WIXOM, Mich., Aug. 14 /PRNewswire-FirstCall/ -- Integral Vision, Inc. , a leading global supplier of automated display inspection technology, today announced financial results for its second quarter ended June 30, 2007.
HIGHLIGHTS - SECOND FISCAL QUARTER ENDED JUNE 30, 2007
- Introduced the LumenEye(TM) photometric light measurement system for
Liquid Crystal Display (LCD) inspection. Integral Vision has developed
a strong network of partners in all key Asian countries - Japan, Korea
and Taiwan - that have substantial experience in selling and supporting
products to the FPD manufacturers.
- Announced receipt of first order for image retention analysis
(LumenEye) from a Korean display manufacturer.
- Received additional orders from a MEMS display manufacturer that is
starting production for its first customer.
- Received an order from a large Korean company for analysis of AMOLED
displays.
- Received orders from two new customers, one of which is for LCD
production inspection, and the other for MEMS displays.
OPERATING RESULTS FOR THE SECOND QUARTER OF FISCAL 2007 ENDED JUNE 30, 2007
Revenue for the second quarter of fiscal 2007 was $94,000, compared to first quarter of fiscal 2007 revenue of $316,000 and second quarter fiscal 2006 revenue of $338,000. The Company noted that shipments for the second quarter increased over shipments for the prior quarter. Charles J. Drake, chairman and CEO of Integral Vision, said, "Much of the value of the second quarter's shipments is in deferred revenue, which is largely due to a timing issue. Based on the terms of an order, a portion of the value was recognized or invoiced in July." Drake added, "While revenues for the second quarter declined, we fully anticipate that third quarter fiscal 2007 revenues will not only return to levels previously seen this fiscal year, but will exceed them."
Net loss for the second quarter of fiscal 2007 was $866,000, or $0.03 loss per share, compared to net loss for the first quarter of fiscal 2007 of $747,000, or $0.03 loss per share, and compared to a net loss for the second quarter of fiscal 2006 of $762,000, or $0.03 loss per share.
Drake commented on the Company's prospects, "Activity continues to improve, and in the near future we expect to see significant opportunities for orders of our inspection systems from many of the companies we have been working with for a number of years. In particular, the companies that have significant investments in the emerging display technologies of OLED and MEMS devices present considerable opportunity.
"It is also significant to note that we have recently introduced the LumenEye, a new product for LCD inspection. The system will be sold and fully supported by our representatives in Korea, Taiwan, and Japan, all of whom have a large and experienced organization with specific expertise selling into the display industry. The market for these systems is substantial and well suited to our sales and support network." Drake concluded, "Our confidence in the future prospects of the Company has never been stronger."
TO ACCESS THE LIVE CONFERENCE CALL
Integral Vision will host a live conference call at 4:30 p.m. (ET) on Tuesday, August 14, 2007. To access the conference call, please call 303-205-0055 or 866-249-6463 approximately 5 to 10 minutes prior to the scheduled start time.
TO ACCESS A REPLAY OF THE CONFERENCE CALL
If you are unable to listen to the live conference call, it will be archived for replay. Shortly after the call, a telephonic replay will be available through August 16, 2007, by dialing 303-590-3000 or 800-405-2236. The confirmation code 11094737 is required for the telephonic replay.
COMPANY'S INVESTOR E-MAIL LIST
To be added to Integral Visions investor email list, please contact Laura Guerrant of Guerrant Associates at lguerrant@guerrantir.com.
ABOUT INTEGRAL VISION
Integral Vision, Inc. , an ISO 9001 registered firm, offers display inspection technology that provides analysis of functional and cosmetic defects in the display to assure quality in the manufacturing process as well as verification of the final product. Integral Vision has been inspecting displays since 1992 and is an industry leader committed to providing automated solutions to the quality issues Microdisplay, OLED and LCD manufacturers face in today's competitive marketplace. A transcript of a recent interview by our CEO, which gives an overview of the Company, can be found at: http://www.iv-usa.com/financials/Integral.pdf. More information can be found at Website: www.iv-usa.com.
"SAFE-HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such factors and uncertainties include, but are not limited to: competitive conditions in the Company's markets and the effect of competitive products and pricing; technological development by the Company, its customers and its competition; the Company's available cash and access to debt and equity financing; and general economic conditions and conditions in the specific industries in which the company has significant customers. As a result, the Company's results may fluctuate. Additional information concerning risk factors that could cause actual results to differ materially from those projected in the forward-looking statements are contained in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's best estimates as of the date of this press release. The Company assumes no obligation to update such estimates except as required by the rules and regulations of the Securities and Exchange Commission.
FINANCIAL INFORMATION
The summary financial information contained in this press release, including the following information in tabular form, should be read in conjunction with the more detailed information contained in the Company's Form 10-QSB filed with the Securities and Exchange Commission on August 14, 2007, and the Company's Annual Report on Form 10-KSB filed with the Securities and Exchange Commission on March 19, 2007.
-Tables follow-
Balance Sheet
Integral Vision, Inc.
June 30, 2007
(unaudited)
(in thousands)
Assets
Current assets
Cash $59
Accounts receivable 137
Inventories 531
Other current assets 50
Total current assets 777
Property and equipment
Building improvements 4
Production and engineering
equipment 234
Furniture and fixtures 80
Computer equipment 189
Marketing/demonstration equipment 161
668
Less accumulated depreciation (402)
Net property and equipment 266
Other assets - net of accumulated
amortization of $1,483,000 33
$1,076
Liabilities and Stockholders' Deficit
Current liabilities
Notes payable $2,227
Accounts payable 160
Accrued compensation and related
costs 307
Accrued interest 113
Other accrued liabilities 69
Deferred revenue for product sales 183
Total current liabilities 3,059
Long-term debt -
Total liabilities3,059
Stockholders' deficit
Preferred stock, 400,000 shares
authorized; none issued -
Common stock, without par value,
stated value $.20 per share;
41,000,000 shares authorized;
29,491,409 shares issued and
outstanding 5,902
Additional paid-in capital 39,342
Accumulated deficit (47,227)
Total stockholders' deficit (1,983)
$1,076
Statements of Operations
Integral Vision, Inc.
Three Months Ended June 30,
2007 2006
(Unaudited)
Revenues: (In thousands, except per share data)
Net product sales $94 $290
Net revenue from product development
agreements - 48
Total net revenues 94 338
Costs of sales:
Costs of sales for products 81 151
Cost of sales for product development
agreements - 51
Depreciation and amortization 4 23
Total costs of sales 85 225
Gross margin (loss) 9 113
Other costs and expenses:
Marketing 163 194
General and administrative - net 361 355
Engineering and development - net 264 330
Total other costs and expenses 788 879
Operating loss (779) (766)
Other income - (1)
Interest income - 13
Interest expense (87)(8)
Net loss $(866) $(762)
Basic and diluted loss per share:
Net loss $(0.03) $(0.03)
Weighted average number of shares of
common stock and common stock
equivalents, where applicable 29,511 29,491
Statements of Operations
Integral Vision, Inc.
Six Months Ended June 30,
2007 2006
(Unaudited)
Revenues: (In thousands, except per share data)
Net product sales $410 $305
Net revenue from product development
agreements - 102
Total net revenues 410 407
Costs of sales:
Costs of sales for products 336 199
Cost of sales for product development
agreements -104
Depreciation and amortization 10 44
Total costs of sales 346 347
Gross margin (loss) 64 60
Other costs and expenses:
Marketing 312 326
General and administrative - net 679 667
Engineering and development - net 580 657
Total other costs and expenses 1,571 1,650
Operating loss (1,507) (1,590)
Other income 5 10
Interest income - 35
Interest expense (111) (15)
Net loss $(1,613) $(1,560)
Basic and diluted loss per share:
Net loss $(0.05) $(0.05)
Weighted average number of shares of
common stock and common stock
equivalents, where applicable 29,509 29,491
Integral Vision, Inc.