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<SEC-DOCUMENT>0001157523-07-010594.txt : 20071101
<SEC-HEADER>0001157523-07-010594.hdr.sgml : 20071101
<ACCEPTANCE-DATETIME>20071101160938
ACCESSION NUMBER:		0001157523-07-010594
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071101
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071101
DATE AS OF CHANGE:		20071101

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MICROVISION INC
		CENTRAL INDEX KEY:			0000065770
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS, NEC [3679]
		IRS NUMBER:				911600822
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21221
		FILM NUMBER:		071207058

	BUSINESS ADDRESS:	
		STREET 1:		6222 185TH AVE NE
		CITY:			REDMOND
		STATE:			WA
		ZIP:			98052
		BUSINESS PHONE:		4254156847

	MAIL ADDRESS:	
		STREET 1:		6222 185TH AVE NE
		CITY:			REDMOND
		STATE:			WA
		ZIP:			98052
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5535165.txt
<DESCRIPTION>MICROVISION, INC. 8-K
<TEXT>
- --------------------------------------------------------------------------------

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                -----------------


                                    FORM 8-K

                                 CURRENT REPORT
                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): November 1, 2007

                                -----------------


                                MICROVISION, INC.
               (Exact Name of Registrant as Specified in Charter)

           Delaware                        0-21221              91-1600822
(State or Other Jurisdiction of   (Commission File Number)     (IRS Employer
        Incorporation)                                       Identification No.)

                              6222 185th Avenue NE
                            Redmond, Washington 98052
               (Address of Principal Executive Office) (Zip Code)

       Registrant's telephone number, including area code: (425) 936-6847

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c)  under the
     Exchange Act (17 CFR 240.13e-4(c))

- -------------------------------------------------------------------------------

<PAGE>





Item 2.02.    Results of Operations and Financial Condition.

The information in this Current Report is being furnished and shall not be
deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934, as amended, or otherwise subject to the liabilities of that Section. The
information in this Current Report shall not be incorporated by reference into
any registration statement or other document pursuant to the Securities Act of
1933, as amended.

On November 1, 2007, Microvision, Inc. issued a press release announcing its
financial results for the quarter ended September 30, 2007. A copy of the press
release is attached as Exhibit 99.1 and is incorporated herein by reference.


Item 9.01.  Financial Statements, Pro Forma Financial Information and Exhibits.

       (c)  Exhibits.

              99.1   Microvision, Inc. Press Release Announcing Financial
                     Results for the Quarter Ended September 30, 2007.




<PAGE>




                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                    MICROVISION, INC.


                                    By:        /s/ Thomas M. Walker
                                         ---------------------------------------
                                                   Thomas M. Walker
                                    Vice President, General Counsel & Secretary

Date:  November 1, 2007
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5535165ex99_1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1

                Microvision Announces Third Quarter 2007 Results

   Company Progresses on Key Strategic Milestones, Reduces Quarterly
                           Cash Burn by 17%

    REDMOND, Wash.--(BUSINESS WIRE)--Nov. 1, 2007--Microvision, Inc.
(NASDAQ:MVIS), a global leader in light scanning technologies, today
reported operating and financial results for the third quarter and
first nine months of 2007.

    "Our operating results for the third quarter and first nine months
of the year include reaching several important business, development
and financial milestones that we believe will move us closer to
commercialization of high volume consumer and automotive products
based on Microvision's proprietary projection display PicoP(TM)
technology," said Alexander Tokman, President and CEO of Microvision.

    "The latest contract with a world leading Asian consumer
electronics manufacturer is another example of progress on our
strategy to bring PicoP enabled solutions to market. This agreement
should allow us to leverage the extensive integration and
manufacturing capabilities of one of the world's largest suppliers of
mobile phones, digital cameras, and personal media players."

    Operating Results

    --  PicoP for Mobile Projection Applications. PicoP(TM) is an
        ultra miniature projection module being designed to produce
        full color, high-resolution images and be small and low power
        enough to be embedded directly into a mobile device.

        --  Announced an agreement with Motorola to develop pico
            projector display solutions for mobile applications using
            Microvision's PicoP display technology. The companies are
            initially working together to integrate the PicoP
            projector inside a functioning mobile device for
            demonstration purposes.

        --  Signed an agreement with an Asian Consumer Electronics
            Manufacturer to integrate Microvision's PicoP display
            engine into fully functional stand-alone projector
            prototypes. The prototypes are expected to be marketed to
            leading consumer electronics companies for private
            labeling and distribution for mobile applications.

    --  PicoP for Automotive Applications. Subsequent to the end of
        the quarter, delivered the first advanced PicoP based
        projection module for an Automotive Head-Up Display (HUD) to
        Visteon, a Tier 1 automotive supply partner of Microvision.
        Visteon plans to use the advanced HUD prototype samples to
        demonstrate the unique performance characteristics of
        Microvision's platform technology in order to secure
        automotive OEM customers.

    --  PicoP for Eyewear Applications. Delivered a demonstrator unit
        of an innovative eyewear optical system to the U.S. Air Force
        under the contract awarded by the United States Air Force
        Research Laboratory in 2006. This initial eyewear optical
        system is expected to serve as the foundation for a new
        generation of see-through, full color eyewear display products
        from Microvision.

    --  ROV(TM) Laser Bar Code Scanner. Subsequent to the end of third
        quarter, began commercial shipments of the ROV scanner. ROV,
        with its rich feature set, wide array of accessories, and
        powerful software, has been designed for a variety of mobility
        applications to address both simple business environments, and
        more demanding mobility environments such as construction,
        field services, transportation, professional services,
        hospitality, government, retail, manufacturing, and
        healthcare.

    --  Funding. Completed the call of the company's publicly traded
        warrants -- raising $34.1 million to fund operations without
        an increase in the fully diluted common shares outstanding.

    --  Industry Awards. Received 2007 North American Frost & Sullivan
        Award for Technology Innovation for business and design
        advancements of a bi-directional MEMS scanning mirror, a key
        component of the company's PicoP display engine.

    "In addition to the accomplishments listed above, we continued to
mature the PicoP technology and strengthen the supply chain for PicoP
components while lowering the cash burn from operating activities by
17% to $5.1 million for the quarter. We also added key business
development and strategic sourcing resources to increase the capacity
and depth of both functions. The entire Microvision team remains
focused on achieving the milestones we have communicated to our
customers, partners, and shareholders," concluded Tokman.

    Financial Results

    For the nine months ended September 30, 2007, the company reported
revenue of $7.5 million compared to $5.2 million for the same period
in 2006 and $2.6 million for the three months ended September 30, 2007
compared to $823,000 for the same period in 2006. As of September 30,
2007, the backlog totaled $5.7 million compared to $6.9 million at
September 30, 2006.

    The company reported an operating loss for the nine months ended
September 30, 2007 of $18.8 million compared to $21.1 million for the
same period in 2006 and $6.5 million for the three months ended
September 30, 2007 compared to $6.7 million for the same period in
2006.

    The company reported a net loss available to common shareholders
of $13.8 million for the nine months ended September 30, 2007 compared
to $18.6 million for the same period in 2006 and $4.7 million for the
three months ended September 30, 2007 compared to $7.7 million for the
same period in 2006. The net loss per share was $0.29 for the nine
months ended September 30, 2007 compared to $0.60 for the same period
in 2006 and $0.08 for the three months ended September 30, 2007
compared to $0.20 for the same period in 2006.

    Net cash used in operating activities was $5.1 million for the
three months ended September 30, 2007 compared to $6.1 million for the
same period in 2006. The company ended the quarter with $40.4 million
in cash, cash equivalents and investment securities.

    Conference Call

    Microvision will host a conference call to discuss its third
quarter 2007 financial and operating results at 4:30 p.m. ET on
November 1, 2007. Participants may join the conference call by dialing
866-203-3206 (for U.S. participants) or 617-213-8848 (for
International participants) ten minutes prior to the start of the
conference. The conference pass-code number is 68375632. Additionally,
the call will be broadcast over the Internet and can be accessed from
the Company's web site at www.microvision.com. The web cast and
information needed to access the telephone replay will be available
through the same link following the conference call.

    About Microvision: www.microvision.com

    Microvision provides a display technology platform designed to
enable next generation display and imaging products for pico
projectors, vehicles displays, and wearable displays that interface to
mobile devices. The company also manufactures and sells its bar code
scanner product line which features the company's proprietary MEMS
technology.

    Forward-Looking Statements Disclaimer

    Certain statements contained in this release, including those
relating to commercialization and future products, future product form
factor, product applications, as well as statements containing words
like "could," "should," "believe," "expects" and other similar
expressions, are forward-looking statements that involve a number of
risks and uncertainties. Factors that could cause actual results to
differ materially from those projected in the Company's
forward-looking statements include the following: our ability to raise
additional capital when needed; our financial and technical resources
relative to those of our competitors; our ability to keep up with
rapid technological change; our dependence on the defense industry and
a limited number of government development contracts; government
regulation of our technologies; our ability to enforce our
intellectual property rights and protect our proprietary technologies;
the ability to obtain additional contract awards; the timing of
commercial product launches and delays in product development; the
ability to achieve key technical milestones in key products;
dependence on third parties to develop, manufacture, sell and market
our products; potential product liability claims and other risk
factors identified from time to time in the Company's SEC reports,
including the Company's Annual Report on Form 10-K filed with the SEC.
Except as expressly required by the federal securities laws, we
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, changes in circumstances or any other reason.

                          Microvision, Inc.

                            Balance Sheet
                            (In thousands)
                             (Unaudited)
                                           September 30,  December 31,
                                               2007           2006
                                           -------------  ------------

Assets
Current Assets
   Cash and cash equivalents                $   18,484    $    14,552
   Investment securities, available-for-
    sale                                        21,940              -
   Accounts receivable, net of allowances          842          1,166
   Costs and estimated earnings in excess
    of billings on uncompleted contracts         1,261            565
   Inventory                                     1,024          1,043
   Current restricted investments in
    Lumera                                           -         10,693
   Other current assets                          1,362          1,986
                                           -------------  ------------
      Total current assets                      44,913         30,005

Property and equipment, net                      4,124          4,011
Restricted investments                           1,329          1,268
Other assets                                        49             41
                                           -------------  ------------
     Total assets                           $   50,415    $    35,325
                                           =============  ============


Liabilities and Shareholders' Equity
Current Liabilities
   Accounts payable                         $    1,914    $     1,785
   Accrued liabilities                           3,063          3,698
   Billings in excess of costs and
    estimated earnings on uncompleted
    contracts                                      309            200
   Liability associated with common stock
    warrants                                     4,065          2,572
   Liability associated with embedded
    derivative feature                               -             68
   Current portion of notes payable                  -          2,418
   Current portion of capital lease
    obligations                                     45             45
   Current portion of long-term debt                63             59
                                           -------------  ------------
        Total current liabilities                9,459         10,845

Capital lease obligations, net of current
 portion                                            98            132
Long-term debt, net of current portion             409            457
Deferred rent, net of current portion            1,799          2,027
                                           -------------  ------------
        Total liabilities                       11,765         13,461
                                           -------------  ------------

Commitments and contingencies

Shareholders' Equity
    Common stock at par value                       57             43
    Additional paid-in capital                 291,713        253,086
    Receivables from related parties, net            -           (250)
    Accumulated other comprehensive income         279          8,619
    Accumulated deficit                       (253,399)      (239,634)
                                           -------------  ------------
      Total shareholders' equity                38,650         21,864
                                           -------------  ------------
Total liabilities and shareholders' equity  $   50,415    $    35,325
                                           =============  ============


                          Microvision, Inc.

                       Statement of Operations
            (In thousands, except earnings per share data)
                             (Unaudited)

                                Three months ended Nine months ended
                                   September 30,      September 30,
                                --------------------------------------
                                    2007     2006      2007      2006
                                --------- -------- --------- ---------


Contract revenue                $  2,301  $   541  $  6,422  $  3,657
Product revenue                      298      282     1,074     1,544
                                --------- -------- --------- ---------
     Total revenue                 2,599      823     7,496     5,201
                                --------- -------- --------- ---------

Cost of contract revenue           1,349      343     3,576     2,493
Cost of product revenue              404      675     1,134     3,650
                                --------- -------- --------- ---------
Total cost of revenue              1,753    1,018     4,710     6,143
                                --------- -------- --------- ---------

   Gross margin                      846     (195)    2,786      (942)
                                --------- -------- --------- ---------

Research and development
 expense                           3,694    2,855    10,247     7,316
Sales, marketing, general and
 administrative expense            3,691    3,652    11,328    13,066
Gain on disposal of fixed
 assets                                -        -         -      (198)
                                --------- -------- --------- ---------
     Total operating expenses      7,385    6,507    21,575    20,184
                                --------- -------- --------- ---------

Loss from operations              (6,539)  (6,702)  (18,789)  (21,126)

Interest income                      526      236       860       484
Interest expense                     (14)  (1,346)     (499)   (4,804)
Gain (loss) on derivative
 instruments, net                    883      125    (1,709)    3,179
Other expense                         (8)      (5)      (25)      (16)
                                --------- -------- --------- ---------

Net loss before Lumera
 transactions                     (5,152)  (7,692)  (20,162)  (22,283)

Equity in losses of Lumera             -        -         -      (290)
Gain on sale of investment in
 Lumera                              434        -     6,397     7,270
                                --------- -------- --------- ---------

Net loss                          (4,718)  (7,692)  (13,765)  (15,303)

Stated dividend on mandatorily
 redeemable convertible
 preferred stock                       -        -         -       (59)
Accretion to par value of
 preferred stock                       -        -         -      (138)
Inducement for conversion of
 preferred stock                       -        -         -    (3,076)
                                --------- -------- --------- ---------

Net loss available for common
 shareholders                   $ (4,718) $(7,692) $(13,765) $(18,576)
                                ========= ======== ========= =========

Net loss per share - basic and
 diluted                        $  (0.08) $ (0.20) $  (0.29) $  (0.60)
                                ========= ======== ========= =========

Weighted-average shares
 outstanding - basic and
 diluted                          56,236   38,437    47,683    30,997
                                ========= ======== ========= =========

    CONTACT: Microvision, Inc.
             Tiffany Bradford, 425-936-6847 (investors)
             Matt Nichols, 425-882-6657 (media)
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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