Integral Vision, Inc. Announces Year End 2009 Results
March 31 2010 - 4:00PM
Marketwired
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.
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-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
========= =========
Contacts: Corporation: Integral Vision, Inc. Charles J. Drake
(248) 668-9230 Email Contact Investors and Media: Guerrant
Associates Laura Guerrant (808) 882-1467 Email Contact
Integral Vision (CE) (USOTC:INVI)
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