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Integral Vision, Inc. Announces Year End 2009 Results

Wed, 03/31/2010 - 12:30pm
The Associated Press

Integral Vision, Inc. (OTCBB: INVI), a leading global supplier of automated display inspection technology, today announced financial results for its fiscal year ending December 31, 2009.

Business Highlights

-- Integral Vision experienced increased sales activity in 2009 and

achieved a 71% increase in revenues over those in 2008. -- The Company increased its gross margin percentage from 42 percent

in 2008 to 50 percent in 2009, and expects further margin improvement

in 2010. -- Integral Vision is gaining considerable traction with its SharpEye

inspection system used for Emerging Display Technologies. In 2010,

MEMS Technologies (Micro Electro-Mechanical Systems), and e-paper are

forecast to experience significant production increases over that of

2009. This trend is associated with expected growth in sales of smart

phones, e-readers, and tablets. -- The Company has delivered several SharpEye inspection systems to LCD

manufacturers in the current 2010 calendar year. Interest in AOI

(Automated Optical Inspection) is very high with LCD manufacturers due

to the need for better quality displays. This need is driven by

increased content of information and video displayed on smaller

displays.

"We enter 2010 with confidence that this year will be much improved over 2009," said Charles J. Drake, chairman and CEO of Integral Vision, Inc. "We expect revenues will be generated from Emerging Display Technologies and from traditional LCD manufacturers. In addition, we expect to see our gross margin increase again from the 50% we experienced in 2009. Comprehensive inspection of all types of displays seems to be a priority to display manufacturers. Yield management is now a priority for all display types. We have the ability to manufacture our product in Asia, and we have sales potential in Taiwan, Korea, China, and Japan."

2009 Year-End Financial Results

Total revenue for fiscal 2009 increased to $1,754,000 from $1,027,000 for fiscal 2008. The company lost $2.76 million, or $0.09 per share, in 2009 compared with a loss of $10.7 million, or $0.36 per share, in 2008. The company's loss in 2009 consisted of an operating loss of $1,926,000 and other expenses of $835,000.

CONFERENCE CALL

Integral Vision will host its usual conference call at the end of April and will announce the date and time of the call within the next few weeks.

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 (mailto:lguerrant@guerrantir.com) .

ABOUT INTEGRAL VISION

Integral Vision, Inc. (OTCBB: INVI), 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. More information can be found at Website: www.iv-usa.com (http://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 Annual Report on Form 10-KSB filed with the Securities and Exchange Commission on March 31, 2010.

-Tables follow-

Balance Sheet

Integral Vision, Inc.

(in thousands) Assets Current assets

Cash $ 28

Accounts receivable 50

Inventories 190

Other current assets 98

-------------- Total current assets 366 Property and equipment

Building improvements 4

Production and engineering equipment 354

Furniture and fixtures 80

Computer equipment 193

Marketing/demonstration equipment 139

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

770

Less accumulated depreciation 580

-------------- Net property and equipment 190 Other assets - net of accumulated amortization of

$1,559,000 61

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

61

-------------- Total assets $ 617

Liabilities and Stockholders' Deficit Current liabilities Notes payable $ 7,377

Accounts payable 114

Customer deposits 249

Accrued compensation and related costs 276

Accrued interest 774

Accrued product warranty 108

Other accrued liabilities 95

Deferred revenue 72

-------------- Total liabilities (all current) 9,065 Stockholders' deficit

Preferred stock, 400,000 shares authorized; none issued -

Common stock, without par value, stated value $.20 per

share; 90,000,000 shares authorized; 30,866,409 shares

issued and outstanding 6,173

Additional paid-in capital 47,528

Accumulated deficit (62,149)

-------------- Total stockholders' deficit (8,448)

-------------- Total liabilities and stockholders' deficit $ 617

Statements of Operations

Integral Vision, Inc.

Year Ended

December 31,

2009 2008

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

(In thousands, Revenues: except per share data)

Net product sales $ 1,754 $ 1,002

Net revenue from product development agreements - 25

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

Total net revenues 1,754 1,027 Costs of sales:

Costs of sales for products 850 573

Depreciation and amortization 21 17

--------- --------- Total costs of sales 871 590

--------- --------- Gross margin 883 437 Other costs and expenses:

Marketing 487 673

General and administrative - net 1,383 1,713

Engineering and development - net 939 1,032

--------- --------- Total other costs and expenses 2,809 3,418

--------- --------- Operating loss (1,926) (2,981) Other income (3) 29 Interest expense (814) (921) Extinguishment loss from modifications and exchange

of debt instruments (18) (2,644) Modification and issuance of warrants to PIPE Equity

Investors - (4,217) Foreign currency translation gain - 1

--------- --------- Loss from operations before income taxes (2,761) (10,733) Income taxes - -

--------- --------- Net loss $ (2,761) $ (10,733)

Basic and diluted loss per share:

Net loss $ (0.09) $ (0.36)

Weighted average number of shares outstanding of common stock and common stock equivalents, where

applicable 30,268 29,566

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