Integral Vision, Inc. (OTCBB: INVI), a leading global supplier of
automated display inspection technology, today announced financial
results for the third quarter ending September 30, 2010.
Third Quarter 2010 Highlights
-- Integral Vision continues to receive orders for its SharpEye™
systems and is shipping systems to its largest customer. This customer
has announced its 2011 investment and production plans for this display
product.
-- Integral Vision has established a support structure in Asia to serve
its customers in Taiwan, China and Korea.
Third Quarter 2010 Financial Review
-- Net revenue for the third quarter was $743,000, compared with $240,000
in the second quarter 2010 and $234,000 in the third quarter of 2009.
-- Gross margin for the third quarter was 62 percent of sales. This
compares with 59 percent of sales for the second quarter of 2010, all
of which is an improvement over the 50 percent gross margin recorded
for fiscal year 2009.
-- Operating loss for the third quarter was $123,000, compared with
$627,000 in the second quarter 2010 and $536,000 in the third quarter
of 2009.
-- Third quarter net loss was $431,000, or $0.01 per share, compared with
a net loss of $801,000, or $0.02 per share, in the second quarter of
2010 and a net loss of $753,000, or $0.03 per share, in the third
quarter of 2009.
Charles J. Drake, chairman and CEO of Integral Vision, Inc.,
commented, "Our financial results for the third quarter reflect
increased customer acceptance of our display systems. Revenues for
the third quarter improved substantially, and we are particularly
pleased with our increased margins. Modest increases in sales will
make us cash flow positive.
"Integral Vision has been very active with other disruptive
display technologies including Organic Light-Emitting Diode (OLED)
and e-Paper. OLED is mainly used in high-end mobile phones such as
smartphones, and industry experts expect them to expand to
large-sized displays such as flat-screen TVs, while e-readers and
other consumer electronic devices primarily drive the e-paper
market. In addition, we have had significant involvement with the
small LCD manufacturers for automated inspection. We expect that
these growth markets will translate into sales opportunities for
Integral Vision in 2011." Mr. Drake concluded, "We are now exposed
to larger sales opportunities than in any previous years and remain
confident in our expectations for the future."
Conference Call
The Company will announce the date of a conference call to
review the third quarter's financial results and other events
within the next few weeks.
Investor E-Mail List
To be added to Integral Visions investor email list, please
contact Laura Guerrant-Oiye of Guerrant Associates at
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.
"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-K filed with
the Securities and Exchange Commission (SEC) on March 31, 2010 and
our Form 10-K/A filed with the SEC on April 30, 2010 and the
Company's Quarterly Report on Form 10-Q filed with the SEC on
November 15, 2010.
-tables follow-
INTEGRAL VISION, INC.
Condensed Balance Sheets
September 30, December 31,
2010 2009
(Unaudited)
----------- -----------
(in thousands)
Assets
Current assets:
Cash $ 98 $ 28
Accounts receivable 156 50
Inventories 147 190
Other 105 98
----------- -----------
Total current assets 506 366
Property and equipment:
Building Improvements 4 4
Production and engineering equipment 357 354
Furniture and fixtures 80 80
Computer equipment 202 193
Marketing/demonstration equipment 139 139
----------- -----------
782 770
Less accumulated depreciation (647) (580)
----------- -----------
Net property and equipment 135 190
Other assets - net of accumulated amortization
of $1,579,000
($1,559,000 for 2009) 46 61
----------- -----------
$ 687 $ 617
=========== ===========
INTEGRAL VISION, INC.
Condensed Balance Sheets - Continued
September 30, December 31,
2010 2009
(Unaudited)
----------- -----------
(in thousands)
Liabilities and Stockholders' Deficit:
Current liabilities:
Notes Payable
Others $ 2,727 $ 2,086
Related parties 5,243 4,880
Directors and Officers 423 411
Accounts payable 178 114
Accrued compensation and related costs 285 276
Accrued sales commissions 48 -
Accrued interest 1,158 774
Accrued product warranty 132 108
Accrued professional fees 103 95
Other accrued liabilities 12 -
Customer deposits 197 249
Deferred revenue for product sales - 72
----------- -----------
Total current liabilities 10,506 9,065
Long-term debt - -
----------- -----------
Total liabilities 10,506 9,065
----------- -----------
Stockholders' deficit:
Preferred stock, 400,000 shares authorized;
none issued - -
Common stock, without par value, 90,000,000
shares authorized; 35,675,409 shares issued
and outstanding (30,866,409 in 2009) 54,018 53,701
Accumulated deficit (63,837) (62,149)
----------- -----------
Total stockholders' deficit (9,819) (8,448)
----------- -----------
$ 687 $ 617
----------- -----------
INTEGRAL VISION, INC.
Condensed Statements of Operations
Three Months Ended
September 30,
2010 2009
----------- -----------
(Unaudited)
(In thousands, except
Revenue: per share data)
Net product sales $ 743 $ 234
Costs of sales:
Costs of sales for products 279 130
Depreciation and amortization 5 5
----------- -----------
Total costs of sales 284 135
----------- -----------
Gross margin 459 99
Other costs and expenses:
Marketing 87 110
General and administrative 296 340
Engineering and development 199 185
----------- -----------
Total other costs and expenses 582 635
----------- -----------
Operating loss (123) (536)
Other income (loss) (1) (2)
Interest expense (307) (215)
----------- -----------
Net loss $ (431) $ (753)
=========== ===========
Basic and diluted loss per share:
Net loss $ (0.01) $ (0.03)
=========== ===========
Weighted average number of shares of common stock
and common stock equivalents, where applicable 35,675 30,066
=========== ===========
INTEGRAL VISION, INC.
Condensed Statements of Operations
Nine Months Ended
September 30,
2010 2009
----------- -----------
(Unaudited)
(In thousands, except
Revenue: per share data)
Net product sales $ 1,513 $ 1,479
Costs of sales:
Costs of sales for products 571 667
Depreciation and amortization 13 12
----------- -----------
Total costs of sales 584 679
----------- -----------
Gross margin 929 800
Other costs and expenses:
Marketing 322 375
General and administrative 959 1,133
Engineering and development 611 724
----------- -----------
Total other costs and expenses 1,892 2,232
----------- -----------
Operating loss (963) (1,432)
Other income (loss) 1 (20)
Interest expense (726) (583)
----------- -----------
Net loss $ (1,688) $ (2,035)
=========== ===========
Basic and diluted loss per share:
Net loss $ (0.05) $ (0.07)
=========== ===========
Weighted average number of shares of common stock
and common stock equivalents, where applicable 33,898 30,066
=========== ===========
Contacts: Corporation: Integral Vision, Inc. Charles J. Drake
(248) 668-9230 Email Contact Investors and Media: Guerrant
Associates Laura Guerrant-Oiye (808) 882-1467 Email Contact
Integral Vision (CE) (USOTC:INVI)
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