Integral Vision, Inc. Announces First Quarter 2010 Results
May 18 2010 - 3:00PM
Marketwired
Integral Vision, Inc. (OTCBB: INVI), a leading global supplier of
automated display inspection technology, today announced financial
results for the first quarter ending March 31, 2010.
First Quarter 2010 Highlights
-- Integral Vision's largest customer continued to place orders for more
systems in the first quarter and the Company has received orders from
several new customers.
First Quarter 2010 Financial Review
-- Net revenue for the first quarter was $530,000 compared to $803,000 in
the first quarter of 2010.
-- First quarter operating loss was $213,000 compared to an operating loss
of $349,000 in the first quarter of 2010.
Charles J. Drake, chairman and CEO of Integral Vision, Inc.,
commented, "We will have shipments in the first half of this year
to at least five different customers. We expect to see sequential
revenue growth in future quarters as a result of a larger customer
base and increased interest from LCD manufacturers."
COMPANY'S 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/A filed with
the Securities and Exchange Commission on April 30, 2010 and the
Company's Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission on May 17, 2010.
INTEGRAL VISION, INC.
Condensed Balance Sheets
March 31, December 31,
2010 2009
(Unaudited)
----------- -----------
(in thousands)
Assets
Current assets:
Cash $ 45 $ 28
Accounts receivable 82 50
Inventories 193 190
Other current assets 90 98
----------- -----------
Total current assets 410 366
Property and equipment:
Building Improvements 4 4
Production and engineering equipment 354 354
Furniture and fixtures 80 80
Computer equipment 193 193
Marketing/demonstration equipment 139 139
----------- -----------
770 770
Less accumulated depreciation (602) (580)
----------- -----------
Net property and equipment 168 190
Other assets - net of accumulated amortization
of $1,565,000 ($1,559,000 for 2009) 57 61
----------- -----------
$ 635 $ 617
=========== ===========
INTEGRAL VISION, INC.
Condensed Balance Sheets - Continued
March 31, December 31,
2010 2009
(Unaudited)
----------- -----------
(in thousands)
Liabilities and Stockholders' Deficit:
Current liabilities:
Notes payable $ 7,924 $ 7,377
Accounts payable 22 114
Customer deposits 139 249
Accrued compensation and related costs 285 276
Accrued interest 788 774
Accrued product warranty 133 108
Other accrued liabilities 126 95
Deferred revenue for product sales 80 72
----------- -----------
Total current liabilities 9,497 9,065
Long-term debt - -
----------- -----------
Total liabilities 9,497 9,065
----------- -----------
Stockholders' deficit: - -
Preferred stock, 400,000 shares authorized; none
issued
Common stock, without par value; 90,000,000
shares authorized; 32,716,409 shares issued and
outstanding for 2010 and 30,866,409 for 2009 53,742 53,701
Accumulated deficit (62,604) (62,149)
----------- -----------
Total stockholders' deficit (8,862) (8,448)
----------- -----------
$ 635 $ 617
=========== ===========
INTEGRAL VISION, INC.
Condensed Statements of Operations
Unaudited
Three Months Ended
March 31,
2010 2009
----------- -----------
(In thousands, except
Revenue per share data)
Net product sales $ 530 $ 803
Total revenues 530 803
Costs of sales:
Costs of sales for products 199 326
Depreciation and amortization 2 2
----------- -----------
Total costs of sales 201 328
----------- -----------
Gross margin 329 475
Other costs and expenses:
Marketing 114 136
General and administrative - net 245 400
Engineering and development - net 183 288
----------- -----------
Total other costs and expenses 542 824
----------- -----------
Operating loss (213) (349)
Other income 2 2
Extinguishment loss from exchange of debt
instruments - (18)
Interest expense (244) (162)
----------- -----------
Net loss $ (455) $ (527)
=========== ===========
Basic and diluted loss per share:
Net loss $ (0.01) $ (0.02)
=========== ===========
Weighted average number of shares of common stock
and common stock equivalents, where applicable 30,990 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
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