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<SEC-DOCUMENT>0001157523-07-002387.txt : 20070306
<SEC-HEADER>0001157523-07-002387.hdr.sgml : 20070306
<ACCEPTANCE-DATETIME>20070306080521
ACCESSION NUMBER:		0001157523-07-002387
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070306
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070306
DATE AS OF CHANGE:		20070306

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KOPIN CORP
		CENTRAL INDEX KEY:			0000771266
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				042833935
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19882
		FILM NUMBER:		07673312

	BUSINESS ADDRESS:	
		STREET 1:		695 MYLES STANDISH BLVD
		CITY:			TAUNTON
		STATE:			MA
		ZIP:			02780
		BUSINESS PHONE:		5088246696
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5348649.txt
<DESCRIPTION>KOPIN CORP. 8-K
<TEXT>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON DC 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) March 6, 2007

                                KOPIN CORPORATION
                                -----------------
             (Exact Name of Registrant as Specified in its Charter)


DELAWARE                            000-19882                         04-2833935
- --------------------------------------------------------------------------------
(State or Other Jurisdiction       (Commission                     (IRS Employer
of Incorporation)                  File Number)              Identification No.)


                  200 John Hancock Road, Taunton, MA       02780
- --------------------------------------------------------------------------------
               (Address of Principal Executive Offices)  (Zip Code)


        Registrant's telephone number, including area code (508) 824-6696
                                                           --------------

Check the appropriate box below if the Form 8-K filing is intended to 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.
           ---------------------------------------------

     Kopin Corporation issued a press release on March 6, 2007, a copy of which
is attached as Exhibit 99.1 to this report and incorporated herein by this
reference, in which it announced financial results for the quarter ended
December 30, 2006 that are preliminary pending the completion of a previously
announced independent review of past stock option grant practices and the filing
of the company's Form 10-K for the year ended December 30, 2006. This
information shall not be deemed to be "filed" for the purposes of Section 18 of
the Securities Exchange Act of 1934, as amended, and shall not be deemed to be
incorporated by reference in any filing under the Securities Act of 1933, as
amended.


Item 9.01. Financial Statements and Exhibits.
           ---------------------------------

(d)    Exhibits.
       --------

           99.1  Kopin Corporation Press Release, dated March 6, 2007


<PAGE>


                                    SIGNATURE

     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.

                                       KOPIN CORPORATION


Dated: March 6, 2007                   By: /s/ Richard A. Sneider
                                           -------------------------------
                                           Richard A. Sneider
                                           Treasurer and Chief Financial Officer
                                           (Principal Financial and Accounting
                                           Officer)
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5348649ex99-1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1

Kopin Corporation Reports Preliminary Financial Results for the Fourth
                      Quarter and Full Year 2006

   Company Poised for Growth with Revenue Guidance of $80 Million to
                              $90 Million


    TAUNTON, Mass.--(BUSINESS WIRE)--March 6, 2007--Kopin Corporation
(NASDAQ: KOPN) today announced preliminary financial results for the
fourth quarter and year ended December 30, 2006. The Company's results
are preliminary pending the completion of a previously announced
independent review of past stock option grant practices. The financial
results reported today do not take into account adjustments that may
be required in connection with the completion of this review, and
should be considered preliminary until Kopin files its Form 10-K for
the year ended December 30, 2006.

    Fourth-Quarter 2006 Summary:

    --  Total revenue of $17.9 million, compared with the Company's
        guidance of $17.5 million to $19.0 million. Kopin reported
        total revenue of $24.9 million in the fourth quarter of 2005
        and $15.6 million in the third quarter of 2006.

    --  CyberDisplay revenue of $8.9 million, compared with $11.4
        million for the same period in 2005 and $5.6 million in the
        third quarter of 2006.

    --  III-V revenue of $9.0 million versus $13.5 million in the
        fourth quarter of 2005 and $10.0 million in the third quarter
        of 2006.

    --  Cash, cash equivalents and marketable securities at December
        30, 2006 of $105.4 million, compared with a balance at
        year-end 2005 of $119.8 million.

    CyberDisplay Products

    "Our CyberDisplay revenue rebounded in the fourth quarter, sparked
by strong military shipments of our ruggedized display modules for the
U.S. Army's Thermal Weapons Sight (TWS-II) program," said Dr. John
C.C. Fan, Kopin's president and chief executive officer. "As we
announced in January 2007, our production volume has ramped to more
than 1,000 systems per month to each of our TWS-II program customers.
The momentum helped to drive a 57% sequential increase in CyberDisplay
sales, pushing military revenue to approximately 16% of total revenue
for the year. TWS-II is just one of a significant number of military
programs that represent potential opportunities for our CyberDisplay
products.

    "On the consumer side of our display business, a number of large
companies are in various stages of introducing products that
incorporate our CyberDisplay products for a wide range of consumer
applications, including video eyewear, digital cameras and toys," Dr.
Fan said. "The excitement and enthusiasm over our displays has only
increased since toy manufacturer Wild Planet, Inc. captured a major
Toy Industry Association award for its CyberDisplay-equipped Spy Video
Car. We expect to see increasing demand for our display products
within the military and consumer segments in 2007, and we are on track
to install our 8-inch wafer production line by the middle of this year
to accommodate our anticipated growth.

    III-V Products

    "We believe III-V revenue declined slightly on a sequential basis
as a result of an inventory correction in the market. Although we saw
some lingering effects of this correction in January, we expect the
year-over-year growth trend in this business to continue in 2007," Dr.
Fan said. "We begin the new year with a strong tailwind of demand as
our wireless circuit partners shift to our newest generation of InGaP
(indium gallium phosphide) HBT structures for advanced wireless
handsets.

    "We are on schedule to increase HBT capacity by 50% over 2006
levels by qualifying our Taiwanese OEM and installing additional
production tools at one of our Taunton, Massachusetts facilities," Dr.
Fan said. "Some of our Taiwanese OEM's systems already have been
qualified. In Taunton, we have taken delivery of three new AIXTRON
'Integrated Concept Platform' tools, the most advanced metal organic
chemical vapor deposition production system available in terms of
capacity and flexibility."

    Twelve-month Summary

    For the 12 months of 2006, Kopin repurchased 1.7 million shares of
its common stock for approximately $6.9 million. Since the inception
of the stock buyback program, Kopin has repurchased stock for $14.3
million of the $15 million authorized. As a result of the stock option
review, Kopin's stock buyback program has been suspended until the
Company is current with all of its regulatory filings. Capital
expenditures for 2006 were $7.9 million. The Company ended 2006 with
approximately $105 million in cash, cash equivalents and marketable
securities and no long-term debt.

    For the 12 months ended December 30, 2006, total revenue was $71.1
million, compared with $90.3 million for the same period in 2005.
Revenue from III-V products was $43.9 million, compared with $42.7
million in the same period of 2005. CyberDisplay revenues totaled
$27.2 million for the full year of 2006, compared with $47.6 million
in the year-earlier period.

    The decline in CyberDisplay sales in 2006 was a result of the
Company's decision to exit the low end camcorder business as well as a
delay in the ramp of military systems integrating the Company's
products. "Although we were frustrated by the slow military
qualification process in 2006, it is important to remember that this
same process creates a high barrier to entry for other companies, and
thus is a competitive advantage for Kopin," Dr. Fan said.

    "In 2006, our HBT continued its industry leading performance, we
added Kodak to an impressive list of display customers, and introduced
our display in toys, an entirely new market segment for us. On the
technology front, we made significant progress not just in introducing
new products and improving their performance but in our manufacturing
processes. For our most important asset - our employees - we added
experienced people in HBT sales, engineering and quality control. In
the display group, we also added new personnel, including a vice
president of worldwide operations, a new position, to enhance our
processes for anticipated growth," Dr. Fan said. "We continued to
implement our strategy to be the number one performer in our market
segments."

    Business Outlook

    "We are beginning 2007 with solid momentum and our outlook for the
year is favorable," said Dr. Fan. "We have established a number of
milestones for the coming months, including the expansion of our III-V
production capacity and the addition of our 8-inch line to our
CyberDisplay business for next-generation products. We continue to
offer superior III-V products that provide new advanced wireless
transistor structures. In addition, we have identified a number of
display opportunities in the military and consumer segments. In
military, we are increasing the level of integration offered to our
customers. On the digital still camera front, our participation in
this segment provides numerous long-term benefits such as volume
production and partnering with leading camera companies with the goal
of eventually designing our high resolution displays for the world's
most sophisticated cameras of tomorrow. We are also anticipating a
significant increase in demand for video eyewear products.

    "In both our III-V and CyberDisplay businesses, our people,
technology and customer relationships give Kopin a distinct
competitive advantage," Dr. Fan said. "Based on the current business
environment, we anticipate revenue to be between $80 million and $90
million for full-year 2007 with the growth rate accelerating in the
second half of the year."

    Fourth-Quarter Conference Call

    Kopin will host a conference call at 10:00 a.m. ET today, March 6,
2007, to discuss its preliminary fourth-quarter financial results. To
participate in the call, please dial (888) 202-2422 or (913) 981-5592
five minutes prior to the call. The call will be available live and in
an archived format on the investor relations section of the Company's
Web site, www.kopin.com.

    About Kopin

    Kopin Corporation produces lightweight, power-efficient,
ultra-small liquid crystal displays and heterojunction bipolar
transistors (HBTs) that are revolutionizing the way people around the
world see, hear and communicate. Kopin has shipped more than 20
million displays for a range of consumer and military applications
including digital cameras, personal video eyewear, camcorders, thermal
weapon sights and night vision systems. The Company's unique HBTs,
which help to enhance battery life, talk time and signal clarity, have
been integrated into billions of wireless handsets as well as into
WiFi, VoIP and high-speed Internet data transmission systems. Kopin's
proprietary display and HBT technologies are protected by more than
200 global patents and patents pending. For more information, please
visit Kopin's website at www.kopin.com.

    CyberDisplay and The NanoSemiconductor Company are trademarks of
Kopin Corporation.

               Kopin - The NanoSemiconductor Company(TM)

    Safe Harbor Statement

    Statements in this news release may be considered
"forward-looking" statements under the "Safe Harbor" provisions of the
Private Securities Litigation Reform Act of 1995. These include
statements relating to: potential new opportunities for the Company's
CyberDisplay products; Kopin's expectation of increasing demand for
its display products within the military and consumer segments in
2007; the Company's plan to install an 8-inch wafer production line by
the middle of 2007 to accommodate anticipated growth; the expectation
that the year-over-year growth trend in Kopin's III-V business will
continue in 2007; and the Company's outlook for revenue of $80 million
to $90 million for full-year 2007 with the growth rate accelerating in
the second half of the year. These statements involve a number of
risks and uncertainties that could materially affect future results.
These risk factors include, but are not limited to: technical,
manufacturing, marketing or other issues that may prevent either the
adoption or rapid acceptance of products; competitive products and
pricing; the risk that new product initiatives and other research and
development efforts may not be successful; the loss of significant
customers; the potential that costs to produce the Company's
microdisplay and HBT products will increase significantly, or that
yields will decline; the potential that military programs involving
Kopin's products will be delayed or cancelled; the potential that the
Company's military and commercial customers might be unable to ramp
production volumes of their products; market acceptance of video
eyewear, digital still cameras, toys, military systems, cellular
phones or other products in which Kopin's products are integrated;
manufacturing delays, technical issues, economic conditions or
external factors that may prevent the Company from achieving its
financial guidance; the potential consequences surrounding any
findings relating to the special committee's ongoing internal review;
uncertainty of results of pending civil litigation related to Kopin's
stock option grant practices; the potential for further delays related
to the Company's regulatory filings and other risk factors and
cautionary statements listed in the Company's periodic reports and
registration statements filed with the Securities and Exchange
Commission. These include, but are not limited to, the Company's Form
10-Q for the six-month period ended July 1, 2006 and its Annual Report
on Form 10-K for the year ended December 31, 2005.

    CONTACT: Kopin Corporation
             Richard Sneider, 508-824-6696
             Chief Financial Officer
             rsneider@kopin.com
             or
             Sharon Merrill Associates, Inc.
             Scott Solomon, 617-542-5300
             Vice President
             ssolomon@investorrelations.com
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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