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, 2009.
Third Quarter 2009 Highlights
-- Integral Vision's largest customer continued to place orders for
systems and engineering. One of these orders, the Module Test System, is
for the inspection of the final encapsulated display, and is significant as
it may represent large volumes of repeat system orders. We currently
provide inspection in two locations in the production process of the
display. This customer has planned expansion that includes filling to
capacity one recently built plant and adding a second plant before the end
of 2010.
-- The Company has experienced substantially improved revenues and gross
margin in the third quarter and in the nine months of 2009 over 2008.
Third Quarter 2009 Financial Review
-- Net revenue for the third quarter was $234,000 compared to $11,000 in
the third quarter of 2008.
-- Third quarter operating loss was $536,000 compared to an operating
loss of $927,000 in the third quarter of 2008.
Charles J. Drake, chairman and CEO of Integral Vision, Inc.
commented, "Our improvement in results is representative of product
traction. More significant is the emergence of several new display
technologies such as MEMS, e-Paper and OLED. We are well positioned
for multiple repeat orders from a number of customers that should
make our near term revenue growth much improved."
Looking ahead, Drake added, "We have experienced a significant
increase in activity, and the release of repeat orders from a
variety of customers should be completed in this calendar
year."
TO ACCESS THE LIVE CONFERENCE CALL
Integral Vision will host a live conference call at 4:30 p.m.
(ET) on Monday, November 16, 2009. To access the conference call,
please call 1-480-629-9761 or 1-877-941-4775 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 Wednesday, November 18, 2009 by dialing
1-303-590-3030 or 1-800-406-7325. The confirmation code 4174747 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 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 on March 31, 2009 and the
Company's Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission on November 16, 2009.
INTEGRAL VISION, INC.
Condensed Balance Sheets
September 30, 2009
September 30, December 31,
2009 2008
(Unaudited)
------------- -------------
(in thousands)
Assets
Current assets:
Cash $ 17 $ 144
Accounts receivable 102 208
Inventories 275 325
Other 106 131
------------- -------------
Total current assets 500 808
Property and equipment:
Building Improvements 4 4
Production and engineering equipment 347 234
Furniture and fixtures 80 80
Computer equipment 191 191
Marketing/demonstration equipment 139 139
------------- -------------
761 648
Less accumulated depreciation (558) (491)
------------- -------------
Net property and equipment 203 157
Other assets - net of accumulated
amortization of $1,546,000
($1,519,000 for 2008) 62 72
------------- -------------
$ 765 $ 1,037
============= =============
INTEGRAL VISION, INC.
Condensed Balance Sheets -Continued
September 30, 2009
September 30, December 31,
2009 2008
(Unaudited)
------------- -------------
(in thousands)
Liabilities and Stockholders' Deficit:
Current liabilities:
Notes payable-current $ 7,082 $ 1,786
Notes payable-officers 19 -
Accounts payable 90 141
Accrued compensation and related costs 265 283
Accrued interest 574 446
Accrued product warranty 126 84
Other accrued liabilities 81 54
Customer deposits 36 -
Deferred revenue for product sales 250 656
------------- -------------
Total current liabilities 8,523 3,450
Long-term debt - 3,671
------------- -------------
Total liabilities 8,523 7,121
------------- -------------
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; 30,066,409 shares issued
and outstanding (29,566,409 in 2008) 6,013 5,913
Additional paid-in capital 47,652 47,391
Accumulated deficit (61,423) (59,388)
------------- -------------
Total stockholders' deficit (7,758) (6,084)
------------- -------------
$ 765 $ 1,037
============= =============
Condensed Statement of Operations
September 30, 2009
Three Months Ended
September 30,
2009 2008
------------- -------------
(Unaudited)
(In thousands, except per
Revenue: share data)
Net product sales $ 234 $ 11
Net revenue from product development
agreements - -
------------- -------------
Total revenues 234 11
Costs of sales:
Costs of sales for products 130 35
Depreciation and amortization 5 4
------------- -------------
Total costs of sales 135 39
------------- -------------
Gross margin 99 (28)
Other costs and expenses:
Marketing 110 160
General and administrative - net 340 470
Engineering and development - net 185 269
------------- -------------
Total other costs and expenses 635 899
------------- -------------
Operating loss (536) (927)
Other income (loss) (2) 3
Interest expense (215) (466)
Extinguishment loss from modification and
exchanges of debt instruments - (2,644)
Modification and issue of warrants to PIPE
Equity Investors - (4,217)
------------- -------------
Net loss $ (753) $ (8,251)
============= =============
Basic and diluted loss per share:
Net loss $ (0.03) $ (0.28)
============= =============
Weighted average number of shares of common
stock and common stock equivalents, where
applicable 30,066 29,566
============= =============
INTEGRAL VISION, INC.
Condensed Statements of Operations
Nine Months Ended
September 30,
2009 2008
------------- -------------
(Unaudited)
(In thousands, except per
Revenue: share data)
Net product sales $ 1,479 $ 466
Net revenue from product development
agreements - 25
------------- -------------
Total revenues 1,479 491
Costs of sales:
Costs of sales for products 667 292
Depreciation and amortization 12 13
------------- -------------
Total costs of sales 679 305
------------- -------------
Gross margin 800 186
Other costs and expenses:
Marketing 375 499
General and administrative - net 1,133 1,143
Engineering and development - net 724 729
------------- -------------
Total other costs and expenses 2,232 2,371
------------- -------------
Operating loss (1,432) (2,185)
Other income (loss) (2) 3
Interest expense (583) (703)
Extinguishment loss from modification and
exchange of debt instruments (18) (2,644)
Modifications and issuance of warrants to
PIPE Equity Investors - (4,217)
------------- -------------
Net loss $ (2,035) $ (9,746)
============= =============
Basic and diluted loss per share:
Net loss $ (0.07) $ (0.33)
============= =============
Weighted average number of shares of common
stock and common stock equivalents, where
applicable 30,066 29,566
============= =============
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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