, Ariz., Jan. 27 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of display products and systems, today announced that the company`s Brillian(TM) LCoS(TM) SVGA Microdisplay has been selected for a next-generation head-mounted display (HMD) developed by Shimadzu, one of Japan`s preeminent aerospace companies.
ADVERTISEMENT
Shimadzu evaluated all the available technologies and performed rigorous laboratory testing before selecting Three-Five`s nematic-based LCoS as the best available solution. As a reflective technology, this SVGA display features high image quality and eliminates the "screen door effect" or granulated image quality that is noticeable with color-filter based technologies, like polysilicon or OLED-on-silicon, which require light to shine through the RGB filters to create color. Three-Five`s Brillian Z86D-3 features long lifetimes, wide operating temperatures and is currently production ready. In addition, the display facilitates the ability to create compact support electronics, an important attribute in head-mounted devices.
The Shimadzu device is a wearable display that allows hands-free viewing of a PC-class high-resolution 13" virtual image. The extra-light weight, small form factor head-mounted display is comfortable to wear and provides for a clear and wide 30-degree (diagonal) field-of-view image. The device is well-suited for battery powered applications that require mobile access to Internet/Intranet/Extranet content or devices that require mobility when accessing stored content such as user instructions, drawings or video content. A unique application that this technology has enabled is utilizing the HMD as an automated tour guide in museums for handicapped patrons.
In addition to the wearable computing and communications applications that are already available with this head-mounted display, Shimadzu is actively working on relationships with additional commercial and industrial OEMs who are interested in integrating an HMD into their video products to replace or augment current display systems. Applications include test and measurement, inspection systems, videography and a variety of military programs.
The light weight, monocular, head-mounted display has already been designed into three wearable computing devices and is currently available to OEMs for applications that require or can be improved with a wearable viewing system. Three-Five has begun production shipments of the Brillian Z86D-3 Microdisplay to Shimadzu.
A high-resolution jpg file of the Shimadzu HMD is available upon request from lsharp@35sys.com
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions, as well as engineering and manufacturing services, to original equipment manufacturers (OEMs). Through its Integrated Systems & Displays division, the company offers full service engineering and manufacturing with a special emphasis on display products and systems. The ISD division also has a broad range of display products including monochrome and color LCD components, organic light emitting displays (OLEDs), and CRT and flat panel monitors. Through its Microdisplay division, the company offers discrete microdisplay devices through completely integrated microdisplay engine solutions based on its liquid crystal on silicon (LCoS(TM)) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high-definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward- looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to, the expectations regarding usage of the microdisplays by Shimadzu. Three- Five Systems, Inc. cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand, (b) the failure of our microdisplays and/or Shimadzu products to deliver acceptable performance, and (c) other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Three-Five Systems Announces Fourth Quarter and Full Year Results
Wednesday January 29, 4:05 pm ET
Company Exceeds Fourth Quarter Expectations in Sales and Earnings
TEMPE, Ariz., Jan. 29 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News) today announced its financial results for the fourth quarter and full year ended December 31, 2002.
Revenue for the fourth quarter 2002 was $22.2 million, down 30.3 % from the comparable period in 2001 but up 19.7% sequentially from the third quarter of fiscal 2002. The company recorded a net loss for the fourth quarter of 2002 of $2.6 million, or $0.12 per share. This was a slight improvement over the net loss for the fourth quarter of 2001 of $2.7 million, or $0.12 per share. The entire net loss in the quarter resulted from the company`s Microdisplay division, while the company`s other division, Integrated Systems and Displays (ISD), broke even. Gross margins in the ISD division rose to 11.3%, up from 6.9% in the third quarter.
Jack L. Saltich, the company`s Chief Executive Officer and President said, "The performance in our ISD division this quarter reflects the company`s new direction based upon strategies we put into place earlier in the year. Our historical major customer comprised only 55% of our business in the fourth quarter. Two recent acquisitions contributed to revenue in the fourth quarter of 2002. We reported a full quarter of monitor sales from our AVT acquisition which occurred in September, and approximately two weeks of revenue from our ETMA acquisition which occurred in December."
The company secured eight display-module design wins in the fourth quarter of 2002 in the ISD division. These wins span diverse product areas, including telecom, industrial, consumer devices and handsets. Those design wins in the fourth quarter capped a total of 28 display design wins for the year 2002.
"In our Microdisplay division," Mr. Saltich continued, "we refocused our strategy during 2002 on developing light engines and on moving aggressively into the near-to-eye market with the acquisition of Zight Corporation. As a result, we demonstrated our industry-leading, low-cost Spitfire optical engine at COMDEX in November of 2002 and again at the Consumer Electronics Show in January of 2003. This product has received many accolades, and we believe it will solve both cost and integration issues for our customers by allowing them to get to market faster. Several customers are currently evaluating the Spitfire for a variety of projection applications. Our Zight acquisition in January 2002 led us to multiple new customers and product announcements throughout the year and contributed to our achieving $645,000 in microdisplay revenue and a record number of imager shipments to customers for the fourth quarter."
Revenue for the full year of 2002 was $88.0 million compared to $119.1 million for the full year of 2001. The company recorded a net loss for 2002 of $17.0 million, or $0.79 per share, compared to a net loss of $17.8 million, or $0.83 per share, in 2001. The Microdisplay division reported a net loss for the year 2002 of $13.0 million, or $0.60 per share, while the ISD division reported a 2002 net loss of $4.0 million, or $0.19 per share.
Not including the special loss of $4.5 million incurred on the sale of its LCD line in the second quarter, the company`s operating expenses in 2002 were $29.5 million compared to $27.7 million for 2001. In 2002, operating expenses for the ISD division, not including the LCD line sale, were lower than in 2001 by approximately $2.1 million; thus, the increase in operating expenses for the company in 2002 was due entirely to the Microdisplay division.
The company ended 2002 with $80.6 million in cash and liquid investments and no long-term debt. In 2002, the company had operating cash outflow of $10.2 million, all of which related to the Microdisplay division. In fact, the ISD division had positive operating cash flow in 2002. Exclusive of the acquisition of ETMA, inventory turns in the fourth quarter were 6.4, and days sales outstanding were 62, both within normal ranges.
2002 ISD Division Highlights
-- Secured 28 design wins in the display module business
-- One of seven companies to receive Flextronics` Global Supplier
Performance Award for 2002
-- Acquired Advanced Video Technologies (AVT), a company specializing in
the design, customization, and integration of high-resolution CRTs
and flat panels to strengthen and broaden the company`s display
product offering
-- Acquired ETMA Corporation, a contract manufacturer, to create a mid-
tier manufacturing company with worldwide display design engineering,
local low-volume manufacturing, and high-volume Asian manufacturing
-- Announced several new display products, including color LCDs
-- Established a strong relationship with Osram Opto Semiconductors to
sell OLEDs
2002 Microdisplay Division Highlights
-- Acquired the assets, technology and key personnel of Zight
Corporation to lead the emerging near-to-eye (NTE) microdisplay
market
-- Acquired the intellectual property of Inviso to enhance the company`s
move into the NTE market
-- Demonstrated the "Spitfire" optical engine at COMDEX and CES
-- Invested in Colorlink, a leader in color management systems used in
LCoS optical engines
-- Grew the intellectual property portfolio, which now stands at
78 patents issued and 241 patent filings and disclosures in process
Business Outlook
In the first quarter of 2003, Three-Five expects company-wide revenue to increase to $24 to $26 million, with no single customer accounting for more than 20% of revenue. It also expects that losses in the first quarter will be approximately $0.27 to $0.29 per share. This sequential increase in losses for the first quarter is expected to be entirely related to unabsorbed fixed costs at its overseas factories due to the expected decrease in manufacturing volume. The company anticipates lowered manufacturing volume in the first quarter due to seasonality and the conclusion of several older programs for Motorola.
The company believes that second quarter revenue will increase sequentially by 20% to 30%, due to an extremely strong backlog with new customers, especially in color display programs. Specifically, backlog at the end of 2002 was $32.0 million, reflecting a substantial increase over third quarter 2002 ending backlog of approximately $20.2 million.
The company estimates 2003 revenue to be in the range of $140 to $160 million. The company further anticipates that the ISD division will be profitable in 2003 with net income of between $0.06 and $0.10 per share. The ISD division is expected to approach breakeven levels in the second quarter and achieve profitability in the third quarter of 2003. In the Microdisplay division, Three-Five expects a loss in 2003 of between $0.49 and $0.59 per share.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions, as well as engineering and manufacturing services, to original equipment manufacturers (OEMs). Through its Integrated Systems & Displays division, the company offers full service engineering and manufacturing with a special emphasis on display products and systems. The ISD division also has a broad range of display products including monochrome and color LCD components, organic light emitting displays (OLEDs), and CRT and flat panel monitors. Through its Microdisplay division, the company offers discrete microdisplay devices through completely integrated microdisplay engine solutions based on its liquid crystal on silicon (LCoS(TM)) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high-definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe- harbor created thereby. Such forward-looking statements include expectations regarding the operating results of the company (including expectations regarding revenue, earnings per share, customer concentration and market concentration). Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include (a) changes in the markets for the company`s products; (b) changes in the market for customers` products; (c) the failure of key technologies to deliver commercially acceptable performance; (d) the ability of Three-Five Systems` management, individually or collectively, to guide the company in a successful manner; and (e) other risks as detailed from time to time in Three-Five Systems` SEC reports, including the company`s most recent Registration Statement on Form S-3, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Annual Report on Form 10-K.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED DEC 31, YEAR ENDED DEC 31,
2001 2002 2001 2002
(in thousands, except per share data)
Net Sales $31,913 $22,245 $119,136 $88,026
Costs and Expenses:
Cost of Sales 30,658 20,698 121,514 85,133
Selling, General
and Administrative 2,273 2,722 10,130 11,324
Research,
Development
and Engineering 4,938 3,995 17,618 17,968
Loss on Sale
of Assets -- -- -- 4,545
Amortization of
Customer Lists -- 256 -- 256
Operating Loss (5,956) (5,426) (30,126) (31,200)
Interest and Other
Income, net 1,886 645 3,450 3,492
Minority Interest in
Loss of Consolidated
Subsidiary 105 -- 167 84
Loss before Benefit
from Income Taxes (3,965) (4,781) (26,509) (27,624)
Benefit from
Income Taxes (1,303) (2,140) (8,745) (10,653)
Net Loss $(2,662) $(2,641) $(17,764) $(16,971)
Loss per
Common Share
Basic $(0.12) $(0.12) $(0,83) $(0.79)
Diluted $(0.12) $(0.12) $(0.83) $(0.79)
Weighted Average
Number of
Common Shares
Basic 21,476 21,321 21,401 21,465
Diluted 21,476 21,321 21,401 21,465
CONDENSED CONSOLIDATED BALANCE SHEETS
DEC 31, DEC 31,
2001 2002
ASSETS (in thousands)
Cash and Cash
Equivalents $37,003 $18,389
Short-term
Investments 110,016 62,178
Accounts Receivable,
net 18,102 16,970
Inventory 15,629 19,876
Taxes Receivable 3,960 561
Short-term Deferred
Tax Asset 3,930 3,561
Assets Held for Sale -- 841
Other Current Assets 2,104 2,507
Total Current
Assets 190,744 124,883
Long-term Investments 9,034 --
Property, Plant and
Equipment, net 38,353 31,563
Intangibles, net 5,886 14,919
Goodwill -- 34,901
Long-term Deferred
Tax Asset 219 9,642
Other Assets 1,652 6,786
Total Assets $245,888 $222,694
LIABILITIES AND STOCKHOLDERS` EQUITY
Accounts Payable $14,785 $8,760
Accrued Liabilities 4,130 5,166
Deferred Revenue -- 358
Term Loan 2,706 2,714
Total Current
Liabilities 21,621 16,998
Long-term Debt -- 28
Minority Interest
in Consolidated
Subsidiary 323 --
Total Liabilities 21,944 17,026
Stockholders` Equity 223,944 205,668
Total Liabilities
and Stockholders`
Equity $245,888 $222,694
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Wednesday January 29, 4:05 pm ET
Company Exceeds Fourth Quarter Expectations in Sales and Earnings
TEMPE, Ariz., Jan. 29 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News) today announced its financial results for the fourth quarter and full year ended December 31, 2002.
Revenue for the fourth quarter 2002 was $22.2 million, down 30.3 % from the comparable period in 2001 but up 19.7% sequentially from the third quarter of fiscal 2002. The company recorded a net loss for the fourth quarter of 2002 of $2.6 million, or $0.12 per share. This was a slight improvement over the net loss for the fourth quarter of 2001 of $2.7 million, or $0.12 per share. The entire net loss in the quarter resulted from the company`s Microdisplay division, while the company`s other division, Integrated Systems and Displays (ISD), broke even. Gross margins in the ISD division rose to 11.3%, up from 6.9% in the third quarter.
Jack L. Saltich, the company`s Chief Executive Officer and President said, "The performance in our ISD division this quarter reflects the company`s new direction based upon strategies we put into place earlier in the year. Our historical major customer comprised only 55% of our business in the fourth quarter. Two recent acquisitions contributed to revenue in the fourth quarter of 2002. We reported a full quarter of monitor sales from our AVT acquisition which occurred in September, and approximately two weeks of revenue from our ETMA acquisition which occurred in December."
The company secured eight display-module design wins in the fourth quarter of 2002 in the ISD division. These wins span diverse product areas, including telecom, industrial, consumer devices and handsets. Those design wins in the fourth quarter capped a total of 28 display design wins for the year 2002.
"In our Microdisplay division," Mr. Saltich continued, "we refocused our strategy during 2002 on developing light engines and on moving aggressively into the near-to-eye market with the acquisition of Zight Corporation. As a result, we demonstrated our industry-leading, low-cost Spitfire optical engine at COMDEX in November of 2002 and again at the Consumer Electronics Show in January of 2003. This product has received many accolades, and we believe it will solve both cost and integration issues for our customers by allowing them to get to market faster. Several customers are currently evaluating the Spitfire for a variety of projection applications. Our Zight acquisition in January 2002 led us to multiple new customers and product announcements throughout the year and contributed to our achieving $645,000 in microdisplay revenue and a record number of imager shipments to customers for the fourth quarter."
Revenue for the full year of 2002 was $88.0 million compared to $119.1 million for the full year of 2001. The company recorded a net loss for 2002 of $17.0 million, or $0.79 per share, compared to a net loss of $17.8 million, or $0.83 per share, in 2001. The Microdisplay division reported a net loss for the year 2002 of $13.0 million, or $0.60 per share, while the ISD division reported a 2002 net loss of $4.0 million, or $0.19 per share.
Not including the special loss of $4.5 million incurred on the sale of its LCD line in the second quarter, the company`s operating expenses in 2002 were $29.5 million compared to $27.7 million for 2001. In 2002, operating expenses for the ISD division, not including the LCD line sale, were lower than in 2001 by approximately $2.1 million; thus, the increase in operating expenses for the company in 2002 was due entirely to the Microdisplay division.
The company ended 2002 with $80.6 million in cash and liquid investments and no long-term debt. In 2002, the company had operating cash outflow of $10.2 million, all of which related to the Microdisplay division. In fact, the ISD division had positive operating cash flow in 2002. Exclusive of the acquisition of ETMA, inventory turns in the fourth quarter were 6.4, and days sales outstanding were 62, both within normal ranges.
2002 ISD Division Highlights
-- Secured 28 design wins in the display module business
-- One of seven companies to receive Flextronics` Global Supplier
Performance Award for 2002
-- Acquired Advanced Video Technologies (AVT), a company specializing in
the design, customization, and integration of high-resolution CRTs
and flat panels to strengthen and broaden the company`s display
product offering
-- Acquired ETMA Corporation, a contract manufacturer, to create a mid-
tier manufacturing company with worldwide display design engineering,
local low-volume manufacturing, and high-volume Asian manufacturing
-- Announced several new display products, including color LCDs
-- Established a strong relationship with Osram Opto Semiconductors to
sell OLEDs
2002 Microdisplay Division Highlights
-- Acquired the assets, technology and key personnel of Zight
Corporation to lead the emerging near-to-eye (NTE) microdisplay
market
-- Acquired the intellectual property of Inviso to enhance the company`s
move into the NTE market
-- Demonstrated the "Spitfire" optical engine at COMDEX and CES
-- Invested in Colorlink, a leader in color management systems used in
LCoS optical engines
-- Grew the intellectual property portfolio, which now stands at
78 patents issued and 241 patent filings and disclosures in process
Business Outlook
In the first quarter of 2003, Three-Five expects company-wide revenue to increase to $24 to $26 million, with no single customer accounting for more than 20% of revenue. It also expects that losses in the first quarter will be approximately $0.27 to $0.29 per share. This sequential increase in losses for the first quarter is expected to be entirely related to unabsorbed fixed costs at its overseas factories due to the expected decrease in manufacturing volume. The company anticipates lowered manufacturing volume in the first quarter due to seasonality and the conclusion of several older programs for Motorola.
The company believes that second quarter revenue will increase sequentially by 20% to 30%, due to an extremely strong backlog with new customers, especially in color display programs. Specifically, backlog at the end of 2002 was $32.0 million, reflecting a substantial increase over third quarter 2002 ending backlog of approximately $20.2 million.
The company estimates 2003 revenue to be in the range of $140 to $160 million. The company further anticipates that the ISD division will be profitable in 2003 with net income of between $0.06 and $0.10 per share. The ISD division is expected to approach breakeven levels in the second quarter and achieve profitability in the third quarter of 2003. In the Microdisplay division, Three-Five expects a loss in 2003 of between $0.49 and $0.59 per share.
About Three-Five Systems, Inc.®
Three-Five Systems, Inc. is a worldwide supplier and recognized leader in providing display system solutions, as well as engineering and manufacturing services, to original equipment manufacturers (OEMs). Through its Integrated Systems & Displays division, the company offers full service engineering and manufacturing with a special emphasis on display products and systems. The ISD division also has a broad range of display products including monochrome and color LCD components, organic light emitting displays (OLEDs), and CRT and flat panel monitors. Through its Microdisplay division, the company offers discrete microdisplay devices through completely integrated microdisplay engine solutions based on its liquid crystal on silicon (LCoS(TM)) microdisplays. Examples of applications for Three-Five`s products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high-definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and Three-Five Systems intends that such forward-looking statements be subject to the safe- harbor created thereby. Such forward-looking statements include expectations regarding the operating results of the company (including expectations regarding revenue, earnings per share, customer concentration and market concentration). Three-Five Systems cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include (a) changes in the markets for the company`s products; (b) changes in the market for customers` products; (c) the failure of key technologies to deliver commercially acceptable performance; (d) the ability of Three-Five Systems` management, individually or collectively, to guide the company in a successful manner; and (e) other risks as detailed from time to time in Three-Five Systems` SEC reports, including the company`s most recent Registration Statement on Form S-3, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Annual Report on Form 10-K.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED DEC 31, YEAR ENDED DEC 31,
2001 2002 2001 2002
(in thousands, except per share data)
Net Sales $31,913 $22,245 $119,136 $88,026
Costs and Expenses:
Cost of Sales 30,658 20,698 121,514 85,133
Selling, General
and Administrative 2,273 2,722 10,130 11,324
Research,
Development
and Engineering 4,938 3,995 17,618 17,968
Loss on Sale
of Assets -- -- -- 4,545
Amortization of
Customer Lists -- 256 -- 256
Operating Loss (5,956) (5,426) (30,126) (31,200)
Interest and Other
Income, net 1,886 645 3,450 3,492
Minority Interest in
Loss of Consolidated
Subsidiary 105 -- 167 84
Loss before Benefit
from Income Taxes (3,965) (4,781) (26,509) (27,624)
Benefit from
Income Taxes (1,303) (2,140) (8,745) (10,653)
Net Loss $(2,662) $(2,641) $(17,764) $(16,971)
Loss per
Common Share
Basic $(0.12) $(0.12) $(0,83) $(0.79)
Diluted $(0.12) $(0.12) $(0.83) $(0.79)
Weighted Average
Number of
Common Shares
Basic 21,476 21,321 21,401 21,465
Diluted 21,476 21,321 21,401 21,465
CONDENSED CONSOLIDATED BALANCE SHEETS
DEC 31, DEC 31,
2001 2002
ASSETS (in thousands)
Cash and Cash
Equivalents $37,003 $18,389
Short-term
Investments 110,016 62,178
Accounts Receivable,
net 18,102 16,970
Inventory 15,629 19,876
Taxes Receivable 3,960 561
Short-term Deferred
Tax Asset 3,930 3,561
Assets Held for Sale -- 841
Other Current Assets 2,104 2,507
Total Current
Assets 190,744 124,883
Long-term Investments 9,034 --
Property, Plant and
Equipment, net 38,353 31,563
Intangibles, net 5,886 14,919
Goodwill -- 34,901
Long-term Deferred
Tax Asset 219 9,642
Other Assets 1,652 6,786
Total Assets $245,888 $222,694
LIABILITIES AND STOCKHOLDERS` EQUITY
Accounts Payable $14,785 $8,760
Accrued Liabilities 4,130 5,166
Deferred Revenue -- 358
Term Loan 2,706 2,714
Total Current
Liabilities 21,621 16,998
Long-term Debt -- 28
Minority Interest
in Consolidated
Subsidiary 323 --
Total Liabilities 21,944 17,026
Stockholders` Equity 223,944 205,668
Total Liabilities
and Stockholders`
Equity $245,888 $222,694
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Dow Jones Business News
Three-Five Sys Results: 4Q Fincl Table, Comment >TFS
Wednesday January 29, 7:41 pm ET
Three-Five Systems Inc. (NYSE:TFS - News) - Tempe, Ariz.
4th Quar Dec. 31:
2002 2001
Sales $22,245,000 $31,913,000
Net income (2,641,000) (2,662,000)
Avg shrs (diluted) 21,321,000 21,476,000
Shr earns
Net income (.12) (.12)
Figures in parentheses are losses.
Three-Five Systems Inc.`s loss was narrower than Wall Street`s expectation of 15 cents a share, based on a Thomson First Call survey of six analysts. In October, the company predicted it would have a fourth-quarter loss of 13 cents to 15 cents a share.
Three-Five said its entire loss resulted from its Microdisplay division, while its other division, Integrated Systems and Displays, broke even.
Three-Five forecast a first-quarter loss wider than Wall Street`s estimates, citing fixed costs at its overseas factories that will be unabsorbed because of lower manufacturing volume.
The company expects a first-quarter loss of 27 cents to 29 cents a share, missing First Call`s view of 16 cents a share. Three-Five forecast revenue of $ 24 million $26 million in the quarter, ahead of the $21.1 million First Call estimate.
In the year-earlier first quarter, Three-Five had a loss of 20 cents a share on $23.1 million revenue.
The company expects second-quarter revenue to increase 20% to 30% sequentially because of an increased backlog, especially within its color display programs.
For the full year, Three-Five expects revenue between $140 million and $160 million, topping analysts` estimates of $116.8 million.
Three-Five expects its ISD division to post 2003 earnings of 6 cents to 10 cents a share, which will be pulled down by a loss of 49 cents to 59 cents a share in in its Microdisplay division.
Year Dec. 31:
2002 2001
Sales $88,026,000 $119,136,000
Net income (16,971,000) (17,764,000)
Avg shrs (diluted) 21,465,000 21,401,000
Shr earns
Net income (.79) (.83)
Figures in parentheses are losses.
For the year, Three-Five`s Microdisplay division reported a loss of $13 million, or 60 cents a share, while the ISD division posted a loss of $4 million, or 19 cents a share.
New York Stock Exchange-listed shares of Three-Five closed Wednesday at $4.40, down 5 cents, or 1.1%.
-Kara Wetzel; Dow Jones Newswires; 201-938-5388
Three-Five Sys Results: 4Q Fincl Table, Comment >TFS
Wednesday January 29, 7:41 pm ET
Three-Five Systems Inc. (NYSE:TFS - News) - Tempe, Ariz.
4th Quar Dec. 31:
2002 2001
Sales $22,245,000 $31,913,000
Net income (2,641,000) (2,662,000)
Avg shrs (diluted) 21,321,000 21,476,000
Shr earns
Net income (.12) (.12)
Figures in parentheses are losses.
Three-Five Systems Inc.`s loss was narrower than Wall Street`s expectation of 15 cents a share, based on a Thomson First Call survey of six analysts. In October, the company predicted it would have a fourth-quarter loss of 13 cents to 15 cents a share.
Three-Five said its entire loss resulted from its Microdisplay division, while its other division, Integrated Systems and Displays, broke even.
Three-Five forecast a first-quarter loss wider than Wall Street`s estimates, citing fixed costs at its overseas factories that will be unabsorbed because of lower manufacturing volume.
The company expects a first-quarter loss of 27 cents to 29 cents a share, missing First Call`s view of 16 cents a share. Three-Five forecast revenue of $ 24 million $26 million in the quarter, ahead of the $21.1 million First Call estimate.
In the year-earlier first quarter, Three-Five had a loss of 20 cents a share on $23.1 million revenue.
The company expects second-quarter revenue to increase 20% to 30% sequentially because of an increased backlog, especially within its color display programs.
For the full year, Three-Five expects revenue between $140 million and $160 million, topping analysts` estimates of $116.8 million.
Three-Five expects its ISD division to post 2003 earnings of 6 cents to 10 cents a share, which will be pulled down by a loss of 49 cents to 59 cents a share in in its Microdisplay division.
Year Dec. 31:
2002 2001
Sales $88,026,000 $119,136,000
Net income (16,971,000) (17,764,000)
Avg shrs (diluted) 21,465,000 21,401,000
Shr earns
Net income (.79) (.83)
Figures in parentheses are losses.
For the year, Three-Five`s Microdisplay division reported a loss of $13 million, or 60 cents a share, while the ISD division posted a loss of $4 million, or 19 cents a share.
New York Stock Exchange-listed shares of Three-Five closed Wednesday at $4.40, down 5 cents, or 1.1%.
-Kara Wetzel; Dow Jones Newswires; 201-938-5388
Three-Five Systems to Spin-Off Microdisplay Business
Monday March 17, 7:01 am ET
New Public Company Will Be Pure Play Microdisplay Business; Plans to Be Traded on NASDAQ
TEMPE, Ariz., March 17 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News) announced today that its Board of Directors has approved a decision to spin-off its LCoS® microdisplay division to its stockholders, which will result in a newly created and separately traded public company. The spin-off is designed to facilitate the growth of the microdisplay business, allow TFS` shareholders to participate directly in the growth potential of that business, and enable TFS to achieve immediate profitability.
ADVERTISEMENT
The LCoS Microdisplay division develops, manufactures, and markets leading-edge liquid crystal on silicon microdisplay products for use in high-growth markets, such as high-definition televisions and headsets for video games. The microdisplay spin-off will be named Three-Five Microdisplay, Inc., or TFMD. The planned spin-off will occur sometime in the early summer of 2003. TFMD stock will apply to have its stock traded on the Nasdaq National Market under the symbol "TFMD."
"Both our LCoS Microdisplay division and our Integrated Systems and Displays (ISD) division have excellent future prospects in high growth markets. We have come to the conclusion, however, that they are fundamentally different businesses with unique needs that must be satisfied in order for them to realize their full potential. After carefully considering all of the issues and alternatives, we feel that the best way to build value for the stockholders is to spin-off the microdisplay business and allow the financial markets to evaluate each company on its own merits," said Jack Saltich, President and CEO of TFS. "The proposed spin-off will allow TFS and TFMD to better focus attention and financial resources on their respective target markets. In addition, each company will be able to more aggressively pursue its distinct business model and better meet the needs of its customers. The transaction is also expected to provide each independent company with greater strategic and financial flexibility to support growth opportunities in the future."
Under the proposed spin-off, TFS will first transfer its entire LCoS microdisplay business, including all related manufacturing and business assets, personnel, and intellectual property, to TFMD, a newly created subsidiary. Included in the transfer will be established manufacturing infrastructure, such as quality, logistics, planning, and procurement systems. TFS will also capitalize TFMD with approximately $20 to $25 million in cash, an amount that TFS believes will be sufficient to enable TFMD to achieve its business objectives. TFS will then distribute TFMD`s common stock pro rata as a dividend to TFS stockholders. TFS has filed a ruling request with the Internal Revenue Service to qualify the spin-off as a nontaxable transaction. In addition, TFS expects to file a Form 10 with the Securities and Exchange Commission within the next 60 days providing detailed information regarding the proposed transaction. No stockholder vote will be required to effect the spin-off, and no consideration will be required to be paid by TFS stockholders in order to receive the stock of TFMD.
After the spin-off, TFS and TFMD will each continue to maintain corporate headquarters in the Tempe, Arizona facility, which is owned by TFS and houses the high-volume microdisplay manufacturing operations. TFMD will also maintain its Personal Display Systems Group in Boulder, Colorado. Neither company is expected to relocate facilities or personnel, or to reduce headcount in connection with the spin-off.
The New Company: TFMD
The LCoS microdisplay business is focused on developing, manufacturing and marketing innovative, high-performance, cost-effective microdisplay products and systems. These products address both existing and emerging markets, including rear-projection high-definition televisions, multi-media front projectors, and near-to-eye products, such as monocular or binocular headsets or viewers for industrial, medical, military, commercial, and video game, computing, and wireless consumer applications. TFMD`s LCoS microdisplay technology cost-effectively addresses the market demand for high image fidelity, high resolution, and power efficiency. As a separate company, TFMD will have greater freedom to innovate and independently explore and expand the most appropriate growth opportunities for that business. The separation will also benefit TFMD by enhancing opportunities for strategic alliances and partnerships with key customers, suppliers, and developers. Separate management and ownership will also provide incentives for TFMD`s management and ensure direct accountability to public investors. Jack Saltich will remain President and CEO of TFS and will become Chairman of the Board of Directors of TFMD. Dr. Robert Melcher, Chief Technology Officer of TFS, will become Chief Technology Officer of TFMD.
The Continuing Company: TFS
As a separate company, TFS will continue to build its Integrated Systems and Displays (ISD) business. That business provides design engineering services, integration of display products, and electronic manufacturing services for original equipment manufacturers in both display and non-display-related fields. TFS has created a worldwide, end-to-end manufacturing solutions business by strategically combining the company`s low-volume, high-mix domestic facilities with its high-volume, low-cost Asian facilities. That business has no debt, has optimized domestic capacity utilization, and is projected to be cash flow positive in 2003. TFS plans to continue to grow its ISD business both organically and through acquisitions.
Business Outlook
TFS has previously estimated its 2003 revenue in the range of $140 to $160 million. That estimate remains unchanged and includes $135 to $155 million for TFS` ISD business, and $5 to $8 million for the microdisplay business. TFS anticipates that its ISD business will be profitable overall in 2003, with net income of between $0.06 and $0.10 per share. TFS expects that its ISD business will approach breakeven levels in the second quarter and achieve profitability in the third quarter of 2003. The microdisplay business is expected to have a loss in 2003 of between $0.49 and $0.59 per share based on the number of TFS shares outstanding. The actual calculation of the 2003 loss per share for TFMD as a separate company, however, will depend upon the number of TFMD shares issued in the spin-off transaction and, unlike TFS, will not include an accrual for a tax benefit.
Needham & Company will act as an advisor to TFS on the spin-off transaction and will be coordinating investor road shows for both TFMD and TFS.
Conference Call
TFS will hold a conference call with analysts today, Monday, March 17, 2003, at 8:30 am EST to discuss the spin-off transaction. This call may include forward-looking statements. The call can be accessed via live audio Web cast at www.ccbn.com , or on TFS` Web site at www.threefive.com , under the Investor Relations section. Upon completion of the call, a replay will be available at www.ccbn.com (RealPlayer is required) and on TFS` Web site through April 30, 2003. This will be the only available replay of this conference call.
Upcoming Corporate Presentations
TFS will be speaking at the Roth Investor Conference today, Monday, March 17, 2003, at 10:00 am PST. TFS will also be speaking at the United States Display Consortium Investor Conference, co-sponsored by Needham & Company, tomorrow, Tuesday, March 18, 2003 at 11:30 am EST. Presenting at the Roth Investor Conference will be Rajan Kapur, General Manager of the company`s PDS Microdisplay Group and Elizabeth Sharp, Vice President of Corporate Relations. Presenting at the USDC/Needham Conference will be Jack Saltich, President and CEO, and Jeffrey Buchanan, Executive Vice President and CFO. Both conferences will be live audio Web cast by The Wall Street Transcript at www.twst.com , and on TFS` Web site at www.threefive.com , under the Investor Relations section. Upon completion of each conference, an audio replay will be available on TFS` Web site through April 30, 2003. This will be the only available replay of these conferences.
About Three-Five Systems, Inc.®
TFS is a worldwide supplier and recognized leader in providing display system solutions, as well as engineering and manufacturing services, to original equipment manufacturers (OEMs). Through its Integrated Systems & Displays division, the company offers full service engineering and manufacturing with a special emphasis on display products and systems. The ISD division also has a broad range of display products including monochrome and color LCD components, organic light emitting displays (OLEDs), and CRT and flat panel monitors. Through its Microdisplay division, the company offers discrete microdisplay devices through completely integrated microdisplay engine solutions based on its liquid crystal on silicon (LCoS®) microdisplays. Examples of applications for TFS` products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high-definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems logo, TFS, LCoS, and Brillian are trademarks or registered trademarks of TFS. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed forward-looking statements under federal securities laws, and TFS intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include all statements in the release using words like "estimate," "anticipate," "expect," and "plan," including the following: (1) the plans and related actions of TFS to spin-off microdisplays including the estimated date of the Form 10 filing and the spin-off and the amount of capitalization, (2) the business outlook for TFS and TFMD, including estimates of revenue, net income, and time period for achieving breakeven status, (3) the plans to grow TFS organically and through acquisitions, and (4) the prospects and funding needs of TFMD. TFS cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand, (b) the failure of LCoS microdisplay products to deliver acceptable performance, and (c) other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Monday March 17, 7:01 am ET
New Public Company Will Be Pure Play Microdisplay Business; Plans to Be Traded on NASDAQ
TEMPE, Ariz., March 17 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News) announced today that its Board of Directors has approved a decision to spin-off its LCoS® microdisplay division to its stockholders, which will result in a newly created and separately traded public company. The spin-off is designed to facilitate the growth of the microdisplay business, allow TFS` shareholders to participate directly in the growth potential of that business, and enable TFS to achieve immediate profitability.
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The LCoS Microdisplay division develops, manufactures, and markets leading-edge liquid crystal on silicon microdisplay products for use in high-growth markets, such as high-definition televisions and headsets for video games. The microdisplay spin-off will be named Three-Five Microdisplay, Inc., or TFMD. The planned spin-off will occur sometime in the early summer of 2003. TFMD stock will apply to have its stock traded on the Nasdaq National Market under the symbol "TFMD."
"Both our LCoS Microdisplay division and our Integrated Systems and Displays (ISD) division have excellent future prospects in high growth markets. We have come to the conclusion, however, that they are fundamentally different businesses with unique needs that must be satisfied in order for them to realize their full potential. After carefully considering all of the issues and alternatives, we feel that the best way to build value for the stockholders is to spin-off the microdisplay business and allow the financial markets to evaluate each company on its own merits," said Jack Saltich, President and CEO of TFS. "The proposed spin-off will allow TFS and TFMD to better focus attention and financial resources on their respective target markets. In addition, each company will be able to more aggressively pursue its distinct business model and better meet the needs of its customers. The transaction is also expected to provide each independent company with greater strategic and financial flexibility to support growth opportunities in the future."
Under the proposed spin-off, TFS will first transfer its entire LCoS microdisplay business, including all related manufacturing and business assets, personnel, and intellectual property, to TFMD, a newly created subsidiary. Included in the transfer will be established manufacturing infrastructure, such as quality, logistics, planning, and procurement systems. TFS will also capitalize TFMD with approximately $20 to $25 million in cash, an amount that TFS believes will be sufficient to enable TFMD to achieve its business objectives. TFS will then distribute TFMD`s common stock pro rata as a dividend to TFS stockholders. TFS has filed a ruling request with the Internal Revenue Service to qualify the spin-off as a nontaxable transaction. In addition, TFS expects to file a Form 10 with the Securities and Exchange Commission within the next 60 days providing detailed information regarding the proposed transaction. No stockholder vote will be required to effect the spin-off, and no consideration will be required to be paid by TFS stockholders in order to receive the stock of TFMD.
After the spin-off, TFS and TFMD will each continue to maintain corporate headquarters in the Tempe, Arizona facility, which is owned by TFS and houses the high-volume microdisplay manufacturing operations. TFMD will also maintain its Personal Display Systems Group in Boulder, Colorado. Neither company is expected to relocate facilities or personnel, or to reduce headcount in connection with the spin-off.
The New Company: TFMD
The LCoS microdisplay business is focused on developing, manufacturing and marketing innovative, high-performance, cost-effective microdisplay products and systems. These products address both existing and emerging markets, including rear-projection high-definition televisions, multi-media front projectors, and near-to-eye products, such as monocular or binocular headsets or viewers for industrial, medical, military, commercial, and video game, computing, and wireless consumer applications. TFMD`s LCoS microdisplay technology cost-effectively addresses the market demand for high image fidelity, high resolution, and power efficiency. As a separate company, TFMD will have greater freedom to innovate and independently explore and expand the most appropriate growth opportunities for that business. The separation will also benefit TFMD by enhancing opportunities for strategic alliances and partnerships with key customers, suppliers, and developers. Separate management and ownership will also provide incentives for TFMD`s management and ensure direct accountability to public investors. Jack Saltich will remain President and CEO of TFS and will become Chairman of the Board of Directors of TFMD. Dr. Robert Melcher, Chief Technology Officer of TFS, will become Chief Technology Officer of TFMD.
The Continuing Company: TFS
As a separate company, TFS will continue to build its Integrated Systems and Displays (ISD) business. That business provides design engineering services, integration of display products, and electronic manufacturing services for original equipment manufacturers in both display and non-display-related fields. TFS has created a worldwide, end-to-end manufacturing solutions business by strategically combining the company`s low-volume, high-mix domestic facilities with its high-volume, low-cost Asian facilities. That business has no debt, has optimized domestic capacity utilization, and is projected to be cash flow positive in 2003. TFS plans to continue to grow its ISD business both organically and through acquisitions.
Business Outlook
TFS has previously estimated its 2003 revenue in the range of $140 to $160 million. That estimate remains unchanged and includes $135 to $155 million for TFS` ISD business, and $5 to $8 million for the microdisplay business. TFS anticipates that its ISD business will be profitable overall in 2003, with net income of between $0.06 and $0.10 per share. TFS expects that its ISD business will approach breakeven levels in the second quarter and achieve profitability in the third quarter of 2003. The microdisplay business is expected to have a loss in 2003 of between $0.49 and $0.59 per share based on the number of TFS shares outstanding. The actual calculation of the 2003 loss per share for TFMD as a separate company, however, will depend upon the number of TFMD shares issued in the spin-off transaction and, unlike TFS, will not include an accrual for a tax benefit.
Needham & Company will act as an advisor to TFS on the spin-off transaction and will be coordinating investor road shows for both TFMD and TFS.
Conference Call
TFS will hold a conference call with analysts today, Monday, March 17, 2003, at 8:30 am EST to discuss the spin-off transaction. This call may include forward-looking statements. The call can be accessed via live audio Web cast at www.ccbn.com , or on TFS` Web site at www.threefive.com , under the Investor Relations section. Upon completion of the call, a replay will be available at www.ccbn.com (RealPlayer is required) and on TFS` Web site through April 30, 2003. This will be the only available replay of this conference call.
Upcoming Corporate Presentations
TFS will be speaking at the Roth Investor Conference today, Monday, March 17, 2003, at 10:00 am PST. TFS will also be speaking at the United States Display Consortium Investor Conference, co-sponsored by Needham & Company, tomorrow, Tuesday, March 18, 2003 at 11:30 am EST. Presenting at the Roth Investor Conference will be Rajan Kapur, General Manager of the company`s PDS Microdisplay Group and Elizabeth Sharp, Vice President of Corporate Relations. Presenting at the USDC/Needham Conference will be Jack Saltich, President and CEO, and Jeffrey Buchanan, Executive Vice President and CFO. Both conferences will be live audio Web cast by The Wall Street Transcript at www.twst.com , and on TFS` Web site at www.threefive.com , under the Investor Relations section. Upon completion of each conference, an audio replay will be available on TFS` Web site through April 30, 2003. This will be the only available replay of these conferences.
About Three-Five Systems, Inc.®
TFS is a worldwide supplier and recognized leader in providing display system solutions, as well as engineering and manufacturing services, to original equipment manufacturers (OEMs). Through its Integrated Systems & Displays division, the company offers full service engineering and manufacturing with a special emphasis on display products and systems. The ISD division also has a broad range of display products including monochrome and color LCD components, organic light emitting displays (OLEDs), and CRT and flat panel monitors. Through its Microdisplay division, the company offers discrete microdisplay devices through completely integrated microdisplay engine solutions based on its liquid crystal on silicon (LCoS®) microdisplays. Examples of applications for TFS` products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high-definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems logo, TFS, LCoS, and Brillian are trademarks or registered trademarks of TFS. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed forward-looking statements under federal securities laws, and TFS intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include all statements in the release using words like "estimate," "anticipate," "expect," and "plan," including the following: (1) the plans and related actions of TFS to spin-off microdisplays including the estimated date of the Form 10 filing and the spin-off and the amount of capitalization, (2) the business outlook for TFS and TFMD, including estimates of revenue, net income, and time period for achieving breakeven status, (3) the plans to grow TFS organically and through acquisitions, and (4) the prospects and funding needs of TFMD. TFS cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand, (b) the failure of LCoS microdisplay products to deliver acceptable performance, and (c) other risks as identified from time to time in Three-Five Systems` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Three-Five Systems` Color-STN Display Platform Selected By Multiple European OEMs
Wednesday March 26, 9:02 am ET
TEMPE, Ariz., March 26 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of display products and systems, today announced that the company is shipping volume custom designed Color-STN (CSTN) display modules. One particular CSTN program was awarded to TFS by a major European platform integration design house. Based on TFS` display module, this original design manufacturer (ODM) developed a next generation cell phone platform which was then licensed to multiple OEMs. The OEMS customized the platform with advanced features and are selling the phone under their own brand. TFS is currently working with two phone manufacturers that licensed the phone platform from the integration design house.
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Van Potter, TFS` Vice President of Display Products commented on the addition of ODMs to the value chain. "With shorter development times and increasing cost pressures, the whole approach to the mobile handset market is changing. Handset manufacturers are now turning to ODMs that have developed the internal components and are then adding their patented software and branding the phone under their own name. This ODM relationship enables handset manufacturers to decrease their supplier base, reduce R&D costs, and minimize the risk and effort involved in expanding their product portfolios."
Northstream, a leading wireless advisor, forecasts the ODM share of the total mobile terminals market will grow from 7-8 percent in 2002 to over 40 percent in 2005. The complete report, "Handset ODM -- What`s the industry impact?" can be downloaded from www.northstream.se .
Paul Chambers, TFS` Director of European LCD Sales, stated, "As the display designer for this custom CSTN module, TFS has the opportunity to be the display source for each OEM that bases a phone on the platform from the ODM integration design house. Our local support, display expertise and cost-effective approach were key in already being selected by two European manufacturers that have licensed this ODM platform. We are shipping production volumes to the first European licensee and have a production order from a second OEM. We offer each OEM that licenses the platform a very rapid development schedule because the base design is complete and we would simply need to fine tune any custom options the manufacturer would want for their specific phone."
The Color-STN display features a touchscreen and fast response fluid, making it well suited for multimedia services such as game and camera-based applications. The color display module has already been designed into a smartphone with picture-based messaging, PDA and MP3 capabilities for the European market.
Sweta Dash, Director of LCD and Projection Research for iSuppli/Stanford Resources, a leading display market research firm stated, "We expect the market for mobile phone color displays to grow substantially in the next few years. Our LCD Market Tracker forecasts the European market for color displays for mobile phones to grow from $233 million in 2002 to $2.1 billion in 2006."
TFS` 32K color, 2.82" diagonal CSTN display module is currently available to OEMs.
About Three-Five Systems, Inc.®
TFS is a worldwide supplier and recognized leader in providing display system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS(TM)) microdisplays. Examples of applications for TFS` products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high-definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, TFS, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and TFS intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to, the expectations regarding the ODM share of total mobile terminals, the size of the European market for color displays for mobile phones, and the inference that production volume shipments will continue. TFS cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand, (b) the failure of ODMs to successfully penetrate the mobile terminal market; (c) the failure of TFS to meet all requested production schedules due to manufacturing, yield, or supply issues; and (d) other risks as identified from time to time in TFS` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Wednesday March 26, 9:02 am ET
TEMPE, Ariz., March 26 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of display products and systems, today announced that the company is shipping volume custom designed Color-STN (CSTN) display modules. One particular CSTN program was awarded to TFS by a major European platform integration design house. Based on TFS` display module, this original design manufacturer (ODM) developed a next generation cell phone platform which was then licensed to multiple OEMs. The OEMS customized the platform with advanced features and are selling the phone under their own brand. TFS is currently working with two phone manufacturers that licensed the phone platform from the integration design house.
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Van Potter, TFS` Vice President of Display Products commented on the addition of ODMs to the value chain. "With shorter development times and increasing cost pressures, the whole approach to the mobile handset market is changing. Handset manufacturers are now turning to ODMs that have developed the internal components and are then adding their patented software and branding the phone under their own name. This ODM relationship enables handset manufacturers to decrease their supplier base, reduce R&D costs, and minimize the risk and effort involved in expanding their product portfolios."
Northstream, a leading wireless advisor, forecasts the ODM share of the total mobile terminals market will grow from 7-8 percent in 2002 to over 40 percent in 2005. The complete report, "Handset ODM -- What`s the industry impact?" can be downloaded from www.northstream.se .
Paul Chambers, TFS` Director of European LCD Sales, stated, "As the display designer for this custom CSTN module, TFS has the opportunity to be the display source for each OEM that bases a phone on the platform from the ODM integration design house. Our local support, display expertise and cost-effective approach were key in already being selected by two European manufacturers that have licensed this ODM platform. We are shipping production volumes to the first European licensee and have a production order from a second OEM. We offer each OEM that licenses the platform a very rapid development schedule because the base design is complete and we would simply need to fine tune any custom options the manufacturer would want for their specific phone."
The Color-STN display features a touchscreen and fast response fluid, making it well suited for multimedia services such as game and camera-based applications. The color display module has already been designed into a smartphone with picture-based messaging, PDA and MP3 capabilities for the European market.
Sweta Dash, Director of LCD and Projection Research for iSuppli/Stanford Resources, a leading display market research firm stated, "We expect the market for mobile phone color displays to grow substantially in the next few years. Our LCD Market Tracker forecasts the European market for color displays for mobile phones to grow from $233 million in 2002 to $2.1 billion in 2006."
TFS` 32K color, 2.82" diagonal CSTN display module is currently available to OEMs.
About Three-Five Systems, Inc.®
TFS is a worldwide supplier and recognized leader in providing display system solutions to original equipment manufacturers (OEMs). The company offers display products and systems as well as engineering and manufacturing services in support of its broad range of display technologies, which include STN, CSTN, OLED, TFT, CRT, flat panel, and liquid crystal on silicon (LCoS(TM)) microdisplays. Examples of applications for TFS` products and services include handheld devices, test and measurement devices, medical instrumentation, customized CRT and flat panel monitors, wearable computers, high-definition televisions, and multimedia projectors. The company drives new product development activities using internal capabilities, leveraging industry partnerships, and through its David R. Buchanan LCD laboratory, which is solely dedicated to the development of LCoS microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, TFS, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and TFS intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to, the expectations regarding the ODM share of total mobile terminals, the size of the European market for color displays for mobile phones, and the inference that production volume shipments will continue. TFS cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand, (b) the failure of ODMs to successfully penetrate the mobile terminal market; (c) the failure of TFS to meet all requested production schedules due to manufacturing, yield, or supply issues; and (d) other risks as identified from time to time in TFS` SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
PDAs and cell phones: Conversion to color yields opportunity, sparks battle between LCD technologies
Vinita Jakhanwal, senior analyst at iSuppli/Stanford Resources [Tuesday 1 April 2003]
PDAs and cell phones are making a rapid transition from monochrome to color displays, generating huge opportunity for makers of such screens – as well as spurring competition between different LCD technologies aimed at the handheld market.
For years, monochrome STN LCD panels have been the mainstay for the cell phone and PDA markets. However, as the functionality and features of PDAs and cell phones have improved, the display requirements have increased, requiring color screens.
Color STN (CSTN) LCDs and active matrix LCDs (AMLCDs) – both TFT and LTPS – are the two major technologies vying for dominance in the handheld color display market. Which of these technologies will prevail, CSTN or AMLCD, depends on the application, screen size, resolution and, most importantly, panel price.
iSuppli/Stanford Resources predicts the market for all LCDs in PDAs and cell phones in 2003 will amount to 14 million units and 533 million units, respectively. Both these markets will grow at a compound annual rate of about 15% to reach 24 million and 770 million units respectively in 2006, iSuppli/Stanford Resources predicts.
A major shift to color cellular phone models began in 2001, especially in Japan. The share of color displays in cell phones was just 12% in 2001. By 2004, almost 50% of cell phone handsets will use color displays, 30% of which will be CSTN LCD panels, iSuppli/Stanford Resources predicts.
One of the main reasons for fast adoption of color displays in cell phones is the rapid decline in panel prices. Both CSTN LCD and TFT LCD prices fell by more than 25% in 2001. iSuppli/Stanford Resources believes that the two color display technologies will co-exist and find niche spots in the cell phone market.
In the PDA realm, 46% of the handheld devices were equipped with color displays in 2002; this number is expected to rise to 72% by 2006. AMLCDs will be in 50% of all PDAs sold in 2004, and will continuously grow their share thereafter.
Most of the growth in color displays in the PDA market is forecast to come from products using Microsoft’s Pocket PC operating system. These are high-end, multimedia-capable PDAs that support QVGA formats, which have a resolution of 240×320 pixels.
CSTN LCD displays lack the performance to support such high resolutions in the 3.x-inch size range. This discourages CSTN LCD usage, despite the technology being approximately 60% cheaper than TFT LCDs.
For a 1.x-inch panel, TFT LCD commands a 70% price premium over a CSTN LCD panel. The actual difference in price varies according to the particular screen size and pixel format. Many manufacturers are taking advantage of this price differential and utilizing CSTN LCDs as the main display for low- to mid-range cell phones, and as the sub-display in high-end clam-shell design cell phones.
In the 2.x-inch size range, the TFT LCD price premium compared to CSTN LCDs was 60%, or about US$10, in the first quarter of 2003, and is forecast to decrease to 40%, or just US$6, by mid-2004. This makes TFT LCDs a more attractive option.
Cell phone manufacturers can make up for the price differential by charging a premium on TFT LCD phones for the added advantages, which include better picture quality, better color contrast and higher resolutions.
Thus, iSuppli/Stanford Resources believes that for color cell phone displays with 65,000-pixel resolutions or less, and a screen size of less than two inches, CSTN LCD is emerging as the clear winner. For multimedia cell phones with full-color displays larger than two inches in size, TFT LCDs will be the likely choice.
However, the story does not end with LCDs. The emerging technology of OLED (organic light-emitting diode) displays is moving into the cell phone market. In 2002, more than 3.7 million passive-matrix OLED sub-displays were sold. In 2003 the number will jump to more than 10 million sub-displays and three million main displays, iSuppli/Stanford Resources predicts.
It is likely that monochrome OLED displays will take up the slack as usage of monochrome LCDs declines. This fits in well with present OLED manufacturing capabilities, which are mainly passive matrix. Within the next few years, most OLED sub-displays will be color, but still passive matrix.
In the active matrix market, OLED now can only serve the highest-end niche due to its high price. In 2004, the average price of a 2.x-inch active matrix OLED panel will be slightly more than US$44.
The PDA market is limited for OLEDs. As noted above, the PDA market is shifting rapidly to color. However, due to materials limitations, passive-matrix OLEDs in the size and pixel format needed for PDAs are too power hungry to work well.
Active matrix OLEDs in PDA sizes cannot yet be manufactured reliably.
OLEDs are well suited for small graphic displays, such as those used in PDAs and cell phones. As prices drop, they will move into the high-end segments of these LCD-dominated applications, taking up to a 10% share within several years.
However, in this technology battle, the real winner is the consumer, who is getting more display options.
Related stories:
SNMD to produce full-color AM OLEDs either by early next year (Feb 24)
RiTdisplay aims to ship over seven million OLEDs this year (Jan 27)
PIDA: TFT LCDs to dominate small to medium-size color display panel market (Jan 17)
Japanese 2-inch mobile phone TFT LCD contract price in 4Q drops 200 yen (Oct 11)
Vinita Jakhanwal, senior analyst at iSuppli/Stanford Resources [Tuesday 1 April 2003]
PDAs and cell phones are making a rapid transition from monochrome to color displays, generating huge opportunity for makers of such screens – as well as spurring competition between different LCD technologies aimed at the handheld market.
For years, monochrome STN LCD panels have been the mainstay for the cell phone and PDA markets. However, as the functionality and features of PDAs and cell phones have improved, the display requirements have increased, requiring color screens.
Color STN (CSTN) LCDs and active matrix LCDs (AMLCDs) – both TFT and LTPS – are the two major technologies vying for dominance in the handheld color display market. Which of these technologies will prevail, CSTN or AMLCD, depends on the application, screen size, resolution and, most importantly, panel price.
iSuppli/Stanford Resources predicts the market for all LCDs in PDAs and cell phones in 2003 will amount to 14 million units and 533 million units, respectively. Both these markets will grow at a compound annual rate of about 15% to reach 24 million and 770 million units respectively in 2006, iSuppli/Stanford Resources predicts.
A major shift to color cellular phone models began in 2001, especially in Japan. The share of color displays in cell phones was just 12% in 2001. By 2004, almost 50% of cell phone handsets will use color displays, 30% of which will be CSTN LCD panels, iSuppli/Stanford Resources predicts.
One of the main reasons for fast adoption of color displays in cell phones is the rapid decline in panel prices. Both CSTN LCD and TFT LCD prices fell by more than 25% in 2001. iSuppli/Stanford Resources believes that the two color display technologies will co-exist and find niche spots in the cell phone market.
In the PDA realm, 46% of the handheld devices were equipped with color displays in 2002; this number is expected to rise to 72% by 2006. AMLCDs will be in 50% of all PDAs sold in 2004, and will continuously grow their share thereafter.
Most of the growth in color displays in the PDA market is forecast to come from products using Microsoft’s Pocket PC operating system. These are high-end, multimedia-capable PDAs that support QVGA formats, which have a resolution of 240×320 pixels.
CSTN LCD displays lack the performance to support such high resolutions in the 3.x-inch size range. This discourages CSTN LCD usage, despite the technology being approximately 60% cheaper than TFT LCDs.
For a 1.x-inch panel, TFT LCD commands a 70% price premium over a CSTN LCD panel. The actual difference in price varies according to the particular screen size and pixel format. Many manufacturers are taking advantage of this price differential and utilizing CSTN LCDs as the main display for low- to mid-range cell phones, and as the sub-display in high-end clam-shell design cell phones.
In the 2.x-inch size range, the TFT LCD price premium compared to CSTN LCDs was 60%, or about US$10, in the first quarter of 2003, and is forecast to decrease to 40%, or just US$6, by mid-2004. This makes TFT LCDs a more attractive option.
Cell phone manufacturers can make up for the price differential by charging a premium on TFT LCD phones for the added advantages, which include better picture quality, better color contrast and higher resolutions.
Thus, iSuppli/Stanford Resources believes that for color cell phone displays with 65,000-pixel resolutions or less, and a screen size of less than two inches, CSTN LCD is emerging as the clear winner. For multimedia cell phones with full-color displays larger than two inches in size, TFT LCDs will be the likely choice.
However, the story does not end with LCDs. The emerging technology of OLED (organic light-emitting diode) displays is moving into the cell phone market. In 2002, more than 3.7 million passive-matrix OLED sub-displays were sold. In 2003 the number will jump to more than 10 million sub-displays and three million main displays, iSuppli/Stanford Resources predicts.
It is likely that monochrome OLED displays will take up the slack as usage of monochrome LCDs declines. This fits in well with present OLED manufacturing capabilities, which are mainly passive matrix. Within the next few years, most OLED sub-displays will be color, but still passive matrix.
In the active matrix market, OLED now can only serve the highest-end niche due to its high price. In 2004, the average price of a 2.x-inch active matrix OLED panel will be slightly more than US$44.
The PDA market is limited for OLEDs. As noted above, the PDA market is shifting rapidly to color. However, due to materials limitations, passive-matrix OLEDs in the size and pixel format needed for PDAs are too power hungry to work well.
Active matrix OLEDs in PDA sizes cannot yet be manufactured reliably.
OLEDs are well suited for small graphic displays, such as those used in PDAs and cell phones. As prices drop, they will move into the high-end segments of these LCD-dominated applications, taking up to a 10% share within several years.
However, in this technology battle, the real winner is the consumer, who is getting more display options.
Related stories:
SNMD to produce full-color AM OLEDs either by early next year (Feb 24)
RiTdisplay aims to ship over seven million OLEDs this year (Jan 27)
PIDA: TFT LCDs to dominate small to medium-size color display panel market (Jan 17)
Japanese 2-inch mobile phone TFT LCD contract price in 4Q drops 200 yen (Oct 11)
Three-Five Systems Acquires Malaysian EMS Company
Monday April 28, 9:01 am ET
Increases Revenue Forecast; Expands Asian EMS Capabilities
TEMPE, Ariz., April 28 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of electronic manufacturing services and display products, announced today that it acquired the business and certain assets of Unico Technology Bhd., a privately held Malaysian company located in Penang. Unico is an electronic manufacturer for OEM customers in the computer, server, and communications industries. The Unico business was acquired by TFS Electronic Manufacturing Services Sdn. Bhd. (referred to in this release as "TFS-Malaysia"), a joint venture established by Three-Five Systems, Inc., and the former parent company of Unico Technology to facilitate the acquisition.
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"This acquisition provides us with expanded EMS capabilities and is in line with our growth strategy," said Jack Saltich, President and CEO of TFS. "Many of our existing customers utilized Unico for their low-cost Asian manufacturing, and those customers have told us that Unico was second to none in many of its capabilities, including IT infrastructure, supply chain management, and factory floor processes. Acquiring this tremendous set of skills will allow us to accelerate the upgrade of our manufacturing plants in Redmond, Manila, and Beijing. With its advanced manufacturing technology, TFS-Malaysia will bolster our Asian EMS capabilities and serve as a platform for the migration of best practices into our other facilities."
As a result of this transaction, TFS-Malaysia has the manufacturing capabilities of six surface mount manufacturing lines with full box-build capability, including lines dedicated to new product introduction and prototyping activity. TFS-Malaysia also offers engineering support, including RF design, automated printed circuit board assembly, in-circuit and functional testing, systems integration and box-build, supply chain management, and turnkey packaging and fulfillment services. Existing key customers include Avocent, a leading producer of keyboard, video, mouse (KVM) switches; WatchGuard Technologies, a developer of authentication and data encryption software and firewall hardware for virtual private networks; and Teledex, a developer of communications equipment.
Commenting on the acquisition, Gene Mulligan, Avocent`s Vice President of West Coast Operations, said, "The acquisition of Unico by TFS unifies two of our strategic suppliers and allows for not only leveraged synergy in the supply chain but also integration of best practices, both of which will ultimately provide greater value to Avocent as well TFS`s other customers."
"Our new Penang facility is scaled to support TFS-Malaysia`s expected 2003 volume of business," said Saltich. "Our Manila facility is expected to be at an optimal 65 to 70 percent of capacity for the remainder of 2003, partially as a result of the selection of that facility to provide complete manufacturing services for Microtune, a leading provider of RF tuners. By applying the Penang facility`s best known practices to our operations in Beijing, we expect to more rapidly have that facility qualified by the numerous existing and potential customers that are interested in manufacturing in China. In the next year, we believe that having a facility located in Beijing will allow us to achieve significant organic growth in our EMS business."
TFS-Malaysia is owned 60% by an overseas TFS subsidiary and 40% by Unico Holdings Bhd., the former parent of Unico. Unico Holdings is the investment arm of the Chinese Chamber of Commerce of Malaysia. The financial statements of TFS-Malaysia will be fully consolidated with those of TFS. TFS expects that this acquisition will be accretive, cash flow positive and contribute $15 million to $20 million of additional revenue to TFS for the remainder of 2003. TFS`s share of the initial cost of capitalizing TFS-Malaysia was under $5 million, most of which will be used for working capital. No advance payment was required for the acquisition of the property, plant and equipment of Unico, all of which will be leased from the seller.
About TFS:
TFS is a recognized leader in providing end-to-end engineering, electronic manufacturing, and display solutions to original equipment manufacturers (OEMs). TFS has a global footprint, with operations in the United States, Europe and in several locations in Asia offering engineering and electronic manufacturing services (EMS), with a special emphasis and expertise in display subsystems. TFS also has a separate Microdisplay division, which is being spun off into a newly created publicly traded company in mid-2003. The Microdisplay division offers discrete microdisplay devices through completely integrated microdisplay engine solutions based on its liquid crystal on silicon (LCoS®) microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward- looking statements under federal securities laws, and TFS intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to expectations regarding (i) factory utilization, including the expectations of usage of our Penang facility and our Manila facility; (ii) revenue for TFS-Malaysia for the remainder of 2003; (iii) accretion to earnings, positive cash flow and revenue growth resulting from the acquisition; (iv) the upgrading of our EMS capabilities at our Manila and Beijing facilities; (v) organic growth as a result of having our Beijing facility; (vi) customer usage of the services of TFS-Malaysia; (vii) the cost of capitalizing TFS-Malaysia; and (viii) the spin-off of our Microdisplay division in mid-2003. TFS cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to (a) changes in markets or demand for TFS-Malaysia`s products, (b) changes in markets or demand for TFS`s EMS business, (c) changes in TFS`s ability to adequately service its existing or new customers, (d) failure to achieve synergies and efficiencies expected by the combination of TFS and TFS-Malaysia, and (e) other risks as identified from time to time in TFS`s SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Report on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Monday April 28, 9:01 am ET
Increases Revenue Forecast; Expands Asian EMS Capabilities
TEMPE, Ariz., April 28 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), a leading provider of electronic manufacturing services and display products, announced today that it acquired the business and certain assets of Unico Technology Bhd., a privately held Malaysian company located in Penang. Unico is an electronic manufacturer for OEM customers in the computer, server, and communications industries. The Unico business was acquired by TFS Electronic Manufacturing Services Sdn. Bhd. (referred to in this release as "TFS-Malaysia"), a joint venture established by Three-Five Systems, Inc., and the former parent company of Unico Technology to facilitate the acquisition.
ADVERTISEMENT
"This acquisition provides us with expanded EMS capabilities and is in line with our growth strategy," said Jack Saltich, President and CEO of TFS. "Many of our existing customers utilized Unico for their low-cost Asian manufacturing, and those customers have told us that Unico was second to none in many of its capabilities, including IT infrastructure, supply chain management, and factory floor processes. Acquiring this tremendous set of skills will allow us to accelerate the upgrade of our manufacturing plants in Redmond, Manila, and Beijing. With its advanced manufacturing technology, TFS-Malaysia will bolster our Asian EMS capabilities and serve as a platform for the migration of best practices into our other facilities."
As a result of this transaction, TFS-Malaysia has the manufacturing capabilities of six surface mount manufacturing lines with full box-build capability, including lines dedicated to new product introduction and prototyping activity. TFS-Malaysia also offers engineering support, including RF design, automated printed circuit board assembly, in-circuit and functional testing, systems integration and box-build, supply chain management, and turnkey packaging and fulfillment services. Existing key customers include Avocent, a leading producer of keyboard, video, mouse (KVM) switches; WatchGuard Technologies, a developer of authentication and data encryption software and firewall hardware for virtual private networks; and Teledex, a developer of communications equipment.
Commenting on the acquisition, Gene Mulligan, Avocent`s Vice President of West Coast Operations, said, "The acquisition of Unico by TFS unifies two of our strategic suppliers and allows for not only leveraged synergy in the supply chain but also integration of best practices, both of which will ultimately provide greater value to Avocent as well TFS`s other customers."
"Our new Penang facility is scaled to support TFS-Malaysia`s expected 2003 volume of business," said Saltich. "Our Manila facility is expected to be at an optimal 65 to 70 percent of capacity for the remainder of 2003, partially as a result of the selection of that facility to provide complete manufacturing services for Microtune, a leading provider of RF tuners. By applying the Penang facility`s best known practices to our operations in Beijing, we expect to more rapidly have that facility qualified by the numerous existing and potential customers that are interested in manufacturing in China. In the next year, we believe that having a facility located in Beijing will allow us to achieve significant organic growth in our EMS business."
TFS-Malaysia is owned 60% by an overseas TFS subsidiary and 40% by Unico Holdings Bhd., the former parent of Unico. Unico Holdings is the investment arm of the Chinese Chamber of Commerce of Malaysia. The financial statements of TFS-Malaysia will be fully consolidated with those of TFS. TFS expects that this acquisition will be accretive, cash flow positive and contribute $15 million to $20 million of additional revenue to TFS for the remainder of 2003. TFS`s share of the initial cost of capitalizing TFS-Malaysia was under $5 million, most of which will be used for working capital. No advance payment was required for the acquisition of the property, plant and equipment of Unico, all of which will be leased from the seller.
About TFS:
TFS is a recognized leader in providing end-to-end engineering, electronic manufacturing, and display solutions to original equipment manufacturers (OEMs). TFS has a global footprint, with operations in the United States, Europe and in several locations in Asia offering engineering and electronic manufacturing services (EMS), with a special emphasis and expertise in display subsystems. TFS also has a separate Microdisplay division, which is being spun off into a newly created publicly traded company in mid-2003. The Microdisplay division offers discrete microdisplay devices through completely integrated microdisplay engine solutions based on its liquid crystal on silicon (LCoS®) microdisplays. The company`s Web site is located at www.threefive.com .
Three-Five Systems, Inc., the Three-Five Systems` logo, LCoS, and Brillian, are trademarks or registered trademarks of Three-Five Systems, Inc. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed to be forward- looking statements under federal securities laws, and TFS intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to expectations regarding (i) factory utilization, including the expectations of usage of our Penang facility and our Manila facility; (ii) revenue for TFS-Malaysia for the remainder of 2003; (iii) accretion to earnings, positive cash flow and revenue growth resulting from the acquisition; (iv) the upgrading of our EMS capabilities at our Manila and Beijing facilities; (v) organic growth as a result of having our Beijing facility; (vi) customer usage of the services of TFS-Malaysia; (vii) the cost of capitalizing TFS-Malaysia; and (viii) the spin-off of our Microdisplay division in mid-2003. TFS cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to (a) changes in markets or demand for TFS-Malaysia`s products, (b) changes in markets or demand for TFS`s EMS business, (c) changes in TFS`s ability to adequately service its existing or new customers, (d) failure to achieve synergies and efficiencies expected by the combination of TFS and TFS-Malaysia, and (e) other risks as identified from time to time in TFS`s SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Report on Form 10-K.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
-O Display Systems Introduces High Resolution i-glasses SVGA PRO
Monday May 19, 8:08 am ET
SVGA Compatible Headset For Professional PC and 3D Applications Unveiled at SID 2003
BALTIMORE, May 19 /PRNewswire/ -- i-O Display Systems, LLC, the leading manufacturer and supplier of head-mounted personal display devices, today introduced i-glasses SVGA PRO at the Society for Information Display (SID) 2003 Symposium in Baltimore, Maryland. The first portable, wearable SVGA headset compatible with desktop or notebook PCs, i-glasses SVGA PRO features the latest in liquid crystal on silicon (LCOS(TM)) microdisplay technology and advanced electronics from Three Five Systems, Inc., Microdisplay Division [NYSE: TFS] (soon to be Brillian(TM) Corporation). A video version of this product line, i-glasses HRV PRO, was introduced in April 2003. i-O Display Systems will demonstrate i-glasses SVGA PRO in booth #1001 at SID 2003.
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i-glasses SVGA PRO is designed to accept VGA or higher input from any computer source while outputting images in an 800 X 600 resolution format. With 1.44 million pixels per display, the result is a high-definition giant screen image that is equivalent to a 70-inch monitor viewed from 13 feet, much like viewing a large screen TV while sitting on your couch in your living room. With either an A/C or optional battery adapter, i-glasses SVGA PRO can be used in office environments, on aircraft or in other portable situations.
"i-glasses SVGA PRO is available in 2D and 3D capable models that enable users to view exciting new stereoscopic 3D content," said Jeff Fergason, CEO of i-O Display Systems. "With performance comparable to high quality PC monitors, no other product combines price, high-resolution image quality and flexibility in one portable package."
i-glasses SGVA PRO eliminate many of the limitations inherent in typical CRT and LCD flat panel screens. The product solves the common problem of ambient lighting, bright sunlight and unwanted reflections that often impede viewing. i-glasses SVGA PRO is also the only display device that enables laptop and portable computer users to work in total privacy. When used with a laptop computer, proprietary images are completely protected from external viewing.
Three Five Systems Z86D-3 microdisplays used in i-glasses SVGA PRO offer virtually seamless image reproduction. Their reflective architecture eliminates the pixilated, washed out image quality typically associated with polysilicon or other color filter-based LCD microdisplay technologies. i-glasses SVGA PRO with Three Five Systems` Z86D-3 microdisplays are compatible with NVIDIA-based graphics cards (with stereo drivers), bringing new and exciting 3D content to PC gamers.
Availability and Pricing
i-glasses SVGA PRO is available now at www.i-glasses.com at a price of $1199. An i-glasses SVGA PRO 3D capable model is available at a price of $1499.
About i-O Display Systems, LLC
i-O Display Systems, LLC manufacturers personal display devices and stereoscopic 3D products used in a broad array of applications, including entertainment, medical and commercial uses. The company was formed in 1997 as a new venture between Ilixco, Inc. a display technology company, and Liberty Media Group, a company that holds interests in a broad range of video programming, communications, technology and Internet businesses in the United States, Europe, South America and Asia. Telephone: (650) 323-8407. Fax: (650) 323-1742. Web site: www.i-glasses.com
Brillian and LCOS are trademarks of Three Five Systems Inc.
--------------------------------------------------------------------------------
Source: i-O Display Systems, LLC
Monday May 19, 8:08 am ET
SVGA Compatible Headset For Professional PC and 3D Applications Unveiled at SID 2003
BALTIMORE, May 19 /PRNewswire/ -- i-O Display Systems, LLC, the leading manufacturer and supplier of head-mounted personal display devices, today introduced i-glasses SVGA PRO at the Society for Information Display (SID) 2003 Symposium in Baltimore, Maryland. The first portable, wearable SVGA headset compatible with desktop or notebook PCs, i-glasses SVGA PRO features the latest in liquid crystal on silicon (LCOS(TM)) microdisplay technology and advanced electronics from Three Five Systems, Inc., Microdisplay Division [NYSE: TFS] (soon to be Brillian(TM) Corporation). A video version of this product line, i-glasses HRV PRO, was introduced in April 2003. i-O Display Systems will demonstrate i-glasses SVGA PRO in booth #1001 at SID 2003.
ADVERTISEMENT
i-glasses SVGA PRO is designed to accept VGA or higher input from any computer source while outputting images in an 800 X 600 resolution format. With 1.44 million pixels per display, the result is a high-definition giant screen image that is equivalent to a 70-inch monitor viewed from 13 feet, much like viewing a large screen TV while sitting on your couch in your living room. With either an A/C or optional battery adapter, i-glasses SVGA PRO can be used in office environments, on aircraft or in other portable situations.
"i-glasses SVGA PRO is available in 2D and 3D capable models that enable users to view exciting new stereoscopic 3D content," said Jeff Fergason, CEO of i-O Display Systems. "With performance comparable to high quality PC monitors, no other product combines price, high-resolution image quality and flexibility in one portable package."
i-glasses SGVA PRO eliminate many of the limitations inherent in typical CRT and LCD flat panel screens. The product solves the common problem of ambient lighting, bright sunlight and unwanted reflections that often impede viewing. i-glasses SVGA PRO is also the only display device that enables laptop and portable computer users to work in total privacy. When used with a laptop computer, proprietary images are completely protected from external viewing.
Three Five Systems Z86D-3 microdisplays used in i-glasses SVGA PRO offer virtually seamless image reproduction. Their reflective architecture eliminates the pixilated, washed out image quality typically associated with polysilicon or other color filter-based LCD microdisplay technologies. i-glasses SVGA PRO with Three Five Systems` Z86D-3 microdisplays are compatible with NVIDIA-based graphics cards (with stereo drivers), bringing new and exciting 3D content to PC gamers.
Availability and Pricing
i-glasses SVGA PRO is available now at www.i-glasses.com at a price of $1199. An i-glasses SVGA PRO 3D capable model is available at a price of $1499.
About i-O Display Systems, LLC
i-O Display Systems, LLC manufacturers personal display devices and stereoscopic 3D products used in a broad array of applications, including entertainment, medical and commercial uses. The company was formed in 1997 as a new venture between Ilixco, Inc. a display technology company, and Liberty Media Group, a company that holds interests in a broad range of video programming, communications, technology and Internet businesses in the United States, Europe, South America and Asia. Telephone: (650) 323-8407. Fax: (650) 323-1742. Web site: www.i-glasses.com
Brillian and LCOS are trademarks of Three Five Systems Inc.
--------------------------------------------------------------------------------
Source: i-O Display Systems, LLC
Brillian Corporation`s SVGA Microdisplay Selected for New Head-Mounted Display by Shimadzu
Monday May 19, 1:01 pm ET
The First High Resolution Monocular HMD Enables OEMs to Differentiate Their Product Lines
TEMPE, Ariz., May 19 /PRNewswire-FirstCall/ -- Brillian Corporation, a wholly owned subsidiary of Three-Five Systems, Inc. (NYSE: TFS - News), and a leading provider of microdisplay products and systems, today announced that the company`s Brillian(TM) Z86D-3 SVGA Microdisplay is now powering the Shimadzu Dataglass2 high resolution monocular head-mounted display (HMD). Shimadzu Corporation (Kyoro, Japan) will market the Dataglass2 for use with notebook PCs and test equipment devices such as oscilloscopes and logic analyzers.
ADVERTISEMENT
This latest advance in HMD technology will be demonstrated for the first time at the Society for Information Display International Symposium, Seminar & Exhibition at the Baltimore Convention Center in Baltimore, Maryland May 20-22, 2003 at booth number 1001.
The new Dataglass2 product offers productivity improvements to end users while also creating differentiation in the marketplace for PC, PC accessory and test equipment OEMs.
Dataglass2, the first monocular HMD for use with virtually every notebook PC, allows hands-free viewing of a PC-class high-resolution 13" virtual image. The device utilizes a PC`s USB port for its power supply, eliminating the need for an add-on battery. The device also connects to a standard 15-pin monitor output port for video data. The Dataglass2 is extra-lightweight, compact, ergonomically designed, and provides for a clear and wide 30-degree (diagonal) field-of-view image.
When connected to a notebook PC, the Dataglass2 acts as a secondary monitor that allows for privacy and security of data, enabling users to work on financial or confidential material without others being able to view the information on the main screen. When utilized in test equipment, the Dataglass2 allows the user to view technical information, such as timing diagrams, while simultaneously probing printed circuit boards. The user can keep his or her eyes on the test point while viewing the monitor.
Shimadzu developed Dataglass2 as a follow-on to its successful Dataglass products currently utilized with wearable PCs and mobile Internet appliances. The new Dataglass2 viewer weighs only 70 grams (2.47 ounces) and is foldable for easy storage and mobility. Shimadzu selected Brillian`s nematic-based LCoS® (liquid crystal on silicon) as the best available solution for both Dataglass and Dataglass2 due to LCoS` long lifetime, high brightness and contrast, and ability to withstand consumer product operating environments. Brillian`s LCoS products utilize reflective architecture which eliminates the "screen door effect" or granulated image quality that is noticeable with color-filter based technologies, like polysilicon or OLED-on-silicon.
Samples of the Dataglass2 will be available in 2Q of this year, and demonstrations will be held at SID 2003 in Baltimore, Maryland May 20-22. For more information, please e-mail dkrause@35sys.com . A high-resolution JPEG file of the Shimadzu HMD is available upon request from pshaw@35sys.com .
About Brillian LCoS Microdisplays
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed as much as 100 times larger than the size of the actual display. The advantages of Brillian`s liquid crystal on silicon (LCoS) Microdisplays include its extremely high resolution in a very small size, its light-weight and its ability to provide extremely high contrast, high brightness video and data displays. Brillian has developed a complete line of microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution.
About Brillian Corporation and About TFS
TFS is a recognized leader in providing end-to-end engineering, electronic manufacturing, and display solutions to original equipment manufacturers (OEMs). TFS has a global footprint, with operations in the United States, Europe and in several locations in Asia offering engineering and electronic manufacturing services (EMS), with a special emphasis and expertise in display subsystems. TFS also has a separate Microdisplay division, which is being spun off into a newly created publicly traded company in mid-2003. The Microdisplay division offers discrete microdisplay devices through completely integrated microdisplay engine solutions based on its liquid crystal on silicon (LCoS) microdisplays. The company`s Web site is located at www.threefive.com . Three-Five Systems, Inc., the TFS logo, LCoS, and Brillian are trademarks or registered trademarks of TFS. All other trademarks are the property of their respective owners.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Monday May 19, 1:01 pm ET
The First High Resolution Monocular HMD Enables OEMs to Differentiate Their Product Lines
TEMPE, Ariz., May 19 /PRNewswire-FirstCall/ -- Brillian Corporation, a wholly owned subsidiary of Three-Five Systems, Inc. (NYSE: TFS - News), and a leading provider of microdisplay products and systems, today announced that the company`s Brillian(TM) Z86D-3 SVGA Microdisplay is now powering the Shimadzu Dataglass2 high resolution monocular head-mounted display (HMD). Shimadzu Corporation (Kyoro, Japan) will market the Dataglass2 for use with notebook PCs and test equipment devices such as oscilloscopes and logic analyzers.
ADVERTISEMENT
This latest advance in HMD technology will be demonstrated for the first time at the Society for Information Display International Symposium, Seminar & Exhibition at the Baltimore Convention Center in Baltimore, Maryland May 20-22, 2003 at booth number 1001.
The new Dataglass2 product offers productivity improvements to end users while also creating differentiation in the marketplace for PC, PC accessory and test equipment OEMs.
Dataglass2, the first monocular HMD for use with virtually every notebook PC, allows hands-free viewing of a PC-class high-resolution 13" virtual image. The device utilizes a PC`s USB port for its power supply, eliminating the need for an add-on battery. The device also connects to a standard 15-pin monitor output port for video data. The Dataglass2 is extra-lightweight, compact, ergonomically designed, and provides for a clear and wide 30-degree (diagonal) field-of-view image.
When connected to a notebook PC, the Dataglass2 acts as a secondary monitor that allows for privacy and security of data, enabling users to work on financial or confidential material without others being able to view the information on the main screen. When utilized in test equipment, the Dataglass2 allows the user to view technical information, such as timing diagrams, while simultaneously probing printed circuit boards. The user can keep his or her eyes on the test point while viewing the monitor.
Shimadzu developed Dataglass2 as a follow-on to its successful Dataglass products currently utilized with wearable PCs and mobile Internet appliances. The new Dataglass2 viewer weighs only 70 grams (2.47 ounces) and is foldable for easy storage and mobility. Shimadzu selected Brillian`s nematic-based LCoS® (liquid crystal on silicon) as the best available solution for both Dataglass and Dataglass2 due to LCoS` long lifetime, high brightness and contrast, and ability to withstand consumer product operating environments. Brillian`s LCoS products utilize reflective architecture which eliminates the "screen door effect" or granulated image quality that is noticeable with color-filter based technologies, like polysilicon or OLED-on-silicon.
Samples of the Dataglass2 will be available in 2Q of this year, and demonstrations will be held at SID 2003 in Baltimore, Maryland May 20-22. For more information, please e-mail dkrause@35sys.com . A high-resolution JPEG file of the Shimadzu HMD is available upon request from pshaw@35sys.com .
About Brillian LCoS Microdisplays
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed as much as 100 times larger than the size of the actual display. The advantages of Brillian`s liquid crystal on silicon (LCoS) Microdisplays include its extremely high resolution in a very small size, its light-weight and its ability to provide extremely high contrast, high brightness video and data displays. Brillian has developed a complete line of microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution.
About Brillian Corporation and About TFS
TFS is a recognized leader in providing end-to-end engineering, electronic manufacturing, and display solutions to original equipment manufacturers (OEMs). TFS has a global footprint, with operations in the United States, Europe and in several locations in Asia offering engineering and electronic manufacturing services (EMS), with a special emphasis and expertise in display subsystems. TFS also has a separate Microdisplay division, which is being spun off into a newly created publicly traded company in mid-2003. The Microdisplay division offers discrete microdisplay devices through completely integrated microdisplay engine solutions based on its liquid crystal on silicon (LCoS) microdisplays. The company`s Web site is located at www.threefive.com . Three-Five Systems, Inc., the TFS logo, LCoS, and Brillian are trademarks or registered trademarks of TFS. All other trademarks are the property of their respective owners.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Brillian`s SVGA Microdisplay Powering Next Generation Endoscopic Digital Video Loupes(TM)
Monday May 19, 2:00 pm ET
TEMPE, Ariz., May 19 /PRNewswire-FirstCall/ -- Brillian Corporation, a wholly owned subsidiary of Three-Five Systems, Inc. (NYSE: TFS - News), and a leading provider of microdisplay products and systems, today announced that the Brillian(TM) Z86D-3 SVGA Microdisplay is now powering the OptiVu HD3(TM) (High Definition Digital Display) personal visualization system for minimally invasive videoscopic procedures. Optimize, Inc. is marketing the OptiVu HD3 for use in surgical and diagnostic endoscopic procedures in such specialties as general surgery, cardiovascular, orthopedic, gynecology, gastroenterology, and urology.
ADVERTISEMENT
This latest advance in digital display technology will be demonstrated at the Society for Information Display International Symposium, Seminar & Exhibition at the Baltimore Convention Center in Baltimore, Maryland May 20-22, 2003 at booth number 1001.
Addressing the challenges of CRT monitor placement in the operating room, the OptiVu HD3 System places a high resolution, full-color videoscopic image directly in the surgeon`s line of sight. Providing dramatically improved image quality, the OptiVu Digital Video Loupes(TM) provides the surgeon with a more intuitive, ergonomically-sound visual interface for viewing endoscopic procedures.
The medical market was one of the early adopters of microdisplay technology due to the extremely high image quality demanded in medical and surgical applications. Optimize was the first company to commercialize a device using LCoS® (liquid crystal on silicon) technology for medical applications and is the market leader in this arena, having placed systems in such institutions as Cedars-Sinai Medical Center, Baptist Princeton Healthcare System and UCLA Medical Center.
Optimize chose Brillian`s Z86D-3 SVGA Microdisplay for its super high contrast, high resolution digital imaging capabilities. Brillian`s LCoS products utilize reflective architecture which eliminates the "screen door effect" or granulated image quality that is noticeable with color-filter based technologies, like polysilicon or OLED-on-silicon.
In addition, Eric Miller, CEO of Optimize, Inc., explains, "Brillian`s fully digital display enabled a straight-forward path to a stereo (3-D) headset. By offering 3-D functionality, we hope to expand market applications for the OptiVu HD3."
The OptiVu HD3 will be demonstrated at SID 2003 in Baltimore, Maryland May 20-22. For more information, please e-mail dkrause@35sys.com.
About Brillian LCoS Microdisplays
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed as much as 100 times larger than the size of the actual display. The advantages of Brillian`s liquid crystal on silicon (LCoS) Microdisplays include its extremely high resolution in a very small size, its light-weight and its ability to provide extremely high contrast, high brightness video and data displays. Brillian has developed a complete line of microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution.
About Optimize, Inc.
Optimize is a privately-held company engaged in the development, manufacturing and marketing of digital visualization and wireless communication products for the healthcare industry. The Company`s mission is to be the leading provider of devices that enable hands-free access to high- resolution video, data and voice communication at the point of care. Optimize`s diverse platform technologies bring unprecedented clinical and economic benefits to healthcare professionals worldwide. The company`s Web site is located at www.optivu.com .
About Brillian Corporation and About TFS
TFS is a recognized leader in providing end-to-end engineering, electronic manufacturing, and display solutions to original equipment manufacturers (OEMs). TFS has a global footprint, with operations in the United States, Europe and in several locations in Asia offering engineering and electronic manufacturing services (EMS), with a special emphasis and expertise in display subsystems. TFS also has a separate Microdisplay division, which is being spun off into a newly created publicly traded company in mid-2003. The Microdisplay division offers discrete microdisplay devices through completely integrated microdisplay engine solutions based on its liquid crystal on silicon (LCoS) microdisplays. The company`s Web site is located at www.threefive.com . Three-Five Systems, Inc., the TFS logo, LCoS, and Brillian are trademarks or registered trademarks of TFS. All other trademarks are the property of their respective owners.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Monday May 19, 2:00 pm ET
TEMPE, Ariz., May 19 /PRNewswire-FirstCall/ -- Brillian Corporation, a wholly owned subsidiary of Three-Five Systems, Inc. (NYSE: TFS - News), and a leading provider of microdisplay products and systems, today announced that the Brillian(TM) Z86D-3 SVGA Microdisplay is now powering the OptiVu HD3(TM) (High Definition Digital Display) personal visualization system for minimally invasive videoscopic procedures. Optimize, Inc. is marketing the OptiVu HD3 for use in surgical and diagnostic endoscopic procedures in such specialties as general surgery, cardiovascular, orthopedic, gynecology, gastroenterology, and urology.
ADVERTISEMENT
This latest advance in digital display technology will be demonstrated at the Society for Information Display International Symposium, Seminar & Exhibition at the Baltimore Convention Center in Baltimore, Maryland May 20-22, 2003 at booth number 1001.
Addressing the challenges of CRT monitor placement in the operating room, the OptiVu HD3 System places a high resolution, full-color videoscopic image directly in the surgeon`s line of sight. Providing dramatically improved image quality, the OptiVu Digital Video Loupes(TM) provides the surgeon with a more intuitive, ergonomically-sound visual interface for viewing endoscopic procedures.
The medical market was one of the early adopters of microdisplay technology due to the extremely high image quality demanded in medical and surgical applications. Optimize was the first company to commercialize a device using LCoS® (liquid crystal on silicon) technology for medical applications and is the market leader in this arena, having placed systems in such institutions as Cedars-Sinai Medical Center, Baptist Princeton Healthcare System and UCLA Medical Center.
Optimize chose Brillian`s Z86D-3 SVGA Microdisplay for its super high contrast, high resolution digital imaging capabilities. Brillian`s LCoS products utilize reflective architecture which eliminates the "screen door effect" or granulated image quality that is noticeable with color-filter based technologies, like polysilicon or OLED-on-silicon.
In addition, Eric Miller, CEO of Optimize, Inc., explains, "Brillian`s fully digital display enabled a straight-forward path to a stereo (3-D) headset. By offering 3-D functionality, we hope to expand market applications for the OptiVu HD3."
The OptiVu HD3 will be demonstrated at SID 2003 in Baltimore, Maryland May 20-22. For more information, please e-mail dkrause@35sys.com.
About Brillian LCoS Microdisplays
A microdisplay is a small display, about the size of a thumbnail, that when combined with an optics system has the unique advantage of being able to make the apparent size of the image viewed as much as 100 times larger than the size of the actual display. The advantages of Brillian`s liquid crystal on silicon (LCoS) Microdisplays include its extremely high resolution in a very small size, its light-weight and its ability to provide extremely high contrast, high brightness video and data displays. Brillian has developed a complete line of microdisplays from SVGA, the resolution of the Internet, to WUXGA, for products that require high-definition or ultra-high resolution.
About Optimize, Inc.
Optimize is a privately-held company engaged in the development, manufacturing and marketing of digital visualization and wireless communication products for the healthcare industry. The Company`s mission is to be the leading provider of devices that enable hands-free access to high- resolution video, data and voice communication at the point of care. Optimize`s diverse platform technologies bring unprecedented clinical and economic benefits to healthcare professionals worldwide. The company`s Web site is located at www.optivu.com .
About Brillian Corporation and About TFS
TFS is a recognized leader in providing end-to-end engineering, electronic manufacturing, and display solutions to original equipment manufacturers (OEMs). TFS has a global footprint, with operations in the United States, Europe and in several locations in Asia offering engineering and electronic manufacturing services (EMS), with a special emphasis and expertise in display subsystems. TFS also has a separate Microdisplay division, which is being spun off into a newly created publicly traded company in mid-2003. The Microdisplay division offers discrete microdisplay devices through completely integrated microdisplay engine solutions based on its liquid crystal on silicon (LCoS) microdisplays. The company`s Web site is located at www.threefive.com . Three-Five Systems, Inc., the TFS logo, LCoS, and Brillian are trademarks or registered trademarks of TFS. All other trademarks are the property of their respective owners.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
7:00AM TFS could be poised for upside with its spinoff (TFS) 6.90: BusinessWeek article highlights once high flying TFS in light of it more than doubling recently off its lows. The catalyst for this increase is attributed to the co`s spinoff of its Brillian unit in Aug, which will allow it to focus on its newly acquired assets. The co makes liquid-display modules for cell phones and wireless handsets for co`s such as MOT. According to the president of a spin-off analysis firm, the stock could be trading anywhere from 10 to 15. In addition, a second analyst with spin off believes the Brillian unit could sell at 3 and then go to 5 six months later.
TFS Sets Date for Microdisplay Spin-Off
Wednesday August 27, 4:34 pm ET
Board Sets September 4, 2003 Record Date; Approves Stock Distribution Of Brillian Corporation, Effective September 15, 2003
TEMPE, Ariz., Aug. 27 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), today stated that the previously announced spin-off of its Microdisplay division will become effective September 15, 2003. When the spin-off is completed on that date, the Microdisplay division will operate as a separate company called Brillian Corporation.
ADVERTISEMENT
To effectuate the spin-off, the TFS Board of Directors has approved a pro rata distribution to TFS stockholders of all of the outstanding shares of common stock of Brillian Corporation. Each TFS stockholder of record at the close of business on September 4, 2003, will be entitled to receive .25 of a share of Brillian Corporation common stock for every one share of TFS common stock held on that date. Fractional shares of Brillian common stock will not be distributed. Instead, fractional shares will be aggregated and sold in the public market by the distribution agent. The aggregate net cash proceeds of these sales will be distributed to those TFS stockholders that would otherwise have received fractional shares.
TFS has obtained an Internal Revenue Service ruling confirming that the distribution will be tax-free to TFS stockholders under Section 355 of the Internal Revenue Code. When the spin-off is completed, Brillian Corporation will be an independent public company and TFS will not own any shares of that company. It is expected that Brillian Corporation common shares will trade on the Nasdaq National Market under the symbol "BRLC" following completion of the distribution.
Jack Saltich, President and CEO of TFS, said, "This spin-off is a rare opportunity for the shareholders of TFS to own stock in two very exciting, public companies. We expect that the spin-off will facilitate the growth of the microdisplay business, allow TFS` stockholders to participate directly in the growth potential of Brillian Corporation, and enable TFS to more quickly return to profitability. As previously announced, I will remain President and CEO of TFS. I will also serve as Chairman of the Board for Brillian Corporation, and Vincent Sollitto will serve as President and CEO. Together we will work to enhance each company`s growth opportunities and prospects."
After the spin-off, TFS and Brillian Corporation will each continue to maintain corporate headquarters in the Tempe, Arizona facility, which is owned by TFS and houses Brillian Corporation`s high-volume microdisplay manufacturing operations. Brillian will also maintain its Personal Display Systems Group in Boulder, Colorado.
About Brillian Corporation
Brillian Corporation will continue to focus on developing, manufacturing, and marketing innovative, high-performance, cost-effective microdisplay products and systems. These products address both existing and emerging markets, including rear-projection high-definition televisions, multi-media front projectors, and near-to-eye products, such as monocular or binocular headsets or viewers for industrial, medical, military, commercial, and consumer applications. Brillian`s LCoS(TM) microdisplay technology cost- effectively addresses the market demand for high image fidelity, high resolution, and power efficiency. As a separate company, Brillian will have greater freedom to innovate and independently explore and expand the most appropriate growth opportunities for that business. The separation will also benefit Brillian by enhancing opportunities for strategic alliances and partnerships with key customers, suppliers, and developers. Separate management and ownership will also provide incentives for Brillian`s management and ensure direct accountability to public investors.
About TFS
TFS is a recognized leader in providing end-to-end engineering, display solutions, and extended manufacturing services to original equipment manufacturers (OEMs). TFS has a global footprint, with operations in the United States, Europe and several locations in Asia offering engineering and electronic manufacturing services (EMS), with a special emphasis and expertise in display subsystems. TFS offers numerous monochrome and color display products, including, CRT, LCD, and OLED technologies, in custom, standard, and platform configurations. TFS also offers complete end-to-end extended manufacturing solutions, including new product introduction and high volume printed circuit board assembly, RF module assembly, and box build.
Three-Five Systems, Inc. and the TFS logo are trademarks or registered trademarks of TFS. LCoS and Brillian are trademarks or registered trademarks of Brillian. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed forward- looking statements under federal securities laws, and TFS and Brillian intend that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include all statements in the release using words like "estimate," "anticipate," "expect," and "plan," including the following: (1) the plans and related actions of TFS to complete the spin-off, (2) the business outlook for TFS and Brillian, including estimates of revenue growth, and time period for achieving breakeven or profitable status, (3) the expectation for Brillian to trade on the Nasdaq National Market, (4) the plans, prospects, and funding needs of Brillian, and (5) the belief that Brillian`s LCoS solution cost effectively addresses market demand and that the separation will enhance alliance and partnership opportunities and provide incentives for management. TFS and Brillian caution that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward- looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand, (b) the failure of LCoS microdisplay products to deliver acceptable performance, (c) other risks as identified from time to time in Three-Five Systems` and Brillian`s SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K, and (d) other risks as detailed in Brillian`s Form 10 and related documentation filed with the SEC in connection with the spin-off of Brillian.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Wednesday August 27, 4:34 pm ET
Board Sets September 4, 2003 Record Date; Approves Stock Distribution Of Brillian Corporation, Effective September 15, 2003
TEMPE, Ariz., Aug. 27 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), today stated that the previously announced spin-off of its Microdisplay division will become effective September 15, 2003. When the spin-off is completed on that date, the Microdisplay division will operate as a separate company called Brillian Corporation.
ADVERTISEMENT
To effectuate the spin-off, the TFS Board of Directors has approved a pro rata distribution to TFS stockholders of all of the outstanding shares of common stock of Brillian Corporation. Each TFS stockholder of record at the close of business on September 4, 2003, will be entitled to receive .25 of a share of Brillian Corporation common stock for every one share of TFS common stock held on that date. Fractional shares of Brillian common stock will not be distributed. Instead, fractional shares will be aggregated and sold in the public market by the distribution agent. The aggregate net cash proceeds of these sales will be distributed to those TFS stockholders that would otherwise have received fractional shares.
TFS has obtained an Internal Revenue Service ruling confirming that the distribution will be tax-free to TFS stockholders under Section 355 of the Internal Revenue Code. When the spin-off is completed, Brillian Corporation will be an independent public company and TFS will not own any shares of that company. It is expected that Brillian Corporation common shares will trade on the Nasdaq National Market under the symbol "BRLC" following completion of the distribution.
Jack Saltich, President and CEO of TFS, said, "This spin-off is a rare opportunity for the shareholders of TFS to own stock in two very exciting, public companies. We expect that the spin-off will facilitate the growth of the microdisplay business, allow TFS` stockholders to participate directly in the growth potential of Brillian Corporation, and enable TFS to more quickly return to profitability. As previously announced, I will remain President and CEO of TFS. I will also serve as Chairman of the Board for Brillian Corporation, and Vincent Sollitto will serve as President and CEO. Together we will work to enhance each company`s growth opportunities and prospects."
After the spin-off, TFS and Brillian Corporation will each continue to maintain corporate headquarters in the Tempe, Arizona facility, which is owned by TFS and houses Brillian Corporation`s high-volume microdisplay manufacturing operations. Brillian will also maintain its Personal Display Systems Group in Boulder, Colorado.
About Brillian Corporation
Brillian Corporation will continue to focus on developing, manufacturing, and marketing innovative, high-performance, cost-effective microdisplay products and systems. These products address both existing and emerging markets, including rear-projection high-definition televisions, multi-media front projectors, and near-to-eye products, such as monocular or binocular headsets or viewers for industrial, medical, military, commercial, and consumer applications. Brillian`s LCoS(TM) microdisplay technology cost- effectively addresses the market demand for high image fidelity, high resolution, and power efficiency. As a separate company, Brillian will have greater freedom to innovate and independently explore and expand the most appropriate growth opportunities for that business. The separation will also benefit Brillian by enhancing opportunities for strategic alliances and partnerships with key customers, suppliers, and developers. Separate management and ownership will also provide incentives for Brillian`s management and ensure direct accountability to public investors.
About TFS
TFS is a recognized leader in providing end-to-end engineering, display solutions, and extended manufacturing services to original equipment manufacturers (OEMs). TFS has a global footprint, with operations in the United States, Europe and several locations in Asia offering engineering and electronic manufacturing services (EMS), with a special emphasis and expertise in display subsystems. TFS offers numerous monochrome and color display products, including, CRT, LCD, and OLED technologies, in custom, standard, and platform configurations. TFS also offers complete end-to-end extended manufacturing solutions, including new product introduction and high volume printed circuit board assembly, RF module assembly, and box build.
Three-Five Systems, Inc. and the TFS logo are trademarks or registered trademarks of TFS. LCoS and Brillian are trademarks or registered trademarks of Brillian. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed forward- looking statements under federal securities laws, and TFS and Brillian intend that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include all statements in the release using words like "estimate," "anticipate," "expect," and "plan," including the following: (1) the plans and related actions of TFS to complete the spin-off, (2) the business outlook for TFS and Brillian, including estimates of revenue growth, and time period for achieving breakeven or profitable status, (3) the expectation for Brillian to trade on the Nasdaq National Market, (4) the plans, prospects, and funding needs of Brillian, and (5) the belief that Brillian`s LCoS solution cost effectively addresses market demand and that the separation will enhance alliance and partnership opportunities and provide incentives for management. TFS and Brillian caution that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward- looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand, (b) the failure of LCoS microdisplay products to deliver acceptable performance, (c) other risks as identified from time to time in Three-Five Systems` and Brillian`s SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K, and (d) other risks as detailed in Brillian`s Form 10 and related documentation filed with the SEC in connection with the spin-off of Brillian.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Hier bin ich dabei 
Man achte auf die letzte News!!!!
TFS Sets Date for Microdisplay Spin-Off
Wednesday August 27, 4:34 pm ET
Board Sets September 4, 2003 Record Date; Approves Stock Distribution Of Brillian Corporation, Effective September 15, 2003
TEMPE, Ariz., Aug. 27 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), today stated that the previously announced spin-off of its Microdisplay division will become effective September 15, 2003. When the spin-off is completed on that date, the Microdisplay division will operate as a separate company called Brillian Corporation.
ADVERTISEMENT
To effectuate the spin-off, the TFS Board of Directors has approved a pro rata distribution to TFS stockholders of all of the outstanding shares of common stock of Brillian Corporation. Each TFS stockholder of record at the close of business on September 4, 2003, will be entitled to receive .25 of a share of Brillian Corporation common stock for every one share of TFS common stock held on that date. Fractional shares of Brillian common stock will not be distributed. Instead, fractional shares will be aggregated and sold in the public market by the distribution agent. The aggregate net cash proceeds of these sales will be distributed to those TFS stockholders that would otherwise have received fractional shares.
TFS has obtained an Internal Revenue Service ruling confirming that the distribution will be tax-free to TFS stockholders under Section 355 of the Internal Revenue Code. When the spin-off is completed, Brillian Corporation will be an independent public company and TFS will not own any shares of that company. It is expected that Brillian Corporation common shares will trade on the Nasdaq National Market under the symbol "BRLC" following completion of the distribution.
Jack Saltich, President and CEO of TFS, said, "This spin-off is a rare opportunity for the shareholders of TFS to own stock in two very exciting, public companies. We expect that the spin-off will facilitate the growth of the microdisplay business, allow TFS` stockholders to participate directly in the growth potential of Brillian Corporation, and enable TFS to more quickly return to profitability. As previously announced, I will remain President and CEO of TFS. I will also serve as Chairman of the Board for Brillian Corporation, and Vincent Sollitto will serve as President and CEO. Together we will work to enhance each company`s growth opportunities and prospects."
After the spin-off, TFS and Brillian Corporation will each continue to maintain corporate headquarters in the Tempe, Arizona facility, which is owned by TFS and houses Brillian Corporation`s high-volume microdisplay manufacturing operations. Brillian will also maintain its Personal Display Systems Group in Boulder, Colorado.
About Brillian Corporation
Brillian Corporation will continue to focus on developing, manufacturing, and marketing innovative, high-performance, cost-effective microdisplay products and systems. These products address both existing and emerging markets, including rear-projection high-definition televisions, multi-media front projectors, and near-to-eye products, such as monocular or binocular headsets or viewers for industrial, medical, military, commercial, and consumer applications. Brillian`s LCoS(TM) microdisplay technology cost- effectively addresses the market demand for high image fidelity, high resolution, and power efficiency. As a separate company, Brillian will have greater freedom to innovate and independently explore and expand the most appropriate growth opportunities for that business. The separation will also benefit Brillian by enhancing opportunities for strategic alliances and partnerships with key customers, suppliers, and developers. Separate management and ownership will also provide incentives for Brillian`s management and ensure direct accountability to public investors.
About TFS
TFS is a recognized leader in providing end-to-end engineering, display solutions, and extended manufacturing services to original equipment manufacturers (OEMs). TFS has a global footprint, with operations in the United States, Europe and several locations in Asia offering engineering and electronic manufacturing services (EMS), with a special emphasis and expertise in display subsystems. TFS offers numerous monochrome and color display products, including, CRT, LCD, and OLED technologies, in custom, standard, and platform configurations. TFS also offers complete end-to-end extended manufacturing solutions, including new product introduction and high volume printed circuit board assembly, RF module assembly, and box build.
Three-Five Systems, Inc. and the TFS logo are trademarks or registered trademarks of TFS. LCoS and Brillian are trademarks or registered trademarks of Brillian. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed forward- looking statements under federal securities laws, and TFS and Brillian intend that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include all statements in the release using words like "estimate," "anticipate," "expect," and "plan," including the following: (1) the plans and related actions of TFS to complete the spin-off, (2) the business outlook for TFS and Brillian, including estimates of revenue growth, and time period for achieving breakeven or profitable status, (3) the expectation for Brillian to trade on the Nasdaq National Market, (4) the plans, prospects, and funding needs of Brillian, and (5) the belief that Brillian`s LCoS solution cost effectively addresses market demand and that the separation will enhance alliance and partnership opportunities and provide incentives for management. TFS and Brillian caution that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward- looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand, (b) the failure of LCoS microdisplay products to deliver acceptable performance, (c) other risks as identified from time to time in Three-Five Systems` and Brillian`s SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K, and (d) other risks as detailed in Brillian`s Form 10 and related documentation filed with the SEC in connection with the spin-off of Brillian.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
Man achte auf die letzte News!!!!
TFS Sets Date for Microdisplay Spin-Off
Wednesday August 27, 4:34 pm ET
Board Sets September 4, 2003 Record Date; Approves Stock Distribution Of Brillian Corporation, Effective September 15, 2003
TEMPE, Ariz., Aug. 27 /PRNewswire-FirstCall/ -- Three-Five Systems, Inc. (NYSE: TFS - News), today stated that the previously announced spin-off of its Microdisplay division will become effective September 15, 2003. When the spin-off is completed on that date, the Microdisplay division will operate as a separate company called Brillian Corporation.
ADVERTISEMENT
To effectuate the spin-off, the TFS Board of Directors has approved a pro rata distribution to TFS stockholders of all of the outstanding shares of common stock of Brillian Corporation. Each TFS stockholder of record at the close of business on September 4, 2003, will be entitled to receive .25 of a share of Brillian Corporation common stock for every one share of TFS common stock held on that date. Fractional shares of Brillian common stock will not be distributed. Instead, fractional shares will be aggregated and sold in the public market by the distribution agent. The aggregate net cash proceeds of these sales will be distributed to those TFS stockholders that would otherwise have received fractional shares.
TFS has obtained an Internal Revenue Service ruling confirming that the distribution will be tax-free to TFS stockholders under Section 355 of the Internal Revenue Code. When the spin-off is completed, Brillian Corporation will be an independent public company and TFS will not own any shares of that company. It is expected that Brillian Corporation common shares will trade on the Nasdaq National Market under the symbol "BRLC" following completion of the distribution.
Jack Saltich, President and CEO of TFS, said, "This spin-off is a rare opportunity for the shareholders of TFS to own stock in two very exciting, public companies. We expect that the spin-off will facilitate the growth of the microdisplay business, allow TFS` stockholders to participate directly in the growth potential of Brillian Corporation, and enable TFS to more quickly return to profitability. As previously announced, I will remain President and CEO of TFS. I will also serve as Chairman of the Board for Brillian Corporation, and Vincent Sollitto will serve as President and CEO. Together we will work to enhance each company`s growth opportunities and prospects."
After the spin-off, TFS and Brillian Corporation will each continue to maintain corporate headquarters in the Tempe, Arizona facility, which is owned by TFS and houses Brillian Corporation`s high-volume microdisplay manufacturing operations. Brillian will also maintain its Personal Display Systems Group in Boulder, Colorado.
About Brillian Corporation
Brillian Corporation will continue to focus on developing, manufacturing, and marketing innovative, high-performance, cost-effective microdisplay products and systems. These products address both existing and emerging markets, including rear-projection high-definition televisions, multi-media front projectors, and near-to-eye products, such as monocular or binocular headsets or viewers for industrial, medical, military, commercial, and consumer applications. Brillian`s LCoS(TM) microdisplay technology cost- effectively addresses the market demand for high image fidelity, high resolution, and power efficiency. As a separate company, Brillian will have greater freedom to innovate and independently explore and expand the most appropriate growth opportunities for that business. The separation will also benefit Brillian by enhancing opportunities for strategic alliances and partnerships with key customers, suppliers, and developers. Separate management and ownership will also provide incentives for Brillian`s management and ensure direct accountability to public investors.
About TFS
TFS is a recognized leader in providing end-to-end engineering, display solutions, and extended manufacturing services to original equipment manufacturers (OEMs). TFS has a global footprint, with operations in the United States, Europe and several locations in Asia offering engineering and electronic manufacturing services (EMS), with a special emphasis and expertise in display subsystems. TFS offers numerous monochrome and color display products, including, CRT, LCD, and OLED technologies, in custom, standard, and platform configurations. TFS also offers complete end-to-end extended manufacturing solutions, including new product introduction and high volume printed circuit board assembly, RF module assembly, and box build.
Three-Five Systems, Inc. and the TFS logo are trademarks or registered trademarks of TFS. LCoS and Brillian are trademarks or registered trademarks of Brillian. All other trademarks are the property of their respective owners.
Certain statements contained in this document may be deemed forward- looking statements under federal securities laws, and TFS and Brillian intend that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include all statements in the release using words like "estimate," "anticipate," "expect," and "plan," including the following: (1) the plans and related actions of TFS to complete the spin-off, (2) the business outlook for TFS and Brillian, including estimates of revenue growth, and time period for achieving breakeven or profitable status, (3) the expectation for Brillian to trade on the Nasdaq National Market, (4) the plans, prospects, and funding needs of Brillian, and (5) the belief that Brillian`s LCoS solution cost effectively addresses market demand and that the separation will enhance alliance and partnership opportunities and provide incentives for management. TFS and Brillian caution that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward- looking statements contained herein. Such factors include, but are not limited to: (a) changes in markets or demand, (b) the failure of LCoS microdisplay products to deliver acceptable performance, (c) other risks as identified from time to time in Three-Five Systems` and Brillian`s SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K, and (d) other risks as detailed in Brillian`s Form 10 and related documentation filed with the SEC in connection with the spin-off of Brillian.
--------------------------------------------------------------------------------
Source: Three-Five Systems, Inc.
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