Kopin Shares Fall 14% Premarket After Extended Holiday Production Shut Down

Dow Jones03-15

By Will Feuer

Kopin's shares fell before the market opened Friday after the optical-component manufacturer said an extended production pause weighed on revenue in the fourth quarter.

The stock slipped almost 14% to $1.89 in premarket trading. Through Thursday, shares were up 119% from a year earlier.

Chief Executive Michael Murray said Thursday evening that the company extended a planned holiday production pause to improve production flow for long-term profitability ahead of an anticipated ramp-up this year.

He said the company cleaned its manufacturing facilities during the pause and introduced new automation equipment.

The break weighed on revenue, which fell nearly 30% to $8.6 million in the quarter. Analysts surveyed by FactSet expected $9 million.

For 2024, Murray said the company has a strong order book and some new contracts. He said the company increased its order cover for the year through price increases on certain programs.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

March 15, 2024 07:02 ET (11:02 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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