WIXOM, Mich., May 15 /PRNewswire-FirstCall/ -- Integral Vision, Inc.
(OTC Bulletin Board: INVI), a leading global supplier of automated display
inspection technology, today announced financial results for the first
quarter ending March 31, 2008.
Business Highlights
-- Integral Vision is beginning to see backlog increase as a result of new
display technologies that are gaining market acceptance and recognition
by the Liquid Crystal Display (LCD) industry.
-- Integral Vision's largest customer this month announced a partnership
with a large Taiwanese company to open a plant dedicated to the
production of MEMS displays. Integral Vision expects to benefit from
this expansion with equipment deliveries starting later this year.
-- A major computer manufacturer has specified that all of its suppliers
use Integral Vision's SharpEye(TM) system to test displays prior to
customer delivery. This company has sent out over 200 invitations to
its suppliers requesting that they visit our booth at the SID show in
Los Angeles, California in late May to receive demonstrations.
-- Integral Vision will deliver the first production inspection system for
e-paper in the second quarter of this year. Interest for this product
is strong based on the market acceptance of e-paper products.
First Quarter 2008 Financial Results
Net revenues for the first quarter of 2008 were $9,000, a decrease of
$307,000 from $316,000 in the first quarter of 2007. The resulting 2008
first quarter loss of $846,000 is $99,000 greater than the $747,000 loss
for the first quarter of 2007.
Charles J. Drake, chairman and CEO of Integral Vision, Inc., commented,
"Despite the low revenue for the first quarter, we continue to be very
confident that 2008 will be a breakout year for the Company. Shipments will
be stronger as the year progresses; and our bookings and quoting activity
is greater than we have ever experienced in the past."
Drake concluded, "Our sales penetration with LCD manufacturers will
also be significant this year, which we anticipate will lead to improved
sales. In addition, the emergence of new display technologies, namely MEMS,
e-paper and OLED, from existing Integral Vision customers will show
significant sales traction for us later in 2008 and for several years going
forward."
TO ACCESS THE LIVE CONFERENCE CALL
Integral Vision will host a live conference call at 4:30 p.m. (ET) on
Thursday, May 15, 2008. To access the conference call, please call
303-262-2137 or 800-257-1836 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, May 17, 2008, by dialing 303-590-3000 or
800-405- 2236. The confirmation code 11114300 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 of Guerrant Associates atlguerrant@guerrantir.com.
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 May 15,
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.
March 31, 2008
(unaudited)
March 31
2008
(in thousands)
Cash $231
Accounts receivable 98
Inventories 443
Other current assets 106
Total current assets 878
Property and equipment
Building improvements 4
Production and engineering equipment 234
Furniture and fixtures 80
Computer equipment 190
Marketing/demonstration equipment 139
647
Less accumulated depreciation (447)
Net property and equipment 200
Other assets - net of accumulated amortization of $1,496,000 58
58
$1,136
Liabilities and Stockholders' Deficit
Current liabilities
Notes payable $3,842
Accounts payable 263
Customer deposits 370
Accrued compensation and related costs 288
Accrued interest 274
Accrued product warranty 79
Other accrued liabilities 71
Deferred revenue for product sales 89
Total current liabilities 5,276
Long-term debt -
Total liabilities 5,276
Stockholders' deficit
Preferred stock, 400,000 shares authorized; none issued -
Common stock, without par value, stated value $.20 per
share; 50,000,000 shares authorized; 29,566,409 shares
issued and outstanding 5,913
Additional paid-in capital 39,448
Accumulated deficit (49,501)
Total stockholders' deficit (4,140)
$1,136
Statements of Operations
Integral Vision, Inc.
Three Months Ended March 31,
2008 2007
(Unaudited)
Revenues: (In thousands, except per share data)
Net product sales $9 $316
Net revenue from product development
agreements - -
Total net revenues 9 316
Costs of sales:
Costs of sales for products 43 255
Cost of sales for product development
agreements - -
Depreciation and amortization 4 6
Total costs of sales 47 261
Gross margin (loss) (38) 55
Other costs and expenses:
Marketing 148 149
General and administrative - net 332 318
Engineering and development - net 232 316
Total other costs and expenses 712 783
Operating loss (750) (728)
Other income (2) 5
Interest expense (94) (24)
Net loss $(846) $(747)
Basic and diluted loss per share:
Net loss $(0.03) $(0.03)
Weighted average number of shares of
common stock and common stock
equivalents, where applicable 29,566 29,507
SOURCE Integral Vision, Inc.
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Related links:
http://www.iv-usa.com
CONTACT:
Corporation: Charles J. Drake, Integral
Vision, Inc., +1-248-668-9230, cdrake@iv-usa.com; Investors and
Media: Laura Guerrant, Guerrant Associates, +1-808-882-1467,
lguerrant@guerrantir.com
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