2008-08-14 15:05:00
Net Revenues and Gross Margins Improve Sequentially and Year-Over-Year
WIXOM, Mich., Aug. 14 /EMWNews/ -- Integral Vision, Inc.
(OTC Bulletin Board: INVI), a leading global supplier of automated display
inspection technology, today announced financial results for the second
quarter ending June 30, 2008.
Second Quarter 2008 Business Highlights
-- Integral Vision's largest customer has completed test specifications
for their new Taiwan plant. The Company has completed quotations
based on these specifications, and orders are expected before the end
of the third quarter. The planned production of MEMS displays in
this facility is anticipated to be very significant for Integral
Vision. The Company noted that shipments are expected to begin
before the end of this year, and production is expected to continue
increasing for several years.
-- A major computer manufacturer has specified Integral Vision's
SharpEye(TM) system to all of its LCD panel suppliers. A deadline
has been given to these suppliers that requires installation of the
Company's systems before the end of 2008.
-- Integral Vision has shipped its first e-paper inspection system, and
additional system orders from this customer are expected. In
addition, the Company has had considerable interest from other
e-paper manufacturers.
Second Quarter 2008 Financial Highlights
-- Net revenues for the second quarter of 2008 were $470,000. This
represents an increase of $461,000 over first quarter 2008, and an
increase of $376,000 over second quarter 2007.
-- Second quarter gross margin of 53 percent substantially improved on
both a sequential and year-over-year basis.
-- The resulting second quarter loss of $649,000 decreased $197,000 from
the first quarter of 2008, and $217,000 from the second quarter of
2007.
Charles J. Drake, Chairman and CEO of Integral Vision, Inc., commented,
"Our improved financial results for the quarter reflect significant sales
penetration with both LCD manufacturers and emerging technology display
customers. Our confidence that 2008 will be a breakout year for the Company
remains high. Interest is strong in our technology and product offerings.
Bookings and quote activity have substantially accelerated and we expect
that shipments will continue to be significantly stronger as the year
progresses."
Drake concluded, "Over the next several years, we expect a continuous
ramping up of sales due to the new supplier inspection requirements imposed
on display manufacturers by our computer manufacturing customer; and the
emergence of new display technologies, in particular MEMS, e-paper and OLED
displays, all of which constitute growth markets."
TO ACCESS THE LIVE CONFERENCE CALL
Integral Vision will host a live conference call at 4:30 p.m. (ET) on
Thursday, August 14, 2008. To access the conference call, please call
303-262-2138 or 800-240-4186 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 Saturday, August 16, 2008, by dialing 303-590-3000 or
800-405-2236. The confirmation code 11117895 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-Oiye of Guerrant Associates [email protected].
ABOUT INTEGRAL VISION
Integral Vision, Inc. (OTC Bulletin Board: INVI), 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. More information can be found at Website: 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
Form 10-Q filed with the Securities and Exchange Commission on August 14,
2008, and Company's Annual Report on Form 10-KSB filed with the Securities
and Exchange Commission on March 31, 2008.
-Tables follow-
Balance Sheet
Integral Vision, Inc.
June 30, 2008
June 30, December 31,
2008 2007
(Unaudited)
(in thousands)
Assets
Current assets:
Cash $86 $11
Accounts receivable 139 75
Inventories - Note B 379 265
Other 64 97
Total current assets 668 448
Property and equipment:
Building Improvements 4 4
Production and engineering equipment 234 234
Furniture and fixtures 80 80
Computer equipment 188 190
Marketing/demonstration equipment 139 139
645 647
Less accumulated depreciation (462) (431)
Net property and equipment 183 216
Other assets - net of accumulated
amortization of $1,499,000
($1,493,000 for 2007) 57 34
$908 $698
Liabilities and Stockholders'
Deficit:
Current liabilities:
Notes payable $4,437 $3,342
Accounts payable 84 75
Customer deposits 270 -
Accrued compensation and related costs 297 298
Accrued interest 416 196
Accrued product warranty 83 82
Other accrued liabilities 64 40
Total current liabilities 5,651 4,033
Long-term debt - -
Total liabilities 5,651 4,033
Stockholders' deficit:
Preferred stock, 400,000 shares
authorized; none issued - -
Common stock, without par value,
stated value $.20
per share; 70,000,000 shares
authorized; 29,566,409 shares
issued and outstanding 5,913 5,913
Additional paid-in capital 39,494 39,407
Accumulated deficit (50,150) (48,655)
Total stockholders' deficit (4,743) (3,335)
$908 $698
Statements of Operations
Integral Vision, Inc.
(in thousands, except per share data)
(unaudited)
Six Months
Quarter Ended Ended
June 30, March 31, June 30, June 30, June 30,
2008 2008 2007 2008 2007
Revenue:
Net product sales $445 $9 $94 $455 $410
Net revenue from product
development agreements 25 - - 25 -
Total revenues (See Note-B) 470 9 94 480 410
Costs of sales:
Costs of sales for products 215 43 81 259 336
Depreciation and amortization 4 4 4 8 10
Total costs of sales 219 47 85 267 346
Gross margin 251 (38) 9 213 64
Other costs and expenses:
Marketing 191 148 163 339 312
General and administrative
- net 340 332 361 672 679
Engineering and development
- net 228 232 264 460 580
Total other costs and expenses 759 712 788 1,471 1,571
Operating loss (508) (750) (779) (1,258) (1,507)
Other income 1 (2) - - 5
Interest expense (142) (94) (87) (237) (111)
Net loss $(649) $(846) $(866) $(1,495) $(1,613)
Basic and diluted loss per
share:
Net loss $(0.02) $(0.03) $(0.03) $(0.05) $(0.05)
Weighted average number of
shares of common stock and
common stock equivalents,
where applicable 29,566 29,566 29,511 29,566 29,509
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